Beartooth Electric Cooperative Regular Board Meeting Tuesday

Transcription

Beartooth Electric Cooperative
Regular Board Meeting
Tuesday March 25, 2014
12:00 PM RLACF
Agenda
1. Call Meeting to Order
2. Pledge
3. Visitors Comments
4. Approve Agenda
5. Approve Minutes
February 24, 2014 Regular Board meeting
March 11, 2014 Telephonic Board meeting
March 13, 2014 Telephonic Board meeting
6. Committee/Trustee/Attorney Reports
Finance Committee-March 5--4th Qtr. and year-end 2013 Report and recommendations
Communications Committee (Roxie Melton) No meeting
Due Diligence Committee (Arleen Boyd) March Meeting
Legal Liaison (Arleen Boyd)
Policy Committee (Laurie Beers) No meeting
Southern Montana Electric Generation & Transmission Cooperative, Inc. (Southern) &
SME Generation and Transmission Cooperative, Inc. (SME) (Arleen Boyd, Laurie Beers
and Pat Hoffman)
CONSENT AGENDA (Items 7 through 11, shown in blue)
7. Membership Connections
8. Membership Cancellations
9. Capital Credit to Estates
10. Accept 2013 RUS Annual Report
11. Accept January Operating Reports
January RUS Form 7
Financial and Statistical Report
Comparative Balance Sheet
Financial Graphs
Cash Flow Statement
Check Register
Summary of Attorney Fees
Disconnects Non-Pays
12. Manager's Report
Member Services Report
Interim Line Superintendent Report
Interim Director of Finance Report
13. New Business
Board Resolution approving the write offs for 2013
Board Resolution authorizing allocation of Capital Credits
Scheduling of Town Hall meetings
14. Old Business-Eagle MT Fire update of legal issues-Maxon Davis Esq.
15. Upcoming Meetings
March 24 Partnership meeting
March 25, 2014 Board Meeting 12:00PM RLACF
March 26 Policy Committee meeting at BEC office 12:00 noon
MECA Spring Board meeting April 1 (9:00AM) and April 2 Great Falls MECA Office
April 3 and 4—Union negotiations 9:00AM RLACF
CFC Board Training Great Falls April 22 (1:00PM) and 23
April Board meeting RLACF Tuesday April 29
NWPPA Annual meeting May 18 thru May 21 Billings, Mt
16. Visitor Comments
17. Executive Session-Partnership discussion and Union Negotiations
18. Executive Action
19. Adjourn
Beartooth Electric Cooperative (BEC)
Minutes of the Board of Trustees
Monday February 24, 2014
Red Lodge Area Community Foundation (RLACF)
Summary of key action and discussion of the board:
The board confirmed that Arleen Boyd would represent the board in settlement matters
concerning the Southern Montana G&T (Southern) bankruptcy. BEC will not sign any
settlement documents without approval of the board.
At the request of the board, Roxie Melton appointed Bill Pascoe to the Due Diligence
Committee.
The board read into the record a letter from Denver Schlaeppi of Rural Utility Service (RUS)
approving BEC’s 2014 load forecast. See attachment. Call to Order: Board chair, Roxie Melton, called the meeting to order at 12:10 pm with the pledge of
allegiance. All board members were present in person or on the telephone.
Present: Presiding:
Roxie Melton, Chair
Dan Dutton, Dick Nolan (Dick)
On the telephone : Pat Hoffman, Arleen Boyd, Laurie Beers, David Peterson
Richard Peck (Richard), Interim General Manager
Bob Walker, Interim Director of Finance and Accounting
Bill Pascoe, Gary Saleba on the telephone
Martin Young and Larry Martin, Counsel, on the telephone for the executive
session.
Judith Gregory, recording
Two visitors.
Visitor comment. Neil Garrett described how a potential buyer for his home backed out when he saw
two years’ of electricity bills for the property, which has electric heat. Neil would like to know if and when there might be rate relief for BEC customers.
With a few additions and deletions, Dan moved to accept the agenda and David seconded the motion.
The motion carried unanimously.
Approval of minutes
Dan moved and Dick seconded to accept the minutes of January 6, 2014.
Dan moved and Dick seconded to accept the minutes of January 24, 2014 with the addition of
the Due Diligence report to attachments.
Both motions carried unanimously.
1
BEC BOARD BOOK 2014 03 25 -- PAGE 1
Report of the Due Diligence Committee : Arleen
By April, Arleen believes BEC will understand whether BEC is on the path to settlement with the
Southern Noteholders and the other Southern cooperatives or whether BEC is on the path to further
litigation. She noted that during mediation and settlement talks, all legal actions are stayed. These
include the motion to liquidate Southern and BEC’s motion to invalidate as collateral its All Requirements Contract with Southern . Also all settlement conversations are highly confidential., hence
there has not been public disclosure of the proceedings. The next court dates are uncertain.
BEC has sought legal advice from three different firms, including its counsel Felt Martin. The Finance
Committee will review legal expenditures year to date and will report on them at the next board
meeting.
Gary Saleba of EES Consulting spoke about the issue of power supply for an independent BEC and/or
Southern. He noted that it could take up to 3 – 4 months to put a power supply contract in place. BEC
will work immediately on a Request for Proposal (RFP) to shorten this horizon and be prepared to begin
the RFP process should need arise.
Arleen recommended that Roxie appoint Bill Pascoe, who has years of experience with supply and
transmission in the utility business, as a member of the due diligence committee. Roxie so appointed
him. Bill agreed with Gary’s timeline for executing a power supply contract. Richard has begun an application to use Northwest Energy’s transmission services if BEC leaves Southern. Both Gary and Bill saw no need for Southern or BEC to hire a scheduler, since any power supplier could
furnish this service for little additional cost. Gary noted that some person is needed to audit the power
bills and be available to answer questions, but that this person did not need to be employed full time.
In the context of this discussion, board members are particularly concerned to minimize general and
administrative staffing costs at Southern, should BEC be required to continue at Southern.
The board reconfirmed that Arleen is the spokesperson for the board for all bankruptcy and settlement
matters. The board agreed that the board must approve all final decisions in these regards.
Gary and Bill left the meeting at 12:45.
RUS approval of the 2014 BEC load forecast. Richard read the above referenced letter into the record.
Mr. Schlaeppi noted in his letter that the board should review the forecast every year and update it
every three years so that it conforms to actual experience. See Attachment 1.
Consent Agenda. The board accepted the consent agenda.
Manager’s Report: Richard The Communications Committee will begin planning for the next round of town hall meetings for late
April or early May.
Participation in E billing continues to grow.. All moneys for the low income subsidy have been dispensed
to applicants. Arleen mentioned that there is funding in the recently passed Farm Bill for utility
conservation programs, but that a program must be in place to receive funds. Richard will work on a
proposal for such.
2
Interim Line Superintendent’s Report: Richard for Eric Elton Richard presented the Fleet Asset Report, a report on outages and a report on the progress of various
projects. The delivery of the derrick digger has been delayed one month due to a manufacturer error.
The old truck is being donated to the National Rural Electric Cooperative Association International with a
release of liability for BEC.
Report of the Interim Finance and Accounting Director: Bob
Chris Colberg , the RUS field accountant, completed his final closeout loan fund audit for the AA8 loan.
He generally approved all work order procedures and liked the back-up detail filed with each order. The
cash position has dropped to around $300,000 due to capital spending, payment of legal fees, and the
lag in receipts of receivables. Bob drew on BEC’s line of credit for $130,000 but expects to repay this shortly. The RUS 2013 Form 7 is complete and Bob will review with the finance committee on March
5th. He is now working on other December 31st reporting requirements.
At the March 5th meeting, the finance committee will look at legal and consultant fees, capital
expenditures to budget and write-offs for 2013.
Other business
Richard asked the board to vote for one candidate for the Montana Electric Cooperative Association
(MECA) scholarship. Roxie will identify the district for each candidate. Pat would like to see
participation from all districts. Richard sent out notices to all area schools.
Roxie, Richard, Eric Elton and Larry Martin will lead the union negotiations for the May 1 union contract
renewal. The board set the date for the Annual Meeting for September 27th.
Adjournment. At 2:00 PM Roxie adjourned the meeting to executive session to discuss issues with the
Southern bankruptcy settlement. Larry Martin and Martin Smith joined the session by telephone at 3
PM.
Next meetings:
Policy Committee, February 26 at 2 PM at BEC offices.
