REB reports increase in city payment
During the regular meeting of the Russellville Electric Board July 20, general manager Charles Canida explained that REB’s in-lieu tax equivalent payment to the City of Russellville has increased from $63,258.22 per month to $80,967.57 per month – an increase of $17,709.35 per month.
Canida said the reason for the increase can be traced back to an accounting error prior to April 12, 2021, that didn’t account for the new substation when it was built.
“The error resulted in a true-up payment due to the City of Russellville in the amount of $141,674.79 in addition to the new monthly increase,” continued Canida. “So, the net payment to the City of Russellville this month was $222,642.36.”
Canida specified the increase this represents yearly. “The bottom-line result is that REB ratepayers now pay the City of Russellville $971,610.84 per year as opposed to $759,098.64. This represents a total yearly increase of $212,512.20.”
Russellville City Hall confirmed this information is correct.
