SATURDAY, SEPTEMBER 21, 2024 SATURDAY, SEPTEMBER 21, 2024
MADISON COUNTY HIGH SCHOOL MADISON COUNTY HIGH SCHOOL
DRIVE-THRU REGISTRATION: 8:00 AM IN-PERSON BUSINESS MEETING: 10:00 AM
Bingo, Door Prizes, Information Booths, Your Co-op Business Update, and more!
RegisterwithyourQuick RegistrationCardfora chancetowin1of50Door Prizesincludinga2015 FordF-150.
The past twelve months have presented significant challenges. In addition to maintaining Tri-County Electric Co-op’s core business functions, we have been heavily involved in recovering from Hurricane Idalia and bringing the fiber project to a close by the end of 2024. Each of these projects alone would have been demanding, but managing both simultaneously stretched our organization and highlighted areas needing reinforcement ahead of this year’s peak hurricane season.
Hurricane Idalia tested our emergency response capabilities. Over the past twelve months we have strengthened our response in key areas. We increased our storm material inventory, added additional internet access points and replaced office, shop and warehouse generators.
We reworked our workforce base camp strategies to use multiple smaller locations to avoid traffic jams and minimize drive times. We adjusted the ratio of line workers to right-of-way personnel, recognizing that stronger storms generate more tree issues.
On August 5th, Hurricane Debby followed a nearly identical path of Hurricane Idalia. Although Debby was a Cat 1 Hurricane, it’s slow move across our counties provided plenty of opportunity for flooding, tree damage and damages to the electric system.
We now know that the improvements we made since Idalia has helped this process to be less stressful, better organized, and we were better prepared for the major FEMA documentation requirements post-storm.
The fiber project remains within the original financial projections and home installation rates are higher than projected. The build is winding down and we’ve added additional splicing teams to bring the last few feeders on by late summer. We challenged ourselves to take a more aggressive build approach so we could offer access to fiber broadband to our members as quickly as possible. Make-ready engineering and
Julius Hackett, CEO & Bobby Dodd, Board President
construction crews wrapped up their work by June 1 and fiber contractors are expected to wrap up in September.
We continue to meet RUS reliability indices that measure the average duration of power outages. By enhancing our ability to backfeed circuits and implement automated switching of power sources, we will improve reliability over the long term. This year, we focused on building stronger alternate feed capabilities between Cherry Lake substation and increasing power transfer between Perry and Steinhatchee substations. We are laying the groundwork to deploy smart grid strategies, connecting downtime reclosures to the fiber network as part of our smart grid project. We will connect our substations and offices to the Connect by Tri-County Electric fiber network.
Our work & focus remains on our members and providing the quality, affordable, reliable electricity needed to power their lives. We look forward to seeing you all at the TCEC Annual Meeting on Saturday, September 21st.
Less than 1 year, 345 days to be exact, since Hurricane Idalia took out service to all 20,000 TCEC meters, Hurricane Debby made landfall with an eerily similar path.
Six named hurricanes, multiple tropical storms, and tornado events have severely impacted the TCEC service territory in just 8 years. Before Hurricane Hermine in 2016, it had been 11 years since a hurricane made landfall in our area.
Every storm offers lessons learned for the co-op and our members. Over the years TCEC members and the communities we serve have become better equipped to handle the impacts of mother nature. Evacuations, safety before and after the storm, and preparedness are taken seriously, as well as working together to restore our communities in the aftermath.
Your cooperative uses every storm to further improve our Emergency Restoration Plan. A plan we focus on year around to guide our efforts
for the most reliable electric grid being restored safely, in the shortest amount of time possible.
Over the years we have added many aspects to our procedures that have resulted in faster more efficient restoration time and smoother execution of those efforts.
We work closely with community partners to begin clearing roadways and large debris from power lines. Safe travel for emergency services and the safety of our community is priority.
Mutual aid crews are assembled in the days before the storm and can be increased very quickly if needed. Mutual aid is not just line workers, but right-of-way, storm assessment teams, warehouse support and more, are all vital to the
restoration process. TCEC now utilizes basecamp facilities to house multi-hundred mutual aid personnel.
