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The benefits of a municipally owned and operated utility continue to pay off for the City of Thunder Bay.

On Tuesday Tbaytel announced its earnings for 2022, along with its fixed dividend to the city of $18 million along with an added performance dividend of $293,000.

Those earnings are able to assist the city in many of its costs and reduce property tax bills for residents by almost 8.25%.

CEO Dan Topatigh says things are looking good.

“With a dedicated workforce committed to our customers and region, strong financial performance and the trust of our customers throughout northern Ontario, Tbaytel looks forward to another great year in 2023.”

Expansion of service also continues with Fibre services in Marathon and 11 other locations in the region, including the final installation of a federally-funded project to areas of One Island Lake, Gorevale, Hawkeye Lake, Intola, Trout Lake and Barnum Lake.

The company also announced in its report almost 100% of the city, 99.4% to be exact, now has access to Tbaytel Fibre.

Since 2004 $357.9 million in dividends have been paid to the city.