[{"_1":2,"_99":-5,"_100":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,75,87],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},"mediaId",6587244,"mediaKeyId","5669558-c178ca79d6396dbde7a37493cd448bfd","parentId",5669558,"title","Citizens Energy board approves FY2026 budget, executive-pay adjustments, capital contributions and multiple finance items","audioSeconds",1476,"startMs",1075000,"endMs",2551000,"viewUrl","/Search/View?dp=1&key=5669558-c178ca79d6396dbde7a37493cd448bfd&start=1075&end=2551","thumbnailUrl","https://assets.pipeline.soar.com/5669558-c178ca79d6396dbde7a37493cd448bfd/thumbnail_1075000.jpg","articleUrl","/articles/6587244/Indianapolis-City/Marion-County/Indiana/Citizens-Energy-board-approves-FY2026-budget-executive-pay-adjustments-capital-contributions-and-multiple-finance-items","mediaUrl","https://secure.pipeline.soar.com/6587244-3265f7164457cc502864efb5242bbe1e/orig.mp4?Expires=1771171659&Signature=jsjcbXKXWhwgobmUdG1lcOTkvUmDF5dLISF2BmUWwWNPy7U8vUse0BO8iPZAmwNuMlXpLY1WqyQdibHezw8X2o1p5P4bXPNIM5KQNEzFUiEwDSteh97RCJkrs7B9n7PUAvrkze6mBzWcdMmh253GjbJFeKgRJcWu1tIEPW0v7WCBKHcHuMWU87PQAMoXGF48LIOC6~dG87CrZO42oC3vxoQA4eKxJQ4ZZ3y-aMZK0dpDgDD4gyvjAZw0Zzs~KdI9tX7KdK7eAe6Mtwvq1Cj0w1hyJeC2S1O3l23RiHXyFx3rmSuOR3Xp3rnK5OM2XnQAJWfvlGHz1y5bOPyl9xK1xQ__&Key-Pair-Id=KUT5TJCACFTXG","author","City Council of Indianapolis, IN","date","2025-08-25T00:00:00Z","article","The Citizens Energy Group and CWA Authority board on Aug. 20 approved a package of financial and administrative measures, including the fiscal year 2026 budget and 2025–2030 forecast, executive compensation adjustments, capital contributions among business units, and several routine operating resolutions.

Budget and forecast: The Compensation and Finance Committee presented the proposed FY2026 budget and five‑year (2025–2030) forecast and recommended board approval. Committee materials described planned capital spending increases to support safety and reliability investments, growth opportunities and water‑supply projects. The committee reported that aggregate debt across the enterprise is projected to remain at $2,800,000,000 throughout the forecast period and that debt‑service coverage ratios remain consistent with A‑plus or higher ratings, as presented. The board approved the budget and forecast by voice vote.

Customer benefit distribution and rate change: The board approved a customer benefit distribution for 2026 that committee materials said would reflect a gas-rate decrease in the amount of $410,000, as presented in board materials.

Capital contributions and financing authority: The board approved management recommendations for capital contributions to Citizens Resources: up to $8,000,000 from Citizens Gas and up to $5,000,000 from Citizens Water (board materials show the latter described as a $5,000,000 contribution). The board also approved a disposition‑of‑funds estimate (an Indiana statute filing requirement) for the fiscal year ending Sept. 30, 2026, and approved a consolidated thermal line‑of‑credit resolution that increases the authorized amount to $75,000,000 (materials described two existing $25,000,000 lines consolidated and a requested maximum of $75,000,000 for flexibility).

Executive compensation and staffing: The board approved executive compensation adjustments and a short‑term incentive plan for fiscal year 2026. Willis Towers Watson presented benchmarking that showed Citizens’ executive base salaries averaging about 5% below a utility peer median and target total cash about 7% below that median; when long‑term incentives typical in broader industry were included, the transcript reported an average gap of roughly 43% below that broader market. Management requested base pay adjustments effective Oct. 1, 2025, and slight increases in short‑term incentive targets to move base and target total cash closer to market benchmarks. The board approved the compensation resolution by voice vote.

