Page 40 - Town of Brighton Annual Report 2023

2023 GRANTS & FINANCING

We were awarded a USDA ReConnect grant of
$17,474,000 that will cover most of the
ANNUAL addresses in Essex county and Eastern
Orleans and Caledonia counties.
The Vermont Community Broadband Board
REPORT (VCBB) approved an additional $17.94 million
in construction funding, bringing the total
investment in NEK Broadband to $38.9
million to date.
DELIVERING ON OUR Our 2022 financials were given an unqualified
”clean” opinion (evaluation) by our auditors.
PROMISE BUILDING CAPACITY
We are up to 6 full-time staff.
In 2023, NEK Broadband put in place the We now have active warehouses in Danville,
additional staff, funding and infrastructure St. Johnsbury and Brighton for the storage of
needed to continue delivering on its promise to construction materials.
bring high-speed, reliable internet to unserved We are working with state and vocational
and underserved communities in the NEK. partners to train and increase the workforce in
We‘ve made significant progress in building the the NEK to help build our network.
“backbone” of our network throughout the
region. This “backbone” of interlocking fiber BUDGET SUMMARY
optic cable will provide extra reliability for our
internet service. We received a USDA OVER $21,590,000 HAS BEEN INVESTED IN NEK
ReConnect grant of 17.5 million to cover most of COMMUNITY-OWNED BROADBAND.
Essex County, thus freeing up more funds to 2023 BUDGET TO ACTUAL (PROJECTED) 2024 PROPOSED BUDGET
expand our network build in the rest of the
NEK. This year, we also increased our Budget Actual 2023 Projected Surplus $355,546
(Projected)
from 2023
construction capacity and our ability to Administrative Grant $2,252,718 $996,599 Administrative $2,564,532
purchase and store more materials so that we Revenue Grant Revenue
can increase the speed of our buildout. Operations Revenue $747,767 $222,790 Operations $852,455
Revenue
Capital Grant $28,785,288 $10,311,147 Capital Grant $36,200,196
CONSTRUCTION AND SERVICE Revenue Revenue
PROJECTED GROWTH BY YEAR Total Cash In $31,785,773 $11,530,536 Total Cash In $39,617,183
Administrative
3 TOWNS SERVICED Administrative Cost $1,847,194 $852,862 Cost $1,885,621
36 MILES SERVED
482 ADDRESSES SERVED Operational Cost $586,601 $235,395 Operational Cost $678,912
Construction Cost $28,785,288 $10,311,147 Construction Cost $36,200,196
15 TOWNS - NEW ADDRESSES SERVED
203 MILES SERVED
2352 ADDRESSES SERVED Total Cash Out $31,219,083 $11,399,404 Total Cash Out $38,764,729
Annual Net Cash $682,205 $131,132 Annual Net Cash $852,455
48 TOWNS - NEW ADDRESSES SERVED Flow Flow
520 MILES SERVED
5,893 ADDRESSES SERVED Increase in Capital $28,785,288 $10,311.147 Increase in $36,000,196
Assets Capital Assets
2352 203 ABOUT NEK BROADBAND
We are a Communications Union District (CUD),
SERVICE AVAILABLE MILES SERVED a municipal entity representing our 51 member
WE NOW OFFER SERVICE TO AT THE END OF 2023, WE communities in Caledonia, Essex, and Orleans
2352 ADDRESSES IN THE NOW HAVE 203 MILES OF counties, plus Wolcott in Lamoille County. Our
NEK. FIBER NETWORK SERVED district is building high-speed broadband
THROUGHOUT THE NEK. internet infrastructure for underserved
179 communities in Vermont’s Northeast Kingdom.
CUSTOMERS SERVED SIGN UP FOR UPDATES
IN 2023, WE OVER DOUBLED
THE NUMBER OF To order our service, get updates, or sign up for
CUSTOMERS SERVED. our newsletter, fill out the form at
get.nekbroadband.org.

40 Town of Brighton, VT