Newspaper article The Florida Times Union

JEA the Utility Giant Will Finish Cutting 10 Percent of Its Workforce Next Week to Cope with Interest Rates, Debt

Newspaper article The Florida Times Union

JEA the Utility Giant Will Finish Cutting 10 Percent of Its Workforce Next Week to Cope with Interest Rates, Debt

Article excerpt

Byline: DAVID HUNT

JEA expects to have laid off around 10 percent of its workforce by the end of next week.

CEO Jim Dickenson said nearly 240 employees, each working under temporary labor agreements and contracts, will be let go from the roughly 2,600-person workforce.

More than 200 of those employees already have been let go, starting with dozens of information technology workers and meter readers last week. The remainder will be laid off within the coming days.

The layoffs are part of a developing plan for the city-owned electric and water utility to patch a budgetary hole punched by the nation's beleaguered financial system.

The situation for JEA: The variable interest rates on $2 billion in debt are rising beyond budgeted expectations.

The layoffs, paired with some capital budget trimming, should stop the bleeding. But Dickenson said at least some of the prospective $38 million in cuts needed to make ends meet will have to be replaced eventually. …

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