End of the fiscal year, financial information has been reviewed by the committee that oversees Trenton Municipal Utilities. The city’s fiscal year runs from May to April. The Trenton Utility Committee met with city officials Tuesday night.
Duane Urich was elected chairman. Other committee members are Marvin Humphreys, Tim Meinecke, and John Dolan– all are members of the city council. The Mayor and city clerk also were present in addition to the city administrator.
Utility director Ron Urton said a discussion was held regarding several topics that will be presented to the full city council. Reports were given by TMU department heads. The TMU comptroller’s financial report was reviewed at the meeting.
Urton explained the fiscal year year-end financials generally looked good. He noted revenues were slightly above budgeted amounts; and expenses were right at, or slightly below, budgetary projections.
Trenton Municipal Utilities has three departments, electric, water, and wastewater (or sewer). The total cash available as of April 30th from the three departments was $10,271,138. That’s a cash balance increase of $1,378,927 when compared to April 30th of 2022.
Overall cash balances in each of the three TMU departments are higher than a year ago.
During the one-year period ending April 30th, net revenues – before depreciation – were $931,523 in electric; $903,378 in water and $1,856,574 in the wastewater department.
Investments are listed as $2,720,000. Together, TMU cash and investments at the end of April 2023 total $12,991,155.
The cash analysis noted $974,808 is listed as restricted funds – meaning intended for certain purposes.
According to Comptroller Rosetta Marsh, all net gains go toward capital equipment, project payments, and debt principal payments. Principal payments, including interest, are spread out over multiple years. A list of debts was provided to utility committee members. The TMU debts mostly include water and sewer projects.
As of May 1st, $17,859,377 is owed on borrowed bonds and certificates of participation. Projections indicate that the amount will be reduced this year (2023-24) by $1,160,039.
Marsh noted TMU still has $615,000 in ARPA funds to be used for wastewater department projects.
Electric meters are periodically being changed to the new Tantalus remote-read system of meters. 2,260 new automated meters are in since the system was started. Approximately 560 more meters are to be swapped out over the next two years.
TMU is reading close to 98 percent of the water meters through the Tantalus System. It was reported approximately 180 meters still must be read with hand-held devices.
