New-Mac returns capital credits for the 21st year in a row
Co-op considers 'Snapshots of Our Lives' at 2018 Annual Meeting
CEO/General Manager Mitch McCumber addresses the membership at New-Mac's 2018 Annual Meeting.
DIRECTOR ELECTION WINNERS
District 4 - Beryl Kennedy
District 5 - Billy P. White
District 9 - Jamey Cope
Members were informed they would be receiving capital credits for the 21st consecutive year at New-Mac Electric’s Annual Meeting, and CEO/General Manager Mitch McCumber told them they’d be receiving a “Christmas present” as well on bills received in December.
In his address to the membership at the Oct. 27 meeting, held at Crowder College in Neosho, McCumber announced the co-op would be returning approximately $1.3 million in capital credits to member-customers, based on electric usage in 1998 and 1999. Members who did not pick up their checks at the meeting will receive them in the mail.
Next he informed attendees that a $350,000 Power Cost Adjustment would be credited to bills received in December, based on November usage. “How’s that for a Christmas present?” he said.
These benefits to New-Mac member have become a tradition over the past two decades. “Counting capital credit retirements and rate abatements, we have now returned nearly $26 million dollars to you, our members, over the past 21 years,” said McCumber. “Doesn’t that make you proud to be a member of this cooperative?”
The meeting’s theme came from a realization McCumber had as a teenager. While working at his first job, Williams Hardware in Miami, Okla., he observed every person had defining moments that were unique to their path in life. At the annual meeting, he pointed out that even New-Mac Electric’s history has been shaped by “Snapshots of Our Lives.” The cooperative came to exist because generations ago Southwest Missourians believed people in rural areas deserved to have electricity just like those in town.
McCumber gave a summary of the cooperative’s financial statement for 2017. Highlights included almost $41 million in sales, net margins of just over $4.9 million, operating margins over $3.1 million, and total assets over $116 million.
He reported that 2018 had been a productive year in terms of system upgrades, maintenance and right-of-way clearing. McCumber maintained that the most important aspect of that work was that it was accomplished safely with no major injuries.
McCumber told the membership it was too early to say as to whether there will be a rate increase in 2019. Electric sales have been up in 2018 due to temperature extremes such as the second coldest April and hottest May in state history. However, New-Mac has absorbed several rate increases from suppliers, Associated Electric (Springfield) and KAMO Power (Vinita, Okla.), through the years.
“We’ve put off an increase for two years now, and I don’t know that we’ll be able to do it again,” said McCumber. “If we have an increase it would be effective January 1 and show up on the bill you receive in February.”
He said details regarding a possible rate increase would come in the cooperative’s January newsletter. He also reiterated what has become an annual promise to the meeting’s audience, “We will never raise your rates until we absolutely have no other choice.”
McCumber also played a video detailing the cooperative’s activities from the past year. It highlighted system operations and services that are available to co-op members. The video also featured New-Mac’s Youth Tour/CYCLE Contest, which sent high school students Lydia Rockers (Carthage) and Owen Gray (Diamond) on a trip to Washington D.C. and Brayton Link (East Newton) and Emma Bragg (home school) to a conference in Jefferson City.
During the business section of the meeting, Beryl Kennedy, Billy P. White and Jamey Cope were re-elected to three-year terms for their respective districts on New-Mac’s Board of Directors.
New-Mac Electric, headquartered in Neosho, Mo., serves over 17,000 member accounts primarily in Newton, McDonald and Jasper Counties.