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UTILITY BOARD APPROVES FISCAL YEAR 2014 BUDGET; INCLUDES ENERGY BILL RATE REDUCTION FOR FIFTH STRAIGHT YEAR

09/26/2013 ~ The Utility Board held their final public hearing on September 11th and approved Keys Energy Services (KEYS) Fiscal Year (FY)* 2014 budget and five-year financial plan, during their regularly scheduled meeting on Wednesday, September 25th. The approved FY 2014 budget for KEYS is $100.4-million. The budget takes into account a one-percent base rate decrease for KEYS’ customers during FY 2014. KEYS has reduced energy bill rates since FY 2009 by 3.45-percent.

“With the understanding the Board requested a balanced budget and a rate decrease, KEYS’ staff identified projects which could be postponed or eliminated without affecting reliability,” said Lynne Tejeda, KEYS’ General Manager & CEO.

In FY 2009 a residential customer with 1,000 kilowatt-hours** of consumption, a typical usage cited when making comparisons, had a bill of $156.17. In FY 2014, that same customer will have a bill of $137.33 if their consumption remains unchanged.

In other business, the Board approved various insurance renewals for the upcoming FY.

- The Board approved the renewal of Property, General Liability, Automobile Liability, and Worker’s Compensation Insurance with Florida Municipal Insurance Trust (FMIT), administered by the Florida League of Cities, in the estimated amount of $269,359.

- The Board also approved the renewal of Equipment Breakdown Coverage with FMIT and Hartford Steam Boiler Inspection and Insurance Company for an estimated premium of $139,885.18.

The regular meeting of the Utility Board took place at 5:00 p.m., September 25th, 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.

** Kilowatt-Hour (kwh) – A common unit of electric energy consumption, and the basic unit of electric energy. Ten 100-watt light bulbs burning for one hour use one kwh.

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