OUC AND THE CITY OF ORLANDO ANNOUNCE
PAYMENT AGREEMENT
2006 Funding
Set, with Further Goal to Provide Assistance through 2010
ORLANDO
—
Through cooperative efforts to
maximize return to the citizens of Orlando, OUC and the City of Orlando
announced today an agreement to increase OUC’s payment to the City for the
2005-2006 fiscal year. Also, the City and OUC will work over the next several
months to review and evaluate financial resources to determine funding levels
for the next several years.
“OUC has been an invaluable
partner to the City of Orlando and its willingness to realize a greater return
to our citizens reiterates why it is known as ‘The Reliable One’,” Mayor Buddy
Dyer said. “I would like to thank OUC and City staff for working together to
reach an agreement for this year that will contribute toward balancing the
City’s budget and allow the City Council to focus on closing the remainder of
the projected budgetary gap.”
In addition to the projected 60
percent dividend payment, OUC will provide $13.6 million to the citizens of
Orlando for the 2005-2006 fiscal year. OUC’s total contributions to the City
will increase from a revised projection of $56.2 million to $69.8 million in
2006.
“With the City of Orlando facing
a budget shortfall, we are pleased that we are able to provide assistance while
maintaining the excellent reliability and strong financial stewardship that our
customers have come to expect of us,” said Ken Ksionek, OUC’s general manager
and chief executive officer. “We will work with the City to evaluate how OUC is
able to assist in future years as well.”
“OUC’s ability to offer
assistance comes in large part to fiscally sound policies that have been
implemented in the past,” Ksionek said.
OUC’s dividend payments are
deposited into the City’s general fund, which is used to provide services such
as parks, public works, and police and fire protection.
Established
in 1923 by a special act of the Florida Legislature, OUC –The Reliable One is
the second largest municipal utility in Florida. OUC provides electric and
water services to more than 196,000 customers in Orlando, St. Cloud and parts of
unincorporated Orange and Osceola counties.
The City of
Orlando is a thriving municipality serving as the economic, governmental and
cultural center of Central Florida. The City provides a variety of services for
both the citizens and visitors from public safety to economic development and
public works. For more information, log on to
www.cityoforlando.net.
