SENATE CONCURRENT RESOLUTION NO. 74
(By Senators Unger, Jenkins, Oliverio, White and Deem)
[Originating in the Committee on
Transportation and
Infrastructure
.]
Requesting the Joint Committee on Government and Finance study the
fiscal affairs of West Virginia's publicly and privately owned
and operated water and sewer utilities.
Whereas, West Virginia's public water and sanitary sewer
utilities manage millions of dollars of public property; and
Whereas, Proper operational and fiscal management of these
utilities in accordance with good business practice is critical to
quality of life, positive business climate and economic development
in West Virginia; and
Whereas, Levels of federal funds available to support the
operation, maintenance, improvement, renewal and expansion of these
facilities are diminishing; and,
Whereas, It is critical to West Virginia's future that these
utilities are managed in a manner that promotes fiscal strength,
financial flexibility and independence while providing service at
just and reasonable rate levels; and
Whereas, The Public Service Commission of West Virginia is empowered by statutory authority to provide regulatory oversight of
public utilities within the state on behalf of its citizens;
therefore, be it
Resolved by the Legislature of West Virginia:
That the Joint Committee on Government and Finance is hereby
requested to study the fiscal affairs of West Virginia's publicly
and privately owned and operated water and sewer utilities; and, be
it
Further Resolved, That the Joint Committee on Government and
Finance's study should include, at a minimum, the following:
Operating revenues per customer; operating income per customer;
total assets per customer; current assets per customer; current and
financial assets per customer; restricted assets per customer;
return on assets (net of plant); debt service coverage ratio; debt
ratio; operating and maintenance expense per customer;
infrastructure renewal rate; and average residential bill at a
typical usage rate; and, be it
Further Resolved, That the Joint Committee on Government and
Finance's study should compare and report upon the same issues for
three utilities in other states corresponding to each class of
utility in West Virginia. A representative utility should have a
"AA" bond rating or higher, as designated by Standard & Poor's or
another credible bond rating agency; and, be it
Further Resolved, That the Joint Committee on Government and Finance report to the regular session of the Legislature, 2006, on
its findings, conclusions and recommendations, together with drafts
of any legislation necessary to effectuate its recommendations; and
be it
Further Resolved, That the expenses necessary to conduct this
study, to prepare a report and to draft necessary legislation be
paid from legislative appropriations to the Joint Committee on
Government and Finance.
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