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Chair Dietz asked if participating customers will be informed of the new sunset date if <br />approved. Ms. Youngs confirmed they would. <br />Chair Dietz asked if any new customers were being added to these programs. Ms. Youngs <br />replied there are no new customers being added as the program is in a moratorium. <br />Moved by Commissioner Westgaard and seconded by Commissioner Stewart to approve <br />extension of a sunset date from December 31, 2023, to December 31, 2025, for the Dual <br />Fuel, Electric Thermal Storage Water, and Electric Thermal Storage Space Heating programs. <br />Motion carried 5-0 <br />5.0 BUSINESS ACTION <br />5.1 Financial Report —October 2023 <br />Ms. Karpinski presented the October 2023 financial report in which she highlighted that <br />there will be no Power Cost Adjustment on customers' December bill due to a lower -than - <br />expected Energy Adjustment Clause from the Minnesota Municipal Power Agency. Ms. <br />Karpinski also noted that there were a couple budgets over the 10% threshold. <br />Commissioner Westgaard asked if we will need to rework the capital budget moving <br />forward to account for the overages. Ms. Karpinski stated that Mr. Geiser was diligent in <br />adjusting other projects that offset the overages. <br />Commissioner Stewart inquired about the industrial loads and megawatt hour graphs <br />noting the sudden peak in November. There was discussion. Commissioner Stewart <br />requested a footnote on the December financial report and graphs related to any <br />corrections. <br />Moved by Commissioner Bell and seconded by Commissioner Zerwas to receive the <br />October 2023 Financial Report. Motion carried 5-0. <br />5.2 2024 Annual Business Plan — Budget and Schedule of Rates & Fees <br />Ms. Karpinski presented the 2024 Annual Business Plan and opened it up to the <br />Commission for questions or comments, highlighting the proposed zero percent rate <br />increase for electric rates and two percent increase for water rates in 2024. <br />Commissioner Stewart noted that the Minnesota Municipal Power Agency has proposed a <br />zero percent rate increase however they will not officially approve their budget until the <br />following week. <br />Moved by Commissioner Westgaard and seconded by Commissioner Stewart to adopt <br />the 2024 Annual Business Plan. Motion carried 5-0. <br />Elk River Municipal Utilities Commission Meeting Minutes <br />December 12, 2023 <br />Page 5 <br />31 <br />