LP&L prepares budget proposal

LP&L prepares budget proposal

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LUBBOCK, Texas -

Lubbock Power and Light's finance sub-committee prepared a preliminary budget proposal to present to the full board next week.

The utility is currently in the 4th year of a 5-year plan for increases to the electricity base rate of 5.75 percent annually.

The model intended to ensure reliability and incrementally fund infrastructure projects as the city grows without the need for larger unexpected base rate hikes.

LP&L spokesman Matt Rose said whether to continue that will be part of the board's discussions Tuesday. 

"Every single year the finance staff breaks down the model and builds it back up again to make sure that every single year we can justify any adjustments that we make to our rate," Rose said.

LP&L's board won't vote on a final version of the utility's budge until June.

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