A weekly e-newsletter for FMPA members
Aug. 19, 2013
Tri-City Project Refinancing
FMPA closed last Thursday on the sale of $16.4 million of Tri-City Project bonds. FMPA’s Board of Directors approved the refinancing at its May 2013 meeting to secure an economical interest rate, reduce debt service and raise new money for capital expenditures. FMPA will pay off its Tri-City Series 2003A bonds with the proceeds of the Series 20013A bonds purchased by PNC Bank. The interest rate on the new bonds is 1.88%. As part of the transaction, FMPA applied $1.8 million from the 2003A Debt Service Reserve toward the redemption of the 2003A bonds. The bond refinancing is estimated to save nearly $1.7 million on a net-present-value basis, or 10.46%. Contact: Mark Larson
Strategic Planning Survey
FMPA launched two online surveys last week to obtain input from members prior to the strategic planning workshops on Sept. 24 and Sept. 25. Nick Guarriello sent emails last Wednesday to the Board of Directors and Executive Committee members and Alteates. There are two separate surveys, one for the Board and one for the Executive Committee, so members need to complete both surveys if they belong to both groups. Responses are due next Monday, Aug. 26. The purpose of the surveys is to collect members’ thoughts in order to maximize time in the strategic planning workshops. FMPA staff members have developed some initial suggestions for consideration, but members’ ideas and feedback are essential to creating successful strategic plans. The surveys generally take about 15 minutes to complete, and the responses are anonymous. If you have any questions or would like to see the survey questions before opening the online survey, contact Mark McCain.
FMPA Congratulated for Top Companies Award
Central Florida leaders recently congratulated FMPA for its recognition as one of the Orlando Sentinel’s Top 100 Companies for Working Families. Orange County Mayor Teresa Jacobs wrote in a letter to Nick Guarriello, “It is assuring to know we have community partners like [FMPA] who value our citizens and workforce by offering them rewarding career opportunities and enjoyable work environments. Heart of Florida United Way representative Judy Mazzotta also extended her congratulations. She wrote, “I am extremely proud to work with people and organizations such as [FMPA] who believe so strongly in taking care of their employees and giving back to the community. This was the second year in a row that FMPA was recognized in the Top 100.
FMPA’s Facilities staff and management meet Monday afteoon to discuss the replacement of the heating, ventilation and air conditioning system (HVAC) at FMPA’s Orlando office. They will review a report from SGM Engineering, the owner’s engineer retained for this project. The report includes the results of SGM’s evaluation of the existing system, recommendations for needed repairs or replacements, recommendations for energy conservation measures and a refined overall project cost estimate. Contact: Sharon Smeenk
Strategic Planning Workshops
FMPA’s senior management meets Wednesday for a pre-planning session related to the strategic planning workshops next month. Results from this session and the online survey of members will be sent to Board and Executive Committee members prior to the workshops on Sept. 24 and Sept. 25. Contact: Mark McCain
Audit and Risk Oversight Committee
FMPA’s Audit and Risk Oversight Committee meets Thursday at 8:30 a.m. in the Board room to conduct the annual review and assessment of the Committee charter. The Committee also will discuss several information items. The full agenda package is available on the Member Portal. Contact: Rich Popp
Board of Directors
FMPA’s Board of Directors will hold a special-called meeting Thursday in the Board room at 9:30 a.m. or immediately following the Audit and Risk Oversight Committee meeting. The Board will discuss: 1) approval of St. Lucie Project financing, and 2) approval of an amendment to the Policy Makers Liaisons Committee’s Charter. The full agenda package is available on the Member Portal. Contact: Nick Guarriello
ARP Executive Committee
The All-Requirements Project Executive Committee meets Thursday in the Board room at 10 a.m. or immediately following the Board of Directors meeting. The Committee will discuss the FST hedging program and several information items. The full agenda package is available on the Member Portal. Contact: Nick Guarriello
Vero Beach Entitlements
Representatives from FMPA meet Friday in Orlando with representatives from Vero Beach and Florida Power & Light (FPL) to discuss the proposed sale of Vero Electric to FPL. Contact: Fred Bryant
All-Requirements Project Weekly Load Statistics
The weekly update of the All-Requirements Project historical load graph has been posted on the Member Portal. The graph is updated through Aug. 18. Contact: Jim Atz
Congratulations to Carter Manucy, who celebrates 17 years with FMPA on Monday, Aug. 19.
Audit and Risk Oversight Committee
FMPA’s Audit and Risk Oversight Committee will meet Aug. 29 via conference call at 2 p.m. with FMPA’s exteal auditing firm, Purvis Gray. The Committee will conduct an entrance interview in preparation for the year-end audit, which is scheduled to begin in late October. Contact: Rich Popp
APPA Business & Financial Conference
Wednesday is the hotel reservation deadline for the American Public Power Association’s websitehttp://www.publicpower.org/BandF/index.cfm?ItemNumber=30529&navItemNumber=30536>website; for more information.
Public Power Week
Public power utilities nationwide will celebrate Public Power Week on Oct. 6 through Oct. 12. This annual event is a great time for local utilities to reach out to citizens in their communities to communicate the unique benefits of public power. The Home” rel=”nofollow”>http://www.homepoweradvantage.com/>Home Power Advantage website from FMPA and the Florida Municipal Electric Association is also a great tool. Visit www.fmpa.com
Community Power. Statewide Strength. ®