In an email sent from his campaign yesterday, Vero Beach Vice Mayor Randy Old pointed to his “fiduciary duty” in explaining why he voted not to accept Florida Power & Light’s $30 million offer for Vero Electric’s Indian River Shores customers. Old, who is running for re-election, joined Mayor Jay Kramer and Councilman Richard Winger in rejecting the $30 million offer. Instead, Kramer, Old and Winger approved motion informing FPL they would consider a a sale $47 million.
Old wrote, “When the idea of a partial sale of our electric system to Florida Power and Light became a serious offer, the City asked our experts to determine what sale price would be required to keep our existing ratepayers whole, making sure their rates did not go up as a result of the sale.”
A team of five utility experts hired by the City concluded it would take approximately $47 million to keep the City, its taxpayers and remaining electric customers from paying higher rates.
According to Old, he “reviewed in depth” the calculation of the City’s consultants. “As a result, I feel comfortable in my decision to decline the $30 million in favor of the $47 million,” Old wrote.
Old’s email concluded, “The City Council position I fell carries with it the fiduciary duty to protect the citizens of Vero Beach that elected. I felt that voting for any number less than our experts suggested brought risk to the remaining ratepayers, and for that reason could not vote to sell for less than $47 million.