The basecamp offers comfortable sleeping trailers, 3 full meals a day, showers, restrooms, laundry service, fuel stations, material re-stock location and more. The use of basecamp facilities frees up local hotel rooms to those who have needed to evacuate, streamlines the meal and personal care needs, while insuring all our mutual aid personnel are properly cared for while working to restore power to our members. Heavy equipment, track machines, and skid steers, are also brought in to access areas with flooding and extensive debris.
have also been completed to make reporting an outage and tracking the status of an outage even easier. Members using the TCEC FL mobile app, texting, or reporting their outage online are able to notify us within seconds of their outage and track progress through our interactive outage map.
Smart grid technology across our system allows for change in the flow of electricity and isolation of damage to sections of power lines which decreases the number of meters impacted by an outage while repairs are being made.
Storm hardening our system including pole replacement, device upgrades, and vegetation management all help to decrease the number of meters impacted and the time needed to get the lights back on to our members as well.
TCEC employees are all hands-on deck during restoration efforts, often taking on different roles than their dayto-day jobs within the co-op. Within the past year we have implemented back-up member service support through Cooperative Response Network. This change offered consistent support with unlimited call volume and minimal wait times for our members calling to report an outage. Upgrades to our various outage reporting systems
The TCEC finance department has worked diligently with representatives from FEMA and the Florida Department of Emergency Management to streamline the reimbursement process which will relieve some of the financial burden caused by each weather event. A timely reimbursement of expenses from FEMA and FDEM will help relieve some of the pressures on electric rates from the exorbitant cost of recovering from major storms. We recommend everyone have supplies and be prepared for the first five days of a major weather event. Each storm is different and may impact areas that were not greatly impacted in previous events.
Working together and being prepared, we can weather anything together.
Conexon Connect continues to bridge Florida’s digital divide
Conexon Connect, a leading provider of fiber internet services in partnership with Tri-County Electric Cooperative, proudly announces that it has reached a significant milestone with 5,000 subscribers connected to high-speed internet services through Connect, powered by TCEC. This achievement underscores the company’s commitment to closing the digital divide across rural America and highlights its rapid growth and popularity among TCEC members.
Since its launch in April 2022, Connect, powered by TCEC, has dedicated itself to building its 100% fiber-to-the-home network to all members of TCEC, allowing them to connect to the digital world like never before. This milestone of 5,000 subscribers marks a pivotal moment in the company’s journey, reflecting the trust and satisfaction of its growing customer base.
“As our project finishes, it’s great to know the big sigh of relief is coming. I remember the day of our announcement like it was yesterday. At that point, we were still trying to manage expectations when telling our members it could be a four-year build. I recall some members saying, ‘Four years? You’ve got to be kidding. I can’t wait that long.’
“We connected our first member in January of 2023 and started looking harder at the fiber build rate. We asked our project manager: ‘Can we pick up the pace and just let the horses run?”
“Once he told us we were free to roll forward, we unleashed all of the resources to make it happen. All signs pointed to ‘Burn through the project as quickly as you can so you can get on the other side of it and start enjoying it.’
“That seems to be the strategy that’s worked well for us. We believe our members certainly appreciated it.” says Julius Hackett, TCEC CEO
Internet packages start as low as $49.95 a month for speeds up to 100 Mbps –symmetrical uploading and downloading –with no data caps or throttling back on speed. Multi-Gigabit speed is also available for our power users for $79.95 per month for 1 Gig or $99.95 for 2 Gig service. HD-quality voice service is also available starting at $39.95 per month, and Conexon Connect has partnered with DIRECTV STREAMSM to offer more options to “cut the cord” on cable with streaming service packages to fit any budget.
Looking forward, Connect, powered by TCEC, aims to build on this momentum and remains focused on connecting every member of TCEC to world-class, reliable fiber internet.
To check your availability and sign up, please visit www.ConexonConnect.com.
Conexon Connect, the fiber-to-the-home internet services provider (ISP) formed and operated by Conexon, is an emerging local broadband leader in rural communities across the country. Connect works predominantly with electric cooperatives and communities, building networks using Conexon’s proven methodology and architecture that leverage existing infrastructure to power reliable and affordable 100 percent fiber broadband service for rural homes and businesses. Connect currently operates in Colorado, Florida, Georgia, Kentucky, Louisiana, Mississippi, and Missouri.
The Annual Meeting of the members of Tri-County Electric Cooperative, Inc. will be held on Saturday, September 21, 2024, at the Madison County High School Gymnasium located on the campus of the Madison County High School, 2649 US 90, Madison, Florida. Drive-thru registration will take place from 8:00 AM to 9:30 AM. Registered members will receive a $25 bill credit and registration gift.
