BENSON — The Town of Benson Board of Commissioners will hold a public hearing next month to gather input on proposed electric rate increases that officials say are necessary to address rising wholesale power costs and stabilize the town’s electric utility finances.
The hearing is scheduled for March 10 at 7 p.m. at the Benson Conference Center, 303 E. Church St., and will allow residents and businesses to comment on proposed modifications to the town’s electric rate schedule.
Town officials say the proposal follows a comprehensive electric cost-of-service study and financial projection conducted by Utility Financial Solutions LLC in partnership with ElectriCities of North Carolina. The study examined Benson’s rate structure and financial data to compare the cost of providing service with current revenue levels.
According to town leaders, existing electric revenues do not meet target operating income levels, and the Electric Fund’s cash balance has fallen below recommended minimums. Financial projections for fiscal years 2027 through 2031 show negative adjusted operating income and declining cash balances if rates remain unchanged…