Mr. David Gonzalez, West Hernando District Manager of the Withlacoochee River Electric Cooperative, Inc., presented the Hernando County Board of County Commissioners with two checks totaling $104,315.10 on December 16, 2014. Both checks were capital credit checks for 2014. One check of $27,268.32 went to Hernando County Water and Sewer and the other for $77,046.78 to the Hernando County Commission.
According to WREC, capital credit checks are similar to dividends in a for profit company. They are an annual distribution of funds representative of the member’s share of ownership in the Cooperative.
Billy E. Brown, Executive Vice President and General Manager of WREC explained that over just the past five years, WREC returned refunds totaling $612,603.37 to its members. The annual average cost per KWH was $0.090 for 2014.