Fort Pierce Utilities Authority staff presented an information update on Feb. 18 showing the utility's Rate Stabilization Fund balance and recommending no change to the power cost adjustment charged to customers.

Barbara Micah, chief financial officer, presented the December projection from the Florida Municipal Power Association (FMPA) and the FPUA's PCA analysis. Micah said the Rate Stabilization Fund increased by about $600,000 for the quarter and stood at approximately $11.5 million at the close of December, above the board's targeted balance of $10 million.

“December projections from FMPA ... demonstrate FPA maintaining or have at or above our targeted balance for the Rate Stabilization Fund with a power cost adjustment factor of 0 throughout the remainder of the fiscal year,” Micah said. She told the board the PCA effective Feb. 1 is set at 0; the board previously approved a negative $3 adjustment in December.

Staff noted FMPA's forward purchases currently extend only through summer 2026, leaving later years exposed to market volatility. Because of that horizon and recent gas price movements, staff recommended maintaining the PCA at 0. The item was presented for information only and did not require a board vote.

Board members asked about FMPA's current purchasing strategy; staff said FMPA uses a rules‑based strategy rather than a single threshold and that the utility reviews the program quarterly and discusses it monthly with the FMPA board.

Micah also noted a formula error found in a handed‑out chart; staff provided corrected figures at the meeting.