As expected, The Florida Public Service Commission on Tuesday denied a request to reopen the rate case for the Water Management Company on St. George Island.
The water company, which serves about 1800 customers on St. George Island, is seeking a rate increase of nearly 93 percent to replace the ground water storage tank and relocate a portion of the water main.
That rate increase was rejected in December.
The PSC is requiring that a cash flow audit be done on the company to find out where nearly $1.2 million dollars loaned from the water company to other companies owned by Gene Brown went.
The PSC feels the loans may play an integral role in whether a rate increase should be approved, and if so, by how much especially since the water company claims to be operating at a loss.
The cash flow audit has not yet been done, so the PSC rejected the request to reopen the rate case.
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