HomeMy Public PortalAbout03-16-1998 PROCEEDINGS OF THE COMMON COUNCIL OF THE
CITY OF RICHMOND,INDIANA,SERVING AS A BOARD
IN CHARGE OF THE OPERATION OF THE RICHMOND POWER&LIGHT PLANT
MONDAY,MARCH 16,1998
The Common Council of the City of Richmond,Indiana,serving as a Board in charge of the operations of the
Richmond Power&Light Plant met in regular session at 7 p.m.Monday,March 16, 1998,in the Council Chambers in
the Municipal Building in said City.Chairperson Larry Parker presided with the following Councilmembers in
attendance:Howard"Jack"Elstro,Etta Lundy,Bob Dickman,Sarah"Sally"Hutton,Geneva"Gene"Allen,Dennis R.
Rice Sr.,Borg Welch and Bruce Wissel.The following business was conducted:
APPROVAL OF MINUTES
The minutes of the meeting of March 2, 1998,were approved on a motion by Councilmember Hutton,second by
Councilmember Lundy and the motion was carried on a unanimous voice vote.
APPROVAL OF BILLS,INVESTMENTS AND TRANSFERS
Upon recommendation of the Finance Committee,Councilmember Hutton moved to approve the following bills for
payment,seconded by Councilmember Welch and by unanimous voice vote the motion was carried.
Bills Already Paid:
Payroll and Deductions 221,481.44
Investments Purchased From:
Cash Operating Fund 400,000.00
Bond Singing Fund
Utility Bond Reserve Fund
Depreciation Reserve Fund
Insurance Reserve Fund
Consumer Deposit Fund
Cash Reserve Fund
Group Insurance Fund
Total Investments 400,000.00
Transfer from Cash Operating Fund to:
Cash Reserve Fund for Payment
To City in lieu of taxes
Transfer from Cash Operating Fund to:
Depreciation Reserve Fund
For Property&Plant
Transfers from Depreciation Reserve to:
Cash Operating Fund
Transfers from Consumer Deposit to:
Cash Operating Fund
Transfers from Utility Bond Reserve Fund to:
Bond Sinking Fund
Transfers from Cash Operating to:
Interest and Bond Principal
Bond Sinking Fund
Cash Reserve Fund
Utility Bond Sinking Fund
Depreciation Reserve Fund
Insurance Reserve Fund
Consumer Deposit Fund
Interest and Bond Principal
End of Month Petty Cash
Revenue Bonds
Interest Coupons Redeemed
Interest Coupons Redeemed
Bond Coupons
Miscellaneous Prepaid Invoices 61,965.05
Total Prepaid Invoices 683,446.49
Less EFT/Direct Deposit of Payroll (51,362.20)
Total Prepaid Invoices 632,084.29
Total EFT Transfers: 88,216.09
Total Prepaids plus EFT Transfers: 720,300.38
Total Bills Not Paid 791,728.06
Grand Total 1,512,028.44
Vz9
RP&L Minutes Cont'd
March 16, 1998
Page 2
REMARKS BY CHAIRPERSON
Chairperson Parker said he had no remarks.
UNFINISHED BUSINESS
There was none.
STREET LIGHT COMMITTEE REPORT
There was none.
REPORT BY GENERAL MANAGER
Financial Manager Tracey Garrett,sitting in for General Manager David Osbum,turned the podium over to Dale
Norris,Plant Superintendent,who reported on some of the general statistics of last week.He commented on the touch
of winter last week and said that on March 12`11 a new 24-hour gross record was set for the station,averaging 98.1
megawatts an hour for 24 hours.He said that reaffirms the value of the generating station.The old record was 2338
megawatts and the record for the 12th was 2355,he said.
Giving an update of Phase 2,she said the rates of the 1996 rate case will be in effect April 1 of this year.She gave a
short summary of some of the changes that will be made,stating that a lot of rate classes will be seeing a decrease.
She said some of those are commercial lighting customers,large power customers,industrial customers,outdoor
lighting customers and street lighting customers.She said residential customers will see a slight increase,but because
of the tracker they will actually have a lower billing.She pointed out that the tracker is going to be helping out a lot.
Councilmember Welch asked Garrett if there had been an ample amount of time to accumulate any cost with the new
coal rates and contract.She responded that would not be until the third quarter.Councilmember Welch commented that
there should be a significantly lower fuel cost.
NEW BUSINESS
There was none.
ADJOURNMENT
There being no further business,on a motion duly made,seconded and passed,the meeting was adjourned.
Larry Parker,Chairperson
ATTEST:
Norma Schroeder,Clerk