PWC Reports Strong Financial Year

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November 13

The Fayetteville Public Works Commission (PWC) reported Wednesday the 2001-02 fiscal year was a sound financial year with increased revenues over the previous year.

In a report presented to the PWC Board by PWC staff and Michelle Loyd-Pratt, CPA with Cherry Bekaert and Holland, LLP, who audited PWC’s financial statements, the utility’s revenues increased from $179.5 million in 2001 to $183.5 million in the 2002 fiscal year that ended June 30, 2002.

Power supply costs, which had risen significantly during the past two years, dropped by nearly $10 million, from $100.1 million in 2001 to $89.5 million in 2002.
The utility’s other operating expenses also decreased, dropping $2.4 million from 68.8 million in 2001 to $66.4 million in 2002.

Steve Blanchard, PWC General Manager, stated that the reduction in operating expenses reflects continuous efforts by PWC employees to reduce expenses even when the number of customers requiring service continues to grow.

PWC’s 2002 transfer to the City of Fayetteville from its electric revenues was $8.5 million, representing a $.13 equivalent tax rate. The $8.5 million includes $1.3 million spent on street lighting.

PWC provides services to nearly 70,000 electric customers, 65,000 water customers and 55,000 wastewater customers throughout the Fayetteville and Cumberland County area.

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