Those in attendance enjoyed a meal served by members of the American Legion Ladies Auxiliary. We would like to thank the American Legion Ladies Auxiliary, Chaplain Bob Kolberg for the invocation and Mayor Jay Jorgensen for the welcome address.
Incumbent directors James Ryken and Tom Larsen were both re-elected to the board of directors.
President Ryken and Manager Paul Roberts gave updates on cooperative activities for 2006. President Ryken reported that the financial success was driven by another year of record electric sales and controlling costs.
President Ryken reported while reviewing the 2007 budget, the projections showed no need for a rate change in 2007, making this the 20th straight year in rate stability. Ryken acknowledged the roles of Basin Electric and East River Electric as cooperative partners contributing to the rate stability.
President Ryken and Manager Roberts reported that the current issues of concern are the captive shippers issue, carbon emission rules, funding cute for clean coal technologies, funding cuts for new generation resources, changes in funding eligibility for cooperatives and changing finance rules for Power Marketing Agency that will increase interest costs.
Managers Roberts reported that increasing costs related to purchased power, increased material prices affecting the costs of construction and the increase impact on borrowing and long term debt interest costs may cause electric rates to increase by 2010.
Manager Roberts concluded by expressing appreciation for the working relationship with the board, and commended dedicated employees and members.