2022 Annual Meeting Minutes
Little River Electric Cooperative, Inc. held its 2022 membership meeting on September 17, 2022, at 12:30 p.m. by real-time virtual meeting streamed on its Facebook page.
The meeting was called to order by W.F. (Bill) Davis, Sr., President of the Board. The invocation was given by Eric Gray, Little River employee. The national anthem was then shown on video. The Diamond Hill third grade led the Pledge of Allegiance on video.
Mr. Davis called for a motion to approve minutes from the 2021 Annual Meeting. There were no proposed changes, and the motion carried. Mr. Davis thanked the ten trust board members overseeing the disbursement of “Operation Roundup” and thanked all members that participated in rounding up their bill to the next dollar. Mr. Davis recognized and thanked the Credential and Election Committee members who worked with general counsel in this year’s seat up for re-election. Finally, Mr. Davis thanked and recognized the Cooperative’s current Board members and general manager.
Jeff Lewis, general manager, thanked the Trustees, staff, and members of the Cooperative. Mr. Lewis announced the service awards. These went to: Drayton Freeman, 34 years; Steven Hughes, 33 years; Mike Hall, 32 years in December; Stephen Busbee, 30 years Bobby Hamby, 30 years next month. He further spoke on Little River’s financial standing. Little River will return just shy of $300,000 in capital credits. Little River has had a 2% growth with 213 meters added, 77 in Savannah Lakes. He further spoke on the implementation of new accounting and billing software with an app for members to access their accounts from smartphones or computers.
Mr. Lewis further shared some accomplishments and milestones Little River has achieved. Safety is the number one priority. Little River had no lost time due to accidents. On August 29, 2022, the Cooperative set an all-time record of 972 consecutive days of no lost time. Mr. Lewis spoke on the improvement of the Cooperative’s right-of-way maintenance program. He spoke on the assessment of damaged utility poles with an annual pole inspection on a ten-year cycle.
Mr. Lewis welcomed Aerofoam, the Cooperative’s first large industrial load on Little River’s system. He also spoke on the support Little River gives for the Washington Youth Tour.
Emalee Mann, a Dixie High School student, spoke about her participation in the Washington Youth Tour.
John Andrew Bishop, Board attorney, announced that the Cooperative met its quorum of the minimum of 562 members as of yesterday. At the close of voting today, this number has almost doubled. He further spoke about the Credentials and Election Committee’s meeting at his office. District 3 was the only seat up for re-election. Michael Johnson ran unopposed, and he met all requirements for re-election. Notice was properly sent to the members for this meeting.
There was no unfinished business or new business. Mr. Davis, upon motion and second, adjourned the meeting.
Patsy W. Wilson, Secretary-Treasurer
The financial report for year ending December 31, 2022
How your money was spent
Gross revenue: $$31,166,070.00 • 1.00
Wholesale power: 17,582,322.00 • .56
Cost of Operations: 9,375,761.00 • .30
Depreciation: 2,095,293.00 • .07
Interest: 1,145,671.00 • .04
Operating margin: 943,523.00 • .03
Balance sheet
Assets and other debits:
Electric plant in service (net): $59,745,907
Investments in associated organizations: 4,258,433
Cash and temporary investments: 6,358,280
Accounts/notes receivable (net): 2,097,127
Materials and supplies inventory: 944,573
Prepaid services: 119,788
Current & accrued assets: 1,618,325
Total assets and other debits: $75,142,433
Liabilities and other credits:
Long-term debt: $42,931,368
Membership fees: 110,790
Patronage capital: 18,026,051
Other equities: 7,379,564
Accumulated provision for postretirement benefits other than pensions: 1,065,928
Current and accrued liabilities: 5,628,732
Total liabilities and other credits: $75,142,433
