He said keeping separate revenues and expenses for each of their operational divisions is “very important.”
“We account for power, water, and wastewater revenues separately. We recognize what those revenues are, we recognize expenses for those particular accounts and that’s something that CUC has done and continues to do,” Muna said, as he denied that he opposes the requirement.
But he said he is not sure what the stipulated orders meant regarding “separate accounting or separate accounts because revenues are accounts and expenses are accounts.”
Muna said the orders need to be clarified.
The separation of accounts probably refers to “physical cash” when collected as revenue, he added.
He admitted that CUC has no checking accounts for power, water, and wastewater.
“That we haven’t done but I am not sure if that’s what’s intended in the stipulated orders,” he said.
In managing their cash, Muna said CUC is not issuing checks from three separate accounts because they are one company.
He said they have only one account.
“That’s the way we do it and that’s the way you need to operate.”
He reiterated that CUC’s greatest challenge is to recover 100 percent of its operational costs.
