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AWA Approves Internal Loans

 

AWA Approves Internal Loan

Amador Water Agency Directors on Thursday approved a short-term internal loan from the Agency’s Wastewater Participation Fee funds in the expectation of a cash flow shortfall in the Agency Water Fund by the end of the AWA fiscal year on June 30th. AWA water revenues have been negatively affected by the COVID-19 pandemic forcing some commercial customers to cease business; and other customers may be having difficulty making timely payments.   Directors approved the internal loan not to exceed $500,000, plus interest at the Local Agency Investment Fund (LAIF) rate, currently 1.787%.   Funds would only be used to offset any actual shortfall and AWA staff expects to be able to repay the loan within six months with the gradual return of economic activity and summer water demand.  The Board has also directed AWA staff to suspend all non-essential expenditures due to the decline in revenues during the current stay-at-home order and resulting economic downturn.  Also at last week’s meeting, AWA Interim General Manager John Kingsbury reported to the Board of Directors that advertisement and recruitment of a permanent General Manager is underway and a candidate should be presented to the Board for approval and possibly in place by the end of July.

 

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