Title
Resolution - Approval to Amend 2023 Capital Improvement Plan (CIP) Budget for Category Level Distribution Projects - J Smith
Other Info
Submitted By: Janelle Smith
Department: Financial Services
Financial Impact and Cost/Benefit Considerations: $2M in additional capital expenditures
Discussion
The Budget Policy requires amendments for certain levels of variances. Capital spend in category 600 (Distribution Miscellaneous Equipment) requires a budget amendment of $2M due to additional costs related to replacement and new installations of distribution equipment during 2023.
Body
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE COOPERATIVE that the Cooperative adopt the Amended 2023 Capital Improvement Plan (CIP) Budgets as presented this day; 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.