(Atlantic) The Atlantic City Council Adopted a resolution accepting the 2012 Budget for the Atlantic Municipal Utilities Wednesday night.
Steve Tjepkes presented the combined 2012 AMU budget for the Electric and Water Departments which totals $10,798,500 which is an increase of $664,900 or 6.6% over the current year re-estimate. This increase cost is being offset with increases in AMU’s retail electric rates of 10%-14% that went into effect in November 2011.
AMU’s proposed budget calls for a $360,000 transfer to the City in lieu of paying property taxes. This is a common practice as a private utility would pay property taxes and be subject to a franchise fee of up to 5%. AMU’s proposed contribution equals 3.3% of their revenues which is designed to offset AMU’s utility charges to the City.
December 8, 2011