TVA Board Meeting - FY24 Financial plan and budget- Reso-Memo
BE IT RESOLVED, That the Board of Directors hereby approves the FY 2024 budget, with the condition that all revenues, as estimated in the Rate Action Revenues on Attachment 1, that are collected by TVA from a rate increase to be effective October 1, 2023, if approved by the Board, will be used to support strategic initiatives as specifically approved by the Board; RESOLVED further, That the Board of Directors approves the budgets for the projects listed in the Memorandum’s Attachment 2 and delegates to the CEO, (1) the authority to determine and appropriately certify whether all required environmental reviews under the National Environmental Policy Act and other applicable law have been completed and (2) the authority to make the final decision to proceed with an identified project subject to the budget approved by the Board of Directors and relevant Board Practices; for each capital project for which a final decision has not been made as of the date the Board approves this resolution, the CEO will inform the Board prior to making the final decision; RESOLVED further, That the Board of Directors approves, in addition to acquisitions approved in prior budgets, acquiring the land rights associated with the transmissioncapital projects listed in the Memorandum’s Attachment 3, including acquiring the land rights through condemnation, contingent upon the CEO’s approval for those projects for which such approval is required; RESOLVED further, That the Board of Directors approves the FY 2024 Commercial Transactions Contracting Plan attached to the Memorandum as Attachment 4, including the delegations to the CEO referenced in the Commercial Transactions Contracting Plan and the approval of a new demand management program as referenced in the Plan; RESOLVED further, That, in accordance with Section 26 of the TVA Act, the Board of Directors approves retaining the entire margin of net power proceeds remaining at the conclusion of FY 2024 for use in the operation of the TVA power system; RESOLVED further, That the Board of Directors approves (1) TVA’s following the allowance for funds used during construction policy described in Attachment 5 of the Memorandum, (2) TVA’s recognizing regulatory assets and liabilities as described in Attachment 5 of the Memorandum as such amounts are probable of collection (or probable of being refunded) in future rates, and (3) TVA’s accounting for certain regulatory accounting matters as described in Attachment 5 of the Memorandum; RESOLVED further, That the Board of Directors hereby authorizes TVA to use the End-User Exemption during FY 2024 in connection with all new and outstanding swaps as well as any amendments or modifications to new or outstanding swaps; RESOLVED further, That the Board of Directors approves a contribution of $300 million to the Retirement System for FY 2024 and finds this contribution to be sufficient to meet the requirements of Section 9B of the Retirement System Rules and Regulations and TVA’s obligations under Section 11A of the Retirement System Rules and Regulations; RESOLVED further, That the Board of Directors, in accordance with Section 13 of the TVA Act, hereby finally determines that the amounts set out in Attachments 6 and 7 of the Memorandum are the amounts due and payable for FY 2023 to the respective states and counties named in such schedules;
RESOLVED further, That the Board of Directors authorizes and directs the CFSO to make, or cause to be made, payments to states for FY 2024in accordance with established procedures
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