Scott Simmons

The key discussions during the meeting included a review and requested revisions for Board Policy B005, "Director Compensation," and the subsequent approval of the 2026 Director Committee, Delegate & Alternate Assignments, including granting five days of per diem for the NRECA Legislative Conference Director. The Board reviewed the Quarterly Board Expense Summary Report and the CEO Quarterly Expense Summary Report, as well as attorney invoices from October 2025 through December 2025. Directors were asked to complete and submit their annual Certifications to Disclose Conflicts of Interest. The CEO reported on Tri-State's long-term financial forecasting, the FERC approval of Tri-State's A-41 Rate, and updates on the Association's generation project under the Bring Your Own Resource Program. A presentation was given regarding the Association's transmission system. Further CEO discussions covered changes on the CREA managers' group board, CREA Legislative Committee efforts, support for proposed wildfire mitigation legislation, CREA's annual meeting, CREA's participation in the International Project, the request for an RUS equity ratio waiver, and member input regarding dynamic pricing and time of use rates. The Board agreed to convene meetings for the Buildings and Facilities and Rate Committees, and did not object to the CEO serving on the Pioneer Utility Resources board. The Financial Report identified a receipt of $55,041.16 from CREA's former headquarters sale. The Safety and Human Resources Report noted that 2025 was the third consecutive year with no reportable safety incidents. Operations updates covered tree trimming, pole inspections, outages, and wildfire mitigation efforts. Technical Services covered engineering and design work for several substations and transmission lines, as well as ADMS project updates. Information Services reported on security measures and technology capital projects. Energy Resources reported on the Key Accounts program and a recent battery fire in New York. Member Engagement reported on broadband marketing efforts and government relations. Finally, the Board heard reports from various affiliated organizations and adjourned the meeting.

This Strategy Map outlines the organization's mission to provide safe, reliable, affordable, and responsible electric and broadband services, with a vision to be conscientious stewards of resources and adopters of beneficial technologies. The plan is structured around key pillars including enhancing safety for employees, members, and contractors; ensuring reliability and resiliency in energy services; maintaining affordability through cost management; fostering member engagement and service excellence; cultivating a purpose-driven and valued employee culture; and systematically deploying technology and innovation while building security.

This first-ever virtual annual meeting included the official call to order for the 79th annual meeting. Key discussions centered on the election for directors in districts 2 and 7, including nominations by the board and by petition, and the vote on the amendment to the Articles of Incorporation. The meeting covered reports from the President and CEO, which highlighted that there were no rate increases for 2020 for the third consecutive year, and the retirement of $4.3 million in capital credits in October 2019. Discussions also covered the ongoing digital meter upgrade project, infrastructure maintenance, and the awarding of $25,000 in 23 scholarships to local students. The event also featured door prizes and acknowledgments for employees and sponsors.

The meeting included the approval of the consent agenda, which covered the approval of the agenda and the deletion of uncollectible accounts receivable totaling $8,333.00. Key actions included the approval of the Exclusive Right-to-Buy Listing Contract with Gordon Real Estate Group, the approval of the Federated Insurance renewal for 2026, and the approval of the Electrify and Save On-Bill Repayment Program Contract with Tri-State. The Board reviewed Board Policy B005, "Director Compensation," and established a monthly preparation fee for Directors equivalent to one daily Director per diem, effective January 1, 2026. Further discussions covered committee assignments, Tri-State's tariff development, FERC/RUS approvals, updates on the A-41 rate filing, committee reports, and presentations on wildfire mitigation practices and financial results.

The meeting included discussions and actions on various financial matters, including the acceptance of the external financial audit report, review and approval of the 2024 IRS Form 990, approval of a proposed rate increase effective January 1, 2026, approval of the transfer of unclaimed capital credits, and approval of capital credit retirements. The Board also established the date of record for voting at the 2026 Annual Meeting and discussed strategic planning for 2026. Staff reports covered topics such as CEO discussion items, financial performance, safety and human resources, operations, technical services, energy resources, and member engagement. Legal matters and committee reports were also addressed.