April 29th, 2020

MUB corrects statement made at City Council COW meeting

During last night's City Council of The Whole meeting, Morgantown Utility Board General Manager Tim Ball presented a proposal related to refinancing an outstanding revenue bond issue. The proposed refinancing takes advantage of current lower interest rates and is expected to produce approximately $200,000 to $300,000 of annual savings for MUB ratepayers.

During the question and answer session with Council following the presentation, Ball was asked how current COVID-19 has impacted MUB’s financial operations. Speaking from memory, Ball responded that monthly impacts are in the range of $350,000, with $290,000 of that resulting from reduced water sales. While the monthly amount of roughly $350,000 was accurate, the actual amount in lost sales is $210,000. The balance of roughly $140,000 reflects costs due to emergency sick leave, protective equipment, disinfection services, etc.

Detailed costs are provided in an attachment via Dropbox here.