IPL has profitable year

IPL made $8.8 million net income - revenue minuses expenses - for the year ending June 30th.

This was an exceptionally strong financial performance given the budget had projected a $1.5 million loss. The outcome was achieved by significantly lower operating expenses. See IPL year end financial statement.

The financial performance reflect the recent IPL rate reductions that went into effect this year.

The financials for IPL and the other utilities were shared during a recent PUAB meeting. It has been sometime since financial statements had been provided to the advisory group.

The other city enterprise operations - water and water pollution control - also did well financially. Water had net income of $5.9 million on annual revenue of $32.3 million. Water Pollution Control had net income of $1.6 million on annual revenues of $30.1 million.