GWA's earnings positive for first time since '05 - KUAM.com-KUAM News: On Air. Online. On Demand.

GWA's earnings positive for first time since '05

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by Mindy Aguon

Guam - The financial outlook for the Guam Waterworks Authority appears to be improving, as the agency's Fiscal Year 2009 finances have been audited.  GWA's net assets increased by $1.7 million, attributed to additional money from federal grants and water and waste water services from federal customers.

The audit noted, however, that more than half of the utility agency's $26.3 million in accounts receivables have been deemed uncollectible.  This includes $6.5 million for fire hydrants as no agency is tasked to pay for them.  Auditors also found that GWA lacks a required comprehensive physical inventory and identification of fixed assets acquired with federal funding. 

Inefficiencies in inventory count procedures and collection efforts were also noted as areas needing improvement.

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