Kennebunk Light & Power District 4 Factory Pasture Lane Kennebunk, Maine 04043 (207) 985-3311 www.klpd.org

BOARD OF TRUSTEES BUSINESS MEETING AGENDA

TUESDAY, SEPTEMBER 25, 2018 DISTRICT OFFICES @ 6:00 PM

I. CALL TO ORDER 6:00

II. BOARD REVIEW AND APPROVE MINUTES OF 7/31/18 MEETING 6:05 III. AMERICA FIRST HYDRO DISCUSSION WITH BOARD ON PROPOSAL TO OPERATE 6:15

KLPD HYDRO STATIONS IV. BOARD REVIEW JULY AND AUGUST, 2018 FINANCIALS 7:00 V. GENERAL MANAGER’S REPORT 7:15

a. PAST BOARD MEETING REQUESTS b. SUBSTATION PLANNING UPDATE c. ASLPUNDH TREE TRIMMING UPDATE d. HYDRO OPERATIONS UPDATE e. TRUSTEE HOLIDAY PARTY 12/14/18 AT GARDEN STREET BOWL

VI. PUBLIC COMMENT PERIOD (LIMITED TO 15 MINUTES TOTAL) 7:30 VII. EXECUTIVE SESSION PURSUANT TO 1 MRSA 405.6 (A) FOR A DISCUSSION 7:45

OF A PERSONNEL MATTER VIII. NEXT MEETINGS: OCTOBER 23, NOVEMBER AND DECEMBER TBD 8:15

IX. BOARD RECOMMENDATION FOR AGENDA ITEMS FOR NEXT MEETING 8:20 X. ADJOURN 8:25

Page 2055

KENNEBUNK LIGHT & POWER DISTRICT

COUNTY OF YORK STATE OF MAINE

- - -

BOARD OF TRUSTEES MEETING MINUTES

(Video recorded meeting)

- - -

KENNEBUNK LIGHT & POWER DISTRICT 4 FACTORY PASTURE LANE

KENNEBUNK, ME 04043 TUESDAY, JULY 31, 2018

5:00 p.m.

- - - BOARD MEMBERS: PRESIDENT: DAVID CLUFF - (NOT PRESENT)

VICE-PRESIDENT: ROBERT EMMONS - (PRESENT)

GENERAL MANAGER/TREASURER: TODD SHEA - (PRESENT)

CLERK: DAN BARTILUCCI - (PRESENT)

TRUSTEE: JAY KILBOURN - (PRESENT)

TRUSTEE: BRADLEY "SCOTT" DUCHARME - (PRESENT)

ALSO PRESENT:

Matthew Rancourt, Business Manager

Albert Kolff, Kennebunk

Beverly Freudenreich, Kennebunk

Bill Grabin, Kennebunk

Peter Ashley, Kennebunk

Ward Hansen, Kennebunk

Page 2056

(Other members of the public may have been present but not identified.)

Page 2057

APPEARANCES:

DRUMMOND WOODSUM

BY: ELEK A. MILLER, ESQ. 84 Marginal Way Suite 600 Portland, ME 04101-2480

Page 2058

Whereupon, President Kilbourn called the meeting to order at 5:00 p.m.

Whereupon, Item II, Election of President, Vice President and Clerk, occurred as follows:

Dan Bartilucci nominated David Cluff for President. The motion was seconded by Scott

Ducharme.

Thereupon, with no further discussion, a vote was taken. Unanimous ayes were heard.

David Cluff will serve as President.

Scott Ducharme nominated Bob Emmons for Vice-President. The motion was seconded

by Jay Kilbourn.

Thereupon, with no further discussion, a vote was taken. Unanimous ayes were heard.

Bob Emmons will serve as Vice-President.

Scott Ducharme nominated Dan Bartilucci for Clerk. Jay Kilbourn seconded the motion.

Thereupon, with no further discussion, a vote was taken. Unanimous ayes were heard.

Dan Bartilucci will serve as Clerk.

Whereupon, Trustee Kilbourn nominated General Manager Shea to continue to serve as

Treasurer. The motion was seconded by Vice-President Emmons.

Thereupon, with no further discussion, a vote was taken. Unanimous ayes were heard.

General Manager Shea will serve as Treasurer.

Whereupon, Item III, Board Review Regular Meeting Agenda, occurred.

