CHELAN COUNTY- Chelan County PUD commissioners received good financial news at their Monday meeting. The Utility’s debt load was reduced by another $52 million this year as planned.
Treasurer Debbie Litchfield reported the principal payments made July 1 put the District’s ratio of debt to equity at 38% and keeps the PUD on track to achieve the target of less than 35% by 2019 – and perhaps a year earlier if plans continue as forecast.
In addition, the District continued to pay for capital improvements with cash while keeping the District in a strong financial position.
“This achievement reflects our values of stewardship, especially financial stewardship,” Litchfield said. “Also, trustworthiness that demonstrates our integrity by doing what we said we were going to do.”
Reducing District debt was identified by PUD ratepayers and confirmed by commissioners as a strategic priority. By the end of this year, debt is forecast to be about $537 million, a significant reduction from several years ago when it topped $1 billion.