The Fiscal Year budget for 2020 was one of six resolutions passed when the Jackson Energy Authority held its monthly meeting at the Tennergy Corporation, Thursday.
Highlights of the budget include –
Sales revenue is projected to be $243.3 million.
“About $40 million of that will go back into capital projects to make improvements to the system and keep our equipment up to date,” said Jim Ferrell, president/CEO, Jackson Energy Authority.
Net sales revenue is projected to be $99 million.
Capital expenditures are projected to be $39.5 million.
Operating and maintenance expenditures are projected to be $56.2 million.
Net income before contributions is projected to be $12.9 million.
A rate increase of 7.6 percent in the Telecommunications Division is the only rate action planned.
The Water and Wastewater Divisions project borrowing $625,000 and $2.8 million, respectively, from the State Revolving Fund Loans.
Federal HUD/CDBG grant funds of $5.3 million are anticipated in the Wastewater Division.
– The Board of Directors also approved the purchase of 1,000 residential and light commercial gas meters from Equipment Controls Company of Norcross, Georgia.
The $82,100 bid from Equipment Controls Company was the second lowest bid received by Jackson Energy Authority.
Elster American Meter Company, Charlotte, N.C., submitted the lowest bid at $81,040, but delivery would take nine months.
– The Board authorized the purchase of 2,900 feet of 12-inch ductile iron pipe from G&C Supply Inc., in Atwood, based on their low bid of $66,700.
– The Board authorized a technical support agreement with the Electric Board of Chattanooga.
– An agreement with Voya Financial was approved to service JEA’s 457(b) Deferred Compensation Plan, 401(a) Accumulated Leave Plan, and 401(a) Matching Contribution Plan.
– A resolution authorized an agreement with Nationwide Financial to service JEA’s 457(b) Deferred Compensation Plan and 401(a) Accumulated Leave Plan.
(PHOTO: Rowland Fisher, Jackson Energy Authority’s assistant vice president, Water & Wastewater Division, left, with Jim Ferrell, president/CEO, JEA)
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