MEMPHIS, Tenn. (localmemphis.com) – MLGW President and CEO J.T. Young says he needs more money. A consultant’s report says if the utility reduced staff size by hundreds, they could save millions.
Young won’t be doing any mass reductions at once, but he is asking for a rate increase.
MLGW President and CEO J.T. Young says he wants to put together a 5-year plan. When it ends he wants a better system, but he wants more of your money now.
A consultant’s report says MLGW could save more than $90 million by firing 300 to 400 employees. J.T. Young says there won’t be any mass firings.
“Our intention is, through attrition over 5 years, to accomplish the recommendation in the study, which is around an 11-13% reduction in force.” Young said.
The study did not consider the company’s infrastructure needs. That’s about all Young has talked about in his more than a year and a half on the job. The needed repairs will cost around a billion dollars. It’s a 5-year plan. He wants to issue bonds, a loan basically, and he wants to raise your electricity and water rates.
“The rate increases are proposed to occur over the first 3 years with no increase in the last two,” said Young.
Young wants to reduce the number of employees through gradually reducing the workforce, saying massive firings wouldn’t be the right thing to do, for them or for you. Young will be taking his plan to the city council in a few weeks.