Other approvals and routine motions: The board approved amended minutes from prior meetings, fuel cost and gas cost adjustments (identified in the packet as FCA 78 and GCA 167, respectively), a resolution authorizing management to submit a notice of intent to file a case with the IURC (separate from the Whitestown filing), and an extension of the AES gas transportation contract. The board also approved the third‑quarter financial statements (combined net income of $56,900,000 for the quarter as reported), and motions authorizing capital contributions noted above.

Appointments and personnel: The board approved appointment of Melissa Lawson as executive director of customer operations to succeed Curtis Popp as vice president of customer operations; Popp told the board he will retire effective Sept. 30. The board offered a special recognition of Popp’s 30 years of service.

Why it matters: the budget and forecast set capital and operating priorities for the next five years, the compensation actions aim to keep senior executives competitive in the market, and the capital contributions and credit‑line actions give management financing flexibility as projects move forward. Several approvals are contingent on external steps (for example, some financings will occur only after regulatory approvals where required).

Votes at a glance (items approved, voice votes unless noted):
- FY2026 budget and 2025–2030 forecast — approved.
- Customer benefit distribution (gas) — approved; $410,000 decrease reported in materials.
- Capital contribution: up to $8,000,000 from Citizens Gas to Citizens Resources — approved.
- Capital contribution: up to $5,000,000 from Citizens Water to Citizens Resources — approved.
- Executive compensation resolution (base pay adjustments effective 10/01/2025 and short‑term incentive adjustments) — approved.
- Disposition of funds estimate for fiscal year ending 09/30/2026 — approved.
- Thermal line‑of‑credit consolidation and increase to $75,000,000 — approved.
- Third‑quarter financial statements — approved (auditors expected to issue clean report on review).
- Fuel cost adjustment (FCA 78) and gas cost adjustment (GCA 167) — approved.
- Resolution authorizing management to submit a notice of intent to file with the IURC — approved.
- AES gas transportation contract extension — approved.
- Appointment of Melissa Lawson as executive director of customer operations (to become VP of customer operations upon Curtis Popp’s retirement) — approved.

Board materials contain additional detail and exhibits for each item approved; this account summarizes matters presented and the board’s voice‑vote approvals at the Aug. 20 meeting.","mediaType","Video","parentTitle","City Council of Indianapolis, IN - Citizens Energy Group Board Meeting","oneSentenceSummary","The Citizens Energy Group and CWA Authority board on Aug. 20 approved the FY2026 budget and a package of finance and personnel actions, including executive compensation adjustments, capital contributions and credit‑line changes.","taxTitle","Indianapolis City, Marion County, Indiana","taxId",3627,"location","headline","","shortSummary",{"_33":76,"_35":36,"_37":38,"_39":77,"_41":78,"_43":79,"_45":80,"_47":81,"_49":82,"_51":83,"_53":84,"_55":56,"_57":58,"_59":85,"_61":62,"_63":64,"_65":86,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6587249,"Citizens Energy board authorizes steps to acquire Whitestown water system, approves bond and interest-rate hedge",728,336000,1064000,"/Search/View?dp=1&key=5669558-c178ca79d6396dbde7a37493cd448bfd&start=336&end=1064","https://assets.pipeline.soar.com/5669558-c178ca79d6396dbde7a37493cd448bfd/thumbnail_336000.jpg","/articles/6587249/Indianapolis-City/Marion-County/Indiana/Citizens-Energy-board-authorizes-steps-to-acquire-Whitestown-water-system-approves-bond-and-interest-rate-hedge","https://secure.pipeline.soar.com/6587249-24135991690c364574339823cde870cc/orig.mp4?Expires=1771171659&Signature=C2ttXTmp0W1WvH3j3ecumhQX~XCoUeuaBpTs1GpFvDW45kOvdKZh5tzfSDM3Iu4kV80QWaKN---xU9g6PrUyFzCiQcwnxO~E~upMc2hPe59~MU2Rwt-Iz8accWdFsQo2-jmB3ENff0uQL3x5FO0NHBtLfhnX5qp4z03qbISR~wNVVkAUxtLS3hp-zXrJJUN6HRkqJ0CKfhX5SEF1JRPoDcYi0YU4VAOdSiGnUd9anAAvMKXWY5mEYM8Ev-plw8AbcNouxBsOEoHKOqweun70MBzC6SD0h8P23vYbep1m0v7C1K3mF3iC4kTR~53CB03RdWacZLhM4~4P7CsWgz2wzA__&Key-Pair-Id=KUT5TJCACFTXG","The board of directors for Citizens Energy Group and CWA Authority on Aug. 20 authorized management to pursue the acquisition of the Whitestown water system and approved three related resolutions: formation of an acquisition entity, an interest-rate hedge and a bond resolution authorizing up to $40 million in long-term debt.

