BrightRidge board discusses financial report, 2019 budget and TVA rate increase

Brandon Paykamian • Updated Sep 25, 2018 at 8:30 PM

At Tuesday’s monthly BrightRidge board meeting, officials passed a motion approving a Tennessee Valley Authority rate hike of 1.5 percent.

In June, BrightRidge announced its adopted $196 million budget for the fiscal 2019 year, passing along the TVA rate increase along with a rate adjustment policy “designed to maintain BrightRidge’s operating margin.” For an average residential customer, officials said this rate increase will add about $3.25 to a monthly electric bill. The hike will go into effect on Oct. 1. 

Board members also briefly discussed their plans to provide more local and rural residents with broadband services. CEO Jeff Dykes expressed some concerns over how steel and aluminum tariffs could negatively affect material costs for the 2019 broadband plan, with Dykes saying the aim would be to “try to get this done before the tariffs kick in.” 

Officials are still working through many of the operational details of the $64 million plan, but Dykes promised it will provide competitive service.

“We’ll be offering better technology compared to a lot out there,” he said Tuesday.  

In other business, the board discussed the financial reports from July and August. 

Here’s a summary of the board’s financial reports:

• Assets have increased by $22,572,008.

• Operating revenues are up 4.21 percent.

• Operating expenses, excluding power costs, are up $439,709 compared to last year. 

• Net income is up $1.28 million over last year.

• Customers are up 253 since last year.

Recommended for You

    Johnson City Press Videos