Annual report

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Posted on Jul 08 2025 in Jackson County REMC

2024 Electric division financial notes

1) Operating results:

  • In 2024, overall accrued electric margins totaled $8,400,678, including $1,370,489 in non-cash capital credits from Hoosier Energy, Inc. and other cooperative business associates.
  • Total kilowatt-hour (kWh) sales in 2024 were 457,846,403, representing a 2.74% increase over 2023 sales of 445,642,593 kWh.

2) Financing of capital expenditures:

  • The $8.4 million investment in the electric utility plant in 2024 was financed using operating cash on hand; no loan funds were required.

3) Rates:

  • Jackson County REMC’s base electric rates, which took effect on April 1, 2023, remained unchanged throughout 2024.
  • Total retail electric rates charged in 2024 decreased, primarily due to reductions in the power cost tracker from our
    power supplier, Hoosier Energy, Inc. On average, factoring in Hoosier Energy’s power cost tracker and the Merom fixed charge (which recovers stranded asset costs associated with the Merom Station coal generation plant), retail rates decreased by an average of 7.50% per kWh in 2024.

4) Capital credits:

  • The board of directors authorized the retirement of capital credits allocated for 1993 and 10% of 2023. In November 2024, a total of $4,282,755 was retired. Of this amount, $1,227,096 remains unclaimed; the balance has been distributed.

5) Audit:

  • The corporation’s records were audited through June 30, 2024, by Monroe Shine & Co., Inc., Certified Public Accountants. The annual audit for the 12 months ending June 30, 2025, is scheduled to begin soon.

2024 Fiber division financial notes 

1) Operating results 

  • 2024 was the seventh year of billing customers for fiber-optic broadband service. Revenue from fiber-optic broadband and VoIP telephone sales continued to grow throughout the year as more customers were connected. Total operating revenue equaled $10,845,941 for 2024 compared to $9,960,778 in 2023. 
  • In 2024, we added 1,001 fiber-optic broadband accounts and ended the year with a total of 13,096 active accounts. We also added 109 VoIP telephone accounts and ended 2024 with a total of 447 active accounts.  
  • Net operating margins (revenues less expenses) equaled $342,390 for 2023 compared to -($384,824) in 2023. 

2) Financing of capital expenditures 

  • The 2024 $2.8 million investment in fiber-optic utility plant was financed through operating cash on hand, loans from RUS (Rural Utilities Service, USDA Rural Development), and grant funds from USDA and Indiana’s Next Level Connections grant program. 

3) Rates 

  • Jackson County REMC’s fiber-optic broadband and VoIP telephone service remained unchanged throughout 2024. 

4) Audit 

  • The corporation’s records were audited through June 30, 2024, by Monroe Shine & Co., Inc., Certified Public Accountants. The annual audit for the 12 months ending June 30, 2025, is scheduled to begin soon.