Finance Committee, March 5th, 11 AM, BEC offices
Regular board meeting, March 25th, 12 PM at the RLACF offices
Power Supply Workshop, March 17 -18th in Sheridan. Arleen and Richard to attend.
MECA spring meeting, April 1 -2nd, Great Falls. Arleen and Pat will attend. Any other board
members wishing to attend need to RSVP by Marh 14th.
Northwest Public Power Association, Mary 19th – 22nd, Billings at the Holiday Inn
Submitted by Judith Gregory, recording
_______________________________
Pat Hoffmann, Secretary, attest
3
Attachment 1: Letter from RUS
4
Due Diligence, Legal, Southern Report – BEC Board, February 24, 2014
Because the settlement discussions have been ongoing we have not been able to
share information regarding a resolution of the bankruptcy. We are very close to
having announcements about the status of settlement discussions and whatever
actions come next in the bankruptcy. We can plan for April outreach to members
with some confidence that we will be free to talk and have developments to talk
about.
Due Diligence Meeting February 17 – We were joined by phone with Gary Saleba,
EES Consulting who gave a background presentation on power supply. Bill Pascoe
(Pascoe Energy), a BEC member joined the discussion of power contracts and issues.
The committee and board members discussed confidential issues and next steps
relating to the Southern bankruptcy. We reviewed two financial models comparing
potential power supply options following the resolution of the bankruptcy.
Southern Montana Electric -- Laurie Beers and I took notes and asked for
clarification at Southern’s meeting on the settlement process. Since the process
began there have been no Southern meetings. We have issues to be raised in a
closed BEC board session.
Legal Matters – Our attorneys are addressing both settlement discussion matters
and specific BEC issues with other members of Southern. As in the past, we have
consulted with the Arnold Porter firm for input and review. We received a bill for
the services of the Dorsey Whitney firm, which did an analysis of processes and
potential costs and impacts of a declaration of bankruptcy at BEC. Their expertise
and analysis was employed to support our due diligence examination of one
potential outcome of the Southern bankruptcy.
For closed session:
Settlement discussions
Southern issues
Legal strategy
Arleen Boyd – Due Diligence Chair
Thursday March 11, 2014
By telephone
To be distributed at Board Meeting
EXECUTIVE SESSION
By telephone
Page 1
EXECUTIVE SESSION
By telephone
Page 2
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UNITED STATES DEPARTMENT OF AGRICULTURE
RURAL UTILITIES SERVICE
BORROWER DESIGNATION
MT0019
PERIOD ENDED
FINANCIAL AND OPERATING REPORT
ELECTRIC DISTRIBUTION
January 31, 2014
BORROWER NAME
INSTRUCTIONS-See help in the online application
BEARTOOTH ELEC COOP INC
This information is analyzed and used to determine the submitter's financial situation and feasibility for loans and guarantees. You are required by contract
and applicable regulations to provide the information. The information is subject to the Freedom of Information Act (5 U.S.C. 552)
CERTIFICATION
We recognize that statements contained herein concern a matter within the jurisdiction of an agency of the United States and the making
of a false, fictitious or fraudulent statement may render the maker subject to prosecution under Title 18, United States Code Section 1001.
We hereby certify that the entries in this report are in accordance with the accounts and other records of the
system and reflect the status of the system to the best of our knowledge and belief.
ALL INSURANCE REQUIRED BY PART 1788 OF 7 CFR CHAPTER XVII, RUS, WAS IN FORCE DURING THE REPORTING
PERIOD AND RENEWALS HAVE BEEN OBTAINED FOR ALL POLICIES.
DURING THE PERIOD COVERED BY THIS REPORT PURSUANT TO PART 1718 OF 7 CFR CHAPTER XVII
(check one of the following)
___X___
_________
All of the obligations under the RUS loan documents have been fulfilled in all material respects.
There has been a default in the fulfillment of the obligations under the RUS loan documents. Said default(s) is/are
specifically described in Part D of this report.
Brad Prophet
3/10/2014
BRAD PROPHET, ACCOUNTANT
DATE
Richard G. Peck
3/10/2014
RICHARD G. PECK, INTERIM GENERAL MANAGER
ITEM
PART A. STATEMENT OF OPERATIONS
YEAR-TO-DATE
LAST YEAR
THIS YEAR
1. Operating Revenue and Patronage Capital...................................
2. Power Production Expense...............................................................
3. Cost of Purchased Power...............................................................
4. Transmission Expense.....................................................................
5. Regional Marketing Expense…………………………………………..
6. Distribution Expense-Operation......................................................
7. Distribution Expense-Maintenance.................................................
8. Consumer Accounts Expense..........................................................
9. Customer Service and Informational Expense...............................
10. Sales Expense.................................................................................
11. Administrative and General Expense...........................................
12. Total Operation and Maintenance Expense (2 thru 11).................
13. Depreciation and Amortization Expense........................................
14. Tax Expense - Property and Gross Receipts..................................
15. Tax Expense - Other.........................................................................
16. Interest on Long-Term Debt............................................................
17. Interest Charged to Construction - Credit......................................
18. Interest Expense - Other....................................................................
19. Other Deductions.............................................................................
20. Total Cost of Electric Service (12 thru 19)....................................
21. Patronage Capital and Operating Margins (1 minus 20)...............
22. Non Operating Margins - Interest...................................................
23. Allowance for Funds Used During Construction..............................
24. Income (Loss) from Equity Investments........................................
25. Non Operating Margins - Other...................................................
26. Generation and Transmission Capital Credits.............................
27. Other Capital Credits and Patronage Dividends.............................
28. Extraordinary Items..........................................................................
29. Patronage Capital or Margins (21 thru 28).....................................
RUS Financial and Operating Report Electric Distribution
DATE
(a)
1,015,648
0
506,482
390
0
108,952
14,909
20,353
4,250
4,119
95,237
754,692
70,452
0
186
54,816
0
100
150
880,396
135,252
1,023
0
0
8
0
0
0
136,283
(b)
1,019,837
0
507,467
354
0
68,847
41,131
20,508
3,410
0
152,159
793,876
73,902
0
240
51,411
0
1,373
150
920,952
98,885
974
0
0
(1,027)
0
0
0
98,832
BUDGET
(c)
1,023,534
0
531,794
379
0
103,284
15,513
20,147
7,339
2,500
102,390
783,346
72,571
0
233
53,199
0
1,499
150
910,998
112,536
1,534
0
0
0
0
0
0
114,070
THIS MONTH
(d)
1,019,837
0
507,467
354
0
68,847
41,131
20,508
3,410
0
152,159
793,876
73,902
0
240
51,411
0
1,373
150
920,952
98,885
974
0
0
(1,027)
0
0
0
98,832
Rev 2010
USDA - RUS
MT0019
FINANCIAL AND OPERATING REPORT
ELECTRIC DISTRIBUTION
PERIOD ENDED
January 31, 2014
PART B. DATA ON TRANSMISSION AND DISTRIBUTION PLANT
YEAR-TO-DATE
YEAR-TO-DATE
LAST YEAR
THIS YEAR
ITEM
LAST YEAR
THIS YEAR
ITEM
(a)
1. New Services Connected
(b)
0
(a)
3 5. Miles Transmission
(b)
15.21
15.58
1,284.49
1300.19
448.84
463.81
1,748.54
1,779.58
6. Miles Distribution2. Services Retired
0
2
6,303
6,531
Overhead
7. Miles Distribution-
3. Total Services in Place
4. Idle Services
Underground
8.Total Miles Energized
(Exclude Seasonal)
682
773 (5 + 6 + 7)
PART C. BALANCE SHEET
ASSETS AND OTHER DEBITS
LIABILITIES AND OTHER CREDITS
1. Total Utility Plant in Service.................................................
28,574,645 30. Memberships...................................................................
