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2.0 CONSENT AGENDA (Approved By One Motion) <br />Moved by Commissioner Bell and seconded by Commissioner Westgaard to approve the <br />Consent Agenda as follows: <br />2.1 Check Register— September 2022 <br />2.2 Regular Meeting Minutes —September 13, 2022 <br />Motion carried 5-0. <br />3.0 OPEN FORUM <br />No one appeared for open forum. <br />4.0 POLICY & COMPLIANCE <br />4.1 Margin Policy <br />Ms. Slominski presented her memo on the Margin Policy providing a history of the policy <br />manual reconfiguration project which began in 2017 with a goal of appropriately <br />appointing policies to the Commission and management, respectively. Ms. Slominski <br />continued there were a few policies that still needed to be added to the Commission's <br />manual including this Margin Policy. <br />Ms. Slominski explained that the purpose of the policy is to put parameters around <br />budget decisions, remove the guess work, as well as make these decisions easier to <br />explain to the community. <br />Ms. Slominski continued, the proposed policy states that the electric margin would be <br />determined by the bond convenance. There is currently a range for margins to be within <br />110% and 125% of bond convenance and that staff recommends going with the more <br />conservative option of 125%. <br />Ms. Slominski then explained that staff recommends a 105% bond convenance for the <br />water margin. <br />Ms. Slominski added in cases where bond convenances do not establish a margin, staff <br />recommends utilizing a range of 1.5-2.5% of revenue. <br />Ms. Slominski noted there were a few typos in the Margin Policy which will be corrected <br />before being added to the policy manual. <br />Elk River Municipal Utilities Commission Meeting Minutes <br />October 11, 2022 <br />Page 2 <br />34 <br />