Lincoln Electric System's Board of Directors approved a budget Friday that includes a nearly 4.8% rate increase.
The board voted unanimously to approve a $330.7 million budget for 2023 that includes $275.4 million for operating expenses and a $55.3 million capital budget.
The budget includes a 4.8% rate increase that LES has previously said would cost the average residential customer about $5 more a month.
The vote on the rate increase was not unanimous, with board member Chelsea Johnson, the deputy director of Conservation Nebraska, voting against it.
LES has said the rate increase is necessary because of increases in the costs of power and transmission. The utility said its net power costs are up $3.5 million and transmission costs are up $9.6 million, but it has been able to offset those increases somewhat thanks to reductions in other operating expenses.
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The rate increase would be LES' first in five years, and that may be why there has been little public opposition to it.
Emily Koenig, LES chief financial officer and vice president of financial services, told the board that only two people attended a public meeting on the budget earlier this month, and she is not aware of the company receiving any negative feedback.
"It's been very quiet," Koenig said.
Also as part of its budget vote, the board approved a resolution that would allow it to offer up to $300 million in bonds over the next two years without having to seek City Council approval.
Koenig said the resolution is mostly a convenience to make it easier for LES to issue bonds if it needs to. She said there are "no current forecasts of needing bonds" in the next two years.
The LES budget, including the rate increase and bond resolution, must still be approved by the Lincoln City Council.