HomeMy Public PortalAbout05-05-1986 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, MAY 5, 1986
1 The Common Council of the City of Richmond, Indiana, servi-ug as a Bard :in charge of
2 the operation of the Richmond Power & Light Plant, met in regular session May 5, 1986
3 at the hour of 7:00 P.M. in the Municipal Building in said City. Chairperson Elstro
III 4 presided with the following members present: Williams, Brookbank, Hankinson,
5 Whitesell, Parker, Bodiker, Hutton and Morris . Absent: None. The following
6 business was had to-wit :
7
8 APPROVAL OF MINUTES OF APRIL 21, 1986
9
10 Councilmember Hankinson moved to approve the minutes of the previous meeting as
11 prepared, seconded by Councilmember Brookbank and on unanimous voice vote the motion
12 was carried.
13
14 APPROVAL OF BILLS, TRANSFERS AND INVESTMENTS
15
16 Upon recommendation of the Finance Committee, Councilmember Parker moved to approve
17 bills already paid, tranfers made, investments purchased and unpaid bills as
18 follows, seconded by Councilmember Whitesell and on unanimous voice vote the motion
19 was carried.
20
21 Bills Already Paid
22 Payroll and deductions 4/18/86 154,907.04
23
24 Transfers from Cash Operating Fund to:
25 Utility Bond Sinking Fund 71,521.87
26 Depreciation Reserve Fund 91,000.00
27 Cash Reserve Fund 144,094 .50
28 Total Transfers 306,616.37
III 29
30 Investments Purchased from:
31 Depreciation Reserve Fund 693,440.00
32 Utility Bond Reserve Fund 1,209,281.00
33 Cash Operating Fund 1,256,956.24
34 Utility Bond Sinking Fund 143,043.76
35 Cash Reserve Fund 290,955.00
36 Total Investments 3,593,676.00
37
38 Coupons Redeemed 525.00
39
40 Miscellaneous BIlls Already Paid 1,139,675.45
41 Total Bills Not Paid 676,632.32
42
43 Grand total of all approved bills 5,872,032.18
44
45 REMARKS BY CHAIRMAN
46
47 Chairman Elstro informed the Board that the State Board of Accounts would hold their
48 Exit Conference on May 7, 1986 at 3:00 P.M. at the Service Building and all were
49 encouraged to attend.
50
51 Chairman Elstro announced meetings of the Executive Board on May 12, 1986 at 7 P.M.
52
II "5"'
at the Service Building for financial review and the regular monthly meeting on May
54 27, 1986 at 7 P.M. at the Service Building. The 27th meeting will be in place of the
55 regular meeting night on May 26, 1986.
56 Councilmember Morris stated she would be unable to attend on May 27th due to Plan
57
58 Commission.
59 REPORT BY GENERAL MANAGER
60
61 General Manager, Irving Huffman, reported to the Board that revenue was down by
62 126 663.57 from last year at this time and sales were up slightly. Mr. Huffman
63 stated the revenues were on target with other utilities and revenues were weather
64 related.
65
RP&L Minutes Cont'd
May 5, 1986
Page 2
1 Mr. Huffman reported that they still have the summer and winter seasons and the current
2 figures are based on a three (3) months report.
3
4 Mr. Huffman also reported that expenses were down over 200,000.00 leaving the net
5 operating income up 100,000.00 for the first quarter.
6
7 Mr. Huffman stated he expected it to be a good year.
8
9 Mr. Huffman told the Board that he would like to request a special meeting to approve
10 the agreement for the use of the boilers at RP&L for testing for SO2 by the
11 Environmental Energy Research Corporation. Mr. Huffman stated the agreement would also
12 have to blessed by the EPA and EPRI.
13
14 Councilmember Hankinson asked how long it would take to review the agreement and Mr.
15 Huffman explained that the City Attorney and Black and Veach have already reviewed the
16 document.
17
18 Councilmember Hankinson suggested that they would review the agreement at the
19 financial meeting scheduled for May 12, 1986.
20
21 Mr. Huffman stated that if time allowed it could be handled that way.
22
23 Councilmember Whitesell asked if a date had been set for completion of the Gimble
24 report and Mr. Huffman stated that the preliminary report would be completed by the
25 morning of Wednesday, May 8, 1986 and it should be close to final form.
26
27 ADJOURNMENT
28
29 There being no further business, on a motion duly made, seconded and passed the
30 meeting was adjourned.
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33 Howard J. Elstro, Chairman
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37 ATTEST:
38 Mary Merchanthouse, City Clerk
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