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CUC: $32.7M aged accounts receivable from customers
Many customers of the Commonwealth Utilities Corp. owe the agency a substantial amount that, if collected, could help augment CUC’s day-to-day operations.
Chief financial officer Charles Warren disclosed that, as of May 31, 2014, the total unpaid obligation incurred by delinquent customers in all classes has reached $32.718 million.
CUC records show that of the $32.718 million in receivables, 72 percent is due from its three biggest customers: the Public School System, the Commonwealth Healthcare Corp., and the central government. The remaining 28 percent is due from residential, commercial, and autonomous agencies.
Warren confirmed that PSS, CHCC, and the central government have a combined debt of $23.588 million as of May 31 this year. The central government has arrears of $3.755 million; PSS owes $7.312 million; and CHCC has $12.521 million. These arrears represent many years of unpaid power, water, and sewer obligations.
During last week’s board meeting, CUC board chair David J. Sablan disclosed that negotiations are ongoing with the public schools and the central government, while litigation is ongoing with the public hospital.
Meantime, the accounts receivables aging from all other customers totaled $9.130 million as of last month.
Residential users’ unpaid obligation for their power, water, and sewer consumption amounts to $2.987 million to date. Of this figure, $1.7 million is aged 30 days; $194,593 is past 30-59 days; $111,403 is past 60-89 days; $38,487 is aged 90-119 days; and $845,088 is aged 120 days.
For commercial users, aging receivables totaled $4.092 million, of which $3.2 million is past 30 days; $79,671 is aged 30-59 days; $178,911 is past 60-89 days; $64,341 is past 90-119 days; and $495,699 is aged 120 days.
CUC’s receivables from autonomous agencies reached $2.049 million as of May 31, 2014. Of this amount, $522,004 is aged 30 days; $120,859 is past 30-59 days; $111,508 is past 60-89 days; $139,268 is aged $90-119 days; and $1.155 million is past 120 days.
CUC is a nonprofit organization that relies heavily on the revenue it collects from ratepayers. (Moneth G. Deposa)
