XENIA AUDIT: Water Company More Than Doubles Revenue
An audit of the Xenia Rural Water District shows that the company has more than doubled its revenue.
The State Auditor’s Office released an audit done on the troubled rural water company Thursday morning. It shows that the district collected total revenues of over $19 million for 2011, an 83 percent increase over the prior year.
The increase is due to higher water rates, sales of assets and debt forgiveness by a creditor.
Xenia is working to get back on its feet after going broke in 2009. Its debt grew to $141 million due to an aggressive expansion plan that never panned out.
The district serves customers in 11 Iowa counties.