Lee Pemberton

This document outlines a new three-year strategic plan for Beltrami Electric Cooperative, approved at its December meeting, focusing on four core areas to enhance member service. The cooperative's vision is to ensure members realize the benefits of their membership and recognize the cooperative as their trusted energy partner. Its mission is dedicated to providing excellent value through the safe delivery of reliable electric service, exceptional member service, and innovative energy solutions at fair and reasonable prices.

The meeting was the 80th Annual Meeting of the cooperative, noted to be broadcast via YouTube due to the ongoing COVID-19 pandemic, with plans to resume in-person meetings at the fairgrounds next year. The parliamentarian confirmed a quorum for limited actions: the election of directors and the approval of the 2019 Annual Meeting minutes. Key discussions included the financial report, which detailed a total margin of $2.786 million for the year, derived from $56.7 million in operating revenue and $729,000 in non-operating income. The cooperative experienced growth, with residential usage being the largest segment, and maintained strong service reliability metrics (99.99% availability). The cooperative achieved zero lost time injuries in 2019, marking three consecutive years without such incidents. The Board updated its strategic plan to focus on member engagement, beneficial electrification, technology leverage, and safety culture. Furthermore, the Board authorized an early retirement of $1 million in capital credits in June to assist members during the pandemic. Legislative efforts focused on federal successes, including the elimination of an excise tax on healthcare plans and pension insurance reform saving electric cooperatives nearly $30 million. Support for proposed legislation to allow loan refinancing, potentially saving $12 million in interest, was also highlighted.

The board discussed recent safety successes and viewed a safety video from the Gene Dillon Elementary LEGO League Robotics Team. Reports were presented on January's outage and financial performance. Legislative issues, REPAC, NCSC election, CoBank No Barriers program, Minnkota's GridEx program, NRECA Director Gold Certification, and the NRECA International program were reviewed. The cooperative's Political Action Plan was also discussed. Actions taken included approving the consent agenda, declining a Wellness Center donation request, nominating directors for Minnkota Power and Square Butte, and approving director and President/CEO expenses.

The board discussed recent safety successes and observations, June's financials, construction updates, employee updates, federal funding program updates, the board retreat, cost-of-service study, and potential economic development projects. The consent agenda and director expenses were approved. The annual meeting included financial and cooperative updates, a presentation on the Operation Round Up program, and a speech from the Youth Tour Delegate. Three directors were elected to the board, and the 2022 annual meeting minutes were approved.

The board discussed recent safety successes and observations. The monthly report included September financials, Key Ratio Trend Analysis, capital credits, EV Car Show, BEC Touchstone Energy Open, Operation Round Up, strategic development, employee update and the MN Paid Family Leave Act. The financial report for September and the third quarter Balanced Performance Scorecard were presented. Proposed general capital credit retirement options, an administrative procedure, and policy revisions were presented. The directors shared highlights of meetings attended and discussed upcoming meetings and events. The board approved an addition to the agenda, the consent agenda, an agreed-upon procedure audit, a capital credits retirement, BEC policy revisions, and the director and president and CEO expenses. They also appointed members to the Negotiations Committee.