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Power Board discusses the fiscal impact of spec building contribution, approves various appointments
RACHEL TOWNSEND
The Power Board convened Wednesday, July 17, for a brief meeting to discuss committee appointments, accident-free debt charge-offs, and financials.
Board members present included Chairman David Hayes, Walt Bradshaw, Rawlin Fowlkes, Tommy Allmon, and Dennis Moody.
Others in attendance were City Attorney John Lannom, Dyersburg Electric System [DES] President/CEO Robby Richards, Dyersburg Electric V.P. of Finance/Secretary Danielle Dixon, DES V.P. of Construction and Maintenance Jake Weatherly, and DES V.P. of Information Technology Alan Davis.
According to Richards, Dyersburg Electric System employees have worked 2,580 hours without accidents.
Richards also noted the company experienced $70K in net loss for the year. He attributed the profit loss to the company’s $200K contribution toward the spec building [Local News: Power Board OKs audit report, approves spec building resolution, and discusses TVA rate increases (9/23/23) | Dyersburg State Gazette]. Additionally, Richards noted the addition of 15 new customers to Dyersburg Electric System.
Richards reminded the board that the spec building contribution was not initially budgeted for 2023-24, however, the Power Board felt it important to act on the investment opportunity. Richards said there is no guarantee the $200K would be reimbursed to the company; however, if the money is reimbursed in the future, it will be added to the revenues for the year it is received. Furthermore, he noted that the company would have experienced a $130K profit should the spec building purchase not have been made.
Richards commented on ways customers can pay their bills including the teller window, walk-up, payments made at the bank, kiosks, mail-in payments, online payments, and night deposits.
Bad debt monthly charge-off was reported at $68.07. A motion to approve the debt charge-off was made by Fowlkes and seconded by Allmon.
Richards requested the board approve the appointment of Dixon to serve on the Retirement Committee, taking the place of former DES President Steve Lane. A motion to appoint Dixon was approved with all in favor.
The board also unanimously approved the appointment of Davis to the Retirement Investment Committee. The appointment was at the request of Richards.
Weatherly provided updates on the Fowlkes community’s substation. He said repairs were on schedule. He explained that crews were replacing bushings and correcting a leak.
Hayes asked Weatherly to express the board’s appreciation for their service and commitment, especially during the hot summer months.
Lastly, Richards informed the board that Dyersburg Electric paid $1M in sales tax this year to Dyer County.
The next meeting of the Power Board is scheduled for August 28.
The September meeting has been announced for September 11.
With no further business, the meeting adjourned.