BLYTHEWOOD – The Fairfield Electric Cooperative board of trustees recently authorized the distribution of capital credits totaling $2,037,665. Fairfield Electric will retire the remainder of capital credits for 2008, 35% of 2009 and 25% of 2022.
“This is one of the highest capital credits the Coop has refunded back to its members,” said Doug Payne, Vice President, Member and Strategic Services. “In the recent past, capital credits have come in at $1.8, $1.6, $1.7 …this year’s refund just tells you the Co-op is in a good financial position. And we’re happy to be able to send these kinds of refunds to our members.”
The capital credit refunds will be issued in the form of a check or a credit on Cooperative member’s electric bill. For refunds over $75, a check will be mailed on May 3. If a member’s assigned capital credits total is less than $75, they will receive a credit on their electric bill in early May.
Capital credits are a benefit of membership in the member-owned Cooperative. Each year, Fairfield Electric Cooperative uses the revenues that exceed costs as equity.
“These funds and borrowed capital allow the cooperative to serve a growing number of members while implementing the latest technology to provide the best service possible,” said Fairfield Electric Cooperative CEO Bruce Bacon.
The cooperative later returns these revenues – in the form of capital credits – to the members who originally paid them in their electric bills.
The Cooperative’s 85th annual meeting for members is set for the week of May 13 – 17.
