TVA Response to Administration’s FY 2015 Budget
March 4, 2014
The Administration released its fiscal year 2015 proposed budget Tuesday morning, March 4, 2014. It includes language on the strategic review of TVA.
“We are pleased the Administration has recognized TVA’s efforts in improving our financial outlook and supports our ongoing operating and financial direction,” said Bill Johnson, TVA President and CEO. “The review helped to validate the benefits of the public power model through which TVA provides substantial economic and other benefits for the region.
“We will continue to work collaboratively with the Office of Management and Budget,” Johnson said, “But, be assured, our focus tomorrow will be the same as it is today – to provide lower cost, reliable power to the 9 million people of the Tennessee Valley.”
Although TVA is owned by the Federal government, it does not receive taxpayer dollars and its debt is not taxpayer funded. According to John Thomas, Chief Financial Officer, “TVA remains financially healthy and we continue to improve our overall financial metrics.” TVA is on track to reduce its operations and maintenance costs by a sustainable $500 million by the end of FY2015 in order to keep rates as low as possible while continuing its economic development and stewardship programs.
“Our hard-working employees remain focused on serving our customers and working safely and productively for the people of the Tennessee Valley,” said Johnson. “We remain committed to our mission of providing cleaner, reliable, lower cost power, economic development and environmental stewardship. This is our top priority.”
TVA Reference from Fiscal Year 2015 Budget
Creating a 21st Century Government (PDF)
TVA reference starts on page 40
TVA Public Relations, Knoxville, 865-632-6000