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UTILTY BOARD APPROVES FISCAL YEAR 2008 BUDGET AND FIVE-YEAR FINANCIAL PLAN

08/09/2007 ~ The Utility Board approved Keys Energy Services (KEYS) Fiscal Year (FY)* 2008 budget and five-year financial plan (2008 2012), after a public hearing, during their regularly scheduled meeting on Wednesday, August 8th. The FY 2008 budget for KEYS is $110.4-million.

Budgeted Operations & Maintenance (O&M) expenses for FY 2008 total approximately $95-million. The cost to purchase power represents approximately $65.3-million of the entire O&M budget, with property and liability insurance, materials, consulting services, training, salaries, and related benefits rounding out the difference.

Capital expenditures for FY 2008 total approximately $19.8, with additional funds transferred from the previous FY for projects whose scope spans the budget-cycle. Major FY 2008 projects include:

- Continuing KEYS storm hardening/pole replacement project (approximately $3 million)

- Ongoing Transmission Line (TIELINE) & Substation Maintenance programs (approximately $2 million)

- Overhauling and upgrading various power generators (approximately $1.7 million)

- Purchasing electrical transformers, including the introduction of eco-friendly, soy bean-based coolant transformers (approximately $1.3 million)

The regular meeting of the Utility Board took place at 5:00 p.m., Wednesday, August 8th, in the Louis Carbonell Board Room of the William Arnold Service Building, 1001 James Street, Key West.

*KEYS Fiscal Year runs from October 1st to September 30th.

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