Blue Ridge Mountain EMC 2014 Annual Report Executive Summary E very year in the Annual Report, we try to provide an update on the operations of Blue Ridge Mountain Electric Membership Corporation (BRMEMC). In this report you will find financial information for the past calendar year ( January 1, 2013, through December 31, 2013), as well as statistical information with comparisons to previous years. In addition to this information, we would also like to give a brief update on some of the high-profile projects and initiatives that your cooperative has been involved with this past year. Over the course of 2013, BRMEMC constructed over 44 miles of new power lines, as well as maintaining almost 6,000 miles of existing distribution lines and over 32 miles of transmission lines. Your cooperative owns and maintains 10 distribution substations and one transmission switching station that have the capacity to serve the power supply needs of our communities for years to come. In 2013, we added approximately $7,575,000 in new electric plant resulting in a total electric plant value as of December 2013 of over $210,424,900. This past year, we also added 392 electric meters and ended the year with a total of 49,863 connected meters. BRMEMC also continues to do its part in support of TVA’s renewable generation programs. Through these programs, TVA purchases the energy generated from qualified renewable generation systems installed by our members. As the local power distributor, BRMEMC’s role in this program is to facilitate the interconnection of the generation systems to our electric distribution lines. We currently have three wind turbines and 93 solar arrays connected on our system, providing over 14,400 kilowatts of renewable generation. In addition to providing electric services, BRMEMC also continues to provide several other “value-added services.” We now provide broadband 34B Matthew Akins, executive vice president and general manager of Blue Ridge Mountain EMC services to approximately 5,400 owner-members. We also have partnerships with Americas Center Corporation to provide digital television services, and we are now partnered with ETC to provide telephone services on our fiber-optic network. More than 2,200 of our members are enrolled in our water heater maintenance program and more than 1,600 lease surge protection devices. BRMEMC also provides monitored home security services to over 700 members. Give us a call or stop by the office to learn more about any of these additional services. In closing, we want to thank each and every member for your support. The BRMEMC Directors, Management and Employees will continue to remain committed to providing our members with safe, reliable, affordable electricity. We look forward to seeing you at the Annual Meeting on Saturday, September 13, 2014. Blue Ridge Mountain Annual Report September 2014 Balance Sheet Utility plant 2012 Electric plant in service . . . . . . . . $ 198,237,731 Construction work in progress. . . . . . . . . . . . . . . . . . $ 4,612,202 Accumulated provision for depreciation . . . . . . . . . . . . . $ 52,549,023 Net utility plant . . . . . . . . . . . . . . . $ 150,300,910 Non-utility property . . . . . . . . . . . $ 16,022,212 Investments in associated organizations . . . . . . . . . . . . . . . $ 2,817,853 1,277,442 Equities 2012 Memberships . . . . . . . . . . . . . . . . . . $ 248,998 Equity in co-op . . . . . . . . . . . . . . . . $ 41,233,064 Total equities . . . . . . . . . . . . . . . . $ 41,482,062 2013 $ 253,195 $ 43,633,329 $ 43,886,524 $ 57,598,542 $ 152,826,359 $ 17,092,076 Long-term debt . . . . . . . . . . . . . . . . $ 113,619,849 Other non-current liabilities . . . . . . . . . . . . . . . . . . . $ 3,321,373 $ 110,257,155 $ Current liabilities Notes payable . . . . . . . . . . . . . . . . . $ 11,180,631 Accounts payable . . . . . . . . . . . . . . $ 8,104,388 Consumers’ deposits . . . . . . . . . . . $ 3,713,800 Accrued and withheld taxes . . . . $ 789,369 Accrued interest— RUS, CFC and FFB . . . . . . . . . . . $ 2,738,345 Other . . . . . . . . . . . . . . . . . . . . . . . . . $ 511,176 Total current liabilities . . . . . . $ 27,037,709 2013 $ 209,147,459 $ 