Customers of Cleveland Utilities will receive a small (negative) gift during this holiday month with an increase in their electric rate.Financial Manager Marshall Stinnett reported to the public …
Customers of Cleveland Utilities will receive a small (negative) gift during this holiday month with an increase in their electric rate.
Financial Manager Marshall Stinnett reported to the public utility's board of directors last week there will be a rate increase of 2.53 percent in December, bringing the rate to 9.364 per kilowatt hour.
For the month of November, the rate was 9.133 percent.
As a continued trend of the city's public utility, the Tennessee Valley Authority's fuel cost adjustment is being passed on to CU customers as a rate adjustment.
During the month of October, the cost of purchased power as a percentage of retail sales was 81.9 percent. This can be compared to the budgeted percentage of 80.9 percent for fiscal year 2018.
The results for October in electric sales revenue was $7,086,324, which was offset by purchased power of $5,804,650. This resulted in an operating margin of $1,281,674, which can be compared to a budgeted margin of $1,472,914 for the month.
Operating expenses for the month were $1,552,752. The budgeted operating expense was $1,555,989.
The Electric Division serviced 31,457 customers during the month of October.
The net loss for the month was $110,252, which can be compared to the budgeted net income of $45,982.
Water sales revenue for October was $1,255,126. This is compared to the budgeted amount of $1,291,255. Other revenue sources added an additional $121,465 for the month, and the division serviced 31,652 customers in October.
Operating expenses for October were $1,278,998, compared to the budgeted amount of $1,260,259.
The division recorded an operating income of $97,593, which is compared to a budgeted income of $150,591.
In the Wastewater Division, revenue was $1,050,562 for the month, compared to the budgeted amount of $1,034,843. Other revenue sources added $65,480 for the month, and the division serviced 18,891 customers.
Operating expenses for the month was $926,607, compared to the budgeted amount of $942,694.
The Wastewater Division recorded an operating income of $189,435, which can be compared to a budgeted operating income of $166,544 for October.
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