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Home My Public Portal About01-15-1968 MINUTES OF THE MEETING OF THE COMMON COUNCIL OF THE CITY OF RICHMOND, INDIANA SERVING AS A COMMITTEE IN CHARGE OF THE OPERATION OF THE RICHMOND POWER AND LIGHT PLANT, JANUARY 15, 1968 The Common Council of the City of Richmond, Indiana serving as a committee in charge of the operation of the Richmond Power and Light Plant met in regular session in the Council Chambers in the City Building in said City, Monday, January 15, 1968 at the hour of 7:00 o'clock P.M. (EST). Councilman Hilligoss, presiding with the following members being present: Messrs. Blackwood, Elstro, Geier, Henn, Phil Marino, Frank Marino, Paust and Stigleman. The following business was had to-wit: Councilman Hilligoss moved the following corrections be made in the Minutes of January 2, 1968. They are as follows: John Hilligoss questioned Mayor Klute's remarks made to the Lions Club * on Wednesday, December 27, 1967 concerning the Sanderson and Porter feasibility report on the Light Plant. "A study has been made but not implemented". Councilman Hilligoss asked Mayor Klute if he had read the report and if so, what has not been implemented? Mayor Klute said closing down Johnson Street and asking a price for. the Light Plant: Councilman Hilligoss said the station has been kept open only because the' ,:q former Board felt this best until a second interconnection with Indiana and Michigan C Electric Co. is completed at the East edge of the City. This leaves asking for a price of rd the City Utility which Mayor Klute must have referred to in his remarks. f President Marino moved that the Minutes be approved as corrected without being read aloud, :4 seconded by Councilman Stigleman and carried by unanimous voice vote. Councilman Phil Marino made a motion the following claims be allowed and paid, seconded by Councilman Hilligoss and carried by unanimous voice vote. Approve the following: Bill in the amount of $210,443.08 Interest Coupons - 1953 Revenue Bonds 12,913,75 1 Payroll 52,312.21 Transfers from Cash Operating Fund to: Utility Bond Fund $ 23,852.92 Cash Reserve Fund 71,405.14 Depreciation Reserve Fund 36,000.00 Payment of City Dividend 881,113.78 Mr. Earl Beck, General Manager of the Light Plant, presented the following: January 8, 1968 A. E. Beck General Manager After the cash transfers are made next Monday night, there will be available for investment in the Cash Reserve Fund an amount of $168,000.00. We have checked with the Second National Bank and find that the best investment for this money at the present time would be U.S. Treasury notes, 54%, due November 15, 1968, presently quoted at 99.25, to yield 5.52%. On approval of the above, we will place our order with the Second National Bank. 1 /s/ E. S. Porter General Office Manager Y R.P. & L. Minutes 1/15-68 - Page 2 Mr. Beck opened two bids for High Voltage Power Cable Bidder Quantity Amount Delivery Richmond Electric Co. Item I 700 ft. $ 4,897.90 '50 days 1024-26 Main Street Item II 1230 ft. 5,923.68 50 days Item III 384 ft. 2,279.42 45 days$13,101.00 Westinghouse Elec. Suply Item I 700 ft. 4,602.50 8-9 weeks 2315 No. Walnut ' Box 2666 Item II 1230 ft. 5,435.37 8-9 weeks Muncie, Indiana 47305 Item III 384 ft. 1,949.18 5 weeks $11,987.05 Councilman Frank Marino moved that these bids be reviewed and tabulated by Mr. Beck, seconded by Councilman' Stigleman- and passed''on unanimous voice vote. Mr. Beck spoke on the offer of settlement from Indiana Michigan and would like approval of the Board to sign. Councilman Frank Marino moved that Mr. Beck be authorized to sign with Indiana Michigan, seconded by Councilman Paust and carried by unanimous voice vote. Mr. Beck presented the following review of 1967 operations: REVIEW - 1967 OPERATIONS RICHMOND POWER & LIGHT PERCENT INCREASE KWH's SOLD OVER '66 1967 - 357,959,051 1966 - 344,097,105 INCREASE 13,861,946 KWH's 4.03 KWH's GENERATED & PURCHASED 1967 1966 Johnson Street (Net) 71,055,720 48,563,180 I.W.V. Station (Net) 220,783,200 241,849,600 Purchased - Ind. & Mich. 82,698,000 70,260,000 TOTAL NET GEN. & PURCHASED 374,536,920 360,672,780 INCREASE 13,864,140 KWH's 3.84 OPERATING REVENUE 1967 - $5,638,478 1966 - 5,506,019 INCREASE $ 132,459 2.41 NET INCOME 1967 - $1,718,907 1966 - 1,812,994 DECREASE $ 94,087 -5.19 PERCENT INCREASE CONTRIBUTION TO CIVIT CITY - 50% OF NET INCOME OVER '66 12 Months of '67 - $ 859,453 12 Months of '66 - 906,497 DECREASE $ 47,044 -5.19 DEPRECIATION FUND - CASH & INVESTMENTS 1967 - $4,990,179 1966 - 4,815,914 INCREASE $ 174,265 3.62 9 R.P. & L. Minutes 1/15/68 Page 3 PERCENT INCREASE INTEREST ON INVESTMENTS OVER '66 1967 - $ 254,847 1966 - 180,841 INCREASE $ 74,006 40.92 EARNINGS REINVEbTED IN BUSINESS - NET WORTH 1967 - $ 16,004,382 1966 - 15,132,054 INCREASE $ 872,328 5.76 EQUITY - PERCENT OWNERSHIP Ratio of Net Worth to Total Assets $16,004,382 = 79.18% $20,212,497 , INCREASE IN CUSTOMERS SERVED , CN CQ INCREASE OR Cn RESIDENTIAL 1967 1966 DECREASE 2 2 R - Residential Service 15,522 15,002 / 520 AEH - All Electric Homes 554 466 / 88 K - Res. Off-Peak Water Heat 424 576 - 152 16,500 16,044 456 COMMERCIAL CL - Commercial Light 1,605 1,601 / 4 GP - General Power 437 422 / 15 EHS - Electric Heat Schools 1 1 - 2,043 2,024 / 19 III INDUSTRIAL LP - Large Power 12 21 - 9 IS - Industrial Service 6 5 71 1 LPS. - Large Power Service 76 66 / 10 94 92 / 2 OTHERS City of Richmond 1 1 - Spring Grove Corp. 1 1 - 2 2 - TOTAL 18,639 18,162 NET GAIN 477 INVESTMENT PER DOLLAR OF SALES $21,168,117 . $3.75 $ 5,638,478 , Mr. Beck invited all members of council to the Annual Meeting of the Richmond Area Chamber of Commerce on the night of January 25, 1968. Each will get a free ticket but will have 111 to purchase ticket for their guests. There being no further business on motion duly made, seconded and carried, the meeting adjourned. Jerry Geier, Chairman . Attest: Harold W. Ryan, City Clerk * Note: Councilman Hilligoss' s statement to Mayor Klute will be stricken from these Minutes and amended to the Common Council Minutes of February 5, 1968.