Letter to the editor
In the fifth month of the GRU Authority’s existence, Craig Carter and Tony Cunningham continue to protect the flow of GRU ratepayer money into coffers controlled by the Gainesville City Commission. This is clearly violative of Article VII of the City of Gainesville Charter, which legally binds both gentlemen.
After monthly meetings with scanty agendas and minutes, actual discussion of the aforementioned hemorrhaging of GRU ratepayer money is about to commence.
We first have seen a waste of infrequent meetings filibustered by GRU spoon-feeding of hundreds of slides. Their presentations regarding massive GRU debt show that it is roughly equal to GRU assets, less depreciation – $1.84 billion. Debt service on pre-2023 GRU debt will increase annually until 2028. GRU long-term debt will increase about $50 million in FY23. Audited FY23 financial statements are nowhere in sight.
Ominously, GRU has also revealed that 51.3% of its electric generating capacity at four (4) plants is slated for retirement by 12/2031, starting in 2028. With a claimed 13% equity stake in its assets after depreciation, which probably is exaggerated, GRU has neither the time nor the credit-worthiness to build any kind of new electric generating plant or plants. Gas would be preferable as fuel.