LINCOLN – Lincoln Electric System will pay more than $12.4 million to the Lincoln Public School District, city of Lincoln, Lancaster County and the city of Waverly as an annual in lieu of tax payment.
The $12.4 million payment, required by the City Charter, represents 5 percent of the 2014 retail electric revenue from the cities LES serves. The Lincoln Public School District and local governments receive the payment from LES based on their proportionate share of property tax rates. Since its inception in 1966, recipients have received almost $248 million from LES.
“When combined with the city dividend, our transfers remain slightly less than the average transfers of large, public power utilities across the country,” stated Laura Kapustka, chief financial officer and vice president of Financial Services at LES. “These funds support local schools and infrastructure.”
The money paid to local governments, based on 2014 revenues, will be distributed as follows:
- Lincoln Public Schools: $8,176,700
- City of Lincoln: $2,100,832
- Lancaster County: $1,849,190
- City of Waverly: $327,837
- Total: $12,454,559
The payment date to the city of Lincoln, Lancaster County and Lincoln Public Schools is the last business day of April; this year’s payment will be April 30. Payments to the city of Waverly are scheduled quarterly.
For more information about LES’ commitment to the community, visit LES’ website at www.les.com.