Title
Resolution - Approval of Budget Amendment - 2025 Substation Change Category for Non-Multi-Year Projects - J Greene
Other Info
Submitted By: Jonathan Greene
Department: Chief Operations Officer - Transmission
Financial Impact and Cost/Benefit Considerations: $2.9M in additional capital expenditures for the 2025 Substation Change Category for Non-Multi-Year Projects.
Discussion
Pursuant to Pedernales Electric Cooperative, Inc. (PEC or Cooperative) Budget Policy, the Cooperative’s Finance Department, in consultation with PEC Executive Management, is required to prepare a budget amendment for the Board’s review and consideration when capital expenditures exceed 3% of the Board approved category (here Substation Change Category for Non-Multi-Year Projects).
The authority to approve the Cooperative’s operational budget and capital improvement plan is reserved to the Board under the Cooperative’s Board Authority and Responsibilities Policy.
The Board, having been presented with the proposed budget amendment of $2.9M in additional capital expenditures for the Substation Change Category for Non-Multi-Year Projects, may consider approving the budget amendment for the Substation Change Category for Non-Multi-Year Projects as presented.
Body
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE COOPERATIVE that the amendment to the Cooperative’s Capital Improvement Plan Substation Change Category for Non-Multi-Year Projects as described in Executive Session is approved; and
BE IT FURTHER RESOLVED that all actions taken prior to the date herein by the officers and duly authorized agents of the Cooperative in connection with the subject of the foregoing, be ratified, confirmed, and approved; and
BE IT FURTHER RESOLVED that the Chief Operations Officer - Transmission or designee, is authorized to take such actions as needed to implement this resolution.