SPSA, local officials meet
Published 8:11 am Wednesday, February 4, 2009
CHESAPEAKE—Local officials affiliated with the Southeastern Public Service Authority met behind closed doors for about three hours Monday to discuss the authority’s financial situation and future.
Meanwhile, the Isle of Wight Board of Supervisors met Thursday and unanimously adopted a motion requesting several actions be taken by the SPSA Board of Directors.
County administrators Michael Johnson and Douglas Caskey, who represent Southampton and Isle of Wight counties, respectively, confirmed that they attended Monday’s meeting, as did June Fleming and Taylor Williams, Franklin’s interim city manager and the city attorney.
The chief administrative and financial officers of the eight member localities served by SPSA attended the meeting, as did several attorneys.
Caskey said the meeting, which he agreed was “productive,” was called to discuss several topics, including tipping fees and the authority’s current financial situation. No decisions were made at the meeting.
In a letter dated Friday, Isle of Wight’s supervisors asked SPSA to provide financial statements to all eight localities – including income statements, balance sheets and cash flow statements – for every month from July 1, 2007, through January 1, 2009.
Isle of Wight also wants SPSA to:
Perform a cash flow analysis every day, and provide the findings to each locality’s financial director on a daily basis;
Perform an immediate financial evaluation of all SPSA assets;
Agree not to enter into any binding agreements;
Utilize in-state bond lawyers and legal counsel;
Terminate its business partnership with PFM, SPSA’s current financial consultant, and similar partnerships with all other SPSA consultants and lawyers;
Have its Board of Directors meet on a weekly basis “until this crisis is resolved.”