June 28, 2002 – The Water and Power Authority board unanimously approved the utility's Fiscal Year 2003 operating and capital budgets at its meeting Thursday. WAPA's new fiscal year begins Monday.
According to a WAPA release, the capital electrical budget is $39.3 million with anticipated revenues of $114.2 million, and the water budget is $12.5 million with anticipated income of $27.3. The operating budget projects the debt service ratio at 1.83 for electricity and 1.81 for water.
Carol Burke, board chair, said the meeting also included discussion of the board's decision to try to buy the WAPA administration building on St. Thomas, which is owned by the Port Authority. She said a letter expressing interest in acquiring the property has been sent to the Port Authority and that representatives of both entities are expected to meet in the next few weeks to discuss the matter.
The WAPA board also approved a $249,113 contract for The deJongh Group to design administrative offices for the authority on St. Thomas, St. John and St. Croix. WAPA currently rents office space on all three islands. "WAPA is eager to have its own property. We do not want to rent forever," Burke said.
The board also approved an amended service contract with WAPA's bond counsel, Hawkins, Delafield & Wood, for $215,000 and approved payments for services relating to the Caribe Waste Technologies waste-to-energy proposal. CWT wanted WAPA to agree to purchase power to be produced by the waste chemical-conversion process at a cost of $11 million to $12 million a year over 30 years. WAPA rejected the proposal. The bills approved are for costs incurred in researching the proposal. These include $156,853 for engineering and consulting services provided by Energy and Environmental Engineering, $110,000 to Stone and Webster for an avoided-cost analysis, and $150,000 to Skadden, Arps for legal services.
Publisher's note : Like the St. Croix Source now? Find out how you can love us twice as much — and show your support for the islands' free and independent news voice … click here.