Whereupon, Item IV, Board Roles and Responsibilities - Annual Discussion with

Attorney, Elek Miller of Drummond Woodsum, occurred. Attorney Elek addressed the Board

and proceeded into his annual presentation. A question and answer period followed the

presentation.

Whereupon, Item V, Board Review and Approve Minutes of 06/26/18 Meeting, occurred.

Trustee Kilbourn made the motion to accept the minutes. It was seconded by Vice-President

Emmons.

Thereupon, with no further discussion, a vote was taken and, with unanimous ayes heard,

the Minutes of June 26, 2018 were approved.

Whereupon, Item VI, Board Review June, 2018 Financials, occurred. Business Manager

Rancourt took the floor and advised those present of the June standings.

Whereupon, Item VII, Board Consideration of Management and Staff Recommendation

for Contracted Engineering Services, occurred.

General Manager Shea took the floor. He advised those present of the efforts put forth by

management and staff in regard to engineering services. Staff feels strongly to continue with

SGC Engineering. Management is in agreement.

Page 2059

Whereupon, Trustee Kilbourn made the motion to continue with SGC Engineering. The

motion was seconded by Clerk Bartilucci.

Thereupon, a brief discussion occurred between Trustee Ducharme and General Manager

Shea. After which a vote was taken and unanimous ayes were heard. The motion carries to

continue with SGC Engineering.

Whereupon, Item VIII, Board Review of Final Draft of KLPD Strategic Plan, occurred.

General Manager Shea took the floor and asked for the Board's further review. General Manager

Shea has received comments from only Clerk Bartilucci and Trustee Ducharme. He would like

further input from the other members.

Political initiatives and climate change issues were discussed. Maintenance of dams was

also a topic discussed. The comments forwarded by Clerk Bartilucci were discussed in detail by

the Board. The draft was discussed by those present in detail. It was decided upon by the Board

that the draft will be fine tuned; corrections, modifications, and changes will be made by General

Manager Shea. It will then be brought back to the Board for their review.

Whereupon, IX, Board Approval of Authorization for General Manager to Execute Solar

Interconnection Agreement, Temporary Easement, and PPA Revisions Regarding West

Kennebunk Solar Array, occurred.

Whereupon, Trustee Kilbourn made a motion to authorize General Manager Shea to

execute the solar interconnection agreement. Trustee Ducharme seconded the motion.

Thereupon, after a discussion in regard to the costs related to attaching the

interconnection, Vice-President Emmons asked for a vote. The vote was taken and, with

unanimous ayes heard, the motion carries to authorize General Manager Shea to execute the

solar interconnection agreement.

Whereupon, General Manager Shea then explained the temporary easement agreement.

Trustee Ducharme then made a motion to authorize General Manager Shea to execute the

temporary easement provided that the equipment that is going into the road has no damaging

affect to the substation. The motion was seconded by Trustee Kilbourn.

Thereupon, Vice-President Emmons asked for a vote. With unanimous ayes heard the

motion carries to authorize General Manager Shea to execute the temporary easement provided

that equipment that is going into the road has no damaging affect on the substation.

General Manager Shea then explained the Purchase Power Agreement. Trustee Kilbourn

made a motion to accept the amendment and restatement of the Master Solar Power Purchase

Agreement and to authorize General Manager Shea to execute the document. The motion was

seconded by Clerk Bartilucci.

Thereupon, after a brief discussion, Vice-President Emmons asked for a vote. The vote

was taken and, with unanimous ayes heard, the motion carries to accept the amendment and

restatement of the Master Solar Power Purchase Agreement and to authorize General Manager

Shea to execute the document.

Page 2060

Whereupon, Item X, Board Consideration of America First Hydro Operation Agreement

Request, occurred. General Manager Shea explained the Agreement to those present. A lengthy

discussion occurred in which licensing, generation, length of agreement, ownership of dams and

equipment and costs were discussed. A joint meeting with the Board and First Hydro was then

discussed.

Whereupon, Trustee Ducharme made a motion that General Manager Shea contact

America First Hydro and ask them to attend the next KLPD board meeting for discussion on an

operations and maintenance contract, another contract going forward, provided licensing is going

to be renewed, and ownership of the dams. The motion was seconded by Trustee Kilbourn.

