Dominic Jengo

The meeting involved conducting a roll call to confirm quorum and subsequently electing Ronald Gaudet as the Chair of the Budget & Finance Committee for 2026. Key discussions focused on the onboarding process for new Committee members using the available New Member Onboarding Book and a review of the 2025 Budget & Finance Committee Self-Assessment results, specifically noting three areas flagged for further discussion due to lower performance scores. The Committee established ten specific goals for 2026, including establishing a strong onboarding process, clarifying roles in setting Board member compensation, supporting staff transitions, building understanding of Transco accounting, and monitoring industry trends. Finally, the Committee unanimously recommended the adoption of the amended Budget & Finance Committee Charter to the Joint Board of Directors. It was also announced that the regular Board meeting scheduled for January 22 would be cancelled, and the Committee's next meeting is scheduled for April 23 at 1:00 p.m.

The Audit Committee meeting included the selection of the 2026 Audit Committee Chair, where Committee Member Peil was appointed to continue serving. Key discussions involved the annual audit planning session with Baker Tilly for the 2025 Financial Audit, focusing on the scope, timeline, and required communications. A status update on the Cybersecurity Gap Analysis detailed progress on aligning with the ISO 27001 framework, covering areas like securing insurance, developing policies, and remediation efforts. The committee reviewed the results of the 2025 Joint Audit Committee Self-Assessment, leading to an agreement that staff leads should report on related party transactions at subsequent meetings. Additionally, the committee discussed 2026 goals and agreed that the CMEEC Treasury and Risk Assurance Department should conduct an internal audit on project and customer expense and revenue allocations. Finally, minor revisions to the Joint Audit Committee Charter were discussed and recommended for adoption by the Joint Board of Directors.

The meeting included discussions on November's metrics, energy market updates, and project portfolio performance. It addressed the impact of market volatility on member power costs, reviewed energy market analysis, and assessed the net benefits of various projects, including MicroGen, Transmission Project #1, Hydro Quebec, Energy Storage, Distributed Generation, Subase Fuel Cell, and Community Solar Garden. The board also considered and voted on the proposed 2026 Progressive Benefits Solutions Amended and Restated Plan Document, and discussed the upcoming CMEEC Bylaw revisions taking effect on January 1, 2026.

The meeting included a presentation on governance considerations for utilities and energy companies. The 2026 CMEEC Operating and Capital Budgets were approved. The 2026 Joint CMEEC and CTMEEC Officers, Committee Members, Board of Directors Meeting Dates, and Committee Meeting Dates were also approved. An introduction to CMEEC's new SharePoint site was presented. The board entered an executive session to discuss confidential negotiations regarding Transmission Project #1, after which they approved an amended CTMEEC resolution authorizing the Chief Executive Officer to enter into a Purchase and Sale Agreement concerning the divestiture of transmission facilities, and a CMEEC resolution regarding the CTMEEC Purchase and Sale Agreement.

The meeting included discussions on CMEEC's July metrics, which showed Member Power Cost with Member Return above the budgeted projection due to elevated transmission costs and ancillary service charges. An overview of the Energy Market Analysis for July was presented, highlighting the volatility and the impact of Actual Loads, Energy Costs, Natural Gas Prices, and Oil Prices. The project portfolio performance in July was reviewed, including the MicroGen, Transmission Project #1, Hydro Quebec, Energy Storage, DG, Subase Fuel Cell, and Community Solar Garden projects. The Audit Committee reported on the RFQ for external audit services, and the Ad Hoc Charter Review Committee discussed the Bylaws. The board discussed and voted to approve the Term Sheet between CMEEC and NPU regarding the Distributed Generation (DG) Project assets. The upcoming meetings of the Committees and the Municipal Electric Consumer Advocate were mentioned. PFM Asset Management (PFMAM) will deliver a presentation on investments and trusts at the upcoming Budget & Finance Committee meeting. There were also updates from NPU, SNEW and JCDPU.