On Tuesday, March 28, NPU presented its Board of Commissioners with a draft budget for Fiscal Year 2018. The information will be considered by the Board in the weeks to come and, if approved, will be part of the City of Norwich budget later this spring.
Highlights of FY 2018 NPU Budget
Total revenue – $98,903,730
Expenses – $94,090,295
Revenue returned to City’s General Fund $8,489,095 ($8,670,845 last year)
This is the equivalent of approximately 4.75 mills or $446 in tax savings for an average single family home in Norwich. Over the past ten years, NPU has generated $78.69 million for the City’s General Fund.
Elimination of 1 FTE – NPU headcount is now 148.5 funded positions.
NPU ratepayers receive a $681,000 benefit from owning hydro generation, which produces electricity that does not have to be purchased.
$1,137,455 returned to commercial and residential customers through efficiency program rebates ($879,018 electric, $258,437 natural gas).
$2.72 million paid in Gross Revenue Taxes and $153,000 in property tax in surrounding communities.
Major sources of revenue:
Natural Gas: Revenue of $20,294,940 (up from $19,501,432 last year)
Electric: Revenue of $59,178,446 (up from $59,091,220 last year)
Water: Revenue of $11,106,920 (up from $11,005,680 last year)
Sewer: Revenue of $8,323,425 (up from $8,065,445 last year)
Purchased natural gas: $5,339,837 (down from $5,361,245 last year)
Purchased power (electric) $30,484,297 (up from $29,692,070 last year)
General & Administrative: $3,607,591 (down from $3,967,022)