Title
Resolution - Approval to Amend 2024 Capital Improvement Plan (CIP) for Individually Approved Distribution Project - Johnson City Voltage Conversion - K Jones
Other Info
Submitted By: Kat Jones
Department: Financial Services
Financial Impact and Cost/Benefit Considerations: $1.4M in additional capital expenditures for Johnson City Voltage Conversion Project.
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 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 of $1.4M in additional capital expenditures for the Johnson City Voltage Conversion Project for 2024, may consider approving the budget amendment for the individually approved project as presented.
Body
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE COOPERATIVE that the Cooperative 2024 Amended Capital Improvement Plan (“CIP”) 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.