TVA Board Meeting - FY24 Financial plan and budget- Reso-Memo
Board of Directors Page 3 August 18, 2023
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.
In accordance with Section 13 of the TVA Act, TVA makes tax equivalent payments to the states and counties in which the power operations of TVA are carried on and in which TVA has acquired properties previously subject to state and local taxation. TVA management is recommending that the Board of Directors determine that the amounts set out in Attachments 6 and 7 are the amounts due and payable for FY 2023 to the respective states and counties named in such attachments. In addition, TVA management is recommending that the Board of Directors authorize and direct the Chief Financial and Strategy Officer to (1) make, or cause to be made, estimated tax equivalent payments to states and counties for FY 2024 in accordance with established procedures until the Board has made a final determination of the respective amounts due for FY 2024 and (2) cause to be explained to the appropriate state and county officials that the payments for FY 2024 are based upon preliminary estimates and are subject to later adjustment. To support the financing of its power program, TVA regularly issues long-term power bonds and from time to time enters into other financing arrangements. TVA management is recommending that the Board of Directors (1) 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 (2) approve the four resolutions included in Attachment 8. The proceeds from these transactions would be used for power system purposes, such as meeting funding needs for new capital expenditures and refinancing existing debt. The Operations and Nuclear Oversight Committee has recommended that the Board delegate authority to the 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 with the requirement that the CEO periodically report to ONOC on actions taken in accordance with this delegation.
In summary, we recommend the Board approve the proposed FY 2024TVA budget and related matters described in this Memorandum.
John M. Thomas, III Executive Vice President and Chief Financial and Strategy Officer
Attachment Cc: Mary Margaret Painter
August 18, 2023
August 18, 2023
__________________________________
__________________________________
David Fountain
Date
Jeffrey J. Lyash
Date
84
Made with FlippingBook - Online Brochure Maker