Thereupon, after a brief discussion in regard to proprietary issues, Trustee Kilbourn asked

for the motion to be repeated. The motion was revised as follows: To request America First

Hydro to attend the next KLPD Board of Trustees' Business meeting to discuss an operations and

maintenance contract. Vice-President Emmons then requested a vote. Unanimous ayes heard

were heard and the motion carriers to request America First Hydro to attend the next KLPD

Board of Trustees' Business meeting to discuss an operations and maintenance contract.

Whereupon, Item XI, General Manager's Report, occurred as follows:

A. Past Board Meeting Requests as noted below:

B. Substation Planning Update occurred earlier in this meeting.

C. Asplundh Tree Trimming Update - ten miles have been completed.

D. Hydro Operations Update - hydros have not been operating due to low water.

Maintenance on the hydros are ongoing.

E. GM at NEPPA Annual Conference August 20, 2018 through August 22, 2018.

Whereupon, Item XII, Public Comment Period (Limited to 15 Minutes Total), occurred.

Mr. Ashley took the floor and discussed various topics including the 20-mile limit at the

District's outskirts, wind power, a plug-in generator, the Ross Road project, cogeneration, Twine

Mill and the use of the level control.

Mr. Grabin discussed the value of supporting documentation being available on the

website when the agenda is posted. He would like to see the previous month's minutes, the

financial reports, the solar and NextEra contracts, et cetera.

Ms. Freudenreich thanked KLPD crew for their putting a sleeve on her wires so that her

painters would be safe while painting. She would like this noted so that the Public is aware of

this service that is provided by KLPD.

Ms. Freudenreich discussed the Freedom of Access Act. She would like to see agendas

available to the public at least two weeks prior to the meeting. She discussed hydro generation,

as well.

Page 2061

Mr. Hansen discussed alternative energy, the potential of an energy crisis, energy

efficiency, and the District's strategic plan. He discussed OPEC, oil, coal and other topics.

Whereupon, Item XIII, Next Meetings, Discussion on Reschedule of August Meeting,

occurred. A Motion was made my Trustee Kilbourn to have one meeting in the month of

September to occur on September 25, 2018. The motion was seconded by Trustee Ducharme.

Thereupon, with no further discussion, a vote was taken. With unanimous ayes heard the

motion carries and the next meeting of the KLPD Board of Trustees will occur on September 25,

2018.

It was noted that if a meeting is required due to an emergent situation, it can be scheduled

and occur pursuant to the obligatory regulations.

Whereupon, XIV, Board Recommendation for Agenda Items for Next Meeting, occurred.

Any additional agenda items will be forwarded to General Manager Shea.

There being no additional business of the District discussed by the Board, Vice-President

Emmons asked for a motion to adjourn. Trustee Kilbourn made the motion. It was seconded by

Clerk Bartilucci.

Thereupon, with unanimous ayes heard, the meeting adjourned at 7:56 p.m.

Attest:

Dan Bartilucci, Clerk

From: Ian ClarkTo: Todd Shea; Paul NolanSubject: Re: Mousam OperationsDate: Thursday, July 26, 2018 8:26:19 AM

Morning Todd,

Any thoughts on this before you send to the board? If there are changes that could be madethat would better our chances, let me know.

On Tue, Jul 24, 2018 at 10:50 AM, Ian Clark <ianc@dichotomycapital.com> wrote:Todd,

Thanks for the call today. As noted, here's what we're looking for. Please providefeedback/changes as you think are warranted.

-We'd like the board to know that we are making significant progress with relicensing.FERC has been largely agreeable to our strategy and we are seeing signficant savings overthe KLPD consultant reports.

-Estimated Study Costs are going to be about 1/5th the expected costs that the Wright Pierceand GZA reports stated.

-It would be beneficial for KLPD to work with us.

-Worth stressing - the liability of decommissioning will be 100% on KLPD. FERC is highlyunlikely to let KLPD abandon the dams in place.

So with that...

AFH would like to take over operations of the Projects from KLPD. Streamlining theoperations with the relicensing will help everyone.

AFH is looking for a 15-yr PPA at 9.5 cents per kwh. This will allow us to get financing forequipment upgrades and modification of the facilities.

We'd want the facilities in working condition - ie they need to be ready to run and repairsunderway need to be completed before the operations are transferred to us.

I'll think of some more things today as I hike. This will get us started though.