152,939
3. Total Utility Plant (1 + 2).......................................................
28,727,584
4. Accum. Provision for Depreciation and Amort.................. 12,614,525
5. Net Utility Plant (3 - 4)...........................................................
16,113,059
6. Non-Utility Property - Net....................................................
0
7. Investments In Subsidiary Companies...............................
0
8. Invest. In Assoc. Org. - Patronage Capital.......................
305,229
9. Invest. In Assoc. Org. - Other - General Funds.................
0
10. Invest. In Assoc. Org. - Other -Nongeneral Funds..........
295,092
11. Investments In Economic Development Projects............
0
12. Other Investments..............................................................
0
13. Special Funds....................................................................
0
14. Total Other Property and Investments (6 thru 13)........
600,321
15. Cash - General Funds....................................................... 227,598
16. Cash - Construction Fund - Trustee..................................
1
17. Special Deposits................................................................
0
18. Temporary Investments....................................................
76,673
19. Notes Receivable (Net)......................................................
0
20. Accounts Receivable - Sales of Energy (Net).................. 1,307,480
21. Accounts Receivable - Other (Net)...................................
20,425
22. Renewable Energy Credits..........................................
0
23. Materials and Supplies - Electric and Other....................
321,362
24. Prepayments....................................................................... 345,489
25. Other Current and Accrued Assets...................................
3,809
26. Total Current and Accrued Assets (15 thru 25)............... 2,302,837
27. Regulatory Assets..............................................................
0
28. Other Deferred Debits.........................................................
82,918
29. Total Assets and Other Debits (5+14+26 thru 28)............19,099,135
2. Construction Work in Progress...........................................
0
3,825,538
32. Operating Margins - Prior Years......................................
578,077
33. Operating Margins - Current Year.....................................
98,885
34. Non-Operating Margins...................................................
65,450
35. Other Margins and Equities.............................................
178,581
36. Total Margins and Equities (30 thru 35)............................. 4,746,531
37. Long-Term Debt - RUS (Net)..........................................
543,010
38. Long-Term Debt - FFB - RUS Guaranteed......................... 7,412,635
39. Long-Term Debt - Other - RUS Guaranteed.......................
0
40. Long-Term Debt - Other (Net).............................................5,178,658
41. Long-Term Debt - RUS - Econ. Devel. (Net)........................
0
42. Payments-Unapplied
0
43. Total Long-Term Debt (37 thru 41-42)...................................
13,134,303
44. Obligations Under Capital Leases-Noncurrent.................................... 0
45. Accumulated Operating Provisions...................................
0
31. Patronage Capital.............................................................
and Asset Retirement Obligations
0
47. Notes Payable..................................................................
0
48. Accounts Payable...........................................................
800,176
49. Consumers Deposits........................................................
69,760
50. Current Maturities Long-Term Debt...................................
0
51. Current Maturities Long-Term Debt-Ec.Dev......................
0
52. Current Maturities Capital Leases.....................................
0
53. Other Current and Accrued Liabilities................................
330,706
54. Total Current and Accrued Liabilities (47 thru 53)................1,200,642
55. Regulatory Liabilities......................................................
0
56. Other Deferred Credits...................................................
17,659
46. Total Other Noncurrent Liabilities (44+45).........................
57. Total Liabilities and Other Credits
(36+43+46+54 thru 56).......................................................
19,099,135
PART D. NOTES TO FINANCIAL STATEMENTS
THIS SPACE IS PROVIDED FOR IMPORTANT DISCLOSURE NOTES TO THE FINANCIAL STATEMENT CONTAINED IN THIS REPORT.
(A SEPARATE SHEET MAY BE USED IF ADDITIONAL SPACE IS NEEDED.)
RUS Financial and Operating Report Electric Distribution
Rev 2010
USDA - RUS
FINANCIAL AND STATISTICAL REPORT
MT019
PERIOD ENDED
INSTRUCTIONS - See RUS Bulletin 1717B-2
RUS USE ONLY
RUS USE ONLY
December 31, 2014
PART R. POWER REQUIREMENTS DATA BASE
CONSUMER
SALES
AND
REVENUE DATA
CLASSIFICATION
a. No.Consumers Served
1. Residential Sales
(excluding seasonal)
FEBRUARY
MARCH
APRIL
MAY
JUNE
TOTAL
(a)
(b)
(c)
(d)
(e)
(f)
(Contains a thru l)
5,391
b. kWh Sold
c. Revenue
JANUARY
5,534,236
$
5,534,236
887,445.67
$
887,445.67
2. Residential Sales Seasonal
b. kWh Sold
0
c. Revenue
3. Irrigation Sales
1000 kVa or Less
797,712
$
Over 10000 kVa
$
112,467.51
$
15,154.70
1
b. kWh Sold
c. Revenue
797,712
112,467.51
5. Comm. And Ind.
-
0
361
b. kWh Sold
c. Revenue
$
0
$
4. Comm. And Ind.
-
0
b. kWh Sold
c. Revenue
$
134,700
$
134,700
15,154.70
6. Public Street and
Highway Lighting
b. kWh Sold
0
c. Revenue
$
-
$
-
$
-
$
-
7. Other Sales to
b. kWh Sold
Public Auth.
c. Revenue
0
8. Sales for Resale RUS Borrowers
b. kWh Sold
0
c. Revenue
9. Sales for Resale Others
b. kWh Sold
0
c. Revenue
10. TOTAL No. Consumers (lines 1a - 9a)
11. TOTAL kWh Sold (lines 1b - 9b)
5,753
0
0
0
0
0
6,466,648
0
0
0
0
0
6,466,648
12. TOTAL Revenue Received From Sales of
Electric Energy (lines 1c - 9c)
$ 1,015,067.88
$
-
$
-
$
-
$
-
$
-
$ 1,015,067.88
13. Transmission Revenue
$
-
14. Other Electric Revenue
$
-
15. kWh - Own Use
56,202
0
0
0
0
0
56,202
16. TOTAL kWh Purchased
7,374,116
0
0
0
0
0
7,374,116
17. TOTAL kWh Generated
0
0
0
0
0
0
0
18. Cost of Purchases and Generation
19. Interchange - kWh - Net
20. Peak - Sum All kWh Input (Metered)
Coincident
Non-Coincident
$
-
$
-
$
-
$
-
$
-
$
-
$
-
0
0
0
0
0
0
0
15,569
0
0
0
0
0
15,569
RUS Form 7 (Rev. 6-94)
Line Losses = (16.-11.-15.)./11. %
13.16%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
13.16%
BEARTOOTH ELECTRIC COOPERATIVE, INC.
