Chelan County PUD Financial Update Shows Same Year-End Losses
In spite of cutbacks in large projects, days off without pay and a temporary electric rate surcharge, Chelan County PUD commissioners were told recently that the PUD still expects a loss of $18 million to $20 million by year end. The loss in Utility Services net assets had been forecast previously in that range.

John Janney, chief financial officer and chief risk officer, presented his quarterly update to commissioners and explained where things stand. He said all contingency planning steps taken so far are designed to help get the PUD on sound financial footing for 2012 and beyond.

Despite global financial conditions that are affecting most utilities and businesses, the PUD remains among the most reliable and most affordable electricity providers in the nation, said Janney. As part of contingency plans developed once the worldwide financial downslide became apparent,

Janney reminded the board that the PUD has trimmed about $19 million from capital projects this year and reduced basic operations and maintenance by about $8 million, including five-day furloughs without pay for all employees, wage freezes for salaried workers and staff reductions through voluntary employee departures.

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