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Co-op Ends 2002 with Higher Margins Flathead Electric’s financial condition improved significantly in 2002, with higher margins, lower debt and increased equity. Unaudited financial reports for the year show $9.5 million in margins, compared with $2.5 million in 2001. Equity as a percentage of assets climbed to 9 percent, compared with 4 percent in 2001. Long-term debt was reduced by $3.5 million during 2002; no additional long-term debt was incurred. Power costs
continued to be 64 percent of revenue; for every $1 in revenue, 64 cents
goes to pay for wholesale power. Margins for 2001 and 2002 will be netted against previous years’ negative margins, and the balance will be allocated in capital credits this Spring. A full report with unaudited financials for 2002 will be included in the Co-op’s annual report, which will be mailed to members in early March. Audited results will be available at the annual meeting.
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Students visiting our state's capitol stopped at the Flathead Electric display set up as part of Co-op Day at the Rotunda on January 21. A number of the state's co-ops participated in the event sponsered by the Montana Electric Cooperatives' Association. FEC Annual Meeting Set for March 29 Mail-in Voting Will Change Format
This year’s Co-op Annual Meeting will be different from past meetings
as the result of a bylaw change approved last year that requires mail-in
balloting to conduct business, including Trustee elections. The meeting will be Saturday, March 29 in the Flathead High School Gymnasium, with registration and social hour beginning at 9 a.m. and the business meeting at 10. Drawings for door prizes will be held throughout the meeting. The grand prize is an energy-efficient washer and dryer. Early in March, you’ll be receiving a packet of information about the meeting, including the existing bylaws and bylaw revisions proposed by the Board of Trustees. A registration card needed for admission to the meeting also will be included. Reports by Co-op staff, management and the Board of Trustees will be featured at the meeting, along with nominations for the three open seats on the board. Those nominated will have the opportunity to give a short campaign speech during the meeting. Trustee terms that expire in March are District 2, Lower Valley, held by Brent Hall; District 3, Whitefish, held by Jay Downen; and District 5, North Kalispell, held by Alan Ruby. Persons interested in running for one of these seats must reside in the district and be nominated at the meeting by another member who lives in the district. The Board of Trustees, with assistance from Co-op members, is proposing an extensive revision of the bylaws. The changes will be explained at the annual meeting. After the meeting, ballots will be mailed out to all members for a vote on the Trustee positions and bylaw revisions. The ballots will be counted by an independent accounting firm, and results will be reported in April. Please
mark your calendars for March 29 and plan to attend the annual meeting.
It’s your opportunity to participate in the affairs of your Co-op. A quorum
of 300 is required for the meeting to be valid. |
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Kalispell Office: 2510 Highway 2 East, Kalispell, MT 59901, 406-751-4483 Home | About Us | Contact Us | Jobs | Privacy Policy | Site Map Copyright © 2003 Flathead Electric Cooperative, Inc. All Rights Reserved. |
