Title
Resolution - Approval of Budget Amendment - Ridgmar Install 46.7 MVA Transformer - J Greene
Other Info
Submitted By: Jonathan Greene
Department: Chief Operations Officer - Transmission
Financial Impact and Cost/Benefit Considerations: $530K in additional capital expenditures for the Ridgmar Install 46.7 MVA Transformer project.
Discussion
Pursuant to Pedernales Electric Cooperative, Inc. (PEC or Cooperative) Budget Policy, a department’s management is required to prepare a budget amendment, in consultation with the Cooperative’s Finance Department and Executive Management, for the Board’s review and consideration when capital expenditures exceed $250,000 or 10% (whichever is greater) for an approved individual project budget or CIP category type.
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 $530K in additional capital expenditures for the Ridgmar Install 46.7 MVA Transformer project, may consider approving the budget amendment for the individually approved project 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 Individual Project Budget Ridgmar Install 46.7 MVA described in Executive Session and in the confidential term sheet 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.