Title
Resolution - Approval to Amend 2024 Capital Improvement Plan (CIP) for Category Level Distribution Projects - A Murosko
Other Info
Submitted By: Andrew Murosko
Department: Financial Services
Financial Impact and Cost/Benefit Considerations: $17.5M in additional capital expenditures.
Discussion
Pursuant to Pedernales Electric Cooperative, Inc. (Cooperative) Budget Policy, the Cooperative’s Finance Department, in consultation with the Cooperative’s 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 budget annually in any one category. The authority to approve the Cooperative’s operational budget and capital improvement budget amendments 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 $17.5M in additional capital expenditures for Distribution Miscellaneous Equipment (Category 600) for 2024, may consider approving the budget amendment for Category Level Distribution projects as presented.
Body
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE COOPERATIVE that the Cooperative adopt the 2024 Amended Capital Improvement Plan (CIP) Budget as presented this day; 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.