TVA Says Financial Cuts are Needed
Chattanooga, TN – The Tennessee Valley Authority is appealing to its employees to cut costs. Authority officials say if something isn't done to save money, layoffs or contractor cutbacks may occur. T-V-A chairman Glenn Mc-Cullough Junior told employees during a satellite broadcast yesterday the federal utility must reduce its debt and lower its cost of delivered power. The agency will not lay off any employees until February at the earliest. T-V-A also will consider staff cuts only after it has reviewed cuts in contracts and purchases. T-V-A director Skila Harris says directors are reviewing all of the authority's programs to determine whether some activities could be scaled back or eliminated. Despite the poor economic forecast, the federal utility has announced year-end bonuses totaling more than 27 million dollars.