The Pulaski Electric System Board of Directors voted to approve the 2020-21 fiscal year budget at its regularly scheduled June 23 meeting.
The Power Board had reviewed the budget proposal at a May 7 work session in which an overview of the budget reflected a large reduction of revenue and operating margin due to the uncertainty surrounding the COVID-19 pandemic.
The budget message stated, “All decisions will be made while considering: Public and Employee Safety, Electric and Energize Reliability and Financial Impact to our Customers.”
No electric rate increase is included in the PES FY21 Budget.
At the June 23 meeting, the Power Board was presented a few alterations with regard to the electric capital plan for the coming year. The board voted to approve the budget with these alterations.
A more detailed overview of the FY21 budget can be found in the May 20 edition of the PULASKI CITIZEN or on pulaskicitizen.com.
The board also voted to approve the May financial report.
The May financial report once again showed that in the electric division revenue and margin categories were unfavorable compared to the budget due to the economic slowdown as well as mild weather conditions, but this was offset by the company’s purchase power and operations and maintenance categories both being highly favorable to the budget.
The broadband division meanwhile was largely favorable to the budget including reinvested earnings at $34,000 favorable to the budget and a cash flow surplus favorable by $36,000.
In other business, the board approved the purchase of metering equipment totaling $107,330. COO Kirby Parr noted that the FY21 Capital Budget includes $150,000 for meters and that additional equipment will be ordered later in the year. The electronic meters have around a 10-year life span, and PES loses approximately 400 per year due to attrition.
Operating Policy 2-12 “Payments” was tabled for further clarification and will be re-presented at the July meeting.
One informational item was discussed; credit card payments. As of July 1, PES customer service representatives no longer manually process credit or debit card payments over the phone. Customers will still be able to make phone payments via SecurePay which has been put into place to protect their privacy and stay in line with government regulations.