Man this is a test!
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Albany Water, Gas & Light Finance Director John Vansant offers an overview of the utility’s financial picture at WG&L’s Thursday meeting. (Staff photo: Carlton Fletcher)
ALBANY — Interim Water, Gas & Light General Manager Tom Berry minced no words after listening to the utility’s financial report Thursday morning.
“That’s not a pretty picture,” Berry said.
WG&L Finance Director John Vansant told the Water, Gas & Light Commission board that the utility’s assets-to-liabilities ratio is currently at 2-to-1 ($30 million to $15 million), a figure that Berry called alarming.
“I’ve been in 10 or 11 cities, and that ratio is one of the first indicators I look at,” the interim GM said. “I’ve never seen a municipal utility with that low a ratio; that’s a sad place for us to be. That’s something we have to address.”
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