(Power Commission Meeting 28 May 2024)  MINUTES OF THE May 28, 2024- -8 8:00 a.m. Those in Attendance  2 3 4 5 6  BOUNTIFUL CITY POWER COMMISSION  7 Power Commission 8 Susan Becker, Acting Chairwoman 9 Dan Bell, Commissioner 10 David Irvine, Commissioner 11 Jed Pitcher, Commissioner 12 Cecilee Price-Huish, Councilwoman 15 Paul C. Summers, Chairman 16 John Marc Knight, Commissioner  Power Department Allen Johnson, Director Alan Farnes, Generation Superintendent Dave Farnes, Safety/Customer Service Tyrone Hansen, Accountant Jess Pearce, Superintendent of Operations Luke Veigel, Engineer Nancy Lawerence, Recording Secretary  13 14 Excused 17 18 WELCOME 19 21 22 MINUTES 23 26 28  Acting Chairwoman Becker called the meeting to order at 8:00 a.m. and welcomed those in  20 attendance. The invocation was offered by Commissioner Bell.  Minutes of the regular meeting oft the Bountiful Power Commission held April 23, 2024  24 were presented and action was delayed to the next meeting to accommodate a revision to the 27 BUDGET REPORT 1 YEARTODATE 9-MONTH PERIOD ENDING MARCH31,2024 29 period ending March 31, 2024. Total revenues Year-to-Date were $25,863,081, below its HAB by 30 ($405,473). Major items (below) their HABs were: Electric Metered Sales (EMS) at $(334,208) 31 which was 1.5% below its HAB; Contribution in Aid to Construction at $(292,213) with line 32 extensions at $40,000, and Utopia Huts at $17,000. Pole Rental Income was below budget by 33 $(24,370). However, a check was recently received which changed this total. Revenues above 34 budget were. Airl Products, above its HAB by $58,573 with an average load factor of65.7% for the 35 YTDj period; Sundry Revenues were above HAB by $14,301; and Interest Income was above its  25 minutes regarding the Operating Transfer on line 43, page 3of6.  Mr. Hansen presented a summarized Budget Report for the Fiscal Year-to-date 9-Month  36 HAB by $168,821. March's interest allocation was $58,000.  37 38  Total Operating Expenses YTD were $21,522,800, below its HAB by $1,773,364. Major  39 items below their HABs included Power Cost Expense-s1,190,235, with Distribution Expense-- 40 $106,326, Street Light Expense-$68,783, Meters Expense at $108,193, and Transfer to the 41 General Fund Expense at $110,958. Major items (above) budget were Credit Card Merchant fees  42 at$ $(21,033), and Insurance Expense at $(34,113).  43 44 46  Total Capital Expenditures YTD were $358,943 and included $20,000 for Brooks Fabrics,  45 $28,000 for 2055 Main Townhomes, $197,000 for a cable puller and $98,000 for a service truck.  Page 1of3    (Power Commission Meeting 28 May 2024)  1  Total Labor and Benefits Expense YTD was $3,605,312. This was $173,089 below the  2 target 71.2% of the total Labor and Benefits budget for the last pay period paid in the YTD period. 3 The Net Margin for the YTD period was $3,981,338, as revenues are on budget and power costs 4 are coming in under budget. Total Cash Equivalents were ai net $20,761,850 at month end, up 5 $4,314,885 from June 30, 2023 and $4,315,850 above the $16,446,000 total reserved cash 6 requirement. Major sources and (uses) of cash at month end compared to fiscal year-end 2023 7 included $3,981,338, Net Margin YTD, decrease in total accounts receivable $1,076,036, decrease 8 int total inventories $68,095, increase inj prepaid expense $(150,050), decrease in total accounts 9 payable, $(20,040), decrease in accrued benefits and payroll $(87,313), increase in net fixed assets  10 $(317,905), and decrease in other equity - July EMS Estimate $(305,095).  11 12 15 17  Commissioner Pitcher made ai motion to accept the financial report as presented.  