Conway Corp. directors on Tuesday heard the company’s auditor praise the accounting department for its assistance in the several weeks of examination of the books.
Four “clean” reviews were given each division: water, wastewater, electric and cable TV by Thomas and Thomas, Certified Public Accountants of Little Rock.
Getting special attention were the activities of the wastewater department, now engaged in construction of the $90 million Tupelo Bayou Wastewater Treatment Plant on the Arkansas River at Lollie Road.
Financing of the project is complicated, with funding coming from several sources, including a $70 million loan from the Arkansas Natural Resources Commission.
Conway Corp. customers are helping repay the loan through increased monthly wastewater fees that began with billing in June.
The average residential customer currently using 5,000 gallons of wastewater pays $19.32 per month. Under the new rate structure, the bill increases 20 percent to $23.18 the first year; another 20 percent to $27.82 the second year; and 35 percent to $37.56 the third year.
Date of completion is set for May 24, 2014.
(Staff writer Becky Harris can be reached at firstname.lastname@example.org and 505-1234.)