Milltown residents to receive $450,000 in utility credits Last year’s debt nearly paid off, says one councilman

Milltown residents to receive
$450,000 in utility credits
Last year’s debt nearly paid off, says one councilman

MILLTOWN — Borough residents’ electric bills will be credited a total of $450,000 over the course of the next fiscal year, starting in December.

During the Nov. 13 Borough Council meeting, Councilman Gary Walters proposed the resolution to reimburse ratepayers by way of a credit in order to make up for last year’s increase in electricity costs.

The amount of credit residents will receive will be based upon their individual usage history.

Thus, those who spent more money on electricity last year will receive more back this year.

"In 1998, we signed a contract with Conectiv Energy of Newark, Del., to pay whatever the current market value was," said Walters. "We (the borough) didn’t count on electricity usage skyrocketing this past summer and were caught off guard, resulting in a $450,000 utility debt."

In order to pay the supplier what was owed, rates had to be adjusted, added Walters.

According to Walters’ calculations, $425,261.85 of this debt has been repaid as of October.

The rest will most likely come from the money owed to the borough by the Ryder’s Crossing stores, as their portion of the borough’s electricity bill is anticipated to reach about $65,000.

"The entire council agreed that issuing credits is the right thing to do. The ratepayers have been extremely patient and we appreciate that," said Walters.

If all goes according to plan, residents can expect to see the first credit on their December electric bill, he concluded.

The council also introduced an ordinance that night to secure Conectiv for 2001 at a fixed rate, in an effort to prevent surprises in the future.