That’s what they tell you every time they jack your electric rates. What they DON’T mention is that every 1/5 of a penny per kilowatt-hour adds up to about $200,000 more in the City coffers. THAT ain’t small potatoes.
Considering Misti Talbert, TJ Monroe and the rest of the gang voted to WAIVE electrical hookup fees for rich developer Deorald Finney for his 67 houses at Stone Valley a couple years back (costing the City $72,000 in lost revenue), you’d think they have money to burn over there.
Hey, somebody has to pay for that mansion!
Not only that, Finley told us last year that they were rolling in dough:
“He said the city foresees surpluses in the general, water & wastewater, electric, and airport funds at the end of fiscal year 2020, amounting to a projected surplus of just over $1 million in the total operating fund.” – Dispatch article 7/17/20 (page 7).
Then AGAIN in February of this year – we were told the electric fund was in such great shape that they would absorb the “bump” associated with the winter storm.
We went through this back in 2017. Electric rates were increased by “only” 1/4 of a cent AND the monthly base rate was increased by $1 – adding $300,000 to City coffers – EVERY YEAR going forward. They needed this because health insurance rates were set to rise and would have cost a City employee about $800 per year – we can’t have that! Electric rates were hiked bigly. Apparently the Goldfish had already forgotten that City employees were given a 5% raise the year before. Dispatch article HERE.
That $300,000 is still recurring every year – and has therefore added $1.2 million to the City’s coffers since then. This latest hike will add $200,000 more every year.