Starting at 10:00 A.M. the business portion of the Annual Meeting will take place inside the Madison County High School Gymnasium. The meeting will stream live on the Cooperative’s webpage: www.tcec.com/annual-meeting and TCEC Facebook page: Facebook.com/TriCountyElectricFlorida.
The following matters will be brought before and considered at this Annual Meeting:
Any business listed in Section 8 of ARTICLE III of the By-Laws of Tri-County Electric Cooperative, Inc.
At this Annual Meeting, pursuant to the Bylaws of the Cooperative, Trustees elected during the District Meetings held in July 2024 will be seated to serve a term of three (3) years as Trustee of the districts as indicated below:
Several valuable prizes including a grand prize 2015 Ford F150 4 x 2 Pickup will be given away on Saturday following the business meeting. Members who register with their quick registration card at the Annual Meeting will be included in the drawing for prizes. The drawing for prizes will stream live on the Cooperative’s webpage: www.tcec.com/annual-meeting and TCEC Facebook page: Facebook.com/TriCountyElectricFlorida.
Members are encouraged to register and attend or tune in to this Annual Meeting of the Cooperative.
THIS OFFICIAL NOTICE OF ANNUAL MEETING DATED this 1st day of September 2024.
George Webb, Secretary Tri-County Electric Cooperative, Inc.
The 83rd Annual Meeting of the members of Tri-County Electric Cooperative, Inc. was held Saturday, September 16, 2023, in the Madison County High School Gymnasium, on the campus of the Madison County High School in Madison, Florida. Drive-through registration began at 8:00 A.M. and the live in-person business meeting started at 10:00 A.M. and simultaneously cast on the Cooperative’s website and Facebook page.
By 9:45 A.M. 905 members had registered.
At 10:00 A.M. the meeting was called to order by President Bobby Dodd who introduced the Cooperative’s System Engineer Mr. Antonio Richardson, who gave the invocation followed by the Pledge of Allegiance.
Mr. Dodd introduced the guests present as follows: from Seminole Electric Cooperative, Inc.: Mrs. Lisa Johnson, CEO and General Manager, Ms. Jo Fuller, Vice President and Chief Financial Officer, Mr. Steven Rybicki, Sr. Regulatory & Energy Policy Analyst, and Mr. Ryan White, Multimedia Communications Specialist. From Conexon: Mr. Steve Thomas, Construction Project Manager and Mr. Bobby Hutchinson, Regional Sales Executive.
Mr. Dodd then introduced the Board of Trustees of the Cooperative as follows: District 1 Mr. Junior Smith, District 3 Mr. Donnie Waldrep, District 4 Mr. George Webb, District 5 Mrs. Catherine Bethea, District 6 Ms. Ann Herring, District 8 Mr Johnny Edwards, District 9 Mr. John Cruce, and newly elected District 7 trustee, Mr. Benjamin White. The Board President then proceeded to introduce the Cooperative CEO Julius Hackett, and Cooperative Attorney Dylan Rivers from the firm Ausley and McMullen in Tallahassee, Florida.
Mr. Dodd began his address to the members by describing the growth of the cooperative since its establishment in 1940, with seven employees serving 493 members to present day, with sixty-seven employees serving 20,127 consumer meters and maintaining more than 3,100 miles of line in four counties.
He remarked on the substantial progress being made on the cooperative’s newest initiative to build a state of art fiber-to-thehome network. He noted a recent milestone for the project now that 2,000 members had subscribed to the fiber service. He said upon completion of the project build, fiber-to-the-home would be available to 100% of the membership.
Mr. Dodd closed his remarks by saying “The cooperative’s mission has always been to enhance the quality of life for the people and communities it serves.” Next, he introduced the Cooperative’s CEO, Mr. Julius Hackett.
Mr. Hackett welcomed the members to the meeting and thanked them for taking time out of their schedule to participate in the annual meeting. He remarked “Up until the last couple of weeks, business of the cooperative has been mostly routine. Construction of new services and the fiber project were each going well.”
He described the 100% loss of the power system following Hurricane Idalia and it took 1500 personnel working to repair the system. He attributed this to experienced employees working cohesively for the single purpose of restoring power safely and quickly to the membership. The members present stood and extended a hearty round of applause for the cooperative employees.
