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September 19, 2023

News

Board Spotlight: 2024 Annual Meeting Set for Thursday, May 16

A regular meeting of the Board of Directors of SEMO Electric Cooperative, Inc. was convened on Monday, September 18, 2023, at the cooperative's Sikeston, Missouri office. Vice President John Bledsoe presided over the meeting, calling it to order at 1 p.m. Present at the meeting were the following directors: Bledsoe, James Deneke, Keith Haynes, Carl Eftink, Field LaPlant, Tim Coppage, Dicky Hanor, Carla Moore, Dennis Fowler, and Von Priggel. Directors Rick Faulkner and Myron Hawes were absent. Also in attendance were Sean Vanslyke, CEO/General Manager; Megan McCord, Attorney for the Cooperative; and staff members Angie Byford, Loyd Rice, Becky Ivester, Jared Kelley, Amanda Burnett, Chris Freed, Neil Kimbrel, and Brad Milam. The meeting began with an invocation offered by Eftink.

The agenda was presented for approval and was passed upon a motion, second, and vote. The consent agenda, which included the approval of minutes from the regular meeting of July 17, 2023, new membership applications, membership cancellations, and the initial review of Policy 303 – Condolences, and Policy 304 – Accidental Damage to Poles, was approved by the Board. Kelley then presented the monthly safety report and provided insights on the monthly safety focus, emphasizing storm preparedness and emergency kits. The importance of emergency preparedness kits in the first 72 hours after a disaster was stressed.

Under old business, the Board reviewed its meeting schedule, approved Policy 301 – OSHA Hazard Communication Standard, and Policy 302 – Cooperative Funds. In new business, district updates were discussed, and it was resolved to hold the 2024 Annual Meeting on Thursday, May 16, 2024, at the Sikeston Jaycee Bootheel Rodeo Grounds. Kelley reported on the Cooperative’s Crisis Response Plan, and Bryan Bacon of National Rural Utilities Cooperative Finance Corporation (CFC) reviewed the Cooperative’s Key Ratio Trend Analysis (KRTA) report.

Burnett presented the financial summary for August 2023, including revenue and expense analysis and budget comparisons. Year-to-date revenue was reported to be up 0.81%, expenses up 6.58%, and power costs up 4.24%. The financial report was accepted by the Board following a motion, second, and vote.

Haynes provided insights from the Association of Missouri Electric Cooperatives’ (AMEC) board meeting, including committee reports, PSC time-of-use rates, and updates on new employees. Department leaders presented strategic updates and fielded questions from the Board. An Executive Session was held to address legal and personnel matters, during which the remaining staff members were excused. Upon the conclusion of this session, and with no further business to address, the meeting was adjourned at 5:05 p.m.

During the meeting, Garrett Copeland, representing Team SEMO, delivered an extensive presentation to the board regarding the cooperative's mapping software for both its electrical and fiber systems. Meanwhile, Nathan Hull (below) delved into the various tasks and maintenance efforts essential to ensuring the continuous operation of the fiber network.
Nathan Hull delved into the various tasks and maintenance efforts essential to ensuring the continuous operation of the fiber network.
National Rural Utilities Cooperative Finance Corporation (CFC) Vice President Bryan Bacon (above) engaged in a discussion with SEMO Electric Cooperative’s Board of Directors regarding prevailing financial market conditions and the cooperative's Key Ratio Trend Analysis (KRTA). KRTA serves as an annual report, monitoring the median values of 145 financial and operational ratios across 800 participating electric distribution cooperatives over the preceding five years. Bacon expressed his admiration for the cooperative's ongoing achievements, highlighting that they should take pride in its sustained success.
The board inspects a new truck chassis, which will be sent to North Carolina for the installation of a boom and auger. The chassis itself carries a price tag of $165,622, and the Altec digger derrick section will amount to $237,799. In total, this investment accounts for $403,421. The truck is expected to become operational in 2024.