November board meeting notes

Posted on Jan 06 2024 in Southern Indiana Power

To keep you informed of your cooperative’s operations and activities, the following are highlights of the Nov. 29 board meeting:

1. All directors were present, along with President/CEO Steve Seibert and Administrative Assistant Lisa Hinton. Also present was Office/IT Manager Karen Mangum.

2. The Oct. 25 board meeting minutes were reviewed and approved.

3. The membership certificates were reviewed.

4. The vouchers were reviewed and approved.

5. The director’s report was reviewed and approved.

6. Mangum gave an informative update on the office/IT departments.

7. Seibert reviewed the Hoosier Energy Wholesale Power Cost Tracker and its impact on the co-op’s financial position. After discussion, the board approved a decrease of $0.12 per 1,000 kWh in member rates effective Jan. 1, 2024.

8. Seibert provided directors with an update on the FTTH/broadband project with PSC.

9. The CEO report was the first item of new business, with Seibert reporting the following items:

  1. a. Seibert and directors Gary Waninger and Kyle Knieriem attended an IEC legislative dinner on Nov. 20.
  1. b. Seibert provided a Cooperatives One update.
  1. c. Seibert reported that an Indiana sales tax audit is complete.
  1. d. Seibert informed the board of the RUS cushion of credit interest rate of 5.46%.
  1. e. Seibert reported on Hoosier Energy capital credit retirements.
  1. f. Seibert discussed the 2024 Hoosier Energy LMR program.
  1. g. Seibert reported that the cooperative will participate in the Tell City and Santa Claus Christmas parades.
  1. h. Seibert reported on two Hoosier Energy substation outages, one occurring on Nov. 15 at the Rose Hill substation and one on Nov. 26 at the Bandon substation.
  1. i. Seibert discussed a Hoosier Energy Perry County reliability plan.
  1. j. Seibert reported that capital credit checks for the 1998 retirement were mailed on Nov. 16.
  1. k. Seibert informed the board that a legal notice of unclaimed capital credits for 1996 were published in the Perry County News on Nov. 20 and the Spencer County Journal Democrat on Nov. 22.
  1. l. Seibert reported that unclaimed capital credits for 1993 will become permanent equity of the cooperative on Dec. 1.
  1. m. Seibert reported the following upcoming meeting dates: the IEC Annual Meeting is Dec. 4-5, the employee Christmas party is Dec. 8, and the NRECA CEO Conference is Jan. 8-10.

10. Greg Pemberton, safety and risk management instructor with Indiana Electric Cooperatives, conducted trailer/banking safety training on Nov. 16. Seibert reported on a No Lost Time Accident Award from Federated Rural Electric Insurance Exchange in recognition of management and employees for their outstanding achievement of an accident-free record of 600,000 employee hours since Oct. 1, 2010. Seibert also reported on a Certificate of Safety Achievement awarded to Southern Indiana Power from NRECA. Seibert advised there were no lost time accidents and no public liability claims to report.

11. Seibert reviewed the 2024 distributed generation rate, which was approved by the board.

12. A budget committee meeting has been scheduled for Dec. 19.

13. The board approved a United Way corporate sponsorship for 2024.

14. Director Waninger reported on a Hoosier Energy Board Meeting held on Nov. 13.

15. Director training information was provided to the board.

16. Chairman Jeff Vogel read thank you notes from Senator Mark Messmer, Derby Association board and officers, Roxanna Zoglman, Felisa Bland, and Lily Brock & TCHS Renaissance Class.

17. The next regularly scheduled board of directors meeting will be held on Wednesday, Dec. 27.