Paris, Tenn.–At its meeting Tuesday, the Paris Utility Authority Board approved the Fiscal 2022 budget which shows no rate increases for the year. As reported previously, the budgets for all the departments–electric, water and wastewater–were presented to the board in May and discussed in detail. After having time for review over the past month, the board approved the budget.
Bids for the Puryear Substation transformer were received on Monday, June 21 and were presented to the Board with a recommendation from management. The recommended bid for the 69:15 kV 15/20/25 MVA transformer was approved at $405,000 with the cost to be split equally between PUA and Silicon Ranch, a Nashville-based solar energy company.
“The upgrades to our Puryear Substation are essential in our utility’s ability to continue to provide reliable power to our customers,” said Wimberley. “We are fortunate that through our current flexibility project with Silicon Ranch, we are able to share some of the costs of this upgrade and reduce the financial burden on our utility.”
Wimberley presented a plan for the next five years of capital expenses, identifying the cash funding source for all major capital purchases for the first two years. Wimberley noted that it appears the utility will borrow roughly $2.5 million for the Eagle Creek Substation which is significantly less than the original projection of $4 million.
The Board also approved the purchase of a 2023 Altec Digger Derrick to replace trucks #101 and #116. PUA President & CEO, Terry Wimberley, noted that purchase is on the utility’s normal replacement schedule which is on a seven-year cycle. Delivery of the new truck will take between 13 and 14 months.
Bids for the Puryear Substation transformer were received on Monday, June 21 and were presented to the Board with a recommendation from management. The recommended bid for the 69:15 kV 15/20/25 MVA transformer is $405,000 with the cost to be split equally between PUA and Silicon Ranch.
“The upgrades to our Puryear Substation are essential in our utility’s ability to continue to provide reliable power to our customers,” said Wimberley. “We are fortunate that through our current flexibility project with Silicon Ranch, we are able to share some of the costs of this upgrade and reduce the financial burden on our utility.”
The final item of business was the presentation of a funding plan for the utility’s long-term major capital expenditures. Wimberley presented a plan for the next five years, identifying the cash funding source for all major capital purchases for the first two years. Wimberley noted that it appears the utility will borrow roughly $2.5 million for the Eagle Creek Substation which is significantly less than the original projection of $4 million.
In his President’s report, Wimberley introduced his employee guest, Alexis Zellers. Alexis serves as a Utility Accountant and has been with the utility since October of 2017.