Title
Resolution - Approval of 2022 Budget Amendments for Capital Improvement Plan Expenditures - J Smith/K Jones
Other Info
Submitted By: Janelle Smith
Department: Finance
Financial Impact and Cost/Benefit Considerations: $0.8 Million in additional capital spend due to re-prioritization of capital projects between two capital expenditure categories and an additional $2.0 Million due to inflation.
Discussion
The Budget Policy requires amendments for certain levels of variances. The additional $4.2 Million in capital spend in category 500 (Substations - Change) resulted from alternative project completions, offset by projects unable to be completed in category 400 (Substations - New) in the amount of $3.4 Million, resulting in a net budget amendment of $0.8 Million Required. Additionally, capital spend in category 600 (Distribution - Miscellaneous Equipment) requires a budget amendment of $2.0 Million due to additional costs related to meters, road widenings, and reclosers.
Body
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE COOPERATIVE, that the Board approve an amendment to the Cooperative's 2022 Capital Improvement Plan and Operating Budgets as described herein; and
BE IT FURTHER RESOLVED that the Chief Executive Officer or designee is authorized to take all such actions as needed to implement this resolution.