The Board authorized the refund of 5% of all outstanding allocated margins, totaling $2,166,260 from 2007, to be returned to members as capital credits.
A three-year engagement with Aldrich CPAs and Advisors LLP to provide audit services for the years ending December 31, 2022, 2023, and 2024 was approved by the Board.
The yearly review of the Northwest Public Power Association Director Compensation Survey showed that compensation for Salem Electric directors is comparable with other cooperatives.
General Manager’s Report
Tony Schacher reported that the Board will be presented with a recommendation at the October meeting regarding the new Paid Leave Oregon legislation. October is also the month for staff to present the proposed 2023 budget that will be voted on by the Board in November. Lead times on fleet assets and materials have been running well beyond a single budget year. In order to reduce the impact of 12–24 month delays, staff will be proposing a reserve account that will allow Salem Electric to maintain funds to pay for those items when they arrive.