LINCOLN — Today, Lincoln Electric System announced it will pay $25.9 million to local governments in 2024 through its annual payment in lieu of tax and city dividend for utility ownership.
As a benefit of community-owned public power, LES distributed $13.4 million in PILOT to Lincoln Public Schools, Lancaster County and the cities of Lincoln and Waverly in April. As the city charter requires, the PILOT represents 5% of the previous calendar year’s retail electric revenue from the cities LES serves. Lincoln Public Schools and local governments receive the payment from LES based on their proportionate share of property tax rates.
In comparing LES’ PILOT payment with payments made by Lincoln property taxpayers in 2023, the PILOT payment is nearly four times the amount of the highest taxpayer. Since the PILOT’s inception in 1966, LES has now given $363.8 million back to the community.
In addition to the PILOT, LES already made its first semiannual payment for its city dividend for utility ownership, which also goes to the City of Lincoln under a 2011 ordinance. LES will pay nearly $12.56 million to the City in 2024. Half of this amount was paid in February, and the second half will be paid in August. Since the CDFUO’s inception in 2011, LES has given $101.2 million back to the City of Lincoln.
Learn more about how LES powers the community through the utility’s annual report at LES.com/AnnualReport.