HomeMy Public PortalAbout01-17-1972 PROCEEDINGS OF THE COMMON COUNCIL OF THE
CITY OF RICIfl IOND,. ItNDIANA, SDI',. r G AS A COMMITTEE
IN CHARGE OF THE OPERATION OF THE RICI IOND POWER &
LIGHT PLANT,, JANUARY, 17, 1972
The Common Council of the City of Richmond, Indiana, serving as a committee in
charge of the operation of.the Richmond Power & Light Plant, met in regular
session January 1.7, 1972, at the hour of 7:00 p.m. in the Council Chambers in
the Municipal Building in said City. Mr. Elstra presided with the following
members present: Messrs. Brown, Cornett, Marino,. Merchanthouse, Mills-, Shields,
eman, and Williams. Absent: None. The following business was had to-wit:
Mr. Marino roved to approve the minutes of the previous meeting, seconded by Mr.
Stigleman, and on unanimous voice vote the motion was carried.
Mr. Merchanthouse moved to pay bills, make progressive payments, and approve trans-
fers, seconded by Mr. Williams, and on unanimous voice vote the motion was carried.
APPROVE THE FOLLOWING:
Bills in the amount of $33o,315.Vk
Interest coupons & Bonds 189,705.03
1 Payroll 60,063.37
PROGRESSIVE PAYMENTS ON:
Control & Instrument Equipment $ 3,k35.30
Stearn Generator 104,972.40
TRANSFER. FROM CASH OPERATING FUND TO:
Utility Bond Fund $62,207.47
Utility Bond Reserve Fund 110,000.00
Depreciation Reserve Fund 57,000.00
Mr. Bistro called an executive meeting for January 24, 1972 at 7:00 p.m. at the
Light Plant.
Mr. Hui%man recommended the Board accept bids for two trucks, at 7:00 p.m., Febru
ary 7, 1972 to replace a 1965 Ford Van and a 1963 dump truck. Mr. Marino moved
the Board approve the recommendation, seconded by Mr. Stigleman, and on unanimous
voice vote the motion was carried.
Mr. Huffman reviewed the 1.971 operations as follows:
Ear - 1971 OPERATIONS
RICHNIOND POWER & LIGHT
I s SOLD PERCENT CHANGE
1971 - 427,261,210
1970 - 423,234 7_64
INCREASE. ,026, E6 KWHe s + .95
I WH"s Grx Brio TED & PURCHASED 1.971 1970,
Johnson Street (Net) - 22,578,660
W..WOV.- Station (Net) 270,.660,340 261,293,060
Purchased-Md. & Mich. 1775.,814,075 153,904,000
446,4749 415 437,775,720
INCREASE 8,698,695 WWH's + 1.99
PPERATING REVENUE
1971 - $ 6,999,157
1970 6,,685,927
313,230 + 4.68
NET INCOME
1971 - 1,562,268
1.970 - 1,668,187
DECREASE $ 105,919 - 6.35
Light Plant Minutes
January 17,. 1972
Page 2
CONTRIBUTION TO CIVIL CITY PERCENT CHANGE
12 months of 1971 $700,000
12 months of 1970 80134,094
3 909)
.
DECREASE 13 4,09 E -16.08
DEPRECIATION FUND-CASH & INVESTMENTS
1971 - $5,202,882
1970 - 5,828,412
DECREASE 0 625,530 -10.73
Thi urr T ON TNVES IP S
1971 - $420,897
1970 - 459,162
DECREASE $ 38,265 - 8.33
EARNINGS REINVESTED IN BUSINESS-NET WORTH
1971 - $19,334,822
1970 - 18,414,714
INCREASE $ 920,108 + 5.0
EQUITY - PERCENT OWNERSHIP
Ratio of Vet Worth to Total Assets
$19,34,822 = 61.11%
31,637,170
CUSTOMERS SERVED
INCREASE OR
RESIDENTIAL 1071 1970 T ECRREASE
R Residential 15,692 15,630 7i 62
AEH--A11 Electric Homes 815 800 + 15
K-Res. Off-Peak Water Heat 195 227 32
ASH-Apt. Space Heating ___. 2 + 39
16,972 16,888 + 84
COMMERCIAL
CI-Commercial Light 1,483 1,494 - 11
GP-General Power 441 432 + 9
EHB-Electric Heat Schools 2 2 -
GER-General Electric neat 62 49 + 13
1,988 1,977 + 11
INDUSTRIAL
LP-Large Power 2 2 -
IS-Industrial Service 13 12 + 1
LPS-Large Power Service 82 85 -t 3
97 99 - 2
Ol 10i
City of Richmond 1 1 -
Spring Grove Corp. 1 1
2 2
TOTAL 19,059 18,966NET GAIN 93. -
INVESTMENT PER DOLLARS_ OF SALES
$23,913,592 = $3.42
6,999,157
Mr. Huffman reported that a new attorney has been hired on the Indiana Michigan
rate increase, a Mr. George Moral of Memphis, Tennessee.
Light Plant Minutes
January 17, 1972
Page 3
Mr. Williams reported that he had had a letter from the Golden Key Club, a
senior citizens' organization, who are being assessed a late pay penalty be—
cause their checks come in late. Mr. Elstro said that the problem would be
discussed at the executive meeting.
Howard J. Elstro, Chairman
ATTEST: Lotte Hoskins, City Clerk