Title
Resolution - Approval of Budget Amendment - Fairland Conversion - N Fulmer
Other Info
Submitted By: Nathan Fulmer
Department: Chief Operations Officer - Distribution
Financial Impact and Cost/Benefit Considerations: 0.9M in additional capital expenditures for Fairland Make Ready Project as discussed in Executive Session and the confidential term sheet.
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 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 $0.9M in additional capital expenditures for the Fairland Make Ready Project for 2025, may consider approving the budget amendment for the individually approved project as presented.
Body
NOW THERFORE, 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 Fairland Make Ready Project as 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 - Distribution, or designee, is authorized to take such actions as needed to implement this resolution.