Albany prepared for end of millions in credits
ALBANY, GA (WALB) - Careful planning has prepared the city of Albany for the end of millions of dollars in electrical credits at the end of the year.
For nearly 10 years, Albany Utilities has received MEAG credits annually.
This is money returned to the city from the Municipal Electrical Authority of Georgia, where Albany Utilities purchases power.
Since the Fiscal Year 2016 Budget, the city of Albany stopped using the cash wind-fall to balance the budget, instead of saving the money.
"Beginning in FY 2016, we have pretty much acted like that did not exist. This will be our fourth year, coming into Fiscal Year '19, that we have not budgeted for it. So, we have prepared for it for the last three years, so when it does expire for us in December, we don't anticipate it having any impact on us whatsoever," said Albany's Finance Director Derrick Brown.
That decision to save the MEAG credits helped the city absorb 2017 storm recovery costs.
The city of Albany has submitted $18 million in expenses to GEMA.
Roughly, $10 million has been recouped.
The city is expecting a few additional smaller storm reimbursements.
Copyright 2018 WALB. All rights reserved.