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Middleborough general manager reports $4.1 million year-to-date net income; building and substation projects move forward
Summary
At a Town of Middleborough commission meeting, the general manager reported year-to-date net income of about $4.1 million, described progress on a new building and substation planning, summarized recent union agreements, and outlined procurement and inventory updates.
At a meeting of Town of Middleborough commissioners (date not specified), the general manager reported combined year-to-date net income of about $4.1 million through Nov. 30 and updated commissioners on building, substation and procurement plans.
The general manager said electric division net income for the month of November was $828,000 and year-to-date electric net income was $3.3 million. The gas division showed a monthly loss of $330,000 for November but a year-to-date net income of $812,000; combined net income for the year was reported as $4.1 million. The department continues to budget to a 4% rate of return, the manager said.
The manager said the department's power supply is its largest expense, accounting for about 66% of total spending; capital was 6%, general and administrative 15% and operations and maintenance 13%. He also reported the department's OPEB funding level rose from 91.6% at Oct. 31 to 94% at Nov. 30. The manager said sources-of-energy figures for November showed 61% carbon-free generation and 11%…
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