During the March Board of Commissioners meeting, Commissioners approved a resolution which will refinance roughly $22 million worth of bonds. The move should produce an estimated net savings of $1.97 million and lower our debt service payments by $245,000 a year through 2035.
The Board also approved a gas fund budget amendment of $6 million to account for higher natural gas costs and the increase in demand during the January and February winter storms. The amendment also authorizes the transfer of $2.5 million from the rate stabilization fund to cover the monthly shortfall and delays a decision on recovery of that money until later in the year when more financial information is available.
The Board authorized the General Manager/CEO or his designee to execute the Advance Metering Infrastructure contract with Sensus-Xylem. The contract is for $21.5 million for infrastructure and meters. The five-year project’s total estimated cost is $41.7 million which includes load control, temporary labor, IT, and contingency funds.
