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A wise profit-sharing plan ignored. Part 2 in a series
COLUMBIA, Mo 1/29/14 (Beat Byte) --
Profits from Columbia's water and electric utility (aka the Water and Light Department) must go toward the city's General Fund, which pays for police, firefighters, and other critical city services; and/or lower utility rates, says a little-known
mandate in the City Charter, Columbia's guiding constitution
But no record exists in the city's financial statements of any such profit sharing.
Instead, a $74 million pool of "unrestricted" capital on the Water and Light Department's books (as of 2013) suggests the utility -- which billed customers over $140 million in 2012 -- is simply stockpiling the cash, which has become a favorite target of special interest groups and senior city managers seeking to pay f...
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