Title
Resolution - Approval to Amend 2025 Capital Improvement Plan (CIP) for Category Level Expenditure - J Smith, N Fulmer, J Greene, and JP Urban
Other Info
Submitted By: Janelle Smith, Nathan Fulmer, Jonathan Greene, and JP Urban
Department: Financial Services
Financial Impact and Cost/Benefit Considerations: $1.5M in additional capital expenditures for category level expenditures.
Discussion
Pursuant to Pedernales Electric Cooperative, Inc. (PEC or Cooperative) Budget Policy, the management of the relevant Cooperative Department is required to prepare a budget amendment for the Board’s review and consideration when the department’s capital expenditures exceed 3% of the Board approved category level budget.
The authority to approve the Cooperative’s operational budget and capital improvement budget amendments is reserved to the Board under the Cooperative’s Budget Policy and Board Authority and Responsibilities Policy.
The Board, having been presented with the proposed budget amendment of $1.5M in additional capital expenditures for the ‘Other Distribution Equipment’ category ($1.4M) and the ‘Tools and Small Equipment’ category ($0.1M) for 2025, may consider approving the budget amendment for the category level expenditures as presented.
Body
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE COOPERATIVE, that the amendment to the 2025 Capital Improvement Plan (CIP) Budget as presented this day is approved; and
NOW THEREFORE BE IT RESOLVED that the Chief Executive Officer, or designee, is authorized to take such actions as needed to implement this resolution.