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Richmond Gas Works outlines financial plan, adopted 5.25% rate increase and plan to add in-house crews
Summary
Utility staff described a multi-year financial plan to rebuild reserves, noted recent federal PHMSA grants and outlined a staffing plan to shift pipeline construction from contractors to internal crews; committee questioned reserve targets and affordability.
Richmond Gas Works staff briefed the Governmental Operations standing committee on an updated financial plan, recent federal grant awards and a proposal to shift pipeline construction from contractors to in-house crews.
Dan Reifenberg, speaking for Richmond Gas Works, said the utility has about 28,000 meters/customers and is forecasting a modest revenue increase under rates the committee said were already adopted. He told members the utility projects revenue will exceed expenditures under the adopted rates and that rate adjustments are intended to rebuild operating and capital reserves after recent years of increased operating costs and significant capital needs.
Key financial points: Reifenberg said the utility had approximately $10 million in free cash flow in the plan illustration, targeted debt-service coverage of about 1.5, limited liquidity (days of O&M coverage in the low 20s under…
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