-- Ian ClarkManaging PartnerDichotomy Capital826 Scarsdale AveScarsdale, NY 10583(p) 914-297-7645

-- Ian ClarkManaging PartnerDichotomy Capital826 Scarsdale AveScarsdale, NY 10583(p) 914-297-7645

DRAFT - Initial Questions related to the AFH PPA concept suggested in email dated 7/26/18 from Ian

Clark

Is this a correct summary of the AFH proposal:

AFH operates dams under contract starting soon and they assume all costs of operation and

maintenance. We pay AFH 9.5 cents/kWh for all hydro power they produce at our dams for 15 years.

Key Question

Why would we pay more for hydro-power than for our current cost of hydro power, purchased power

from the grid, or our own local solar power?

General Questions:

Could/should we file for “surrender in place” with FERC now and see what FERC says in order to better

understand the present day actual costs of surrender or decommissioning and to be prepared, should

the AFH license not be issued? I have long felt that the $3M estimate to decommission was overstated

by Wright Pierce in order to be conservative. I would think we could just stop producing power and

leave the dams, or open the flood gates and demolish a portion to allow fish passage, if that were our

preference. These would possibly be lowest cost options, if we were allowed to do either.

It is important to know more precisely what our future costs relative to the dams might be without an

AFH agreement, in order to properly evaluate the AFH proposal, once it is formalized.

What are the USEIA and other indices saying about projections of future power costs in our area?

What is the breakdown of today’s current cost of power and future cost for each remaining contract

year with NextEra?

When will we have a better idea what vendors will offer us for future power pricing under contract?

What are our cash costs right now to operate the dams (fully loaded - Including costs of staff,

depreciation, bonds P&I)?

What is the likelihood that there will be money available to assist with dam decommissioning, if KLPD

chose to go that direction?

AFH

Why would we pay more for hydro-power than for our current cost of power or solar power? How do

we know what the cost / benefit might be of the conceptual AFH proposal?

Is AFH seeking an operating contract and/or an ownership transfer and/or a PPA?

Under the 15 year PPA, who would own the dams? What liability would KLPD retain during and after the

PPA contract or the title transfer or other proposed scenario?

What cash costs would continue under an AFH contract? What cash costs would go away?

What is the anticipated timing of our receipt of an AFH proposal with more detail, and roughly when

might we complete negotiations and begin implementation?

When would AFH propose to start operating Dams; or assume ownership and/or responsibility? What

items do they want fixed by KLPD?

What would be the costs to maintain/upgrade dams to meet AFH requests?

How much power will they guarantee to provide (minimum and maximum) and when? This is important

when considering our upgrade/maintenance costs required by AFH prior to and possibly after AFH

involvement.

Is the AFH concept proposal contingent on successful FERC licensing?

How many dams are included in the AFH concept?

Do we have any insight at this time into whether the studies that will be done by AFH are adequate to

ensure that the local environment will be protected?

Kilbourn 7/29/18

KWH SALES 2018 2017 Variance

9,818,080 9,643,525 174,555

minus Corning 1,827,400 1,653,400 174,000

7,990,680 7,990,125 555

ENERGY REVENUE 2018 2017 VarianceEnergy Sales 662,039$ 643,053$ 18,986$

RNS REVENUE 2018 2017 VarianceRNS Sales 184,106$ 169,902$ 14,203$

TRANSMISSION REVENUE 2018 2017 VarianceTransmission Sales 51,287$ 30,161$ 21,127$

DELIVERY REVENUE 2018 2017 VarianceDelivery Sales 252,225$ 226,238$ 25,987$

Actual Budget Variance Notes105,565$ 51,108$ 54,457$ Asplundh tree trimming progress billing

9,280 13,537 (4,256) Timing issue for printing and posting of customer bills

74,010 86,461 (12,450) -9,233 timing issue, Office Public Advocate invoice not received-7,280 non-repeating Wright-Pierce hydro fee+5,523 Sick time

41,095 41,071 24

Administration

Other expense

Kennebunk Light and Power District

General plant operations,

kwh sales Energy and RNS:

Customer accounting and collections

REVENUES

EXPENSES

July 2018Notes to Financial Statements

Department

kwh sales Delivery & Transmission

ANNUALJuly 2018 July 2018 July 2017 2018 2018 2017 2018

Revenue Actual Budget Actual YTD Actual YTD Budget YTD Actual BudgetEnergy revenue 662,039 661,369 643,053 4,579,457 4,428,432 4,452,572 7,443,116 PV returned to grid 4,548 2,968 3,046 17,613 11,087 11,381 21,250 Power expense (715,174) (661,369) (662,185) (4,519,693) (4,428,432) (4,284,217) (7,443,116) PV Credits (4,548) (2,968) (3,046) (17,613) (11,087) (11,381) (21,250) Net energy revenue (53,134) (0) (19,132) 59,764 (0) 168,355 -