COMPARATIVE BALANCE SHEET
January 31, 2014
CURRENT YEAR
LAST YEAR
DIFFERENCE
ASSETS AND OTHER DEBITS
----------------------TOTAL UTILITY PLANT IN SERVICE
CONSTRUCTION WORK IN PROGRESS
TOTAL UTILITY PLANT
$28,574,645.10
$27,571,191.45
$1,003,453.65
152,939.21
308,205.98
-155,266.77
$28,727,584.31
$27,879,397.43
$848,186.88
-------------------- -------------------- -------------------ACCUMULATED PROVISION FOR DEPRECIATION
-$12,614,525.61
-$12,272,665.75
-$341,859.86
-------------------- -------------------- -------------------NET UTILITY PLANT
$16,113,058.70
$15,606,731.68
$506,327.02
-------------------- -------------------- -------------------INVEST. IN ASSOC. ORG.-PATRONAGE CAPITAL
$305,228.96
$279,453.76
$25,775.20
INVEST. IN ASSOC. ORG. NON-GENERAL FUNDS
295,091.83
296,372.70
-1,280.87
-------------------- -------------------- -------------------TOTAL OTHER PROPERTY & INVESTMENTS
$600,320.79
$575,826.46
$24,494.33
-------------------- -------------------- -------------------CASH - GENERAL FUNDS
CASH - CONSTRUCTION FUND - TRUSTEE
TEMPORARY INVESTMENTS
$227,598.28
$334,532.94
1.00
1.00
-$106,934.66
0.00
76,673.45
773,476.59
-696,803.14
-------------------- -------------------- -------------------TOTAL CASH ON HAND
NOTES RECEIVABLE
ACCOUNTS RECEIVABLE SALES OF ENERGY (NET
ACCOUNTS RECEIVABLE - OTHER (NET)
$304,272.73
$1,108,010.53
$0.00
$0.00
-$803,737.80
$0.00
1,307,479.87
1,241,137.08
66,342.79
20,424.73
13,815.80
6,608.93
MATERIAL AND SUPPLIES - ELECTRIC & OTHER
321,362.29
259,025.96
62,336.33
PREPAYMENTS
345,489.29
218,725.74
126,763.55
3,808.59
6,687.80
-2,879.21
OTHER CURRRENT AND ACCRUED ASSETS
-------------------- -------------------- -------------------TOTAL CURRENT AND ACCRUED ASSETS
$2,302,837.50
$2,847,402.91
-$544,565.41
-------------------- -------------------- -------------------OTHER DEFERRED DEBITS
$82,918.18
$49,594.31
$33,323.87
-------------------- -------------------- -------------------TOTAL ASSETS AND OTHER DEBITS
$19,099,135.17
$19,079,555.36
$19,579.81
==================== ==================== ====================
LIABILITIES AND OTHER CREDITS
----------------------------MEMBERSHIPS
PATRONAGE CAPITAL
OPERATING MARGINS- PRIOR YEAR
$0.00
$0.00
$0.00
3,825,538.30
7,028,230.59
-3,202,692.29
-201,912.86
578,076.40
779,989.56
OPERATING MARGINS- CURRENT YEAR
98,884.95
135,251.82
-36,366.87
NON-OPERATING MARGINS
65,450.79
-3,849,786.25
3,915,237.04
178,580.90
77,359.16
101,221.74
OTHER MARGINS AND EQUITIES
-------------------- -------------------- -------------------TOTAL MARGINS AND EQUITIES
$4,746,531.34
$4,171,044.58
$575,486.76
-------------------- -------------------- -------------------LONG-TERM DEBT -RUS (NET)
$543,010.26
$562,711.24
-$19,700.98
LONG-TERM DEBT-FFB-RUS GUARANTEED
7,412,635.36
7,567,782.02
-155,146.66
OTHER LONG-TERM DEBT (NET)
5,178,657.46
5,663,292.89
-484,635.43
-------------------- -------------------- -------------------TOTAL LONG-TERM DEBT
$13,134,303.08
$13,793,786.15
-$659,483.07
-------------------- -------------------- -------------------NOTES PAYABLE
ACCOUNTS PAYABLE
CONSUMERS DEPOSITS
OTHER CURRENT AND ACCRUED LIABILITIES
$0.00
$0.00
$0.00
800,175.63
649,272.88
150,902.75
69,760.00
72,980.00
-3,220.00
330,706.46
376,216.69
-45,510.23
-------------------- -------------------- -------------------TOTAL CURRENT AND ACCRUED LIABILITIES
$1,200,642.09
$1,098,469.57
$102,172.52
-------------------- -------------------- -------------------OTHER DEFERRED CREDITS
$17,658.66
$16,255.06
$1,403.60
-------------------- -------------------- -------------------TOTAL LIABILITIES AND OTHER CREDITS
$19,099,135.17
$19,079,555.36
$19,579.81
==================== ==================== ====================
Financial Information January 2014
Revenue & Cost of Power
Operating Expenses
YTD
1200000
JANUARY
JANUARY
300000
1000000
change
YTD
350000
250000
800000
200000
600000
150000
400000
100000
50000
200000
0
0
Actual
Admin. & Gen.
Actual
Budget
2013
Actual
Budget
2013
152158.61
102390
95237.41
152158.61
102390
95237.41
Budget
2013
Actual
Budget
2013
Operating Revenue 1019836.91
1023534
1015647.6
1019836.91
1023534
1015647.6
Cust. Serv.
23917.74
29986
28722.13
23917.74
29986
28722.13
Cost of Power
531794
506482.07
507467.26
531794
506482.07
Oper & Maint
110332.02
119176
124250.64
110332.02
119176
124250.64
507467.26
YTD Cumulative Margins - 2014
Actual
Budget
Monthly Margins - 2014
2013
Actual
700000
150000
600000
100000
500000
Budget
2013
50000
400000
0
300000
-50000
200000
-100000
100000
0
-150000
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sept
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sept
Oct
Nov
Dec
Financial Information Through January 2014
Monthly kWh Sales
2014
2013
Delinquent Listing - Payments received thru
03/15/2014 - Over 30 Days
2012
7500000
Customer Information System
Payments Received
Balance Due
$180,000
7000000
$160,000
6500000
change
$140,000
$120,000
6000000
$100,000
5500000
$80,000
$60,000
5000000
$40,000
4500000
$20,000
4000000
$Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sept
Oct
Nov
Dec
January Aged Past Due Accounts Receivable
2014
Jan 2014
YE
2013
Quick Ratio *
Current Ratio
Equity as a % of Net Utility Plant
Equity as a % of Total Assets
Net TIER **
250000
Mar
Ratios: December 31, 2013 and January 31, 2014
2013
300000
Feb
1.64
2.05 to 1
29.10%
24.30%
2.00
YTD
2014
1.36
1.92 to 1
29.46%
24.85%
2.92
200000
Cash & Investments
Receivables
150000
100000
50000
0
30 Days
60 Days
90 Days
Total Past Due
Less Payables
Liquidity
600,838
1,385,862
1,986,700
(823,009)
1,163,691
304,272
1,327,905
1,632,177
(800,176)
832,001
Other Payments Due:
RUS Loan Payment
FFB Loan Payment
CFC Loan Payment
Due
2/28/2014
3/31/2014
4/30/2014
$
4,126
116,662
198,265
*Quick ratio=measures the ability of a company to use its cash and short-term/
demand deposits to extinguish current liabilities immediately
**Net TIER=Times Interest Earned Ratio (TIER) means the ratio of a
borrower’s net income (after taxes) plus interest expense,
all divided by interest expense
SIMPLIFIED CASH FLOW
As of January 31, 2014
Black = creates cash
Red = uses cash
Thousands (000s)
CASH FROM OPERATIONS
Margins
Add back Depreciation
Loss from disposal of assets
Cash from Operations
Actual
$
Budget*
98.8
73.9
(36.0)
136.7
$
-
Uses of Cash in Operations
Change in Ending Receivable Balance
Change in Ending Inventory Balance
Change in Ending Prepaid Expense Balance
Reduction of (payment for) other Current Assets
Change in Ending Accounts Payable Balance
Accrual/(payment) of other Current Liabilities
Cash created by (used in) operations
58.0
(11.9)
(163.2)
(7.1)
(22.8)
13.3
(133.7)
-
Capital Spending
Utility Plant
Construction Work in Progress
Other Property & Investments
Cash (used in) Capital Spending
(119.6)
(49.1)
(168.7)
-
Net increase (pay down) of debt
Draw for Construction from RUS
Other creation (use of) cash
(127.3)
(3.5)
-
Change in cash from all activities
(296.5)
-
Cash and Investments beginning
Change in cash
Cash and Investments ending
600.8
(296.5)
304.3
-
123.6
81.7
205.3
-
Payroll
Benefits
Total
*Note: Cash Flow Budget was forecasted on a quarterly basis. January 2014 is the first month of first quarter (March 2014).
Accounts Payable
Check Register
02/16/2014 To 03/15/2014
Bank Account: 1 - GENERAL FUND
Check /
Date
Tran
611
2/19/2014
612
2/20/2014
613
2/20/2014
614
2/19/2014
615
2/19/2014
616
2/19/2014
617
2/24/2014
618
2/28/2014
619
2/27/2014
620
2/28/2014
621
2/28/2014
622
3/3/2014
623
3/5/2014
624
3/5/2014
625
3/5/2014
626
3/5/2014
627
3/5/2014
628
3/5/2014
629
3/10/2014
54273
2/21/2014
54274
2/21/2014
54275
2/21/2014
54276
2/21/2014
54277
2/21/2014
54278
2/21/2014
54279
2/21/2014
54280
2/21/2014
54281
2/21/2014
54282
2/21/2014
54283
2/21/2014
54284
2/21/2014
54285
2/21/2014
54286
2/21/2014
54287
2/21/2014
54288
2/21/2014
54289
2/21/2014
54290
2/21/2014
54291
2/21/2014
54292
2/21/2014
54293
2/21/2014
54294
2/25/2014
54295
2/26/2014
54296
2/26/2014
54297
2/26/2014
54298
2/26/2014
Pmt
Type
WIRE
WIRE
WIRE
WIRE
WIRE
WIRE
WIRE
WIRE
WIRE
WIRE
WIRE
WIRE
WIRE
WIRE
WIRE
WIRE
WIRE
WIRE
WIRE
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
Amount
Vendor Name
Reference
Payroll Direct Deposit
SOUTHERN MONTANA ELECTRIC G&T
HOMESTEAD FUNDS
NRECA
NRECA
INTERNAL REVENUE SERVICE
NATIONAL RURAL ELEC COOP ASSOC
NATIONAL RURAL UTILITIES
USDA RURAL DEVELOPMENT
MONTANA DEPT OF REVENUE
NRECA
HOMESTEAD FUNDS
NRECA
INTERNAL REVENUE SERVICE
NRECA
US BANK
AMERICA FAMILY LIFE INSURANCE CO
ARNOLD & PORTER LLP
JESSICA CARROLL
CENTURYLINK
COLUMBUS ACE HARDWARE
COLUMBUS NAPA AUTO PARTS
CREDIT ASSOCIATES, INC.
