November will be a month when Cleveland Utilities' electric rates will increase.CU CFO and Vice President Marshall Stinnett informed the board of Cleveland's public utility in a recent gathering that …
November will be a month when Cleveland Utilities' electric rates will increase.
CU CFO and Vice President Marshall Stinnett informed the board of Cleveland's public utility in a recent gathering that electric rates for the coming month will jump by 1.84 percent over October, bringing Cleveland Utilities customers to a rate of 9.133 per kilowatt hour.
For the month of October, customers saw a rate of 8.968 kWh.
The utility's increase is once again being driven by a fuel cost adjustment by the Tennessee Valley Authority. As in previous months, the rate adjustment is being forwarded to the 31,688 customers of the city utility.
Stinnett also updated utility board members of electric rate fluctuations from November of 2013 through this coming month. He then provided a report on the utility's separate divisions.
During the month of September, the cost of purchased power as a percentage of retail sales was 78.7 percent. This can be compared to the utility's budgeted percentage of 80.9 percent for fiscal year 2018.
The results for September show electric sales revenue of $7,868,275, which was offset by purchased power of $6,192,498. This resulted in an operating margin of $1,675,777, compared to a budgeted margin of $1,810,733 for September.
Operating expenses for the month were $1,526,120. This is compared to a budgeted operating anticipation of $1,551,149.
The division's net income for September was $310,703, and this can be compared to a budgeted net income of $402,936.
In the Water Division, water sales revenue for September was $1,298,147. This is compared to the budgeted amount of $1,418,447. Other revenue sources added an additional $117,812 for the month, and the division serviced 331,694 customers.
Operating expenses for the month of September were $1,264,947, compared to the budgeted amount of $1,293,168.
The division recorded an operating income of $151,012, which is compared to a budgeted operating income of $256,656.
In the Wastewater Division, wastewater treatment revenue was $1,082,906. This is compared to the budgeted amount of $1,077,267. Other revenue sources added an additional $71,725 for the month. The division serviced 18,937 customers during the month.
Operating expenses for the month were $917,919. This is compared to the budgeted amount of $947,055.
The division recorded an operating income of $236,712, which can be compared to a budgeted operating income of $207,656, for this ninth month of the calendar year.
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