DRBC Sitting on $30 Million of Cash and Investments
The latest DRBC audit shows this government agency is setting on roughly $30 million of cash and investments, even while it begs for money from taxpayers.
Nobody was more pleased than me when Pennsylvania opted recently to cut its DRBC contribution to $217,000 but it should forever be cut to zero next time. Why? Because the agency is sitting on roughly $30 million of cash and investments from business profits from its reservoir operations. Moreover, over $19 million of that consists of unrestricted funds. The DRBC has all the resources it needs without any help from Pennsylvania.
The FY 2016 (ending June 30, 2016) audit of the Delaware River Basin Commission, found here, includes some eye-opening data on page 10. It shows the DRBC had, at the end of FY 2016, cash of $5,386,692 and investments (not including capital assets) of $24,490,573 for a total of nearly $30 million in generally liquid funds. It had total assets of $37,159,376 with total liabilities of $23,015,882 which, after adjustments, leaves a net financial position of $14,400,584, which is more than offset by unrestricted funds in the bank, so to speak. They total $19,349,722, meaning the DRBC has plenty of money available to use however it wishes. It needs none from Pennsylvania or the Feds.
Read more:
http://naturalgasnow.org/drbc-sitting-30-million-cash-investments/
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