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Mr. Hanson made the point that the pay plan is no longer market leading if the <br />Commission chose the market lagging plan and reduced or eliminated the UPMIC, adding <br />the Commission could choose a market leading payment plan and decide to remove the <br />UPMIC program when the policy is reviewed later in the year. He encouraged the <br />Commission to make these decisions separately as there appeared to be consensus on the <br />plan, implementation, and effective date. <br />Ms. Towne again supported that approach, noting there are many potential variables to <br />supplemental income whereas the base pay being proposed is more stable year to year. <br />Ms. Karpinski followed up with information on the UPMIC payout, explaining that over the <br />last six years it had been paid out at the full amount twice. <br />The Commission agreed, with there being no impact to the effective date, it would be <br />preferable to wait to vote at the August regular meeting when the requested information <br />could be provided. <br />Moved by Commissioner Zerwas and seconded by Chair Dietz to postpone action to the <br />August regular commission meeting. Motion carried 5-0. <br />5.2 Financial Report— May 2024 <br />Ms. Karpinski presented the May 2024 Financial Report. <br />Ms. Karpinski highlighted a reduction in the Cash line item of the Electric Balance sheet due to <br />removing $7 million from savings to be placed in investments. She confirmed there was still <br />an amount staff was comfortable with in savings. <br />She reported generally that as of May, the finances were looking good. <br />Moved by Commissioner Westgaard and seconded by Commissioner Stewart to receive <br />the May 2024 Financial Report. Motion carried 5-0. <br />5.3 Advanced Metering Infrastructure Update <br />Mr. Tietz presented his memo to the Commission. There was discussion. <br />Elk River Municipal Utilities Commission Meeting Minutes <br />July 9, 2024 <br />Page 8 <br />