ECOLAB PEST ELIM DIV
FARMER BROS CO
FERGUS ELECTRIC COOPERATIVE, INC.
LOCAL UNION 44
METLIFE
ONE CALL LOCATORS, LTD
QUILL CORPORATION
KAAREN S ROBBINS
SHARYL SHEPPARD
STARBAND COMMUNICATIONS INC.
STEVENS FIRE PROTECTION
PAT WILSON
WYOMING DEPT OF REVENUE
FIRST INTERSTATE BANK
AQUA SYSTEMS
LAURIE J BEERS
BIG SKY LINEN SUPPLY
JESSICA CARROLL
POWER BILL
PAYROLL DEDUCTION DEFERRED COMPENSATION
401k PENSION PLAN
401k EMPLOYEE LOAN
FEDERAL WITHHELD TAXES & FICA
R & S PLAN
NRU CFC LOC INTEREST & PRINCIPAL
USDA-RUS PRINCIPAL & INTEREST
MT WITHHELD TAXES
CBA 125 PLAN PAYMENTS TO EMPLOYEES
ANNUAL 401k PENSION PLAN EMPLOYER EXPENSE
CBA FLEX PAYMENTS TO EMPLOYEES
PAYROLL DEDUCTION DEFERRED COMPENSATION
EMPLOYEE 401k LOAN PAYMENT
FEDERAL WITHHELD & FICA TAXES
NRECA 401k PENSION PLAN
MONTHLY CORP CC STATEMENT
PAYROLL DEDUCTION INSURANCE
ATTORNEY STATEMENT
ADMIN ASSISTANT
RL OFFICE, COLUMBUS SHOP & SUBSTATIONS
VARIOUS SHOP SUPPLIES
UNIT #24 PART RETURN
COLLECTION AGENCY FEE
RL OFFICE & COLUMBUS PEST CONTROL
COFFEE & TEA
FIB LOAN INTEREST
UNION DUES
MT WITHHELD TAXES
BILLABLE TICKETS - MT
PENS & ENVELOPES
COMMUNICATIONS CONSULTANT
WORK ORDER REFUND
COLUMBUS INTERNET SERVICE
ANNUAL MAINT FIRE EXTINGUISHERS
REFUND MEMBERSHIP FEE
JAN WY SALES & USE TAX
MONTHLY CORP CC STATEMENT
BOTTLED WATER
BOARD FEE, MILEAGE & OTHER MEETINGS
RL & COLUMBUS RUG CLEANING
ADMIN ASSISTANT
31,828.24
507,467.26
1,000.00
5,507.29
111.09
15,036.99
50,855.69
130,082.63
4,126.32
84.00
76.16
3,505.00
30,763.02
570.54
1,000.00
111.09
14,074.29
8,350.99
3,722.04
215.81
21,489.34
420.00
977.47
216.41
43.40
281.00
157.00
267.68
1,275.55
1,080.36
54.10
2,393.00
1,670.03
78.56
2,931.36
938.95
109.99
446.00
5.00
3,143.83
3,635.53
31.00
2,267.54
90.77
350.00
54299
54300
54301
54302
54303
54304
54305
54306
54307
54308
54309
54310
54311
54312
54313
54314
54315
54316
54317
54318
54319
54320
54321
54322
54323
54324
54325
54326
54327
54328
54329
54330
54331
54332
54333
54334
54335
54336
54337
54338
54339
54340
54341
54342
54343
54344
54345
54346
54347
54348
54349
54350
54351
54352
54353
54354
2/26/2014
2/26/2014
2/26/2014
2/26/2014
2/26/2014
2/26/2014
2/26/2014
2/26/2014
2/26/2014
2/26/2014
2/26/2014
2/26/2014
2/26/2014
3/7/2014
3/7/2014
3/7/2014
3/7/2014
3/7/2014
3/7/2014
3/7/2014
3/7/2014
3/7/2014
3/7/2014
3/7/2014
3/7/2014
3/7/2014
3/7/2014
3/7/2014
3/7/2014
3/7/2014
3/7/2014
3/7/2014
3/7/2014
3/7/2014
3/7/2014
3/7/2014
3/7/2014
3/7/2014
3/7/2014
3/7/2014
3/7/2014
3/7/2014
3/7/2014
3/7/2014
3/7/2014
3/7/2014
3/7/2014
3/7/2014
3/7/2014
3/7/2014
3/7/2014
3/7/2014
3/7/2014
3/7/2014
3/7/2014
3/7/2014
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
COOPER POWER SYSTEMS
DORSEY & WHITNEY LLP
EES CONSULTING
FELT, MARTIN, FRAZIER & WELDON, P.C.
HAMILTON ASSOCIATES
HD SUPPLY POWER SOLUTIONS, LTD
HDR ENGINEERING INC
MONTANA ELECTRIC COOP ASSN., INC.
NISC
OUTBACK POWER COMPANY
QUILL CORPORATION
RED LODGE TRUE VALUE
ROCK CREEK HOME & GARDEN INC
ALTEC INDUSTRIES INC
BEARTOOTH KAWASAKI
BIG SKY LINEN SUPPLY
JESSICA CARROLL
CENEX
CENTURYLINK
COLONIAL LIFE ACCIDENT INS CO
COLUMBUS ACE HARDWARE
COLUMBUS NAPA AUTO PARTS
COLUMBUS TIRE & SERVICE CENTER
DANIEL DUTTON
JUDITH GREGORY
HAMILTON ASSOCIATES
HORIZON COMMUNICATIONS
IRBY TOOL & SAFETY
KW CONSULTING
LANDIS+GYR TECHNOLOGIES LLC
LINECO
ROXIE S MELTON
MONTANA ARGO LLC
MONTANA MOBILE
NAPA AUTO PARTS
NEMONT
RICHARD T NOLAN
NORTHWEST DYNAMICS INSPECTION
NORTHWEST PUBLIC POWER ASSOC
O'REILLY AUTOMOTIVE STORES, INC.
ONLINE INFORMATION SERVICES
QUILL CORPORATION
RIMROCK TIRE INC.
ROCK CREEK HOME & GARDEN INC
SELBY'S ESSCO
STILLWATER CO CLERK & RECORDER
MARTY TOMLIN
TRIANGLE TELEPHONE
VERIZON WIRELESS
JAKE D WRIGHT
KELLY BERDAR
KELLY BERDAR
CHRIS P HOINESS
RICHARD LEE
REGULATORS
ATTORNEY STATEMENT
HGS VALUATION
JAN ATTORNEY STATEMENT
NET METERS
MATERIAL
CWP & ENVIRONMENTAL REPORT
GENERAL & SAFETY DUES, RM & NO. BROADCAST
AMS, INTERFACE & H/W SUPPORT
WHITEBIRD PROJECT
COPY PAPER
SHOP SUPPLIES
SHOP TOOLS & SUPPLIES
BOOM CLEANING SHOP SUPPLY
UNIT #23 FILTERS
COLUMBUS RUG CLEANING
ADMIN ASSISTANT
FUEL
LONG DISTANCE
SHOP SUPPLIES
UNIT #24 PART
UNIT #23 FLAT REPAIRS
BOARD FEE
BOARD MINUTES
16 METERS
CALL CENTER
BLANKET & SLEEVE TESTING
WO & FORECASTING CONSULTING
45 TURTLES
LINEMAN INSURANCE
BOARD FEE, MILEAGE & OTHER MEETINGS
REED POINT NORTH OUTAGE UTV RENTAL
MT WITHHELD TAXES
MONTHLY OFFICE SHREDDING SERVICE
SHOP SUPPLIES
125 PLAN ADMIN FEES
SUBSTATIONS
BOARD FEE, MILEAGE, OTHER MEETINGS
DOT INSPECTIONS
FOREMAN TRAINING
UNIT #9 FLUIDS & TRUCK SUPPLIES
MONTHLY EXCHANGE SERVICE
LABELS & COPY PAPER
UNIT #10 TIRE
SHOP SUPPLIES
SURVEYING SUPPLIES
EASEMENT - BAILEY
FEB FITNESS REIMBURSEMENT
REED POINT SUBSTATION
CELL PHONES
OUTAGE SNOW MOBILE RENTAL
FEB 2014 ESTATE RETIREMENT
17,163.82
6,002.00
2,190.00
50,559.65
4,799.34
31,047.89
6,535.25
7,280.60
6,826.73
81,787.75
103.81
76.76
717.45
179.45
79.28
23.31
332.50
1,741.23
56.28
58.26
166.73
370.92
15.00
250.00
150.00
2,523.89
153.98
555.60
2,682.00
8,454.62
11,962.50
1,404.81
1,275.00
2,243.00
63.08
727.33
22.50
253.16
538.49
3,389.00
1,635.00
290.74
56.00
189.16
218.00
96.34
40.04
21.00
20.82
45.86
262.55
275.00
444.32
18.32
1,358.23
117.43
54355
54356
54357
54358
54359
54360
54361
54362
54363
54364
54365
54366
54367
54368
54369
54370
54371
54372
54373
54374
54375
3/14/2014
3/14/2014
3/14/2014
3/14/2014
3/14/2014
3/14/2014
3/14/2014
3/14/2014
3/14/2014
3/14/2014
3/14/2014
3/14/2014
3/14/2014
3/14/2014
3/14/2014
3/14/2014
3/14/2014
3/14/2014
3/14/2014
3/14/2014
3/14/2014
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
CHK
15
2/20/2014
WIRE
ALTEC INDUSTRIES INC
BANIK COMMUNICATIONS INC.
