|Board President Steve Rau (left) and CEO Steve Marlow|
by Steve Rau, Board president, and Steve Marlow, CEO
As the time for our Cooperative’s Annual Meeting approaches, we’d like to give you a brief summary of what ECI REC leaders will speak about at the event. The Board of Directors will report on the successes and accomplishments of 2014, many of which were reported in the March/ April Heartland Link: Kilowatt-hour sales for 2014 were 3% above budget and 2.7% over 2013 and the Board approved a $500,000 energy credit that was reflected on your January 2015 energy bill. Margins in 2014 were $2,302,918, which is $894,215 over the budgeted amount of $1,408,703.
At December’s Board meeting, the management team proposed a 2015 budget that kept expenses in line, and it was approved by the Board. The focus for 2015 will remain on using technology and reducing costs without compromising service or reliability.
As always, keeping your lights on at an affordable rate is your Cooperative’s top priority. At the 2015 Annual Meeting of the Members, we will share with you where your dollars are being spent in 2015. We’ll also recap some of those items included in the 2015 budget, such as investing $3,409,588 in system improvements. These upgrades are part of our 2013-2016 Construction Work Plan and make it possible to accommodate new growth and improve reliability of your electric service.
The 2015 budget also includes $610,000 in preventative and ongoing line maintenance programs including pole testing and meter testing, tree trimming, and transformer and breaker maintenance. Additionally, we’ve budgeted $1,332,361 for administrative and general expenses.
Our Cooperative leadership and staff look forward to seeing you on June 18!