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September 20, 2022

News

Board Spotlight: Board Discusses Rebates, Meets Hunter

A regular meeting of the Board of Directors of SEMO Electric Cooperative, Inc., (hereinafter referred to as “Cooperative”) was held on Monday, September 19, 2022, at the offices of the Cooperative in Sikeston, Missouri. The meeting was called to order at 1 p.m. by President Richard Faulkner. The following Directors were present: Richard Faulkner, Carl Eftink, Dennis Fowler, Myron Hawes, James Deneke, Carla Moore, Keith Haynes, Dicky Hanor, Tim Coppage, John Bledsoe, Von Priggel and Field LaPlant. Directors absent: none. Also present were Sean Vanslyke, CEO/General Manager; Megan McCord, Attorney for the Cooperative; Bobbi Jeffries of CFC; Scott Blue of AECI; new employee Hunter Hardin; and staff members Loyd Rice, Angie Byford, Marty Vineyard, Amanda Burnett, Chris Freed, Brad Milam, and Ron Montgomery. A prayer of invocation was offered by Moore. Chair Faulkner 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 August 15, 2022; new membership applications; membership cancellations; initial review of Policy 209 – Holidays; and initial review of Policy 211 – Pre-Employment Physical. On motion made, seconded and passed, the actions required for each were approved by consent.

Montgomery presented the monthly safety report. On motion made, seconded and passed, the Board resolved to accept the monthly safety report. Following his report, he left the meeting. Blue presented information on rebates and distributed generation. Following his presentation, he left the meeting. Jeffries presented the cooperative’s Key Ratio Trend Analysis data. Following her presentation, she left the meeting. Department leaders presented strategic updates and answered questions from the Board. CEO Vanslyke presented his manager’s report. Burnett reviewed the financial summary for the month of August 2022 with revenue and expense analysis and budget comparisons. Compared to budget, year-to-date electric revenues are up 4.48%, operating expenses are up 5.20% and power costs are up 8.22%. On motion made, seconded, and passed, the financial report was accepted. Eftink reported on business from the M&A Electric Power (electric transmission) board. Items of interest included: safety; finances; FEMA; AECI; and reliability. On motion made, seconded, and passed, the Board resolved to accept the M&A Report. Haynes reported that the Association of Missouri Electric Cooperatives (AMEC) didn’t have meeting since SEMO Electric’s last board meeting.

Under old business the Board: reviewed its schedule of meetings and confirmed registrations for attendance; Policy 207 – FMLA was affirmed as presented; and Policy 208 – Funeral Leave was affirmed as presented. Under new business the Board: reviewed and discussed district updates; reviewed a hazard mitigation plan required by the State Emergency Management Administration (SEMA). After discussion, on motion made, seconded, and passed, the Board resolved to adopt the portions of the Multi-Jurisdictional Hazard Mitigation Plan 2022 Update for the Missouri Electric Cooperatives that are applicable to SEMO in the form of a resolution as presented to the meeting; Vanslyke led the Board in a discussion of 2023 rates; discussed ideas about the Cooperative’s pending 85th anniversary and the 2023 Annual Meeting.

New employee Hardin was introduced. The remaining staff members were excused from the meeting. Thereafter, 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 6:30 p.m. Prior to the meeting, local housing and land developer Nathaniel Kolwyck and Scott County R-IV Superintendent Bradley Kolwyck gave the Board updates about their respective organizations.

Associated Electric Cooperative's Scott Blue discusses energy efficiency rebates with the SEMO Electric Cooperative's Board of Directors. Rebates available to members may be found at gosemo.com. Energy efficiency is one of the most cost-effective resources AECI provides as it generates reliable and economical wholesale power for SEMO Electric.
National Rural Utilities Cooperative Finance Corporation (CFC) Vice President Bryan Bacon 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 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 their sustained success.
Scott County R-IV Superintendent Bradley Kolwyck gives SEMO Electric Cooperative's Board of Directors an overview of the school district that serves the towns of Benton, Diehlstadt, Blodgett and Commerce.
As the tradition continues for new employees to attend a board meeting, Team SEMO's Hunter Hardin introduces himself to SEMO Electric Cooperative's Board of Directors. Hardin, a journeyman lineman, joined the Cooperative in August 2022.