Where the Revenue Comes From
Residential — 38.1%
Industrial — 52.3%
Commercial — 9.6%
Average Costs
(cents per KWH)
2019 — 0.0798
2018 — 0.0829
2017 — 0.0805
2016 — 0.0809
2015 — 0.0814
2014 — 0.0814
Where your Electric Dollar is Spent
Purchased Power – H E — 78%
Depreciation — 5%
Admin & General — 4%
Maintenance — 4%
Interest Paid — 3%
Operations — 3%
Consumer Accounts — 2%
Taxes — 1%
Operating Margins — 0.4%
Financial Reports
Condensed Income and Expense Statement
| Income | 2019 | 2018 |
|---|---|---|
| Operating Revenues | 36,433,160 | 38,679,4009 |
| Interest, Other Non-operating, Other Capital Credits | 798,482 | 1,246,085 |
| Total Income | 37,231,642 | 39,925,485 |
| Expenses | 2019 | 2018 |
|---|---|---|
| Cost of Power Purchased | 28,401,429 | 30,295,683 |
| Operations | 1,095,703 | 1,127,397 |
| Maintenance | 1,500,945 | 1,417,768 |
| Consumer Accounts | 654,944 | 671,095 |
| Administrative and General | 1,348,498 | 1,304,952 |
| Depreciation | 1,793,605 | 1,713,526 |
| Taxes | 520,055 | 547,425 |
| Interest Expense | 957,975 | 968,003 |
| Total Expenses | 36,273,154 | 38,045,849 |
| Margins | 2019 | 2018 |
|---|---|---|
| Operating Margins | $160,006 | 633,551 |
| Non-Operating Margins | 798,482 | 1,246,085 |
| Hoosier Energy Capital Credits | 721,969 | 736,833 |
| Total Margins | 1,680,457 | 2,616,469 |
Condensed Statement of Assets & Liabilities
| Assets (What We Own) | 2019 | 2018 |
|---|---|---|
| Cost Of Our Electric System | 54,422,957 | 52,558,522 |
| Accumulated Depreciation | (16,795,834) | (15,736,753) |
| Utility Plant In Service, Net | $37,627,123 | 36,821,769 |
| Investments (patronage capital) | 15,014,513 | 14,614,167 |
| Investments (other) | 927,021 | 1,168,015 |
| Cash and Cash Equivalents | 3,354,728 | 3,684,398 |
| Accounts Receivable | 3,601,034 | 3,791,562 |
| Materials & supplies | 308,687 | 251,807 |
| Prepaid Expenses & Interest Receivable | 360,623 | 463,605 |
| Total Assets | 61,193,729 | 60,785,323 |
| Liabilities (What We Owe) | 2019 | 2018 |
|---|---|---|
| Our Debt to RUS and CFC | 14,019,339 | 15,082,574 |
| Accounts Payable | 2,979,742 | 2,924,478 |
| Other Current & Accrued Liabilities | 1,776,765 | 2,172,951 |
| Total Liabilities | 18,775,846 | 20,180,003 |
| Member Equity (Net Worth to Members) | 2019 | 2018 |
|---|---|---|
| Balance of Net Gain For Prior Years | 40,737,426 | 37,988,851 |
| Net Gain For Current Year | 1,680,457 | 2,616,469 |
| Total Member Equity | 42,417,883 | 40,605,320 |
| Total Liabilities and Member Equity | 61,193,729 | 60,785,323 |
Annual Meeting Registration
Registration for the annual meeting of Southern Indiana Power began at 5 p.m. Tuesday, April 18, 2019 at the Spencer County 4-H Youth & Community Center with the business meeting starting at 7 p.m. Each member attending received a commemorative water bottle.
Entertainment
A BBQ sandwich or a hot dog, chips and a cookie were available for members from 5 to 7 p.m. Soft drinks, ice cream and popcorn were also available.
Children’s activities included bucket truck demonstrations, horse/pony rides, inflatables, and face painting.
Bingo was played prior to the meeting from 6 to 7 p.m. Winners received an energy efficiency kit.
Opening and Welcome
The national anthem was played. Steve Seibert, president and CEO, led the meeting by saying the Pledge of the Allegiance.
Call of Meeting to Order
Chairman Jeff Vogel called the 2019 Southern Indiana Power annual meeting to order and thanked the members for their attendance.
Vogel introduced Pastor Kevin Smigielski of Cornerstone United Methodist Church in Chrisney for the invocation. Vogel introduced the present board of directors, their spouses, and all out of town guests.
Reading of Notice of Meeting and Proof of Mailing
Attorney Chris Goffinet reported more than a quorum of members was present. With 424 members registered, enough members were present to legally conduct any and all business that might be brought before the meeting.
Approval of 2018 Annual Meeting Minutes
Vogel said the 2018 annual meeting minutes were distributed to members at registration. Therefore, in the interest of time, a motion was properly made, seconded, and carried to dispense with the reading of the 2018 minutes.
Vogel then asked for any additions or corrections to the minutes. There being no additions or corrections, a motion was properly made, seconded, and carried that the minutes of the 2018 Annual Meeting be approved as published.
Election of Directors
Vogel called upon Goffinet to conduct the election of the directors. He stated district 1 incumbent Jeff Vogel and district 2 incumbent Philip Meyer both filed for re-election without opposition. There were four nominations for District 7 — Larry Meyer, Andrea Schaeffer, David Lynch, and Raymond James. Goffinet introduced the candidates and appointed the following persons to the election committee: Kevin Wilkinson, Ronnie Begle, Randy Rennie, Bruce Knox, Darren Bettag, and Stan Steckler. After voting, the ballots were tabulated by the election committee.
Financial Report
Vogel called upon Earl Ridlen, CPA, CGMA with LWG, Indianapolis, Indiana, for the financial report. Ridlen reviewed and explained the financial condition of the cooperative.
A motion was properly made, seconded, and carried that the financial condition of the cooperative.
Vogel then turned the meeting over to Seibert.
CEO Report
Seibert thanked everyone for helping to celebrate the co-op’s 80th anniversary. He then spoke on several topics including safety and the capital credit retirement program, noting that since 2012, the co-op has returned nearly $6 million in capital credits to member-owners.
Seibert then discussed the co-op’s goal to provide reliable power to all members and reviewed the 2019-2022 four-year work plan. Seibert continued with discussions of a cost of service study that revealed no need for a rate increase at this time. He added Hoosier Energy’s rate forecast is showing rate stability over the next 5 years.
In conclusion, Seibert informed members the co-op is in the process of developing strategies with PSC to deliver high-speed internet to our unserved members. Seibert showed an industry update video before turning the meeting over to Director Gary Waninger, chairman of the Operation Round Up board of trustees.
Operation Round Up Grant Disbursements
G. Waninger presented checks to Operation Round Up grant recipients and then turned the meeting over to Vogel.
Election Results
The election committee reported the results of the election. The winners were: District 1, Jeff Vogel; District 2, Philip Meyer; and District 7, David Lynch.
Adjournment
Vogel thanked members for attending the meeting and wished them good luck with the prize drawings.
With no further business, Vogel asked for a motion to adjourn the meeting. A motion to close the meeting was properly made, seconded, and carried. The meeting was adjourned by Vogel at 8:05 p.m.
Awarding of Attendance Prizes
The awarding of one $500 and four $250 grand prizes, 20 $50 cash prizes, and two children’s prizes concluded the meeting.