Florida Keys Electric Cooperative

The Chief Executive Officer (CEO) reported on nine targeted goals for 2025, covering safety (zero reportable injuries, minor fleet accidents), system reliability (zero outages in November, SAIDI of 0.4 minutes for the month), progress on the Energy Efficiency Rebate Program (462 members receiving $182,820.99 in rebates as of December 9, 2025), financial reports through November, updates on the Rate Design Study, confirmation of achieving the strategic goal for cybersecurity (NIST index score of 822), completion of union negotiations, community outreach activities in November, and the status of capital outlay projects. The Finance Committee recommended and the Board accepted the Final Budget for 2026, and approved two budget amendments: decreasing Contract Tree Trimming Expense and re-budgeting the Transmission LIDAR Study into 2026. The Human Resources Committee reviewed the CEO's evaluation and targeted goals for 2026, which are to be finalized next month. Action items included reserving the Coral Shores High School Auditorium for the Annual Meeting on April 25, 2026, and setting the District Election dates for Monday, March 23, 2026, with petition deadlines on February 5, 2026. The Board also approved writing off $10,083.83 in uncollectible electric accounts for July through December 2025. Board Counsel provided an update on attendance, legal guidance on minutes, and research concerning an easement issue.

The agenda for the Board of Directors meeting outlines several key focus areas. The Chief Executive Officer will present updates on eleven targeted goals, covering Safety, Reliability (SAIDI metrics), Member Service (satisfaction surveys), and Financial performance (Operating Statement Critique, Dashboard review, and Budget Amendment Summary). Specific goals include completing the Cost-of-Service Study in the fourth quarter, monitoring Cyber Security threats, conducting a Long Range Load Study concerning EV loading, completing FKEC/FEMA hazard mitigation projects, and ensuring Capital Projects are on time and on budget. Committee meetings will cover the Finance Committee report and a FECA/Statewide Information Update. The report on Operation Round-Up® will address filling a vacancy for the District 3 Trust Board Member.

The meeting included a review of the Chief Executive Officer's (CEO) nine targeted goals for 2025. Key updates covered safety performance with zero injuries in October, utility reliability showing a low SAIDI for the month, the ongoing Energy Efficiency Rebate Program where 428 members received rebates totaling $169,545.99 as of November 12, 2025, and a detailed review of the monthly financial and statistical reports through October. Progress on the Rate Design Study and enhancements to Cybersecurity measures, achieving an NIST index score of 822 (Protected In-depth category), were reported. The CEO also confirmed the completion of union negotiations and the execution of a new collective bargaining agreement. Community outreach efforts conducted in September and October were detailed. Committee meetings preceding the regular session involved discussions on the Five-Year Sales Forecast (2025-2030) by the Finance Committee and the process for the CEO Evaluation and 2026 Targeted Goals by the Human Resources Committee. Monthly reports covered topics such as FPL billing, rate comparisons, Construction Work in Progress, solar array production, service order completion, and safety meetings.

The Treasurer's Report provided an overview of the board's financial oversight function, referencing the 2020 annual audit conducted by Nichols Cauley and Associates, which concluded that the financial statements present fairly the financial position of FKEC. Key financial highlights for 2020 included $85.9 million in revenue, $79.8 million in expenses, and $2.4 million in margin. Balance sheet figures showed a total utility plant of $155 million, total equity of $69 million, and total long-term debt of $92.6 million. The report commended management for their work on FEMA recovery financing following Hurricane Irma, noting the receipt of a $7.5 million grant for transmission line protection, a $9 million claim approval for distribution system repairs, and a $4 million award for base camp costs after successful arbitration with FEMA. Furthermore, $2.5 million in capital credits were returned to members, including an early distribution in May to assist members impacted by COVID-19.

The annual meeting included a review of the cooperative's financial status, highlighting a solid financial position with specific figures for revenue, expenses, margins, equity, and debt. The meeting also recognized the Operation Roundup program and its achievements in fundraising and community support. Discussions covered the cooperative's focus on safety, reliability, and affordability, including safety training, maintaining high reliability statistics, and efforts to manage and reduce power costs. The meeting also introduced the various departments and employees contributing to the cooperative's operations and goals.