Before closing, Mr. Hackett advised the members present to hold onto the blue ticket they were given at the door and said as a special thank you to those who chose to attend the meeting in person, a drawing for additional prizes would be conducted using the blue tickets issued at the door.
Mr. Hackett informed the members present that Cooperative Attorney Mr. Dylan Rivers of the Ausley McMullen Law Firm in Tallahassee would be moderating the business portion of the meeting.
Mr. Rivers then called the business session to order.
As the first order of business, Mr. Rivers announced that he had verified with Cooperative staff that as of 9:45 A.M. a quorum was established therefore the transaction of business can commence.
The second order of business was the Official Notice. Mr. Rivers announced that a copy of the Official Notice of the Annual Meeting of the members of the Cooperative was mailed to each member of the Cooperative at the address of such member, as shown on the records of the Cooperative, by depositing such notice in the United States Mail at Blountstown, Florida, on September 1, 2023, postage prepaid. No one objected to the
form or time of the notice and reading of the notice was waived by motion duly made, seconded, and carried.
Mr. Rivers then stated the next order of business was the reading of the Minutes of the September 16, 2022, Annual Meeting of the members of the Cooperative and the approval by the membership if the same were found to be in order. He announced the minutes of the 2022 annual meeting were published in the September 2023 edition of the Tri-County Rural Living Annual Report. Upon the motion duly made, seconded, and unanimously carried, the reading of the Official Minutes of the September 16, 2022, Annual Meeting of the members of the Cooperative was waived, and the Minutes of such meeting as
published in the Tri-County Annual Report, and as set out in the official records of the Cooperative were approved.
Next, Mr. George Webb, Board Secretary and Treasurer, was called upon to give the Treasurer’s Report. Mr. Webb reminded the members in the audience that the financial statements of the Cooperative were printed in the September 2023, TriCounty Annual Report which was mailed to each member for examination prior to the Annual Meeting.
Mr. Webb reported that the Cooperative’s 2022 Financial Report was prepared by Nichols, Cauley and Associates, CPAs, with no instance of non-compliance reported. He pointed out the most significant financial highlights for 2022 reflected the year ending with net margins from operations of $1.8 million, revenues of $51 million and operating expenses of $49.4 million. He described how the cooperative continues to experience steady growth in energized meters and ended the year with 19,918 energized meters.
He described how $12.2 million dollars was invested in the power system during 2022, in the form of technology upgrades, materials and equipment, in addition to a fully funding a right-of-way maintenance program to provide members with a reliable and efficient electric distribution system.
Mr. Webb reported the overall financial condition of the Cooperative remains strong and as a display of this fiscal strength the Board of Trustees voted to retire over $721,396 in capital credits last year and return those dollars back to the membership.
Mr. Rivers returned to the stage and advised the next order of business was the announcement of the three trustees elected during July District Meetings in Districts 7, 8 and 9 to serve for a term of three (3) years, and according to Article III, Section 7 (a) of the Bylaws, district meetings were held for the purpose of electing a person as trustee to represent members located within those three districts.
Mr. Benjamin White was elected as trustee of the district at the duly called District Meeting of District No. 7 held at St. Phillip’s AME Church, Monticello, Florida. Concord Baptist Church, Greenville, Florida.
Mr. Johnny Edwards being re-elected as trustee of the district at the duly called District Meeting of District No. 8 held at Lake Bird Methodist Church, Perry, Florida.
Mr. John Cruce being re-elected as trustee of the district at the duly called District Meeting of District 9 held at Blue Creek Baptist Church, Perry, Florida.
Mr. Rivers then opened the floor for any unfinished business of the Cooperative which should come before the meeting.
There being no unfinished business to come before the meeting, the floor was then opened for any new business of the Cooperative which should come before the membership of the Cooperative at this Annual Meeting.
There being no being no new business to come before the meeting, upon a motion duly made, seconded, and unanimously carried, the Annual Meeting of the membership of Tri-County Electric Cooperative, Inc. was duly adjourned at 10:22 A. M., Saturday, September 16, 2023.
Thereafter, a drawing for prizes was held.
Board of Trustees
400 Corder Road
Warner Robins, Georgia 31088
478-929-3888 FAX 478-923-7896
warnerrobins@nicholscauley.com
We have audited the accompanying financial statements of Tri-County Electric Cooperative, Inc., which comprise the balance sheets as of December 31, 2023 and 2022, and the related statements of revenues, changes in equities, and cash flows for the years then ended, and the related notes to the financial statements. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Tri-County Electric Cooperative, Inc. as of December 31, 2023 and 2022, and the results of its operations and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.
