Manager Connection: Annual Meeting, Articles of Incorporation & Bylaws

By Syd Briggs,
General Manager

Steele-Waseca Cooperative Electric is inviting member-owners and their guests to the co-op’s 87th annual meeting Tuesday, June 6, with the doors opening at 9 a.m., and the meeting starting promptly at 10:30 a.m.

The purpose of the annual meeting is to provide information and report on last year’s activities, and to elect three directors for a three-year term.

Steele-Waseca is providing the co-op’s audited financials in this edition of Sparks, as we do each year, and need to address these reports along with approving last year’s minutes.

In addition, this year we are also submitting for approval, a revision of Steele-Waseca’s Articles of Incorporation and Bylaws. Each of you, in a separate mailing, should have received the notice of the change in both documents along with a copy of the new documents. Our old Articles of Incorporation and Bylaws were very dated and in need of revision. Please take a look at them and contact us with any questions. Included in the notice is a brief summary of the changes.

There isn’t any preregistration or call in before the meeting. Steele-Waseca will again be providing registration cards in the mail that are bar coded specifically for each member.

Please bring these cards with you to be scanned at registration. You should be receiving these registration cards in the mail approximately 10 days prior to the meeting. Do not mail these in; just bring them with you to the meeting on Tuesday, June 6.

At the annual meeting, Steele-Waseca will be collecting non-perishable food items and donations for a local food shelf. For those wishing to donate, they will receive (1) free LED lightbulb in appreciation of their donation.

Steele-Waseca’s 2023 Youth Tour Delegate Fred Klokonos will be introduced as he prepares to join 33 other students and five chaperones in Minnesota’s delegation heading out, June 13, to Washington, D.C.
Also returning this year is the great meal served by Hy-Vee and the always popular Dairy Queen Dilly® Bars.

Financially, Steele-Waseca had another good year. Our average number of meters grew from 11,668 in 2021 to 11,795 in 2022, and we experienced a slight increase in kilowatt-hour (kWh) sales of 3.7%.

Our operating expenses can vary greatly from year to year due to storm activity and different expense cycles in our long-range planning. This year’s operating expenses increased 16.7%, however, our four-year average is still down 2.2% from the previous four-year average.

Equity increased $362,000, and long-term debt increased $5.4 million.

In addition, to the primary purpose in an annual meeting of electing the leadership for our board of directors and providing our annual reports, we will have an opportunity to introduce all employees and directors to the membership.

For many of you, it will be another chance to reminisce with the people you have been doing business with for many years.

There are a lot of changes happening in the electric industry and I look forward to providing a brief update along with how the future of Steele-Waseca looks.

Each member who is in attendance to present their pre-mailed registration card, or register, will receive Steele-Waseca promotional products, the $30 Power Perks to be used at local businesses, and the $50 Energy Star® gift certificate.
Personally, I’m looking forward to seeing each of you again. If you have questions about our financials, the election process, or any business at all, please feel free to contact me, which I will be more than happy to address.

A view of the stage as the annual meeting started last year.