Updated April 19, 2019
The Pulaski Electric System Power Board meet recently in regular session.
During the meeting, Director of Accounting, Bobby Jones reviewed the Electric and Broadband financial reports for the month of February. The Electric report showed power sales of $4,168,767, the TVA power bill of $2,495,318, and reinvested earnings of $940,871.
According to Jones, February was a transition month where customers were experiencing milder weather while PES was collecting bills from a high-usage winter month, which resulted in Revenue that was higher than budgeted and Purchase Power which was lower.
Energize revenue reports showed to be unfavorable to the budget, primarily due to the loss of video customers.
CEO Richard Kelley told the board that PES has received an updated quote from Distributors Insurance Company (DIC) for the 2019-2020 year.
DIC was the low bidder in 2018 for PES’ property, liability and workers’ compensation insurance coverage. The annual premiums quoted this year total $251,897, which is a large increase from the prior year, Kelly added.
Kelley said the large areas of increase this year are workers’ compensation calculated on the company’s three-year history and equipment breakdown based primarily on increased cost of parts.
Motion was passed to approve the DIC quote while the difference is pollution liability coverage which will not renew until June 2019.
The final action item on the agenda was approval of a material purchase order to Power Supply in the amount of $66,789.11.