HomeMy Public PortalAbout07-07-2008 PROCEEDINGS OF THE RICHMOND POWER & LIGHT
BOARD OF DIRECTORS
MONDAY, JULY 7, 2008
The Common Council of the City of Richmond, Indiana, serving as a Board in charge of the operations of
the Richmond Power& Light Plant met in regular session at 7 p.m. July 7, 2008 in the Council Chambers
in the Municipal Building in said City. Chairperson Welch presided.
ROLL CALL: Present were: Howard "Jack" Elstro, Bruce Wissel, Clayton Miller, Bing Welch, Larry
Parker, Diana Pappin, Bob Goodwin and Phil Quinn. Absent was Kelley Cruse-Nicholson.
APPROVAL OF MINUTES: Board member Parker moved to approve the minutes of the meeting held
June 16, 2008, supported by Board member Quinn. Upon a vote viva voce,the motion passed.
APPROVAL OF BILLS, INVESTMENTS AND TRANSFERS: Upon recommendation of the Finance
Committee, Board member Pappin moved to approve the following bills for payment, supported by Board
member Quinn. Upon a vote viva voce, the motion passed.
Bills Already Paid:
Payroll and Deductions 325,947.82
Investments Purchased From:
Depreciation Reserve Fund 2,012,638.89
Cash Reserve Fund 1,750,000.00
Transfers from Cash Operating to:
Miscellaneous Prepaid Invoices 243,116.76
Telecom. Div. Misc. Pre Paid Invoices: 35,515.20
Total EFT/Direct Deposit of Payroll: (117,926.07)
Total EFT Transfers: 2,864,541.34
Total Bills Not Paid: 1,389,048.28
Grand Total: $8,502,882.22
STREET LIGHT COMMITTEE: None
OLD BUSINESS: A picture of the Board of Directors will be taken at 6:15 PM, prior to the Board
meeting on August 4.
NEW BUSINESS: None
REPORT BY GENERAL MANAGER:
• Insurance Update: A Premium comparison (2007-2008)was distributed to Board members. The
Year 2008 reflected a savings of$88,000.
• Unit No. 1 has been out of service but will be back on line July 8.
• Board members were given a copy of the 2007 Annual Report. Additional copies are available at
the RP&L office.
■ The Indiana Municipal Power Agency is planning a trip to Prairie State in the Fall. Interested
Board members are to contact Mr. Saum.
ADJOURNMENT: There being no further business and a motion duly made, the meeting was ad'ourned.
' t
in elch, C irperson
ATTEST: Karen Chasteen, Clerk