Trending
McELHATTAN -- The Wayne Township Landfill earned almost $6 million in 2023 revenue.
General Manager Jay Alexander announced the news during the first Solid Waste Authority meeting of the year.
For 2023, the landfill ended at 97 percent of their budgeted income and was at 85 percent of their budgeted expenses. Overall, they earned an A+ rating on investment grades.
"The bottom line is from our operating standpoint, we are positive almost $6 million. We will have a massive depreciation number again this year but as we wrap up the audit in the spring and get everything put together there should be a really strong year for the authority," Alexander said. "The preliminary numbers were all shared with the bond folks and with the help of the county, we did get rated as an A+ on investment grades, so we are jointly with the county and we have a very strong financial status."
During Wednesday's meeting, the board room was filled to the brim with landfill employees and board members alike for the first board meeting. Board members expressed their gratitude for having a financially successful year.
"The result of all of that Jay said is because of the people in this room, the way you work here and what you do here. Without everybody's hard work and part here, we never would've gotten to $6 million," Board member Jim Lovette expressed to employees.
The landfill, however, missed their budgeted $1 million for their gas project with Tereva. They still received a $185,000 check in December 2023.
"We did come in at 97 percent of our budgeted income. Our big miss for the year was the $1 million we budgeted for the landfill gas project. The good news is, we did get a check at the end of December for $185,000 for that project. We are now in the cycle of payments," Alexander said.
In other business, the board approved Resolutions 2024-01, 02, 03 and 04. They are a series of signed resolutions, updating the authority's 401a and 457 retirement plans.
"Basically if somebody wants to withdraw their funds, we have some processes that we need to accrue and house to withdraw those funds.Then we have to have authorized signatures via a board resolution to implement them," Alexander explained.
The board also approved the agreement with their financial advisor, RBC Capital Markets, for a $14 million bond. In-turn, they will receive a quoted one-time fee of $38,500.
"They haven't sent us a bill yet, so they're going to be accumulating it. Their proposed one time fee to us is $38,500. I asked for some comparables, so we know what we're talking about. We are looking at around $14 million for a bond and they quoted us a price of $38,500," Alexander said.
Overall, the landfill earned a total of $1.7 million in sales for December 2023. They averaged 1,036 tons per day for the month. The total sales for the year amounted to $22.1 million with a total tonnage of 336,652 brought into the landfill.