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UTILTY BOARD APPROVES FISCAL YEAR 2010 BUDGET AND FIVE-YEAR FINANCIAL PLAN

08/27/2009 ~ The Utility Board approved Keys Energy Services (KEYS) Fiscal Year (FY)* 2010 budget and five-year financial plan (2010 – 2014), after a public hearing, during their regularly scheduled meeting on Wednesday, August 26th. The FY 2010 budget for KEYS is $115.8-million.

Budgeted Operations & Maintenance (O&M) expenses for FY 2010 total approximately $101.3-million. The cost to purchase power represents approximately $69.9-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 2010 total approximately $14.8-million, with additional funds transferred from the previous FY for projects whose scope spans the budget-cycle.

Included in the Five year Financial Plan FY 2010 – FY 2014 is anticipated grant revenue from the Department of Energy in the amount of $9.4-million, which will cover 50-percent of the $18.8-million capital costs for customer friendly smart grid initiatives. Should the grant not be received, both the revenue and capital expenditures equal to $9.4-million will be removed from the Financial Plan.

The regular meeting of the Utility Board took place at 5:00 p.m., Wednesday, August 26th, 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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