|

EID bleeding red ink

EDITOR:

The El Dorado Irrigation District’s just-released audited financial report for 2012 reveals deepening financial woes.

A net loss of $10.8 million officially was recorded but excluded a $4 million increase in unfunded pensions. Including the worsening pension underfunding, the district lost $14.8 million.

With four rounds of double-digit rate increases implemented since early 2010, EID’s ratepayers thought financial results would be getting better. But the audited financials prove otherwise. Including increases in unfunded pensions, the district has lost $37.5 million in the last three years.

Ratepayers will have a chance to weigh in on this November when two EID board seats are up for election.

Greg Prada
Cameron Park

Short URL: http://www.villagelife.com/?p=32692

This story falls on page "5"
Posted by on Jun 23 2013.
Last Login:
Filed under Letters to the Editor. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

Leave a Reply

Recently Commented

  • John: OMG! Just read the documents in the link. This guy sounds like an arrogant, con artist. Slick politician is...
  • Sierra: You really think Howard Penn is qualified to serve on our Board of Supervisors and manage our $500 million...
  • Sierra: Not so slick and quick M.D. You really think that this guy is qualified to serve on our Board of Supervisors...
  • Sierra: You really think that this guy is qualified to serve on our Board of Supervisors and managed our $500 million...
  • M.D.: Vote yes on M and O and on Ranalli vote no! Keep the county rural and zoning in place and tell the developers...