Council Considering Rate Increase For Lincoln Electric System

Lincoln, NE (November 7, 2022)  The Lincoln City Council is scheduled to vote in two weeks on the next budget for the Lincoln Electric System. If approved, the power cost for the average home will go up by around five dollars a month. Chief Financial Officer Emily Koenig told the Council the increase is needed because L-E-S needs more money in reserve to satisfy the bond market and keep its double-A Bond Rating.

“It provides us the opportunity to borrow money at low interest rates.  It’s important for us to maintain that Double-A rating.  Those metrics have a lot of calculations behind them, but primarily they’re a measurement of the financial health of the utility.”

Koenig said the requested 4.8% increase in the budget will cost the average home about $60 per year, or $5 per month.

Also Monday, the Council approved the hiring of Ryan Wieber as head of Lincoln’s City Library system. He’s currently the head of the library system in Kalamazoo, Michigan.

Wieber told the Council that libraries remain relevant and necessary despite the growth of digital media.

“We have digital resources, we provide places for homework help, we provide places for job search, we provide places where everybody in the City should feel welcome.”

Wieber replaces Pat Leach, who retired.

Also Monday, the Council approved continuation of a pilot program that allows food trucks to operate in three designated areas of downtown, approved establishment of a new type of bar and restaurant that allows owners to bring their dogs in with them.

Also receive approval was the Master Plan for re-development of the Gold’s Building, along O Street between 10th and 11th street.  The package includes $4.200,000 in Tax Increment Financing, allowing the use of future property tax increases expected to pay for part of the redevelopment costs.