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Penn Yan electric rate adjustment in the works
|Penn Yan Village officials plan to spend up to $15,800 to hire an outside firm to submit an electric rate adjustment filing with the Public Service Commission.|
The village is seeking a mini-rate case, meaning it will ask for an adjustment to generate up to $300,000 in annual electric revenues. The last electric rate adjustment was done in 1998.
This move is based on information village board members and Municipal Board members learned during a Dec. 7 external audit meeting.
William Frietag, of Bollam, Sheedy, Torani & Co. told village officials during the audit meeting that a municipality going so long without a rate adjustment in New York State is “almost unheard of. Either your rates were a little high at first or the things you could control, you controlled nicely.”
“Your cash balances have been good, which is why the rates have held up so long,” he said.
According to the audit, Penn Yan’s expenses per retail customer are all below other municipal averages.
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