13 Commissioner Irvine seconded the motion which carried unanimously. Commissioners Becker,  14 Bell, Irvine, Pitcher and Councilwoman Price-Huish voted "aye". 16 RELA DYNE VARNISH MITIGATION. APPROVAL  Mr. Farnes reviewed that we have three gas turbine generators at the Power Plant (Taurus  18 rated at 5.1 Mw, and two Titan turbines rated at 13.5 Mw each). The Taurus has been 19 experiencing overheating issues when running during the hot part oft the summer and following 20 testing and filtering out the varnish in April and May, it has been determined that the filtering has 21 significantly reduced the varnish levels in the Taurus cooling oil. Itis the recommendation of staff 22 to mitigate the varnish ini the Taurus at $14,750 and the total cost to mitigate the varnish in the two  23 Titans at $23,250.00, as proposed by RelaDyne, at a total of $38,000.  24 25  Following al brief discussion, Commissioner Bell motioned to accept the staff  26 recommendation and for RelaDyne to complete the varnish mitigation on all three turbines. 27 Councilwoman Price-Huish seconded the motion which carried unanimously. Commissioners 28 Beck, Bell, Irving, and Pitcher and Councilwoman Price-Huish voted "aye". 30 RES. NO. 2024-04 PRE-PAYTAXCERTIFICATE AND AGREEMENT  29 32  31 WITH USAMPS FIRM POWER SUPPLY  Mr. Johnson explained that we currently have two contracts for solar power through  33 UAMPS' Firm Power Supply Project. UAMPS is working with Southeast Energy Authority 34 (SEA) on aj prepay agreement to issue bonds for a 30-year prepayment for gas and electricity. It 35 was hoped to grant approval to this resolution at this meeting; however, negotiations are ongoing, 36 and this matter will be brought back to the Agenda next month. No action taken.  37 39  38 RESOURCE UPDATE  Mr. Johnson reviewed that the Steel Solar project commenced commercial operation on  40 March 31, 2024 and had its ribbon cutting ceremony on May 21, 20224. There is ongoing 41 discussion regarding batteries for this project. Other future power options include the CROZ 42 geothermal project through UAMPS, with ongoing discussion on prices; Freemont Solar and 43 batteries with a COD of6/20/2026, (however, itis not currently possible to get on PaciCorp 44 network transmission); UAMPS is looking for a site for a gas plant and has identified two sites; 45 and the UINTA wind project in southwest Wyoming, with a COD ofI December 31, 2026.  Page 2 of3    (Power Commission. Meeting 28 May 2024)  Wel have called back 12 MW's for summer 2024 from IPP and are planning oni running Legislative Update. Mr. Johnson reported that SB 161 was signed by the Governor on  2 one unit through the winter months. Natural gas is planned for the Summer of2 2025.  3 4 7 9 11 12 13 14 15 17 18 20 21 22 ADJOURN 23 26 27 28 29  5 Thursday, March 21, 2024. However, a Special Session has been called for. June 2024 to further  6 review this action.  8 Thefollowing items were included in the packet, but not discussed in the meeting.  10 POWER SYSTEMS OPERATIONS REPORT  a. March Resource Reports b. April 2024 Lost Time/Safety Reports C. April 2024 Public Relation Reports d. March 2023 Outage Reports  16 OTHER BUSINESS  None  19 NEXT POWER COMMISSION  The next meeting oft the Power Commission will be held on June 25, 2024 at 8:00 a.m. The meeting adjourned at 8:00 a.m. on ai motion by Commissioner Pitcher and seconded by  24 Commissioner Bell. Voting was unanimous with Commissioners, Becker, Bell, and Irvine and  25 Councilwoman Price-Huish voting "aye".  AugPek Susan Becker, Acting Chairwoman  Page 3 of3