CORE ELECTRIC COOPERATIVE (FORMERLY IREA) EXCISE TAX

Distribution: General Fund 75% Public Improvement Fund 25%

Source: Electric power customers

Collection: Under the franchise agreement with CORE (formerly IREA), 4% of gross revenues received by CORE on sales of electric power within the Town is to be remitted to the Town monthly, no later than 30 days following the close of the month.

Trend:

• Revenues fluctuate based on the combination of the number of customers, consumption related to temperatures and utility rates.

• Revenues increased in 2021 due to a power cost adjustment surcharge that was added to customers’ bills in April and permanent rate adjustment implemented in September of that year.

• The 2022 projection and 2023 budget reflect the higher rates enacted in 2021.