|

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. Both comments and pings are currently closed.

Comments are closed



Recently Commented

  • Terry Crumpley: This was supposed to be an article about Brent’s resignation and new job opportunity. I find it...
  • Merrilee Posner: We certainly good have used this to great effect. Any other tech reports on how it is working out?...
  • Merrilee Posner: Brava Ms. Debenham! Strong work on behalf of your students and school. Thank you! Best to each of...
  • Keith: Wish I had known about this, I would have donated a TaleGator as a door prize.
  • Robert Samuel: Those CC&Rs remain invalidated and unenforceable in their entirety so long as illegal provision(s)...