4,053,384 Current assets Cash—General and temporary cash investments . . . . . . . . . . . . $ 2,755,618 Accounts receivable. . . . . . . . . . . . $ 4,285,043 Materials and supplies . . . . . . . . . $ 1,136,912 Prepayments . . . . . . . . . . . . . . . . . . $ 917,346 Other current assets . . . . . . . . . . . $ 4,612,858 Total current assets. . . . . . . . . . $ 13,707,777 $ 2,655,450 $ 5,069,791 $ 1,157,848 $ 829,908 $ 4,474,447 $ 14,187,444 Deferred debits . . . . . . . . . . . . . . . . $ 4,443,322 Total assets . . . . . . . . . . . . . . . . . . $ 187,292,074 $ 4,747,404 $192,906,667 Deferred credits. . . . . . . . . . . . . . . . $ 1,831,081 Total equities and liabilities . . . . . . . . . . . . . $187,292,074 $ 3,663,036 $ 14,755,631 $ 8,990,976 $ 3,898,860 $ 1,113,300 $ 3,057,608 $ 448,090 $ 32,264,465 $ 2,835,487 $192,906,667 Statement of Revenue and Expense 2012 Operating revenue. . . . . . . . . . . $ 76,504,788 Operating expense and interest Cost of power. . . . . . . . . . . . . . . . . . $ 48,598,716 Distribution operations . . . . . . . . $ 3,194,240 Distribution maintenance. . . . . . $ 4,877,399 Consumer accounts . . . . . . . . . . . $ 2,446,432 Consumer service and information . . . . . . . . . . . . $ 980,759 Administrative and general. . . . . $ 3,352,257 Depreciation . . . . . . . . . . . . . . . . . . $ 5,402,335 Taxes . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,597,700 Interest . . . . . . . . . . . . . . . . . . . . . . . $ 5,373,711 Total operating expense and interest . . . . . . . . . . . . . . . $ 75,823,549 2013 $ 78,497,365 $ 49,612,124 $ 3,208,397 $ 5,454,403 $ 2,764,422 Net operating margins. . . . . . . $ 2012 681,239 $ 2013 1,312,622 Non-operating margins. . . . . . $ -67,331 $ 457,200 Net margins. . . . . . . . . . . . . . . . . . $ 613,908 $ 1,769,822 937,819 2,499,534 6,092,076 1,284,373 5,331,595 Earnings reinvested in system: Beginning of year. . . . . . . . . . . . . . $ 41,330,256 $ 41,944,164 Earnings reinvested in system: End of year. . . . . . . . . . . . . . . . . . . . $ 41,944,164 $ 43,886,524 $ 77,184,743 Paid Back to RUS, CFC and FFB . . . . . . . . . . . . . . . . . . . $ 2,738,345 $ 3,057,608 $ $ $ $ $ Numbers reflect calendar year totals. September 2014 Blue Ridge Mountain Annual Report 34C Meters Served Miles of Line M 2013 2013 2008 2008 2003 2003 1998 1998 1993 1993 0 10,000 20,000 30,000 40,000 50,000 0 1,000 2,000 3,000 4,000 5,000 6,000 Electric Revenue 2013 2008 2003 1998 1993 0 $20 million $40 million Uses of Revenue $60 million $80 million Sources of Revenue Interest 6.79% Commercial & Industrial 33.80% Depreciation 7.76% Street & Outdoor Lighting .12% Operation & Maintenance Expense 15.17% Taxes 1.64% Miscellaneous 2.89% Margins 2.25% Purchased Power 63.20% Administrative & General Expense 3.19% Residential 63.19% Numbers reflect calendar year totals. 34D Blue Ridge Mountain Annual Report September 2014 July 22, 20 Blue Ridge Electric MeMountain mbership C orporation P.O. BOX 9, 875 MAIN STREET EA ST YOUN 14 Dear Membe G HARRIS , GEORGI A 30582 PH ONE: (70 6) 379-312 1 r: This is your Official Not ice of the A Mountain E nnual Meetin lectric Mem g of Membe bership Cor at 10:00 a.m rs po . on Saturd ay, Septembe ration. The meeting w of Blue Ridge Mountain Fa ill begin prom r 13, 2014, irgrounds, in the Music Hiawassee, ptly Hall of the Georgia. Georgia There are th ree membe rs of the Boa meeting this rd of Direc year. The N tors whose ominating for a threeterm Committee year term. has nominat s expire with the ed the follo wing membe rs Brian Trou t Julie Payne Clay Count y, NC Lenny Park Towns Cou s nty, NC There were Union Cou four nomin nty, GA ations mad Phillips, To e by petitio wns Count n: Chris Lo y, G Union Cou gan, Clay C nty, GA. Und A; Charles Jenkins, U ounty, NC; nion Count er the bylaw Steven y, GA; and s no nomin Mic ations may Registratio be made from hael Patton, n will be he ld th at the Ander e floor. grounds be ginning at 8 son Music H a.m. and w ill close prom all in the Georgia Mou nt pt ain Fairly at 11 a.m The Pressley . Girls from Brasstown, Band from North Carol Hiawassee, ina, and th Georgia, w annual mee e ill be provid ting. ing