TVA Board Meeting - FY24 Financial plan and budget- Reso-Memo
PROPOSED BOARD RESOLUTION (Fiscal Year 2024 Budget)
WHEREAS a memorandum from the Executive Vice President and Chief Financial and Strategy Officer (CFSO), dated August 18, 2023 (Memorandum), a copy of which is filed with the records of the Board of Directors as Exhibit 08/24/23F , recommends approval of the proposed fiscal year (FY) 2024 budget and certain related items as described in the Memorandum including:
a) Operating and capital budgets for FY 2024; and
b) Proposed capital projects that exceed $200 million and acquisition of land rights in connection with certain capital projects; and
c) FY 2024 Commercial Transactions Contracting Plan; and
d) Retaining for use in the operation of the TVA power system the entire margin of net power proceeds remaining at the conclusion of FY 2024; and
e) Continuing to recognize certain regulatory assets and liabilities and to follow certain accounting policies; and
WHEREAS the Board of Directors previously approved TVA’s use of an exemption (the End- User Exemption) from the Dodd-Frank Wall Street Reform and Consumer Protection Act’s mandatory clearing requirement and TVA management has recommended that the Board of Directors extend this approval to FY 2024; and WHEREAS as required under Section 9B of the Rules and Regulations of the TVA Retirement System (Retirement System), the Retirement System’s Board of Directors has informed the Board of Directors of the minimum required FY 2024 contribution to the Retirement System; and WHEREAS after consideration of the minimum required contribution and the amendments to the Rules and Regulations of the Retirement System that became effective on October 1, 2016, TVA management has recommended that the Board of Directors approve a $300 million contribution to the Retirement System for FY 2024; and WHEREAS TVA management has recommended that the Board of Directors (1) approve the final amount of tax equivalent payments to states and counties for FY 2023 and (2) authorize and direct the CFSO to make, or cause to be made, estimated tax equivalent payments to states and counties for FY 2024; and WHEREAS a memorandum from the CFSO dated August 18, 2023, a copy of which is filed with the records of the Board of Directors as Exhibit 08/24/23F , recommends that the Board of Directors authorize TVA to issue power bonds and enter into other financing arrangements in an aggregate amount not to exceed $4 billion during FY 2024; and WHEREAS the Operations and Nuclear Oversight Committee (ONOC) has recommended that the Board delegate authority to the Chief Executive Officer (CEO) to submit a Construction Permit Application (CPA) for a potential advanced reactor at TVA’s Clinch River site as soon as the CPA is ready for submission and all legal prerequisites have been completed, and that the CEO periodically report to ONOC on actions taken in accordance with this delegation;
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