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The Board of Directors authorized payment of capital credit refunds totaling $2,463,764.
As the next step in transferring employee retirement plans to a new plan administrator, the Board approved a resolution removing the current plan administrator.
General Manager Tony Schacher reported on the rising cost of equipment for electric cooperatives since January 2020.
The Board reviewed and reaffirmed its Conflict of Interest and Code of Ethics policies, and reviewed director compensation.
The 2023 audit report was accepted as presented and the auditors issued a clean, unmodified opinion; the best opinion an entity can earn.
Significant discussion took place regarding the Columbia Basin Restoration Initiative and the effort to remove an affordable, reliable, and dispatchable source of electricity with no viable alternative power supply in place to meet the region’s growing demand.
Adjustments to the 2024 budget were approved as presented.
Progress was made with the City of Keizer toward renewing Salem Electric’s franchise agreement.
Unclaimed capital credits, totaling approximately $327,000 as of December 7, were scheduled to be forfeited to the cooperative. The credits became payable in 2019 from the years 2003 and 2004, and despite notice of availability were unclaimed.
The Board approved the proposed 2024 budget as presented.
Staff presented the proposed 2024 budget which will be voted on at the November board meeting.
