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OCN > 2401 > El Paso County Regional Loop Water Authority, Dec. 12 – Board focuses on budgets

El Paso County Regional Loop Water Authority, Dec. 12 – Board focuses on budgets

By James Howald

At its November meeting, the El Paso County Regional Loop Water Authority (EPCRLWA) board determined its budget for 2023 did not need to be amended and concluded its work on its budget for 2024 with a public hearing. It voted to adopt the 2024 budget as proposed and to appropriate funds. The board also heard a report from its Project Planning and Workflow (PPW) manager and voted on a resolution specifying administrative matters. Finally, the board held an executive session to discuss the selection of an underwriting company.

Board wraps up 2023 budget, approves 2024 budget

Kathy Fromm, of Fromm and Co., the project’s accountant, told the board the budget for 2023 did not need to be updated and there was no need for a public hearing or a resolution on that budget.

Board President Jessie Shaffer opened a public hearing on the proposed budget for 2024, which was first presented at the board meeting in October. He noted Fromm had made minor changes based on the board’s discussion in November. Shaffer said the 2024 budget anticipated revenues of just under $1.2 million and expenditures of $1.66 million, which would leave projected total reserve funds of $445,000 at the end of 2024. Shaffer closed the public hearing.

The board voted unanimously to approve the 2024 budget and to appropriate the necessary funds.

Interviews with construction companies

John Kuosman, the EPCRLWA PPW manager, told the board he had been interviewing engineering and construction companies, particularly Forsgren Associates Inc. and Kimley-Horn, and was getting feedback from them that he was using to frame his cost estimates. Their detailed feedback would help determine the financial responsibilities of the authority’s participating districts, he said, adding he expected to have a more detailed cost framework ready in early 2024. He said he had also talked to Colorado Springs Utilities about its study of indirect potable reuse technologies and had been asked to sign a non-disclosure agreement concerning that discussion.

Administrative resolution

Russ Dykstra, the authority’s lawyer, asked the board to vote on an annual administrative resolution covering operational details such as records retention policy and budgeting schedules. The board voted unanimously in favor of the resolution Dykstra presented.

Executive session

The board held an executive session to discuss the selection of an underwriting company for the authority. The board reconvened into open session and voted to use Piper Sandler, an investment banking company, as its underwriter.

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The next regular meeting is scheduled for Jan. 18 at 9 a.m. Regular meetings are usually held on the third Thursday of each month at 9 a.m. at the Monument Town Hall at 645 Beacon Lite Road. Workshop meetings are held the first Thursday of each month at 9 a.m. at the Cherokee Metropolitan District offices at 6250 Palmer Park Blvd., Colorado Springs. Please see loopwater.org or call 719-488-3603 to verify meeting times and locations.

James Howald can be reached at jameshowald@ocn.me.

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