Your PUD News Release
Commissioners raise minimum reserve level for Utility Services
Chelan County PUD
News Release
10/6/2008
Chelan PUD commissioners established a long-range governing financial policy raising the minimum reserve level for Utility Services to $130 million at their regular meeting Monday.
The District currently requires a minimum reserve of $50 million but has been maintaining at least $75 million on the advice of bond counsel, said Rich Riazzi, PUD general manager.
The increased amount was recommended by staff after reviewing the Board’s guiding principles and financial best practices. The reserves provide funding to keep the PUD operational in the case of volatility in financial or energy markets.
The PUD currently has reserves of just under $200 million that include rate stabilization funds and various reserve and contingency funds.
In other business, commissioners:
- Heard an overview of the draft closing agreement for the Cashmere Electric System purchase. The new purchase amount is approximately $3.1 million after a little more than $380,000 in adjustments for easements and permits. The PUD will hold $500,000 of the amount for six months while costs on several items are finalized. Commissioners will vote on the agreement on Oct. 20 and the system is scheduled to change hands on Oct. 30.
- Applauded PUD Parks employees Blake Hancock, Mike Broderson and Jose Urrutia for receiving state lifesaving and humanitarian awards after rescuing a man who fell down a bank into the Columbia River at Walla Walla Point Park in June. The three saved the man from drowning. They were honored with six others from around the state at the Governor’s Industrial Safety and Health Conference in Spokane in September. “On behalf of Chelan PUD, you make us proud,” said Riazzi.
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The next regular meeting of the PUD commission will begin at 1 p.m. on Monday, Oct. 13, 2008, in the boardroom at PUD headquarters, 327. N. Wenatchee Ave. The normal starting time of 11 a.m. has been pushed back.
A special meeting will be held with the Wenatchee Customer Partnership Group at noon on Wednesday, Oct. 22, at the Wenatchee Roaster and Ale House in Wenatchee.
Most PUD commission meetings are recorded, and a link to the audio is available on the PUD’s home page at http://www.chelanpud.org.
Jeri Freimuth
Chelan County PUD
(509) 661-4504
(509) 668-0267 cell
Jeri.freimuth@chelanpud.org