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PARKERSBURG -- The Wood County Commission will be calling in officials from two local public service districts to go over their plans to have a reserve of funds ready in an event of an emergency.
The commission will be bring in officials from Claywood Park PSD and Lubeck PSD to go over their financial records.
There was a recent meeting of the West Virginia Public Service Commission where it issued General Order No. 183.11, Commission President Blair Couch said.
"In that they talked about having a working cash reserve," he said.
Under West Virginia Code 24-1-1, the "Legislature further finds that an adequate cash working capital fund is essential to allow water and sewer utilities that are political subdivisions of the state to deliver continuous and compliant service," it said. "Therefore, these utilities shall maintain a working capital reserve in an amount of no less than one-eighth of actual annual operation and maintenance expense.
"This reserve shall be separate and distinct from and in addition to any repair and replacement fund that may be required by bond covenants."
Commissioner Jimmy Colombo said that money would be used as emergency funds if something is needed to be done immediately.
Couch said the state did not want the PSDs to have to go to regulatory agencies in the event of an emergency.
The PSC is requesting financial records for the PSDs under its jurisdiction, he said.
"The PSC wants to see their expenditures," Couch said. "PSC doesn't set rates for Lubeck or Claywood Park; we do that.
"We believe that we have the authority and the right to see what they are spending those funds on. We are supposed to be providing oversight," Couch said.
The commission will be sending letters to the PSDs to detail the request.
The meetings have not been set and will be added to an upcoming agenda.
Brett Dunlap can be reached at bdunlap@newsandsentinel.com