Jay Ailey, Water Resources Executive, told the board Whitestown “currently serves over 6,000 customers” and has averaged about 1,500,000 gallons per day in water demand; the town’s system has grown roughly 9% per year, Ailey said. Management and Whitestown reached agreement on an asset purchase that Ailey summarized as including a $37,000,000 purchase price, a transfer of Whitestown customers to Citizens Water retail tariff rates and a plan for Whitestown employees to be either hired by Citizens or absorbed into other town government positions.

The board held a public hearing on the proposed acquisition and received no public comments. The board then voted—unanimously, by voice vote—to approve: (1) formation of Citizens Water Resources Whitestown LLC and filing a petition with the Indiana Utility Regulatory Commission (IURC); (2) an interest-rate hedge resolution to mitigate interim financing risk; and (3) a bond resolution authorizing Citizens Water to issue up to $40,000,000 of new long-term debt upon IURC approval.

Why it matters: the board and presenters described mutual benefits for both parties if the deal clears regulatory review. Citizens Water would gain “enhanced system reliability and performance” and economies of scale, while Whitestown customers were projected to see lower monthly rates—presentations cited an estimated 18% to 33% savings range for Whitestown customers—improved operations and expanded access to long-term water supply.

Regulatory and timeline details: the Whitestown town council passed an ordinance on Aug. 13 authorizing the town to enter the asset purchase agreement; the acquisition also requires approval from the Indiana Utility Regulatory Commission. Management said it intends to file a joint acquisition position with the IURC in late September or October and expects an IURC order in March or April 2026.

Financing structure: the board materials describe a structure similar to one previously used for other Citizens transactions, with Citizens Resources holding the Whitestown assets for the benefit of Citizens Water. The bond resolution authorizes proceeds to be used to fund the acquisition, establish a debt-service reserve if necessary, fund capitalized interest if necessary, and pay related issuance costs. Committee materials noted that Citizens Water will not issue the debt until after IURC approval; the interest-rate hedge was presented as a mitigation against interest-rate risk during that interim period.

Committee recommendation and vote: the Water Resources Executive Committee and the Compensation and Finance Committee recommended board approval of the resolutions. The board approved all three measures by voice vote; no roll-call tallies were recorded in the public portion of the transcript.

Next steps: management will file the acquisition position with the IURC and pursue the financing steps described in the board materials if the commission approves the transaction. The board packet includes the asset purchase agreement and related exhibits.