Tri-County Electric Cooperative, Inc.
Madison, Florida 32340
Report on the Audit of the Financial Statements
Opinion
We have audited the accompanying financial statements of Tri-County Electric Cooperative, Inc., which comprise the balance sheets as of December 31, 2022 and 2021, and the related statements of revenues, changes in equities, and cash flows for the years then ended, and the related notes to the financial statements.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Tri-County Electric Cooperative, Inc. as of December 31, 2022 and 2021, and the results of its operations and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinion
We conducted our audits in accordance with the auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards (GAS) issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of Tri-County Electric Cooperative, Inc. and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
We conducted our audits in accordance with the auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of Tri-County Electric Cooperative, Inc. and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether d ue to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about Tri-County Electric Cooperative, Inc.’s ability to continue as a going concern for one year after the date that the financial statements are available to be issued.
Responsiblities
In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about Tri-County Electric Cooperative, Inc.’s ability to continue as a going concern for one year after the date that the financial statements are issued.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS and GAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements
are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.
In performing an audit in accordance with GAAS and GAS, we:
• Exercise professional judgment and maintain professional skepticism throughout the audit.
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of Tri-County Electric Cooperative, Inc.’s internal control. Accordingly, no such opinion is expressed.
• Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.
• Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about Tri-County Electric Cooperative, Inc.’s ability to continue as a going concer n for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control–related matters that we identified during the audit.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated May 15, 2024, our consideration of the Tri-County Electric Cooperative, Inc.’s internal control over financial and on our tests of its compliance with certain provisions of laws, regulations, contracts, and agreements and other matters. The purpose of that report is to describe the scope of our testing of control over financial reporting and compliance and the results of that testing, and not to provide opinion on internal control over financial reporting or on compliance. That report is an integral an audit performed in accordance with Government Auditing Standards in considering TriCooperative, Inc.’s internal control over financial reporting and compliance.
In accordance with Government Auditing Standards, we have also issued our report dated May 15, 2024, on our consideration of the Tri-County Electric Cooperative, Inc.’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering Tri-County Electric Cooperative, Inc.’s internal control over financial reporting and compliance.
Nichols, Cauley & Associates, LLC
Warner Robins, Georgia
Warner Robins, Georgia
May 15, 2024
May 15, 2024
UTILITY PLANT
Utility plant in service
Construction work in progress
Less - accumulated provisions for depreciation and amortization
Total utility plant
OTHER PROPERTY AND INVESTMENTS
Investments in associated organizations
CURRENT ASSETS
Cash and cash equivalents
Accounts receivable (less allowance for credit losses of $153,098 in 2023 and $160,314 in 2022)
Other receivables
Accrued utility revenue
Materials and supplies
Other
Total current assets
DEFERRED CHARGES
TOTAL ASSETS
EQUITIES
Memberships
Patronage capital
Other
EQUITIES AND LIABILITIES
Total equities
LONG-TERM DEBT AND OTHER NONCURRENT LIABILITIES
Mortgages (less debt issuance costs of $78,902 in 2023 and $126,244 in 2022)
Financial leases
Total long-term debt and other noncurrent liabilities
CURRENT LIABILITIES
Current maturities of long-term debt
Lines-of-credit
Accounts payable
Consumer deposits
Other
Total current liabilities
DEFERRED CREDITS
TOTAL EQUITIES AND LIABILITIES
31, 2023
OPERATING REVENUES
OPERATING EXPENSES
Cost of power
Transmission
Distribution operations
Distribution maintenance
