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Lamar Utility Board Begins Budget Discussions for 2019

 

 

Purchase orders totaled $17,114.45 and total monthly bills amounted to $1,225,173.28 for the month and both were approved by the utility board during their August 28th meeting.

During the brief meeting, Light Plant Superintendent, Houssin Hourieh reported on the financial summary, stating that cash is down $56,635 from June and accounts receivable increased by $322,416. Total monthly operating revenue was $1,704,634 and operating costs at $1,407,069, resulting in gross operating income of $297,565 and when the non-operating revenues and expenses are factored, the net income for the month is $142,279.

Total operating revenues for 2018 are $8,906,723 and operating costs are $7,437,175 for a gross operating income of $1,469,548. With non-operating revenues and expenses, there is a net income of $521,918, year to date.  Retail sales are up approximately 5% over last year at this time and that is matched by a 5% increase in operating expenses. Net income for the year is $521,918.

Hourieh said 2019 budget discussions have begun and the LUB Capital Outlay will include moving forward with a scheduled substation 69kv breaker upgrade, distribution system upgrades, tree trimming, wind turbine maintenance and safety and training education. He noted that Capital Improvements will be estimated at $1.6M and Operations/Management expenses will be around $448,000.

The next Lamar Utilities Board meeting will be held at noon, Tuesday, September 11th.

By Russ Baldwin

Filed Under: City of LamarConsumer IssuesFeaturedUtilities

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