WG&L Finance Director John Vansant III goes over the Fiscal Year 2011 budget with the WG&L Board of Directors at Thursday’s meeting. The utility finished FY 2011 $640,000 in the black.
ALBANY -- The Albany Water, Gas & Light Commission ended the 2011 fiscal year more than a half million dollars in the black, WG&L finance officials said Thursday.
While various WG&L departments had revenues that didn't roll in as expected, the utility was able to lean on more non-traditional sources of revenue to keep it fiscally upright in the budget year that ended June 30, WG&L Finance Director John Vansant III, said.
For instance, in the water department, revenues were down roughly 1 percent, which contributed to the department being $324,000 worse than budgeted.
The light department ended the year on a positive note, with sales up roughly 4 percent.
Thanks to a transfer in credits from the Municipal Electric Authority of Georgia, the utility was able to balance its books.
"Our net income did finish pretty good at a $640,000," Vansant said. "But we did have some challenges that made it tough month-to-month, but by-and-large we ended up OK."
Following Vansant's presentation, the voted unanimously to approve the report. The final audited financial statements for the FY2011 fiscal year won't be finished until the city's financials for the year are audited, he said.