Consumer accounts
General and administrative
Depreciation and amortization
Total operating expenses
OPERATING MARGINS BEFORE INTEREST EXPENSE
INTEREST EXPENSE
OPERATING MARGINS (LOSS) AFTER INTEREST EXPENSE
G & T AND OTHER CAPITAL CREDITS
NON-OPERATING MARGINS NET MARGINS $50,907,107 26,708,176 28,026 2,949,676 4,769,254 1,924,650 3,667,643 4,619,405 44,666,830 6,240,277 4,303,543 1,936,734 1,642,715 338,824 $3,918,273 $157,914,828 48,263,461 206,178,289 43,317,082 162,861,207 13,155,620 2,764,266 2,290,428 242,342 1,950,000 9,679,067 105,544 17,031,647 356,135 $193,404,609 $72,135 40,458,420 2,948,370 43,478,925 86,558,497 553,493 87,111,990 3,482,100 44,991,661 10,997,046 1,218,227 2,123,162 62,812,196 1,498 $193,404,609 2023 $51,114,126 32,611,214 22,513 3,042,002 4,999,530 1,816,629 3,248,759 3,671,029 49,411,676 1,702,450 2,298,482 (596,032) 847,405 1,580,929 $1,832,302 $126,899,147 7,496,618 134,395,765 40,537,183 93,858,582 11,598,703 3,028,524 2,342,635 233,529 1,950,000 5,638,131 114,913 13,307,732 478,040 $119,243,057 $71,320 37,261,546 2,616,438 39,949,304 59,882,803 663,768 60,546,571 3,033,356 7,126,373 5,378,527 1,236,307 1,971,121 18,745,684 1,498 $119,243,057
BALANCE AT DECEMBER 31, 2021
Membership issued, net
Net margins
Retirements of patronage capital
BALANCE AT DECEMBER 31, 2022
Memberships issued, net
Net margins
Retirements of patronage capital
BALANCE AT DECEMBER 31, 2023 $70,090 1,230
CASH FLOW FROM OPERATING ACTIVITIES
Net margins
Noncash income and expenses included in net margins:
Depreciation and amortization
Amortization of debt issuance costs
Proceeds from contributions for long-term purposes
Reduction in provision for credit losses
G & T and other capital credits
Gain on disposition of utility plant (Increase) decrease in:
Accounts receivable and accrued utility revenue
Other receivables
Other current assets
Deferred charges
Increase (decrease) in:
Accounts payable
Other current liabilities
Consumer deposits
Deferred credits
Cash flows provided by operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to utility plant, net of salvage and cost of removal
Net change in materials and supplies
Returns of equity from associated organizations
Cash flows used by investing activities
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long-term debt
Payments on long-term debt
Proceeds from contributions for long-term purposes
Payments for debt issuance costs
Payments on financial lease obligations
Proceeds on lines-of-credit, net
Net change in memberships
Retirements of patronage capital
Cash flows provided by financing activities
NET CHANGE IN CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR CASH AND CASH EQUIVALENTS - END OF YEAR
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Increase in other equities from retirement of patronage capital
Utility plant financed by finance lease
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash payments for interest
Memberships Other Total Patronage Capital $36,340,4091,832,302 (911,165) 37,261,5463,918,273 (721,399) $40,458,420 $2,240,054376,384 2,616,438331,932 $2,948,370 $38,650,553 1,230 1,832,302 (534,781) 39,949,304 815 3,918,273 (389,467) $43,478,925 $3,918,273 4,963,715 47,342(702) (1,642,715)52,909 (8,813) 9,369 121,905 5,618,519 152,041 (18,080)13,213,763 (73,781,905) (4,040,936) 85,798 (77,737,043) 30,000,000 (2,917,514)(300,100) 37,865,288 815 (389,467) 64,259,022 (264,258) 3,028,524 $2,764,266 $331,932 $184,435 $4,095,907 2023 $1,832,302 3,980,848 15,780 (1,500,000) (837) (847,405) (26,273) (1,081,800) 1,812 27,938 43,149 3,216,483 49,959 19,210 (914,155) 4,817,011 (12,237,273) (4,817,834) 119,216 (16,935,891) 19,000,000 (2,336,239) 1,500,000 (142,024) (288,998) (3,666,353) 1,230 (534,781) 13,532,835 1,413,955 1,614,569 $3,028,524 $376,384 $644,550 $2,243,809 2022
Jeff Brewer, Vice President of Engineering
Eileen Herndon, Vice President of Corporate Services John Tuten, Vice President of Operations Wendell Williams, Vice President of Finance
Tri-County Electric Cooperative Rural Living, the voice of your memberowned electric cooperative, is published bimonthly — more if necessary — at no subscription cost to the membership. The publication team is comprised of TCEC employees. Postage is paid at Tallahassee, Fla.
Jeff Brewer, Vice President of Engineering
Eileen Herndon, Vice President of Corporate Services
John Tuten, Vice President of Operations Wendell Williams, Vice President of Finance
Eileen Herndon, Vice President of Corporate Services Kaitlynn Culpepper, Community Relations Director
Publisher Joanna Forrester
1-800-999-2285 www.tcec.com