By JIM BUTLER

Glenmora officials have taken steps to honor commitments made when issuing $1.9 million in utility revenue bonds in 2021.

Auditors have twice noted the town had failed to adjust utility rates to meet covenants included in the bond issue.

“Adjust” in such cases almost always mean increase to a level necessary to meet pledges made when selling such bonds.

Auditors noted in their 2023 report the system was not producing income to recover costs of operating and servicing the debt.

In a December 18 response to 2024 audit findings of the same situation the town said it had received results of a rate study and was working with engineers to determine proper charges.

Subsequently, council minutes reflect, an ordinance encompassing the adjustments was introduced at a special meeting on December 27. The introduction had been tabled in November.

Specifics of the changes are not included in the minutes, which normally do not go into such detail.

Minutes of January-October contain no reference to utility rates discussion. Executive sessions were held in March and September.

Though the reason for such was not stated in minutes (it may have been specified in the posted agenda for each meeting) rate discussion is not among those allowable.

The latest audit report shows utility revenue of $677,000 and system expense of $751,000, including transfers to the General Fund and177,000 for consultants.

General Fund revenue was $1.14 million and expenses totaled $1.18 million; $110,000 received in transfers brought the margin to about $72,000.

That raised the fiscal year-end balance to $317,000.