Chairman Steve AmRhein called the meeting to order at 6:03 p.m. Steve Nobbe recorded the minutes. All board members were present, along with CEO Brett Abplanalp and employees Matt Raver and Sam Ruf. Suzanne Parmer moved to approve the meeting agenda. Dale Wernke seconded the motion, which was unanimously approved.
SAFETY MINUTE AND COOL MOMENT
Abplanalp shared a safety moment highlighting that November is National Drowsy Driving Prevention Week. The cool moment featured DCREMC employees participating in Community Day and four of our line workers helping in Georgia during Hurricane Helene.
FIBER PROJECT UPDATE
Ruf gave the board updates on the fiber project.
APPROVAL OF PREVIOUS MEETING MINUTES
Jason Barnhorst moved to approve the minutes from the board meeting on Sept. 25, 2024, as well as the executive board meeting minutes from the same date. Parmer seconded the motion, which was unanimously approved.
CEO UPDATE
Abplanalp provided an update on strategic projects, noting that all but three have been completed. The remaining projects — including the pole replacement program, NiSC Work Management, and the fiber grant project — are on track to be finished by the end of the year.
He also covered company metrics as prepared on CTO. September’s median temperature was 2.2% below our five-year average. Wholesale purchased energy decreased by 2.9% compared to the five-year average, and demand was down 6%. Year-to-date energy sales were 1.15% above budget. There was no major storm for September, but Hurricane Helene affected our system on Sept. 27. Daily SAIDI was 29 with a T(MED) of 30 (major storm classification).
FINANCIAL UPDATE
Raver provided the financial update. The net utility plant increased by $137,002 in September. Year-to-date revenues are above budget, and power costs have also risen, resulting in a gross margin that exceeds budget by $264,467. Controllable expenses are under budget by $452,520, primarily due to savings in labor and right-of-way costs. The cash flow statement resulted in an increase and ending cash balance of $1,365,868.
NEW BUSINESS
UNITED FUND CAMPAIGN
Abplanalp presented the United Fund Campaign video and requested consideration of donations from the board of directors.
POLICY REVIEW
Abplanalp presented proposed updates to Rule 25 of the Rules & Regulations for the board’s consideration. The board decided to table the matter until next month.
2025 CAPITAL CREDIT RETIREMENT
Abplanalp presented a resolution to retire DCREMC capital credits in accordance with the financial management plan, which follows a 30-year rotation. The recommended amount for retirement was $623,713, covering credits from 1997 and part of 1998.
Abplanalp also presented a second resolution to retire Hoosier capital credits, following the financial management plan to return the normal retirement received from Hoosier. The recommended amount for retirement was $346,512, covering credits from 1993 and part of 1994.
Brian Scheidler motioned to approve both resolutions, Parmer seconded the motion, and the board approved them unanimously.
OLD BUSINESS
RF METER REPLACEMENT PROJECT FINANCING
Raver presented two financing options for the meter project: Plan A and Plan B. The final decision on the approach will be made after the 2025 construction work plan is completed.
MEMBER LETTER RESPONSE – GOVERNANCE AND OPERATION SERVICES
The board reviewed the timelines and previous responses for both member letters, allowing board members to discuss any concerns regarding past replies and the board’s due diligence in addressing all raised questions. Scheidler motioned to approve legal counsel to respond to the member letter, Barnhorst seconded the motion, and the board approved it unanimously.
AFFILIATED ORGANIZATIONS
Barnhorst gave a brief update from Hoosier Energy. AmRhein gave an update from IEC.
Scheidler moved to adjourn the meeting, and Nobbe seconded it. The motion passed unanimously, and the meeting was adjourned at 7:55 p.m., and the board moved into executive session.
EXECUTIVE SESSION
The board reviewed the bids for the 2025 cost-of-service study. Parmer motioned to accept Prime Group’s bid. Carl Riedeman seconded the motion, which passed unanimously.