JESSICA CARROLL
CIERRACOM SYSTEMS
CITY OF RED LODGE
FERGUS ELECTRIC COOPERATIVE, INC.
WILLIAM P. HANLEY
HD SUPPLY POWER SOLUTIONS, LTD
MAID IN COLUMBUS
BILL MARTENS
MONTANA ELECTRIC COOP ASSN., INC.
ONE SMART CONFERENCE, INC.
R & R ELECTRONICS
REPUBLIC SERVICES #892
STILLWATER CO CLERK & RECORDER
T W R, INC.
JOAN I & ROBERT A TEEGARDEN
TERRELL'S OFFICE MACHINES, INC.
TITAN MACHINERY INC.
UTILITIES UNDERGROUND LOCATE
CLYDE WINDECKER
Total Payments for Bank Account - 1 :
Total Voids for Bank Account - 1 :
Total for Bank Account - 1 :
BEARTOOTH ELECTRIC COOP INC
Total Payments for Bank Account - 3 :
Total Voids for Bank Account - 3 :
Total for Bank Account - 3 :
Grand Total for Payments :
Grand Total for Voids :
Grand Total :
UNIT #8 BOOM REPAIRS
JAN & FEB WEBSITE, COMMUNICATION SUPPORT
ADMIN ASSISTANT
INCOMING 800 CALLS
MONTHLY WATER & SEWER
FIB LOAN INTEREST
DOT TESTING
MATERIAL
CLEANING COLUMBUS SHOP
MEMBERSHIP REFUND
RM INSERT
CONFERENCE CALLS
SHOP SUPPLIES
GARBAGE DISPOSAL
EASEMENT - MURPHY
MEMBERSHIP REFUND
MEMBERSHIP REFUND
BIZHUB MAINTENANCE
UNIT #29 REPAIR
BILLABLE TICKETS
GENERAL RETIREMENT CHECK REWRITE
(122)
(0)
(122)
FIB SAVINGS TO FIB CHECKING TRANSFER
(1)
(0)
(1)
(123)
(0)
(123)
390.25
2,417.80
420.00
291.88
92.99
1,152.11
145.00
6,817.59
200.00
5.00
7,780.60
109.66
70.48
169.48
24.00
5.00
5.00
55.00
3,696.32
25.12
237.39
1,136,804.77
1,136,804.77
130,000.00
130,000.00
130,000.00
1,266,804.77
1,266,804.77
Beartooth Electric Cooperative. Inc.
Summary of Attorney Fees
2014
General
Bailey Stock &
Felt, Martin, Harman P.C
Frazier, et al (WY matters)
SME G&T Bankruptcy
Attorney AD&D
General
Monthly
Totals
Felt, Martin,
Frazier, et al
2014
Jan 2014
-
50,559.65
Feb 2014
-
-
-
Mar 2014
-
-
-
Apr 2014
-
-
-
May 2014
-
-
-
June 2014
-
-
-
July 2014
-
-
-
August 2014
-
-
-
Sept 2014
-
-
-
Oct 2014
-
-
-
Nov 2014
-
-
-
Dec 2014
-
-
-
2014
-
-
-
50,559.65
Dorsey &
Whitney LLP
Bankruptcy
Monthly
Totals
Insurance/Other
6,002.00
50,559.65
2.64
6,002.00
#
50,559.65
C:\Users\bradp\Documents\Board of Trustees\January 2014 Financial Packet
2.64
Monthly
56,564.29
2.64
56,564.29
March 2014 Managers Board Report
Administration: I have been actively supporting the various board committees in regards to
the Southern bankruptcy and updating BEC policies. In the bankruptcy efforts there have been
multiple meetings in regards to mediation. The chair of the Due Diligence Committee is
making a detailed report of the recent mediation meetings and due diligence activity.
The Policy Committee has finished the review and update of the 200 and 300 Policies. After
the recent board review they were submitted to the attorney for his review. They will be
brought back to the board for approval at the April Board meeting. The committee is in the
process of updating the remainder of the 400 series of policies.
The Policy Committee has reviewed an updated net billing Policy 416 and a general contract
(was also submitted to the attorney) that will include opportunities for community renewable
energy projects. The policy will also have to be filed with WPSC. The next Policy Committee
meeting is scheduled the afternoon of March 26th at the BEC Office at 12:00.
Communications Committee needs to review with the full board locations, dates and times for
a series of Town Hall meetings in April and May. There is no defined subject matter for these
meetings as of the March board meeting. However it is important to make the decisions on
locations and date by all board members. Under new business there is a list of possible
locations and dates that I had Kaaren prepare.
Financial: There was a Finance Committee meeting on March 5th at 11:00 AM at the BEC
office on 2013 4th Qtr. and RUS 2013 Annual Report. The Chairman of the Finance
Committee will be submitting a report on their findings and recommendations.
FYI, the staff and I met with NWE operating personnel in regards to their transmission system
and system outages. We have learned they will be spending over $300,000 on upgrading the
Red Lodge to Belfry 50Kv line this summer. They also informed us they will not be updating
the 50Kv line from Dean to Red Lodge. Therefore the $2.5 million for substation upgrades
after 2018 will not be required.
The cash flows at the present our adequate but I suspect by the end of March or early April we
will be utilizing the CFC $2.0 million line of credit on a full time basis. I will be submitting a
request for a long term loan on our four year work plan after the approval of our environmental
evaluation by RUS. The membership will be notified prior to submitting the loan and the
request will be brought to the board for their approval and the WPSC for their review.
Meetings and Travel: I will be out of the office April 8 through April 12 on personal leave.
I plan on traveling to the MECA Spring Board meeting in Great Falls on April 1 and April 2.
