ECUA has about $53.6 million in unrestricted assets. Its net assets are $230 million. In 2005, the utility’s revenues exceeded its expenses by $14 million.
The report, which accompanies the eye-crossing financials, estimates that 17 new subdivisions with 8,000 new homes are planned in the ECUA’s service area in the next five years. If the agency charges each home $5,000 to tap on to the sewer service, it would raise $40 million—more than a third of the $115 million needed to cover the shortfall in relocating the Main Street plant to Cantonment.
Folks, the ECUA board is running a scam. It can pay for the relocation of the Main Street Plant and build a new one without any more help from FEMA, Escambia County or City of Pensacola.