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BVU Releases 2018 Audited Financial Statements

As discussed at the October 26, 2018, BVU Authority Board of Directors’ meeting, BCS (Blackburn, Childers & Steagall, PLC) conducted an audit of the financial statements of BVU Authority for the fiscal year ended June 30, 2018. Below is a link to the 2018 financial statements and supplementary information.

FY 2018

BVU Authority Financial Statements 2018

FY 2017

BVU Authority Financial Statements 2017

FY 2016

BVU Authority Financial Statements 2016

CEO

2018 Local Electric Rate Cuts

BRISTOL, VA; August 24, 2018 – The BVU Authority Board of Directors voted today to decrease local revenue an estimated additional $1.755 million each year. The rate actions are to include a nearly $1.2 million rate cut effective this December, plus absorbing an October Tennessee Valley Authority (TVA) wholesale rate increase of more than $555,000.

These rate actions follow last year’s $1.75 million retail electric revenue decrease, which means BVU’s electric customers can anticipate a combined impact of over $3.5 million in estimated annual savings. These actions represent more than $35 million of community funds saved across the next decade.

“The Board of Directors’ decision to reduce BVU’s local revenue collection is a result of high performance levels and realized savings from divesting in BVU’s former OptiNet division,” explains Don Bowman, BVU President & CEO. “We believe these rate actions, coupled with last year’s rate cut, are in keeping with BVU’s public power model of providing services at the lowest possible cost.”

Later this year, BVU residential electric customers using 1,000 kWh per month will see an estimated decrease of $58 in their annual electric billing. The rate cuts are applied to volumetric pricing, so residential customers using 3,000 kWh per month can expect additional savings totaling approximately $126 each year. BVU estimates residential customers will save on average an additional $5 per month from the two pending local rate cuts.

“In anticipation of closing the sale of OptiNet, we have been carefully considering our own utility rates and finances. BVU is in a healthy financial position and looks forward to saving our customers an additional $1.75 million,” continues Bowman.

All electric rate actions by the BVU Board are subject to additional regulatory oversight from TVA. BVU’s financial model for absorbing the TVA wholesale rate increase was submitted for review in June of this year, with an anticipated implementation date of October 1, 2018. BVU plans to submit to TVA, by the end of August, a supplementary model outlining the nearly $1.2 million in additional rate cuts slated for December 1, 2018.

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BVU Releases 2017 Audited Financial Statements

As discussed at the October 26, 2017, BVU Authority Board of Directors’ meeting, BCS (Blackburn, Childers & Steagall, PLC) conducted an audit of the financial statements of BVU Authority for the fiscal year ended June 30, 2017. Below is a link to the 2017 financial statements and supplementary information.

FY 2017

BVU Authority Financial Statements 2017

FY 2016

BVU Authority Financial Statements 2016

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BVU Receives Water Quality Award

The Department of Health of the Commonwealth of Virginia has awarded a 2015 Water Fluoridation Quality Award to BVU. This award, issued by the U.S. Centers for Disease Control and Prevention (CDC), recognizes outstanding performance in fluoridation management by public water systems. Fluoridation is the adjustment of fluoride in the water to a level that is optimal for preventing tooth decay.

Community water fluoridation has been recognized by CDC as one of 10 great public health achievements of the 20th Century. Currently, nearly three-quarters (74.6 percent)—or 210 million people—served by community water systems have access to optimally fluoridated tap water. CDC recommends water fluoridation as a safe, effective, and inexpensive method of preventing tooth decay. In fact, every $1 invested in fluoridation saves at least $38 in costs for dental treatment.

2015 Water Fluoridation Quality Award Certificate

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DISCLOSURE OF ECONOMIC INCENTIVE GRANTS

Subject to TVA regulatory oversight, BVU Authority budgets $500,000 annually from its electric division to support qualified economic incentive grants. Qualifying projects must be located inside the city limits of Bristol, Virginia. Also the project expenditures must provide a “commensurate benefit” to BVU’s electric system.

Businesses interested in applying for an incentive must file an application with BVU Authority. BVU staff and the Board of Directors review all applications. The Board publicly votes to approve, modify, or reject any applications. If approved, the applicant must negotiate a bilateral contract directly with BVU, to be ratified by the Board.

With the goal of full transparency to BVU’s ratepayers, the incentive process includes, but is not limited to:

  • Application
  • Award Decision
  • Contract
  • Administration
  • Fund Disbursements

Additionally, BVU provides details of each incentive on its website (specific grants information is available via the links below), as required under Virginia Code 15.2-7202.18. Total funds expended by fiscal year are listed below. For more details, please review the individual grant documents of the BVU Audit for that fiscal year.

Please contact BVU for additional information on any specific grant.

  • FY 2018: $0
  • FY 2017: $0
  • FY 2016: $156,983.88 ($114,983.33 ED Funds + $42,000 Marketing Funds)
  • FY 2015: $389,409
state-capitol

Virginia Auditor of Public Accounts Releases Review of BVU

In October, 2016, the Virginia Auditor of Public Accounts released its review of BVU. The audit covers a wide range of financial, operational, and management issues. It also includes a comprehensive summary of the federal criminal cases related to BVU. Below is a link to the public document. The BVU Board of Directors and Management team continue to work diligently to address all recommendations.

Review of Bristol Virginia Utilities

TVA

BVU Releases 2016 TVA Annual Report

BVU has released its annual TVA financial report for the fiscal year ending June 30, 2016. This report reflects BVU’s financial condition as of June 30, 2016, and the results of BVU’s electric operations for the fiscal year ended on that date.

BVU’s books of account are kept in accordance with the provisions of the power contract between BVU and the Tennessee Valley Authority (TVA), and are consistent with the requirements of the Federal Energy Regulatory Commission’s system of accounts.

2016 TVA Annual Report

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BVU Releases 2016 Audited Financial Statements

As discussed at the February 10, 2017, BVU Authority Board of Directors’ meeting, BCS (Blackburn, Childers & Steagall, PLC) conducted an audit of the financial statements of BVU Authority for the fiscal year ended June 30, 2016. Below is a link to the 2016 financial statements and supplementary information.

FY 2016

BVU Authority Financial Statements 2016

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PROCUREMENT NOTICES

Any member of the public requesting additional information regarding procurement notices and/or review a copy of any sole source justification memo should contact:

Kimberly Robinette, 276-645-8793, krobinette@bvua.com

REQUESTS FOR PROPOSALS

All BVU Authority solicitations (Bids, RFPs, RFQs) for Apparatus, Supplies, Materials, Equipment, Services, and Construction will be posted below. Please check back frequently for current information.

NOTICES OF AWARD

Currently, the following Notices of Award are available. Please check back frequently for current information.

SOLE SOURCE PROCUREMENT

This is BVU Authority’s official written notice under Virginia Code 2.2-4303.E of the local public body’s determination regarding a sole source procurement decision. The Authority, through its CEO, has determined that only one source was practicably available. These notices will remain on the website for at least fifteen (15) days.