KINGWOOD — A discussion about the State Department of Treasury Investment program led Kingwood Sewer Board members to consider hiring an accountant.
Mayor Jean Guillot, who chairs the board, asked members if they would consider investing in the state program. He said it pays 1.83% interest, and money could be drawn daily without paying a fee.
“It doesn’t go below what you put in. We have one bond at $81,000 and one at $60,884,” Guillot said.
When looking over the financial report, board member Randy Plum said he was having a hard time understanding the print-out generated by the financial software.
“We should have a bond transcript on each bond we hold,” Plum said. “I’m not questioning the numbers on this, but I don’t know which bonds we are paying what on.”
City Clerk Kayla Huggins said the board is paying $636,000 a year on bonds. She said that amounts to $53,000 per month.
“I’m not saying you (Huggins) are doing anything wrong,” Plum said. “I just don’t understand this [info].”
Plum said he believed an accountant should be doing the work Huggins is currently doing.
He told Huggins, “I want you to be able to pick up a phone and be able to ask questions. I can’t tell what we have here. Especially when you have as many bonds out as we do, maybe six or eight.”
Plum said he would like to contact Michael Griffith of Griffith and Associates.
“They worked for the PSC (Public Service Commission) for years,” Plum said.
Board members voted unanimously to have a representative of the firm come to their next meeting.
Huggins said Monday she contacted the firm and a representative will be at the next meeting.
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