This week I'll pose a question: Why are citizens better at managing money than bureaucrats?
I'll give you 1 million reasons why. Last week, Lubbock Power and Light's board of directors, made up of private citizens, announced $1 million dollars in rebates to its customers was on its way. That news came just three years after LP&L was found losing money and facing a $30 million deficit.
To go from that to handing out money, is simply amazing. So how did they do it? In 2003, Lubbock City Council saw city bureaucrats had used and abused LP&L profits to fund pet projects and a fluff budget. So they took a city owned electric company and had a vote. The result? Lubbock citizens voted overwhelmingly to give LP&L back to the citizens. They separated it from city hall and put a nine-member citizen board in charge.
Under the leadership of chairman W.R. Collier and vice chairman John Owens, that board not only led the rebound of their financial position, but, well, as I already said, they gave their customers back a million dollars.
So consider this, perhaps it's time our current city leaders consider privatizing other city services like the water department. LP&L is the perfect model, and that kind of success begs the question: would your water bill really skyrocket if it were managed by private citizens who want lower rates? Hmm.
So hats off to the citizen board of LP&L and congratulations on your huge success. I'm told if this trend continues, more rebates are on the way, and that is exactly why citizens are better at managing money than bureaucrats are.
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