the ente Mountain Home Mus ic rtainment fo r this year’s Yours truly, Blue Ridge Mountain E MC William E. Prather Secretary Blue Ridge Mountain E MC B WILLIE WI oard of Dir ectors REDHAND OWNED BY DISTRIBU TOR OF September 2014 THOSE WE SERVE T.V.A. POWE R Blue Ridge Mountain Annual Report 34E Annual Meeting Entertainment The Pressley Girls The Mountain Home Music Band We are pleased to have the talented twin sisters Corie and Katie Pressley providing our early entertainment this year. 2014 Murphy High School graduates, Corie and Katie are presently attending Young Harris College on music scholarships. The Pressley Girls are an authentic Appalachian duet that focuses on tight harmony and lyrical meaning. Corie plays the guitar and mandolin while singing harmony with her sister, Katie, who plays the fiddle and piano while singing lead. Also providing musical entertainment will be the Mountain Home Music Band from Hiawassee, Ga. Group members, from left to right, are Tim Burch, Jimmy Hooper, Danny Burch, Larry Berrong, Dale Nicholson, Marilyn Berrong, Jerry Nichols and Billy Nicholson. The band plays country, bluegrass and gospel music. Some of the group were members of the 1967-1968 Georgia State Champion Towns County High School FFA String Band. Annual Meeting, September 13, 2014 Free Door Prizes! There will be three Grand Prize Drawings of $100 each EMCEE: Larry Sorgen, attorney for Blue Ridge Mountain EMC 34F Blue Ridge Mountain Annual Report September 2014 A Powerful Connection ‘An Electric Cooperative and its Community’ By Byron McCombs B lue Ridge Mountain EMC (BRMEMC) was formed in the late 1930s by a group of pioneers with a clear vision for the future. They correctly appraised the value of electricity and understood the power it possessed to transform people’s lives. Rural electrification brought the light of hope to people living in sparsely populated areas across the country where the prospects of ever escaping poverty were dim. Your co-op is called upon to serve its community in ways far beyond our main objective of providing a reliable source of electricity at an affordable price. We take great pride in the community service our co-op provides because we are members of these communities as well. By design and desire, your electric cooperative wholeheartedly invests its resources into the people and places found within its service territory. One of the seven cooperative principles is “Concern for Community,” and BRMEMC has always faithfully adhered to the ideal encompassed within that concept. As a business, BRMEMC assists in countless community projects throughout our service area. Here we lend a hand to Habitat for Humanity with the construction of a new home. September 2014 we lend assistance to civic groups, local governments, schools, charities and service organizations of every shape and size. As individuals we help out because we live, work and play in the areas we serve. Our customers are co-op members like we are, which knits our interests together. The bonds between BRMEMC and the communities it serves have remained steadfast for 76 years. The labor of working together for the common good has resulted in accomplishments we can all look back on with a great sense of satisfaction. We are thankful for the loyal support of our members. It is indeed a relationship forged from a tradition of service to our communities that has proven to be a powerful connection. Your co-op has always been an avid supporter of our local area school systems. BRMEMC employees Eric Hooper and Michael Stockton speak with a student during Career Expo Day at Towns County High School. Blue Ridge Mountain Annual Report 34G Blue Ridge Mountain EMC Board of Directors Brian Trout Jerry Nichols Lenny Parks Bill Prather Julie Payne Kenneth Lance Greg Owenby Ronnie Burch Bob Ensley BRMEMC Staff Director of Member Services: Sonny Mahan Director of Office Services: Patricia Young Director of Engineering and Operations: Gene Coker General Manager: Matthew Akins Director of Information Systems: Dwayne Long Director of Broadband Services: Daniel Frizzell Director of Economic Development: Erik C. Brinke
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