The Bonita Springs Utilities Inc. Board of Directors has authorized a $1,350,197 capital credit payout to 31,555 members. This payout retires credits earned by members in 2015 and 2016 and follows the $2.55 million in 2014 capital credits paid to members in March.
“Although we retired capital credits earlier this year, the Board recognized a need to do more.” said John R. Jenkins, BSU executive director. “COVID-19 has created a financial hardship for many of our members. By retiring credits once again, we hope to help people during a time when they may really need it.”
Including the latest retirements, BSU has returned more than $10 million in capital credits payments to members. Current members eligible for a capital credit payment will see it reflected on their next utility bill and former eligible members will be mailed a check.
As a member-owned, not-for-profit cooperative, BSU members are eligible to earn capital credits. Capital credits are allocated to members each year based on revenue that remains after expenses, debt service, system renewal and replacement, and other capital improvement funding, as well as accounting for depreciation and reserves. A member’s capital credit is calculated based on their service payments for the year in proportion to all member service payments for the year.
Members can check their eligibility to receive a capital credit payment on the website by requesting a statement. Former members can also update their contact information and check a listing of members BSU cannot locate. Visit www.bsu.us/capitalcredits for more information.
Bonita Springs Utilities Inc. is a not-for-profit water and wastewater utility cooperative founded by local citizens in 1970. The member-owned utility provides service in the City of Bonita Springs, the Village of Estero and unincorporated South Lee County. The utility is recognized as an industry leader with awards from the American Water Works Association, Florida Department of Environmental Protection and Florida Water Environment Association.
For more information, visit the BSU website at www.BSU.us.