Gardner Energy had a good year in 2011, according to preliminary numbers for last year.
Bill Krawczyk updated Electric Utility Board members on last year’s budget during a meeting Feb. 2. Final numbers won’t be available until later in February.
The utility ended up taking in a little less in revenues than board members projected, but Krawczyk said Gardner Energy spent approximately 94 percent of what it budgeted last year. The result is nearly $1 million in surplus funds.
“We didn’t spend everything we budgeted,” he said. “That’s the main reason we had a surplus.”
Had the utility spent 100 percent of its approximately $14 million budget, final numbers for the year would’ve showed a deficit since the utility took in a little less than anticipated.
The additional money will be moved to the utility’s reserve fund for future needs, Krawczyk said. The funding bump will also help the utility board inch closer to its goals for two reserve funds.
When those goals are met, Krawczyk said he would likely recommend decreasing electric rates. He added that the final decisions on rates are up to the board.
Despite the surplus this year, he isn’t ready to put a timeline on how long it will take the utility to meet its savings goals.
“We’ve not hit it yet,” he said. And it’s difficult to say how the utility will fare in 2012.
Although he didn’t have numbers in front of him, Krawczyk said the utility is likely way behind on its revenue projections for this year.
“We’ve had a really, really warm January,” he said. “It’s probably going to be a couple or three months before I get an idea how 2012 is shaping up.”
Gardner electric to bank almost $1 million in surplus