Title
Resolution - Approval for Amendment to Project Budget for T380 Buda-Turnersville Overhaul - J Greene
Other Info
Submitted By: Jonathan Greene
Department: Chief Operations Officer - Transmission
Financial Impact and Cost/Benefit Considerations: As described in Executive Session for the T380 Buda-Turnersville Overhaul project.
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 5% of the Board approved individual project budget.
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 as described in Executive Session for the T380 Buda-Turnersville Overhaul 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 for T380 Buda-Turnersville Overhaul as described in the Executive Session is approved;
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 Executive Officer or designee is authorized to take such actions as needed to implement this resolution.