(Additional technical and procedural details are in the board packet and the IURC filing; this account is limited to materials presented at the Aug. 20 meeting.)","The board of directors for Citizens Energy Group and CWA Authority on Aug. 20 authorized management to pursue the acquisition of the Whitestown water system and approved three related resolutions: formation of an acquisition entity, an interest-rate hedge and a bond resolution authorizing up to $40 million in long-term debt.",{"_33":88,"_35":36,"_37":38,"_39":89,"_41":90,"_43":91,"_45":92,"_47":93,"_49":94,"_51":95,"_53":96,"_55":56,"_57":58,"_59":97,"_61":62,"_63":64,"_65":98,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6587239,"Martindale‑Brightwood CDC tells Citizens Energy board of neighborhood programs and partnership needs",460,3847000,4307000,"/Search/View?dp=1&key=5669558-c178ca79d6396dbde7a37493cd448bfd&start=3847&end=4307","https://assets.pipeline.soar.com/5669558-c178ca79d6396dbde7a37493cd448bfd/thumbnail_3847000.jpg","/articles/6587239/Indianapolis-City/Marion-County/Indiana/MartindaleBrightwood-CDC-tells-Citizens-Energy-board-of-neighborhood-programs-and-partnership-needs","https://secure.pipeline.soar.com/6587239-f1b5f9e860c9cddf6ab6202cc9c8d64b/orig.mp4?Expires=1771171660&Signature=HiGYZNXft-uJOZ03DnMdkRTCs9mfc7KwT2tbwMoFoF0kVTCkcXSCLdyMMlxxnqCWD8nnmDYDzB0SaBZiYh2LV8cl7C2uG~WYjvY4WcLnDBFgxF9YW92K9ScO6mkrBJ~P4Li7PsTtBA5eyV3OqGaZSpf~qPxqfZBQKpAhtflm2EaCUo0prXMnnpcOmp-0wvtJ5-xi2AWI-chmHlRBW6XoUzVP~QXrXnpss4NfurXcVLd32Cae4ByGI~0NUI6z9LFkd7dxbUfTpNFGwCsuuS3bZR8i12Koqj9rjNRL3pDay8EbDsnBoZvnfzyQd060eU9aN5zSgFetoYHEPm3gwyHE~A__&Key-Pair-Id=KUT5TJCACFTXG","Representatives of the Martindale‑Brightwood Community Development Corporation outlined neighborhood programs and thanked Citizens Energy for ongoing partnership at the board's Aug. 20 meeting.

Deanna Windruff, chief operating officer of Martindale‑Brightwood CDC, described four core CDC programs: employment services (training residents in construction, CNA and pharmacy tech roles), a home‑repair program (minor and major repairs to assist older and low‑income homeowners), a home‑development program (new affordable housing phases planned starting with a project on Ralston) and small‑business development to support local entrepreneurs.

Windruff credited Citizens Energy staff and programs with supporting the CDC’s work. She singled out Jennifer (identified in the meeting transcript as a Citizens staff member and long‑time board contact) and cited a $200,000 ICONOs grant that supported neighborhood home‑development efforts. Windruff also noted the CDC’s role as an early pilot participant in Citizens programs such as House to Home and the organization’s involvement in the Martindale‑Brightwood quality‑of‑life planning process, which included data and environmental‑justice analysis provided by Citizens.

Windruff described continuing challenges—primarily funding for nonprofit operations and program expansion—and asked for continued partnership on connection costs for affordable housing and energy‑efficiency supports. She also relayed informal positive service feedback from residents (for example, prompt service responses and timely repair work) but did not present formal survey data during the hearing.

Why it matters: the CDC’s programs connect Citizens Energy’s community‑support initiatives to direct neighborhood outcomes—home repairs, affordable housing production and workforce development for residents in a historically underserved area. The board acknowledged the remarks and thanked the speaker.

No formal board action was taken on the presentation. The CDC said it will continue to coordinate with Citizens staff and the stakeholders alliance.","Deanna Windruff, COO of the Martindale‑Brightwood Community Development Corporation, briefed the Citizens Energy board on neighborhood housing, repair, workforce and small‑business programs and requested continued partnership and financial support.","actionData","errors"]

Article not found

Citizens Energy board approves FY2026 budget, executive-pay adjustments, capital contributions and multiple finance items

Citizens Energy board authorizes steps to acquire Whitestown water system, approves bond and interest-rate hedge

Martindale‑Brightwood CDC tells Citizens Energy board of neighborhood programs and partnership needs