THUNDER BAY -- More money from Tbaytel was approved quickly Monday night.
City council voted in a new dividend model from the local utility with no discussion.
Money from the municipally owned company goes back to the city as a fixed dividend, a performance dividend and a special dividend.
The fixed dividend will go from $17 million to $17.25 million this year.
Next year that figure would rise to $17.37 million and then $17.5 million for 2018 and 2019.
The $17 million will still head to general revenue but the extra money will go to the city's rate stabilization reserve fund, which if the city is short its expected $1.7 million for 2015 would be virtually depleted.
The performance dividend, which has raised $2.66 million since 2009 , and the special dividend, $15 million since 2009, will go to the Renew Thunder Bay fund.
In a media release Monday night Tbaytel said it's well positioned to meet the increased dividend.
