COLLINSVILLE, Va. (October 20, 2025) ‒ The Henry County Public Service Authority (PSA) remains financially stable and well-positioned for future growth, according to an independent audit conducted by Creedle, Jones & Associates, P.C.
Robin Jones, a representative of the firm, delivered the results of the fiscal year (FY) 2025 audit to the PSA Board of Directors during its October regular meeting.
The audit reflects a net operating loss of $10.6 million, primarily due to a one-time court judgment against the PSA. Excluding this non-recurring expense, the PSA’s financial position remains strong, supported by healthy cash reserves, responsible debt management, and positive operating results.
“While this legal outcome represents a significant financial event, it hasn’t impacted our ability to deliver reliable water and sewer services or continue investing in the county’s infrastructure,” said Chairman Stuart Bowman. “The PSA remains financially sound and focused on improvements that will benefit residents and businesses for years to come.”
Cash reserves remained stable at $21.1 million — consistent with the prior year — while long-term debt stands at $21.2 million, with only $1.2 million due in FY2026.
The PSA’s debt coverage ratio, a key measure of financial health that ensures the Authority can meet its loan obligations, remains above all required benchmarks. The audit also notes that net capital assets, including water and sewer facilities, increased by $4.8 million, representing a 6.6% rise from the prior year.
“These results show that the PSA is managing its finances carefully while continuing to modernize its system methodically,” said General Manager Dale Wagoner. “We’ve maintained strong reserves and continued to make strategic capital investments that support long-term service reliability.”
The audit also highlights how PSA infrastructure supports Henry County’s growing industrial base. Major manufacturers, such as Press Glass and Nathan Trotter, have announced investments of hundreds of millions of dollars in the Commonwealth Crossing Business Center and the Patriot Center Industrial Park.
These industries are among the PSA’s largest customers, providing a stable and expanding source of utility revenue.
“Henry County’s economic growth is closely tied to the strength of our water and sewer systems,” said Bowman. “By maintaining and expanding our infrastructure, the PSA is directly supporting job creation and long-term economic development.”
During FY25, the PSA continued a series of major infrastructure projects designed to strengthen the county’s water and wastewater systems. These investments improve water quality, increase system reliability, and position the PSA to meet future demand from both residential and industrial users.
Looking ahead, the PSA is evaluating additional projects to increase capacity and service reliability.