RNS revenue 184,106 174,704 169,902 1,262,217 1,169,791 1,173,264 1,966,134 RNS expense (138,972) (174,704) (153,910) (1,086,422) (1,169,791) (1,269,918) (1,966,134) Net RNS revenue 45,133 - 15,992 175,795 - (96,655) -

Transmission revenue 51,287 29,749 30,161 323,377 199,194 202,017 334,796 Transmission expense (27,666) (29,749) (86,446) (270,648) (199,194) (253,526) (334,796) Net transmission revenue 23,621 - (56,285) 52,729 - (51,510) -

Net energy and transmission revenue 15,621 (0) (59,425) 288,288 (0) 20,190 -

Delivery revenue 203,309 204,255 226,238 1,377,691 1,367,664 1,520,398 2,298,711 Minimum charge revenue 48,916 48,622 - 265,860 277,753 - 520,865 Other revenue 17,360 11,346 12,589 142,593 52,047 48,454 81,402 Hydro production - 7,083 793 58,852 49,583 70,786 85,000 Total Revenue 285,206 271,307 180,196 2,133,284 1,747,048 1,659,828 2,985,978

ExpensesGeneral plant operations, maintenance and distribution 105,565 51,108 44,943 379,013 368,859 324,362 654,761

Customer accounting and collections 9,280 13,537 11,959 96,231 94,753 83,714 161,525 Administration 74,010 86,461 88,350 653,381 730,724 746,691 1,117,222 Other expense 41,095 41,071 42,359 288,310 287,496 295,353 492,850 KLPD electrical usage 1,094 991 994 13,924 15,340 16,228 26,500 Total Expense 231,044 193,167 188,605 1,430,858 1,497,172 1,466,348 2,452,859

Net gain/(loss) 54,162 78,140 (8,409) 702,426 249,876 193,480 533,119

STATEMENT OF REVENUES AND EXPENSESKENNEBUNK LIGHT & POWER DISTRICT

MONTHLY YTD

July 2018 July 2017 FY 2017AssetsCash and short-term investments 1,775,277 1,171,955 1,064,762 Accounts receivable 1,146,397 974,557 1,175,884 Fixed assets and property 10,045,018 10,130,962 10,161,714 Other assets 1,061,743 879,616 1,080,072 Total assets 14,028,435 13,157,091 13,482,432

LiabilitiesAccounts payable 936,398 1,123,692 (49,750) Payroll liabilities 14,878 12,480 26,099 Long-term liabilities 2,438,139 2,663,163 2,717,492 Other liabilities 1,167,147 1,147,111 2,142,208 Total liabilities 4,556,563 4,946,447 4,836,049

EquitySurplus 8,814,375 8,071,722 8,417,645 Current year excess revenue 657,498 138,922 228,738 Total equity 9,471,873 8,210,644 8,646,383

Total liabilities & equity 14,028,435 13,157,091 13,482,432

STATEMENT OF FINANCIAL POSITIONKENNEBUNK LIGHT & POWER DISTRICT

Aging 2018 201729 to 60 days 69,439 65,641 61 to 90 days 16,287 17,572

91 days + 91 days + 55,160 55,209 Total 140,887 138,422

Without BondsRequired 90 90Actual 35 46Variance -55 -44

Cash required: 2,903,000$ Cash unrestricted 1,139,884$ Cash-deposits 184,280$ Cash-capital 180,149$ Cash-Efficiency ME 270,964$ Cash-Total 1,775,277$

Variance (1,763,116)$

July 2018 9,818,080 July 2017 9,643,525 Variance 174,555

12.79%

Kennebunk Light & Power DistrictJuly 2018

Days of Cash on Hand

Delinquent accounts as a % of current month's sales:

