Title
Draft Resolution - Approval of 2023 Budget Amendments - J Smith/K Jones
Other Info
Submitted By: Janelle Smith
Department: Financial Services
Financial Impact and Cost/Benefit Considerations: $12.2M in additional operating expenses and $7.0M in additional capital expenditures.
Discussion
The Budget Policy requires amendments for certain levels of variances. The additional $12.2 Million in operating expense resulted from Winter Storm Mara and market compensation adjustments for employees. These additional amounts have been offset by savings in property taxes and ongoing savings in staff expenses.
Additionally, capital spend in category 600 (Distribution - Miscellaneous Equipment) requires a budget amendment of $7.0 Million due to additional costs related to Winter Storm Mara.
Body
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE COOPERATIVE that the Cooperative adopt the Amended 2023 Operating and Capital Improvement Plan (CIP) Budgets as presented this day; and
BE IT FURTHER RESOLVED that the Chief Executive Officer, or designee, is authorized to take all such actions as needed to implement this resolution.