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08/28/2008 ~ The Utility Board approved Keys Energy Services (KEYS) Fiscal Year (FY)* 2009 budget and five-year financial plan (2009 – 2013), after a public hearing, during their regularly scheduled meeting on Wednesday, August 27th. The FY 2009 budget for KEYS is $134-million.

Budgeted Operations & Maintenance (O&M) expenses for FY 2009 total approximately $118-million. The cost to purchase power represents approximately $85-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 2009 total approximately $16-million, with additional funds transferred from the previous FY for projects whose scope spans the budget-cycle.

The FY 2009 budget also takes in to account a 3.75-percent Base Rate increase for energy bills. The Base Rate is a fixed charge and is the cost to provide service to customers. The current Base Rate charge for residential customers is $0.1231 per kilowatt-hour (kwh), the charge will increase to $0.1277 per kwh on October 1st.

The regular meeting of the Utility Board took place at 5:00 p.m., Wednesday, August 27th, 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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