Vice-Chairman Dale Wernke opened the meeting, and Steve Nobbe kept the meeting minutes.

All board members were present with Steve AmRhein being virtual. Also present were CEO Brett Abplanalp and employee Matt Raver.

Brian Scheidler moved to approve the agenda. Suzanne Parmer seconded the motion. The motion passed unanimously.

SAFETY MINUTE AND COOL MOMENT

Jon Spreckelson shared his experiences from youth tour, highlighting it as a memorable moment. Abplanalp discussed the 2024 fair sponsor program and its positive impact on the community. Additionally, Abplanalp provided a safety moment, addressing the hazards associated with changing a flat tire on the side of a highway.

APPROVAL OF PREVIOUS MEETING MINUTES

Jason Barnhorst moved to approve the minutes from the June 26, 2024, board meeting. Carl Riedeman seconded the motion, which passed unanimously.

CEO UPDATE

Abplanalp updated the board on strategic projects, including a safety improvement plan, fleet update, fiber project, ROW pilot, and RF meter feasibility.

Abplanalp then covered the company metrics as prepared on CTO. June’s median temperature was 4% warmer than our five-year average. Wholesale purchased energy was up 2.5% when compared to our five-year average. Demand was up 4.4% from our five-year average. Year to date energy sales ended 2.4% positive to budget. There was no major storm for the month of June.

FINANCIAL UPDATE

Raver gave the financial update. Net utility plant increased $2,540 in June and our current equity is 63.8%. Revenues are over the YTD budget, and power costs are over, resulting in a gross margin above the budget of $302,699 YTD. Controllable expenses are under budget by $638,693, mainly driven by labor and ROW. The cash flow statement shows a beginning balance of $971,477, and we ended the current month with a net decrease in cash of $389,163, resulting in an ending cash balance of $582,314.

NEW BUSINESS

REVIEW DIRECTOR COMPENSATION STUDY

The board was presented market data for their compensation and no changes were made.

NRECA REGIONAL VOTING DELEGATES

Upon motion made by Barnhorst, seconded by Riedeman, AmRhein was nominated as a delegate, and Wernke was nominated as the alternate. Barnhorst moved to close the nomination, and Riedeman seconded. Nominations were closed, and AmRhein was elected as the delegate, with Wernke as the alternate.

BYLAW LEGAL REVIEW

The board reviewed recommended changes to the bylaws. After discussing each item, it was agreed that legal counsel would prepare redlined revisions for presentation at the August board meeting.

OLD BUSINESS

FIBER PROJECT UPDATE

Abplanalp gave an update on the project and the BEAD application.

COBANK LINE OF CREDIT

Matt Raver presented a proposal to expand our short-term lending options with CoBank. Following the presentation, Barnhorst moved to approve a resolution authorizing management to proceed with the application for a $1 million line of credit with CoBank, including any associated legal fees. Riedeman seconded the motion, which was unanimously approved.

POLICY REVIEW

Policy 1-7: Director Education was reviewed, with proposed changes to mandate director training within the first two years of their term, or they forfeit their retainer fee. Parmer moved to approve the changes, and Riedeman seconded the motion. The motion was passed unanimously.

Scheidler moved to adjourn the meeting, and Nobbe seconded it. The motion passed unanimously, and the meeting was adjourned at 7:24 p.m., and the board moved into executive session.