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Sat Nov 30, 2019, 06:16 AM

Officials: Georgetown working to improve electric utility finances

The city of Georgetown expects to add more than $4 million to its electric utility reserves as part of an effort to lower prices for its energy customers, officials said.

City officials are still involved in calculations, City Manager David Morgan said Friday, but expect the utility to end fiscal year 2018-19 with more than $6 million in reserves.

Last fiscal year’s reserves were less than $2 million, he said. The city added money to its utility reserves by selling assets, increasing rates and decreasing expenses, according to a city new release this week.

It also raised more than $700,000 to add to the utility reserves by selling renewable energy credits, the release said. Since it sold the credits Georgetown lost its status this year as a 100% renewable electric utility, Morgan said.

Read more: https://www.statesman.com/news/20191129/officials-georgetown-working-to-improve-electric-utility-finances

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