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HomeMy Public PortalAbout08-01-2005 PROCEEDINGS OF THE COMMON COUNCIL OF THE CITY OF RICHMOND, INDIANA, SERVING AS A BOARD IN CHARGE OF THE OPERATION OF THE RICHMOND POWER & LIGHT PLANT MONDAY, AUGUST 1, 2005 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. Monday, August 1, 2005 in the Council Chambers in the Municipal Building in said City. Chairperson Welch presided. ROLL CALL: Present were: Howard "Jack" Elstro, Etta Lundy, Bruce Wissel, Karl Sharp, Bing Welch, Larry Parker,Al Glover, Diana Pappin and Gil Klose. APPROVAL OF MINUTES: Board member Parker moved to approve the minutes of the meeting held July 18, 2005. Board member Sharp seconded. The motion carried with a unanimous voice vote. APPROVAL OF BILLS, INVESTMENTS AND TRANSFERS: Upon recommendation of the Finance Committee, Board member Pappin moved to approve the following bills for payment with a second by Board member Klose. The motion carried with a voice vote. Bills Already Paid: Payroll and Deductions 286,703.84 Transfers from Cash Operating to: Miscellaneous Prepaid Invoices 387,633.36 Telecom. Div. Misc. Pre Paid Invoices: 63,033.84 Total Prepaid Invoices: 737,371.04 Total EFT/Direct Deposit of Payroll: (105,773.31) Total Prepaid Invoices: 631,597.73 Total EFT Transfers: 1,601,332.04 Total Prepaids plus EFT Transfers: 2,232,929.77 Total Bills Not Paid: 821,272.90 Grand Total: $2,232,929.77 STREET LIGHT COMMITTEE: None REPORT BY GENERAL MANAGER: • Update on System Loading — Recent hot weather caused the system to peak; however, the heat wave was handled well • The Mobotec system continues to be"tuned"—testing is running smoothly • The 2006 budget process has been initiated • Mr. Osburn reported there is no direct impact to RP&L by the Energy Bill recently passed by Congress • RP&L will spend $2-3 million for allowances to finish the year. There needs to be additional discussion to determine how to fund the necessary allowances. RP&L may need to borrow money in order to maintain maximum flexibility. MISCELLANEOUS BUSINESS: Board Chair Welch announced the Board will meet each month on the fourth Monday to discuss financial affairs of RP&L. Mr. Welch also reminded the Board of their meeting with IMPA in Indianapolis on September 22. ADJOURNMENT: There being no further business, the meeting was adjourned. S/S Bing Welch Bing Welch, Chairperson S/S Karen Chasteen ATTEST: Karen Chasteen, Clerk