CT Municipal Electric Energy Cooperative CMEEC

SUBJECT TO APPROVAL MINUTES OF THE MEETING OF THE MEMBER DELEGATION OF CONNECTICUT MUNICIPAL ELECTRIC ENERGY COOPERATIVE May 04, 2023 A Meeting of the Member Delegation of the Connecticut Municipal Electric Energy Cooperative (“CMEEC MD”) was held at 3:00 p.m. on Thursday, May 04, 2023, via Zoom and in person at CMEEC, 30 Stott Avenue, Norwich, CT. The meeting was legally noticed in compliance with Connecticut General Statutes and all proceedings and actions thereafter recorded occurred during the publicly open portions of the meeting. The following Member Delegates and Alternate Member Delegates participated: Groton Utilities: Ronald Gaudet, Jeffrey Godley Norwich Public Utilities: Christopher LaRose Bozrah Light & Power: Scott Barber, William Ballinger Third Taxing District, East Norwalk: Kevin Barber Jewett City Department of Public Utilities: Louis Demicco The following members of the Board of Directors participated: Jewett City Municipal Representative: George Kennedy Groton Municipal Representative: Mark Oefinger The following CMEEC staff participated: Dave Meisinger, CMEEC CEO Patricia Meek, CMEEC Director of Finance & Accounting Joanne Menard, CMEEC Controller Ellen Kachmar, CMEEC Office & Facility Manager Others who participated: David Silverstone, Esquire, Municipal Electric Consumer Advocate Ms. Kachmar recorded. Member Delegation Chair Ronald Gaudet called the meeting to order at 3:05 p.m. 1 Specific Agenda Items A Public Comment No public comments were made. B Conduct Voting Roster / Roll Call Ms. Kachmar conducted roll call identifying voting persons at today’s meeting. Chair Ronald Gaudet confirmed a quorum was present. C Approve the Minutes of the CMEEC Member Delegation November 17, 2022 Annual Meeting A motion was made by Member Delegate Kevin Barber, seconded by Member Delegate Scott Barber, to Approve the Minutes of the November 17, 2022 Annual Meeting of the CMEEC Member Delegation. Motion passed unanimously. [MD-23-05-01] D Review of the 2022 CMEEC Equity Values: Application of Excess Equity Formula and Calculation for 2022. Proposed Executive Session Pursuant to C.G.S. §§ 1-200(6)E and 1-210(b)(1) and (b)(5) The Member Delegation discussed whether the equity distribution discussion should be held in Executive Session, and ultimately agreed to continue the meeting in public session. Ms. Meek walked the Member Delegation through the presentation shared prior to this meeting. She began with a review of the criteria considered in calculating a potential equity distribution and cited the governing document that establishes CMEEC’s target Equity to Debt Ratio. Ms. Meek went on to present potential equity distribution amounts when calculated with different distribution levels. A discussion among the Delegation Members ensued. Ms. Meek discussed the staff recommendation for the 2022 equity distribution, highlighting the amount each Member would receive and the choices available for the allocation of an approved Equity Distribution. E Public Session: Possible Vote on Excess Equity Distribution A motion was made by Member Delegate Kevin Barber, seconded by Member Delegate Scott Barber, to Adopt the Resolution on Excess Equity Distribution at the Twenty Percent (20%) level for calendar and fiscal year 2022. Motion passed unanimously. [MD-23-05-02] 2 F New Business There was no new business. G Adjourn A motion was made by Member Delegate Kevin Barber, seconded by Member Delegate Scott Barber to adjourn. Motion passed unanimously. [MD-23-05-03] The meeting was adjourned at 3:36 p.m. 3