At last night’s PUC Board of Directors meeting the Board received updates on a number of areas including, the Annual Dividend and Interest Payment to the Shareholder, and the December 24th Windstorm.
Staff presented the Board with a recommendation to approve a total payment of $2,545,000 in Interest and Dividend payments to the PUC’s sole shareholder – the City of Sault Ste. Marie. The total payment for 2015 comprises of $610,080 in Dividends and $1,934,920 in Interest payments. “Returning an annual dividend to the City is one way PUC brings value to the Shareholder,” says, PUC Board Chair Jim Boniferro. “The Board will continue to work with staff to maximize value while being sensitive to our customer’s expectations.” Since 2001, the City has received a total of $37,130,000 in non-tax revenue from its ownership of PUC Inc.
During the meeting, Staff provided the Board with a review of PUC’s response during the December 24th Windstorm. Staff took the opportunity to acknowledge the commitment to community PUC staff displayed during the emergency. “I’d like to recognize the dedication and sacrifice that PUC staff exhibited over the holidays. I’m proud of the way staff responded to this crisis, and I’d like to acknowledge them for their commitment and hard work in restoring power on Christmas Eve,” says, PUC President Dominic Parrella.
“I also want to recognize the several members of our Line Department that selflessly gave up time with their family and friends on Christmas Day and Boxing Day to help Algoma Power restore service to their customers across the Algoma district. Their professionalism did not go unnoticed, and we greatly appreciated their efforts.”