Mayor: “LMU balance sheet up more than $10 million”
A year-end report for the Logansport Municipal Utilities indicates a dramatic turnaround in its financial picture in one year.
While the combined water, electric, wastewater and stormwater utilities lost more than $7 million in 2016, information filed for the state’s accounting system indicates LMU’s four utilities netted more than $3 million in 2017. In 2016, the stormwater utility was the only one of the utilities generating a net income.
Mayor Dave Kitchell said the turnaround can be credited to the Logansport Utility Service Board, consultants Eric Walsh and Robert McCullough and members of the city council and Utility Committee Chair Dave Morris who supported a financial analysis of LMU.
“This may be the largest one-year improvement LMU has ever had, and certainly it is one of the best,” Kitchell said. “It was a collaborative effort at a time when the utility industry, particularly on the electric side, is experiencing some transformational changes. Our USB members responded to the mantra that LMU needed to be back in the black, and they should be congratulated for their efforts. In some ways, they have the most important part-time jobs in Logansport.”
The USB is comprised of Mark Bender, Jay King, Mike Meagher, Marty Monahan and Mike Laird.
Walsh, an area native who became the youngest partner with Umbaugh a top 200 accounting firm in Mishawaka, and McCullough, who was hired to perform oversight for the Logansport Board of Public Works and Safety, have both specialized in utility consulting for several years. The Board of Works includes Deputy Mayor Mercedes Brugh, Carl McPherson and the mayor.
“LMU has been and continues to be a pride point for our community because of its employees who have dedicated their careers to serving the public,” Kitchell said. “The work everyone associated with LMU in the past year has done is testament to our community’s faith in local ownership of utilities and what can be accomplished when everyone works together.”
Earlier this year, it was announced that the civil city finances rose nearly $4 million in two years. The mayor said the sound fiscal practices of the city and the utilities are indicators of greater stability and potential for growth and investment in Logansport to those who examine the fiscal management of tax and utility dollars.
SOURCE: News release from the Office of Logansport Mayor Dave Kitchell