BOARD REPORT
March 25, 2014
COMMUNICATIONS & MEMBER SERVICES
1. E-BILL PARTICIPATION STATS
E-Bill
Members
E-Bill
Accounts
Jan
‘14
Jan
‘13
Jan
‘12
Feb
‘14
Feb
‘13
Feb
‘12
Mar
‘14
Mar
‘13
Mar
‘12
Apr
‘13
Apr
‘12
May
‘13
May
‘12
Jun
‘13
Jun
‘12
910
613
292
925
631
324
940
651
345
666
368
682
390
698
412
1,476
987
394
1,493
1,020
437
1,510
1,043
461
1,062
495
1,088
517
1,112
558
Jul
‘14
Jul
‘13
Jul
‘12
Aug
‘14
Aug
‘13
Aug
‘12
Sep
‘14
Sep
‘13
Sep
‘12
Oct
’13
Oct
‘12
Nov
‘13
Nov
‘12
Dec
’13
Dec
‘12
751
480
824
507
862
537
876
553
889
568
901
593
1,197
762
1,333
829
1,387
865
1,417
898
1,441
923
1,464
964
E-Bill
Members
E-Bill
Accounts
2. LISD/LIDD PROGRAM STATS
Low Income Senior and Disabled Discount
Statement Date
Total Members
12/31/13
12/31/12
11/30/13
11/30/12
10/31/13
10/31/12
09/30/13
09/30/12
08/31/13
08/31/12
07/31/13
07/31/12
06/30/13
06/30/12
05/31/13
05/31/12
04/30/13
04/30/12
03/31/13
03/31/12
02/28/14
02/28/13
02/28/12
01/31/14
01/31/13
01/31/12
47
49
49
51
49
50
51
51
51
51
52
51
54
53
54
53
54
51
54
51
48
51
50
50
51
50
Communications & Member Services
Total Month's
Discounts
$
777.94
$
665.76
$
567.84
$
489.03
$
434.69
$
439.85
$
375.05
$
360.92
$
432.36
$
439.31
$
447.10
$
459.58
$
438.70
$
405.73
$
381.99
$
422.10
$
527.08
$
427.16
$
558.72
$
506.30
$
674.82
$
578.80
$
744.31
$
763.52
$
683.87
$
657.04
Year-to-Date
Discounts
$
6,204.24
$
6,037.09
$
5,426.30
$
5,351.33
$
4,858.36
$
4,862.30
$
4,423.67
$
4,422.45
$
4,048.62
$
4,061.53
$
3,616.26
$
3,622.22
$
3,169.16
$
3,162.64
$
2,730.46
$
2,756.91
$
2,348.47
$
2,334,81
$
1,821.39
$
1,907.65
$
1,438.34
$
1,262.67
$
1,401.35
$
763.52
$
683.87
$
657.04
Google Analytics Report – February 10, 2014 through March 9, 2014
This report outlines the visits to the Beartooth website from February 10, 2014 through March 9, 2014.
Overall visits to the site were down -8.42%. Total visitors for the month were 750 with 543 people being
unique visitors. This is a small decrease over last period of -0.37%.
In comparison with the previous four-week period, the profile of visits over the month looks similar. The
low point of the month was Saturday, February 22, with 5 visits. On the day of the board meeting,
February 24, there were 33 visits. The peak day was Friday, February 28 with 47 visits.
There was an overall decrease in mobile usage (-15.38%). New visits on mobile devices continue to rise,
however—up 21.99% from the last 4-week period.
Pageviews were down -7.87% overall and as well as the average pages per visit. The average visit
duration was down -8.91% 00:02:31 vs. 00:02:46.
<more>
Visits by location:
Location
Visits
Change
New
Visits
Location
Visits
Change
New
Visits
1. Billings
139
-18.53%
59
6. Helena
14
42.86%
6
2. Bozeman
72
-11.11%
29
7. Butte
13
84.62%
11
3. Great Falls
46
-36.11%
7
8. Ashland
10
10.00%
1
4. Forsyth
24
-4.00%
2
9. Columbus
6
50.00%
3
5. Red Lodge
17
-45.16%
6
10. Lewistown
3
66.67%
2
BOARD REPORT
March 25, 2014
CONSTRUCTION, OPERATIONS & MAINTENANCE
Davey’s Tree Service started working in Joliet and Fromberg areas.
Mud and snow has been a major obstacle for both Red Lodge and
Columbus crews therefore we have been doing a lot of pole testing and line
inspecting.
We met with Northwestern on March 3rd and discussed the Belfry Airbrake
Switch. NW plans on investing over $300,000 into the 50kv transmission
line that feeds Belfry substation. NW has already cut the outages in half
from one year ago by new improvements. In lieu of this BEC has decided to
wait 1 year and reevaluate transmission outages to see if the switch will still
be necessary.
There were 2 new services installed the month of February 2014.
There was a total of 9 outages system wide the month of February. Please
see attached breakdown sheet.
There were 52 individual consumers out of power at some point in
February having duration of 1165 minutes.
EDUCATION, SAFETY & LOSS
MECA Safety meeting was held on February 26th. Please see attached sheet.
OSHEA gave us a surprise inspection on February 26th. This was a random
inspection for combustible dust, which we did not have.
There are no Lost Time Accidents to report for the February.
Lee Hauge has completed 2014 Electrical Hazard Awareness Programs in 8
schools within BEC’s service territories. Please see attached sheet.
TRUCK, TOOLS & EQUIPTMENT
Guy Berent will be doing the pre-paint inspection on the new Line Truck.
We hope to take delivery on the new line truck next month.
The crews have completed all the repairs that NDIS found in our annual
DOT inspection last month.
Please note the attached Fleet Summary.
Eric Elton
Line Superintendant
SERVICE INTERRUPTION REPORT-FEBRUARY
Date
02/02/14
02/07/14
02/08/14
02/10/14
02/14/14
02/14/14
02/14/14
02/17/14
02/25/14
TOTALS
S
Duration
t
(Min)
a
120
80
165
180
90
90
120
80
240
1165
Number of
Customers
Affected
32
9
1
1
3
1
2
2
1
Cause of Service Interruption (RUS Designation 1730A-119)
[300] Broken jumper
[Unknown] OCR opened
[300] Overloaded transformer
[Unknown] Blown top fuse
[300] Bad connection at meter pole
[300] High winds vibrated hot line clamp loose
[090] Fuse blew at URD cutout
[090] Wind broke jumper on transformer
[500] Faulty tranformer, would not re-set
52
Customer
Substation OH/ URD Minutes of
Interruptio
1
6
4
3
8
11
3
3
4
OH
OH
OH
OH
OH
OH
OH/URD
OH
OH
3840
720
165
180
270
90
240
160
240
5905
Key for RUS codes
000
Power Supplier
090
Weather
110
Planned Outage/Maintenance
300
Other Material/Equipment Fault
490
Trees
500
Transformer
690
Animals
790
Public Caused
Other
Other
BEAR TOOTH ELECTRIC
COOPERATIVE
RED LODGE, MONTANA
RICHARD PECK, Manager
Safety Meeting Report
2-26-14
1. TOPICS: GHS safety data sheets, flagger certification
2. VIDEO AIDS USED: Power Point Presentation
3. REPORT OF ACCIDENTS: We discussed accidents and near accidents that
have occurred within the state and industry.
4. RECOMMENDATIONS AND COMMENTS. For our first topic the office
crew joined us to review the new Globally Harmonized Safety Data Sheets.
We looked at the changes in the symbols and format from the old MSDS
sheets and discussed other changes in procedures and requirements.
Next we reviewed flagger requirements from the American Traffic Safety
Services Association. We discussed required signs, advanced warning areas,
buffer zones, work areas, flagger procedures, and dealing with the public.
# of Class Hours:
4
# of Personnel Present:
# of Field Hours:
15
# of guests present:
Thanks for your help and involvement.
Gordon McConkey
MECA SL/C
EMPLOYEE NAME
ATTENDANCE
BRAD PROPHET
X
LINDA DUKART
X
DON PARKS
X
J D HERSRUD
X
MARTY TOMLIN
X
TERRY RICHARDSON
X
BILL COLGROVE
X
ERIC ELTON
X
TRAVIS BARKER
X
LANNY HILDERMAN
BOB WALKER
X
JIM AVENT
X
JAKE WRIGHT
GUS BEHRENT
X
SAM WALKOWIAK
DIANNE MAKINSON
X
X
CONNI TEACHOUT
X
LEE HAUGE
Fleet Management
Expense Totals
JANUARY 2014
TOTALS
YTD
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Total
Total: 25,653.43
Miles 15,822.00
Cost Per Mile
1.62
Gallons of Gas 1,046.90
MPG
15.11
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
25,653.43
15,822.00
1.62
1,046.90
15.11
Total:
Hours
Cost Per Hour
Gallons of Gas
HPG
5,217.50
113.00
46.17
87.20
0.53
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5,217.50
113.00
46.17
87.20
0.53
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Total
Total: 30,870.93
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
30,870.93
FLEET TOTALS
YTD
BEARTOOTH ELECTRIC COOPERATIVE
BOARD REPORT
Meeting Date March 25, 2014
Robert P. Walker, Interim Director of Finance & Accounting
Training Update
Brad Prophet has now completed all four of the required classes to obtain his “Front Line Leadership” certificate from NWPPA.
Future Sessions are as follows:
5: Optional – Supervising Union Employees
6: Optional – Safety Leadership/Safety Culture
NRUCFC Annual Benefits of Ownership Statement
The Cooperative recently received our Annual Benefits of Ownership Statement from the National Rural
Utilities Cooperative Finance Corporation. Our current balance of Patronage Capital is $145,260 and we
have a total balance of Capital Certificate Investments of $284,892 on which we earned $11,321 of
interest during 2013.
