View District Map

News from the Board

Board Meeting Highlights

Meeting held July 29, 2010

• Kate Frank, VP of Finance, reviewed the financial reports for the period ending June 30, 2010.   Year-to-date KWh sales increased 2.9% over the previous year.  Total revenues for June were $4.8 million compared to $4.1 million in 2009.  Wholesale power costs for the month were $2.6 million, an increase of 3.9% from the previous year.  Year-to-date total operating expenses were $6.9 million, an increase from $6.3 million in 2009.  Fixed costs, including depreciation, interest and taxes, were $5 million, an increase from $4.9 million in 2009.  The year-to-date margins are $1.1 million compared to a negative $1.1 million the prior year.
• The Board scheduled a strategic planning meeting for November 5, 2010, at 8:00 a.m. at the REMC office.
• CEO Kevin Sump discussed the whole-house generator program, retirement of a journeyman lineman (position will not be filled at this time), an issue regarding billing of security lights, and reported the NRECA employee retirement program will not see a rate increase in 2011.
• The CEO reported that there will not be a contested director election at this year’s annual meeting as only the incumbent board members had submitted petitions.  Due to the non-contested election, ballots will not be mailed to the membership but will be distributed at the Annual Meeting for voting.
• An electronic board report demonstration was presented by Diligent Board Books.   
• The Board appointed the Election Committee for the 2010 Annual Meeting to be held September 18, 2010, at the Mooresville High School.  SCI members appointed to the Election Committee include the following:  Marianne Hawkins, District 2; Jerry Cummings, District 3; Mary Leonard, District 4; Rene Wise, District 6; Barbara Hawkins, District 7.
• The next regularly scheduled meeting of the Board of Directors will be held at 5:00 P.M. on Thursday, August 19, 2010 at the Cooperative’s headquarters in Martinsville.