ED TAYLOR

The Vero Beach City Finance Commission voted unanimously this afternoon to approve a 1.1% rate reduction for customers of the city’s electric system.  The proposal was made by City Manager Jim O’Conner and City Finance Director Cynthia Lawson.  Vice-Mayor Jay Kramer and Councilperson Amelia Graves both addressed the commission supporting the concept.

Both O’Conner and Lawson told the commission that revenues had exceeded expenditures during the last fiscal quarter resulting in excess funds that were recommended to be returned to the consumer in the form of lower rates.

“We are not a bank”, O’Conner told the commission.

Lawson said that fuel prices have stabilized and requested that the commission address the issue of rate reductions on a quarterly basis until the sale of the system to Florida Power and Light (FPL) is completed.  A date for the completion of the sale to FPL is still uncertain.

As approved the reduction would be effective January 1 and customers would see the slight reduction reflected in their February bill.