Chairman Steve AmRhein opened the meeting, and Brian Scheidler kept the meeting minutes.

All board members were present except Suzanne Parmer. Jason Barnhorst participated virtually. Also present were CEO Brett Abplanalp and employee Matt Raver. Clay Nuhring moved to approve the agenda. Steve Nobbe seconded the motion. The motion passed unanimously.

SAFETY MINUTE AND COOL MOMENT

Abplanalp spoke about fried turkey safety for the safety moment. For the cool moment, Abplanalp congratulated the board and employees who saved approximately $40,000 on an IT purchasing opportunity. Management identified the need, presented the opportunity and the board quickly approved the purchase.

APPROVAL OF PREVIOUS MEETING MINUTES

Nobbe moved to approve the minutes from the October 25, 2023, board meeting. Nuhring seconded the motion. The motion passed unanimously.

CEO UPDATE

Abplanalp updated the board on strategic projects:

• Rejected pole replacement program

• Construction work plan projects being completed (industry primary meter and underground feeder replacement)

• Capital credit of deceased members’ project

Abplanalp then covered October’s company metrics as prepared on CTO. October’s median temperature was flat compared to our five-year average. Hoosier purchased energy was down 3.1% compared to our five-year average, with demand 3.5% lower than our five-year average. Year-to-date energy sales were 1.92% under budget. There was no major storm for the month. Lost consumer hours were 245 compared to our five-year average of 1,604. The number of outages was 22 compared to our five-year average of 43.

FINANCIAL UPDATE

Raver reported on October financials as prepared on CTO. Net utility plant increased by $245,405, and our current equity is 61.5%. Revenues are over the year-to-date budget, and power costs are over, resulting in a gross margin under budget of $1,175,740 year-to-date. Controllable expenses are under budget by $361,448. The cash flow statement shows a beginning balance of $641,663, and we ended the current month with a net increase in cash of $630,098, resulting in an ending cash balance of $1,271,761.

2024 CAPITAL CREDIT RETIREMENTS

Abplanalp presented two resolutions for the 2024 Budget for REMC and Hoosier Energy capital credits.

CAPITAL CREDIT RETIREMENT RESOLUTIONS

Carl Riedeman made the motion to retire the following:

• DCREMC capital credits for the remainder of 1996 ($418,496), $138,994 from 1997

• Hoosier Energy capital credits for $346,512 from 1993.

Nobbe seconded, and the motion passed unanimously.

CAPITAL CREDIT FOR DECEASED POLICY

Abplanalp presented redline changes for the capital credit policy 4-3 to allow deceased member estates to either be paid out as normal or lump sum payment at a discounted amount, effective Jan. 1, 2024.

Dale Wernke moved to approve the redline changes as presented. Nobbe seconded the motion. The motion passed unanimously.

COMMUNITY ROOM RENTAL

Brett Abplanalp presented changes to the community room usage requirements.

POLICY/BYLAWS REVIEWS AND REPORT OUTS

Policy 10-18: Employee Drivers and Substance Abuse Testing was reviewed with no material changes.

AFFILIATED ORGANIZATIONS

AmRhein updated the board on IEC.

Wernke moved to adjourn the meeting. Nobbe seconded the motion. The motion passed unanimously, and the meeting was adjourned to executive session at 6:37 p.m.