Board Spotlight: Storm Preparedness; Staff Reports; Websites
A regular meeting of the Board of Directors of SEMO Electric Cooperative, Inc., (hereinafter referred to as “Cooperative”) was held on Monday, October 16, 2023, at the offices of the Cooperative in Sikeston, Missouri. The meeting was called to order at 1:55 p.m. by President Richard Faulkner. The following Directors were present: Faulkner, Dennis Fowler, James Deneke, Dicky Hanor, John Bledsoe, Myron Hawes, Tim Coppage, Field LaPlant, Carla Moore, Keith Haynes, and Von Priggel. Directors absent: Carl Eftink. Also present were Sean Vanslyke, CEO/General Manager; Megan McCord, Attorney for the Cooperative; and staff members Angie Byford, Dannett Cooper, Ron Montgomery, Jared Kelley, Amanda Burnett, Peggy Evans, and Brad Milam.
A prayer of invocation was offered by Vanslyke. The chair asked for approval of the agenda. On motion made, seconded and passed, the agenda was approved. The Board considered its consent agenda consisting of: the minutes of the regular meeting of September 18, 2023; new membership applications; membership cancellations; initial review of Policy 305 – Check Signatures, and initial review of Policy 307 – Safe or Transfer of Assets. On motion made, seconded and passed, the actions required for each were approved by consent. Montgomery presented the monthly safety report and topic of the month. He said a comprehensive storm safety kit is a cornerstone of preparedness. Montgomery emphasized the need for storm safety kits, providing a vital shield against uncertainties. On motion made, second and passed, the Board resolved to accept the monthly safety report.
Under old business the Board: reviewed its schedule of meetings and confirmed registrations for attendance; affirmed Policy 303 – Condolences; affirmed Policy 304 – Accidental Damage to Poles; and McCord reviewed the resolutions and documents for the Rural Economic Development Loan and Grant (REDLG) program for Bell City Schools. Burnett advised the Cooperative would need to open a checking account dedicated solely to the revolving loan funds. After discussion, on motion made, seconded, and passed, the Board authorized management to open an account with Bank of Advance for the revolving loan funds and further adopted the resolutions as presented. Under new business the Board: reviewed and discussed district updates; Vanslyke presented preliminary information regarding the electric rates for 2024; McCord presented a review of fiduciary duties with the Board; and Vanslyke reported on new website designs for GoSEMO.com and GoSEMOFiber.com.
Burnett reviewed the financial summary for the month of September 2023 with revenue and expense analysis and budget comparisons. Compared to the budget, year-to-date electric operating revenues are down 1.05%, expenses are up 5.67%, and cost of power is up 3.65% (and up 8.24% compared to 2022). On motion made, seconded, and passed, the financial report was accepted. She also presented highlights of the 2024 Draft Capital Expenditures Budget. Bledsoe reported on business from the M&A Electric Power Cooperative (transmission) board meeting. Items of interest included: budget; margins; construction; and rates. Haynes reported on business from the Association of Missouri Electric Cooperatives’ board meeting. Items of interest included: annual meeting recap; budget; and officer election results.
Department leaders presented strategic updates and answered questions from the Board. The Board entered into Executive Session to discuss legal and personnel matters. There being no further business to come before the Board, on motion made, seconded and passed, the meeting was adjourned at 4:55 p.m.
