Board Spotlight: Board Approves New Rates, Meets Lauren
A regular meeting of the Board of Directors of SEMO Electric Cooperative, Inc., (hereinafter referred to as “Cooperative”) was held on Monday, October 17, 2022, at the offices of the Cooperative in Sikeston. The meeting was called to order at 1 p.m. by President Richard Faulkner. The following Directors were present: Faulkner, Carl Eftink, Dennis Fowler, James Deneke, Carla Moore, Keith Haynes, Dicky Hanor, Tim Coppage, John Bledsoe, Von Priggel and Field LaPlant. Directors absent: Myron Hawes. Also present were Sean Vanslyke, CEO/General Manager; Megan McCord, Attorney for the Cooperative; Kasey McGee of Lukas, LaFuria, Lantor & Sachs, LLP; new employee Lauren Haggett; and staff members Loyd Rice, Angie Byford, Jared Kelley, Becky Ivester, Marty Vineyard, Kendra Bryant, Amanda Burnett, Chris Freed, Ray McLane, and Ron Montgomery. A prayer of invocation was offered by Byford. 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 19, 2022; new membership applications; membership cancellations; initial review of Policy 212 – Lost Time, and initial review of Policy 213 – Jury Duty. On motion made, seconded and passed, the actions required for each were approved by consent. Montgomery presented the monthly safety report with emphasis on the Cooperative’s emergency management system to alert employees during an emergency. Department leaders presented strategic updates and answered questions from the Board.
Burnett reviewed the financial summary for the month of September 2022 with revenue and expense analysis and budget comparisons. Compared to budget, year-to-date electric revenue is up 4.01%, expenses are up 6.73% and power costs are up 7.38%. On motion made, seconded, and passed, the financial report was accepted. Eftink reported on business from the M&A Electric Power (transmission services) board meeting. Items of interest included: safety; finances; union contract; and AECI update. Haynes reported on business from the Association of Missouri Electric Cooperatives’ board meeting. Items of interest included: budget; committee reports; and 2023 state and federal legislation.
Under old business, the Board: reviewed its schedule of meetings; affirmed Policy 209 – Holidays as presented, and affirmed Policy 211 – Pre-employment Physical and Drug Testing as presented. Under new business: Rice presented information on the USDA ReConnect Grant Application for expansion of GoSEMO Fiber. The Board resolved to approve the ReConnect Grant Application in the form of resolutions as presented; Burnett reviewed proposals received from three auditing firms for the 2023 audit of the Cooperative’s financials. The Board resolved to retain Botz, Deal and Company, P.C.; Vanslyke led the Board in a discussion of 2023 rates. The Board reviewed a preliminary operating and capital expenditures budget. The Board resolved to set 2023 rates as reflected in option three as presented by management (gosemo.com/rates); the Board resolved to hold the 2023 annual meeting at the Sikeston Jaycee Bootheel Rodeo Grounds on Thursday, May 18, 2023; and McCord presented an overview of the fiduciary duties the Board owes to the Cooperative.
The remaining staff members were excused from the meeting. Thereafter, the Board entered into Executive Session to discuss legal and personnel matters. After executive session, the Board resolved to approve employee pay and incentives as recommended by management. There being no further business to come before the Board, on motion made, seconded and passed, the meeting was adjourned at 6:30 p.m. Prior to the meeting, the Board presented a cake to Team SEMO’s Ray McLane to recognize his 35 years of service to the Cooperative and toured the permanent drive-thru facility at Sikeston.
