Title
Resolution - Approval to Amend 2024 Operating Expense Budget for Category Level Variances - K Jones
Other Info
Submitted By: Kat Jones
Department: Financial Services
Financial Impact and Cost/Benefit Considerations: $7.9M in additional operating expenses.
Discussion
Pursuant to Pedernales Electric Cooperative, Inc. (the “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 operating expenses exceed 3% of the Board approved budget annually in any one activity code group.
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 $7.9M in additional operating expenses for 2024, may consider approving the budget amendment for Operating Expense by Activity Code Group as presented.
Body
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE COOPERATIVE, that the 2024 Amended Operating Expense 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.