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The Municipal Light Board unanimously set target balances of $42 million for the Electric Rate Stabilization Fund and $22 million for the Gas Rate Stabilization Fund. Reported March 31 balances were $39.2 million for electric and $18.7 million for gas.
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The reserve targets are intended to help stabilize future electric and gas costs as conditions change; the Board plans to review the electric target annually. The Board also approved updated commercial deposit, street lighting, and meeting policies, including changing the expected street-light repair response from generally within 24 hours to as soon as practicable. The August 5 meeting was waived unless a special meeting becomes necessary.
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