The city commissioners approved depositing the city’s off-system enegy sales margins for calendar year 2013 in the flexible operating account, short term portfolio of the MEAG Municipal Trust. This earns interest on the funds, makes them available for emergency reserves and other operational purposes, as well as increasing the amount of reserve funds.
The city also approved MEAG to add $254,649 per month to the city’s MEAG bill, and dividing that into three accounts, depositing $89,129 per month in the flexible operating account/short term portfolio, $82,760 each monthly into the new generation and capacity funding account/short term and intermediate term portfolios,
This will increase the amount in the short term portfolio by $1,069,548 and in each of the generation trust accounts by $933,120 each for a total of $3,055,788.
The city is also transferring $3,362,111.58 from that intermediate portfolio to an intermediate extended maturity portfolio, increasing the interest rate from 1.1 percent to 3 percent on that $3 million, explained Griffin Electric Director Bill Bosch.
The city also approved an intergovernmental participant contract between the city and Electric Cities of Georgia for provision of engineering and support services. Bosch explained the contract terminates and modifies the existing agreement, providing for continuation of services effective July 1, 2013.
“It’s a new three-year contract with $20,000 in savings,” Bosch said. “It’s the same services and same people.”
The commissioners also approved the purchase of the new material handler/bucket truck for the electric department, at a cost of $145,702 from Altec Industries. Bosch said it was not the lowest bid, but the lowest bid at $142,804, didn’t meet the safe specs of the city’s bid.
He also noted the recommended bid was almost $25,000 under budgeted cost.