Work Order Accounting Procedures
We closed construction work orders totaling $151,652.40 and retirement work orders totaling
$32,056.83 in January and will be closing work orders for February soon. Chris Colberg, the R.U.S. Field
Accountant has sent a letter to our President, Roxie Melton, concerning the findings of his loan fund and
accounting review which is attached to this report.
Investments and Cash Balances
As of March 13th our savings balances at Wells Fargo Bank and The Bank of Red Lodge were $25,009.71
and $25,078.38 Our Balances in First Interstate Bank as of close of business on 01/13/ 2013 totaled
$339,393.48. Our estimated power bill which is due on March 20th comes to $549,034.58. Also, we do
have outstanding checks and will be doing another check run before the date of the Board Meeting.
Yearend Financial Reports
Beartooth Electric’s 2013 R.U.S. Form 7, “Financial and Operating Report” has been completed as well as
all of the year end payroll tax forms and W2”s. We are now in the process of the preparing of our
Department of Revenue reports for Montana and Wyoming and the annual report to the Wyoming
Public Service Commission. Our 2014 annual Montana Corporation Report has also been filed with the
Montana Secretary of State’s Office.
RESOLUTION
AUTHORIZING THE Write-off of
2013 Doubtful Accounts
WHEREAS, Beartooth Electric Cooperative, Inc. staff have exhausted the normal collection procedures
for some of our past due accounts as of the end of 2013. and
WHEREAS, Beartooth Electric Cooperative’s book of record contained $21.834.54 of uncollectable
accounts as of December 31, 2013.
BE IT RESOLVED, that Beartooth Electric Cooperative, Inc. elects to offset doubtful accounts of
$21,834.54 against the Cooperative’ Accumulated Provision for Uncollectable Accounts.
CERTIFICATE OF SECRETARY
I, Patricia Hoffman, certify that I am Secretary of the Board of Trustees and that the above is a true
excerpt from the minutes of a regular board meeting of the Board of Trustees Of Beartooth Electric
Cooperative, Inc., held on the 25th day of March 2014 at which a quorum was present and the above
portion of the minutes has not been modified nor rescinded.
IN WITNESS WHEREOF, I have set my hand and affixed the seal of Beartooth Electric Cooperative, Inc.
this 25th day of March, 2014.
(Seal)
___________________________________
(Signature of Secretary)
RESOLUTION
AUTHORIZING THE ASSIGNMENT OF THE
2013 OPERATING MARGINS
WHEREAS, Beartooth Electric Cooperative, Inc. is a member owned cooperative which is exempt from
Federal Income Taxes Under section 501 (C12) of the Federal Income Tax code. and
WHEREAS, Beartooth Electric Cooperative’s margin from operations for the calendar year 2013 totaled
$578,076.40.
BE IT RESOLVED, that Beartooth Electric Cooperative, Inc. elects to allocate the 2013 Operating Margins
to the Cooperative’s Members on a patronage basis for the year 2013 in the amount of $578,076.40.
CERTIFICATE OF SECRETARY
I, Patricia Hoffman, certify that I am Secretary of the Board of Trustees and that the above is a true
excerpt from the minutes of a regular board meeting of the Board of Trustees Of Beartooth Electric
Cooperative, Inc., held on the 25th day of March 2014 at which a quorum was present and the above
portion of the minutes has not been modified nor rescinded.
IN WITNESS WHEREOF, I have set my hand and affixed the seal of Beartooth Electric Cooperative, Inc.
this 25th day of March, 2014.
(Seal)
___________________________________
(Signature of Secretary)
BEC TOWN HALL MEETING
LOCATION SUGGESTIONS
Please select locations, dates and times for our next series of Town Hall (Informational)
meetings.
ABSAROKEE
Cobblestone School
BELFRY
Belfry High School
BRIDGER
Bridger Civic Center
CLARK, WY
Pioneer Recreation Center
COLUMBUS
Fire Station
FROMBERG
Fromberg High School
JOLIET
MSU-B Extension Office
LUTHER
Luther Elementary School
NYE
Fire Station
RAPELJE
Stockman Café
RED LODGE
Bridgecreek (Upstairs)
REED POINT
Reed Point High School
January 2014
Sun Mon Tue Wed Thu
1
5
2
6
12
3
13
7
14
February 2014
Fri
Sat
Sun Mon Tue Wed Thu
1
2
3
4
5
8
9
10
11
6
15
16
17
4
19
20
21
22
23
24
5
26
27
28
29
30
31
18
25
7
18
Sat
1
2
9
3
4
10
11
5
12
6
13
7
14
8
16
17
18
19
20
21
9
23
24
25
26
27
28
May 2014
Sun Mon Tue Wed Thu
Fri
March 2014
8
15
22
Sun Mon Tue Wed Thu
Sat
Sun Mon Tue Wed Thu
1
2
3
23
1
2
3
4
Fri
Sat
1
9
10
2
3
4
5
6
7
8
11
9
10
11
12
13
14
15
12
16
17
18
19
20
21
22
13
23
24
25
26
27
28
29
14
30
31
June 2014
Fri
April 2014
Fri
Sat
5
6
7
27
Sun Mon Tue Wed Thu
Fri
Sat
1
2
3
4
5
5
6
7
8
9
10
24
8
9
10
11
12
13
14
28
6
7
8
9
10
11
12
20
11
12
13
14
15
16
17
25
15
16
17
18
19
20
21
29
13
14
15
16
17
18
19
21
18
19
20
21
22
23
24
26
22
23
24
25
26
27
28
30
20
21
22
23
24
25
26
22
25
26
27
28
29
30
31
27
29
30
31
27
28
29
30
31
36
37
38
7
14
Sat
Sun Mon Tue Wed Thu
1
2
3
4
5
6
40
8
9
10
11
12
13
41
15
16
39
21
22
23
40
28
29
30
1 Jan
20 Jan
12 Feb
14 Feb
17 Feb
4 Mar
9 Mar
October 2014
Fri
17
24
18
25
New Year's Day
Martin Luther King Day
Lincoln's Birthday
Valentine's Day
Presidents Day
Mardi Gras Carnival
Daylight Saving (Start)
19
26
20
27
17 Mar
1 Apr
18 Apr
20 Apr
21 Apr
5 May
11 May
42
5
12
6
13
7
14
Fri
Sat
2
3
4
8
9
10
11
16
17
43
19
20
21
22
23
24
44
26
27
28
29
30
31
St. Patrick's Day
April Fool's Day
Good Friday
Easter
Easter Monday
Cinco de Mayo
Mother's Day
17 May
26 May
8 Jun
9 Jun
14 Jun
15 Jun
4 Jul
1
2
3
4
5
14
15
6
7
8
9
10
11
12
16
13
14
15
16
17
18
19
17
20
21
22
23
24
25
26
18
27
28
29
30
Fri
Sat
1
2
Sun Mon Tue Wed Thu
31
32
3
4
5
6
7
8
9
33
10
11
12
13
14
15
16
34
17
18
19
20
21
22
23
35
24
25
26
27
28
29
30
36
31
November 2014
1
15
Sat
August 2014
4
Sun Mon Tue Wed Thu
Fri
July 2014
19
September 2014
Sun Mon Tue Wed Thu
18
25
Armed Forces Day
Memorial Day
Pentecost
Pentecost Monday
Flag Day
Father's Day
Independence Day
Sun Mon Tue Wed Thu
Fri
December 2014
Sat
1
44
45
2
3
4
5
6
7
8
46
9
10
11
12
13
14
15
47
16
17
18
19
20
21
22
48
23
24
25
26
27
28
29
49
30
1 Sep
11 Sep
17 Sep
26 Sep
13 Oct
16 Oct
18 Oct
Labor Day
September 11th
Citizenship Day
Native American Day
Columbus Day
Boss's Day
Sweetest Day
31 Oct
2 Nov
11 Nov
27 Nov
7 Dec
25 Dec
31 Dec
Sun Mon Tue Wed Thu
49
Fri
Sat
1
2
3
4
5
6
50
7
8
9
10
11
12
13
51
14
15
16
17
18
19
20
52
21
22
23
24
25
26
27
1
28
29
30
31
Halloween
Calendar & Holidays
Daylight Saving (End)
Veterans' Day
Thanksgiving
Pearl Harbor
Christmas Day
New Year's Eve
2014

Beartooth Electric Cooperative Regular Board Meeting Tuesday

Transcription

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