LINCOLN – Lincoln Electric System will pay more than $12.1 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 $12.1 million payment, required by the City Charter, represents 5 percent of the 2013 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 more than $235 million from LES.
“These funds stay in our community and help support local budgets that fund education, public safety and infrastructure,” said Laura Kapustka, chief financial officer and vice president of financial services at LES.
The money paid to local governments, based on 2013 revenues, was distributed as follows:
Lincoln Public Schools - $7,969,414
City of Lincoln - $2,022,949
Lancaster County - $1,801,949
City of Waverly - $319,364
Total - $12,113,676
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.