Business

WSC reduces accounts receivables balance by $10 million

The Water and Sewerage Corporation (WSC) managed to reduce its accounts receivables balance by $10 million at the end of last month, the corporation’s Executive Chairman Adrian Gibson told Guardian Business yesterday, adding that WSC will no longer be accepting checks as a form of payment at the end of January next year.

Gibson said WSC has been successful in collecting payments from other government entities as well as from the public.

According to Gibson, WSC’s receivables were at $46 million and are now down to $36 million.

“Govt receivables totaled some 3.5 million or 10 percent of our balance and during the year the government offsets, for example we offset expenses with BPL and so government offsets and cash receipts as at October 31, 2019 totaled some $3.2 million,” Gibson said. “Cash receipts from government was some $7.4 million.”

Gibson added that $6.4 million, or 17 percent of WSC’s total annual revenue balance, remains outstanding for sewer services, as the corporation has had challenges collecting from sewer usage.

“Sewerage continues to pose a challenge for collections,” he said.

“However, we have been mounting a number of lawsuits and court actions against persons who have used the sewer system and are determined not to pay.”

The corporation has been conducting the clean-up of its books, he said, having to write off certain accounts where homes have been found to be derelict, but still connected to WSC’s system.

He added that meter audits are being carried out on New Providence and the Family Islands and could be completed by the end of the year.

“We wrote off some $4 million,” Gibson said.

As WSC continues its digitization, Gibson said the corporation will not longer accept checks. He said many of the checks received by the corporation have bounced.

He added that next year, WSC will do away with the issuance of paper bills, unless a customer specifies the need for one. If paper bills are issued, it will cost the consumer 75 cents.

Gibson said senior citizens requiring paper bills will be exempt from the 75 cent fee.

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Chester Robards

Chester Robards rejoined The Nassau Guardian in November 2017 as a senior business reporter. He has covered myriad topics and events for The Nassau Guardian. Education: Florida International University, BS in Journalism

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