12.60%

-

50,000

100,000

150,000

200,000

250,000

300,000

Janu

ary

Febr

uary

Mar

ch

April

May

June July

Augu

st

Sept

embe

r

Oct

ober

Nov

embe

r

Dece

mbe

r

Delinquent Accounts

2018

2017

-

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

Janu

ary

Febr

uary

Mar

ch

April

May

June July

Augu

st

Sept

em…

Oct

ober

Nov

embe

r

Dece

mbe

r

Cash-Unrestricted

2018

2017

-

2,000,000

4,000,000

6,000,000

8,000,000

10,000,000

12,000,000

14,000,000

Janu

ary

Febr

uary

Mar

ch

April

May

June July

Augu

st

Sept

embe

r

Oct

ober

Nov

embe

r

Dece

mbe

r

kwh Sold

2018

2017

Kennebunk Light & Power DistrictJuly 2018

$-

$200,000

$400,000

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000

$1,600,000

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Past Due Accounts

Sales Past Due

-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov

Days of Cash-ALL

Cash on hand Cash required

Revenue July 2018 YTD 2018 2018 BudgetElectrical Production -$ 58,852$ 85,000$ Total Revenue - 58,852 85,000

ExpensesLabor 2,127 15,327 26,500 Benefits 1,000 7,204 13,780 Supplies 888 8,924 15,500 Electrical Use 83 2,754 5,872 Liability/Property Insurance 940 6,594 11,277 Bond Interest 1,279 8,953 15,350 Depreciation 2,027 14,189 24,328 Legal & Professional Fees - 6,078 24,500 Total Expenses * 8,344 70,022 137,107

Gain/ (Loss) (8,344)$ (11,170)$ (52,107)$

kWh production - 571,700 813,740

Cost Per kWh-Produced -$ 0.122481$ 0.168490$ Cost Per kWh-Purchased 0.102943$ 0.102943$ 0.104456$ Variance (0.102943)$ 0.019537$ 0.064034$

CostEnergy 0.078980$ RNS 0.019073$ LNS 0.004890$

0.102943$

* Expenses do not include any allocation of Management labor and benefits.

KENNEBUNK LIGHT & POWER DISTRICTHYDRO STATEMENT OF ACTIVITY

KWH SALES 2018 2017 Variance

9,808,328 9,233,741 574,587

minus Corning 1,678,200 1,963,700 (285,500) 8,130,128 7,270,041 860,087

ENERGY REVENUE 2018 2017 VarianceEnergy Sales 673,566$ 585,563$ 88,003$

RNS REVENUE 2018 2017 VarianceRNS Sales 187,316$ 154,707$ 32,609$

TRANSMISSION REVENUE 2018 2017 VarianceTransmission Sales 51,238$ 28,942$ 22,296$

DELIVERY REVENUE 2018 2017 VarianceDelivery Sales 251,983$ 217,918$ 34,065$

Actual Budget Variance Notes46,752$ 66,924$ (20,172)$ Timing issue - tree trimming expenses

15,503 18,840 (3,337)

83,885 87,260 (3,375) 41,095 41,071 24

AdministrationOther expense

Kennebunk Light and Power District

General plant operations,

kwh sales Energy and RNS:

Customer accounting and collections

REVENUES

EXPENSES

August 2018Notes to Financial Statements

Department

kwh sales Delivery & Transmission

ANNUALAugust 2018 August 2018 August 2017 2018 2018 2017 2018

Revenue Actual Budget Actual YTD Actual YTD Budget YTD Actual BudgetEnergy revenue 673,566 633,487 585,563 5,253,023 5,061,919 5,038,135 7,443,116 PV returned to grid 3,832 2,658 2,728 21,445 13,745 14,109 21,250 Power expense (739,500) (633,487) (645,027) (5,259,193) (5,061,919) (4,929,244) (7,443,116) PV Credits (3,832) (2,658) (2,728) (21,445) (13,745) (14,109) (21,250) Net energy revenue (65,934) 0 (59,464) (6,170) (0) 108,891 -

RNS revenue 187,316 167,339 154,707 1,449,532 1,337,130 1,327,970 1,966,134 RNS expense (176,589) (167,339) (155,794) (1,263,011) (1,337,130) (1,425,712) (1,966,134) Net RNS revenue 10,726 - (1,087) 186,521 - (97,742) -

Transmission revenue 51,238 28,495 28,942 374,615 227,688 230,959 334,796 Transmission expense (27,002) (28,495) (50,221) (297,650) (227,688) (303,747) (334,796) Net transmission revenue 24,236 - (21,279) 76,965 - (72,789) -

Net energy and transmission revenue (30,972) 0 (81,830) 257,316 (0) (61,639) -

Delivery revenue 203,061 195,644 217,918 1,580,753 1,563,309 1,738,316 2,298,711 Minimum charge revenue 48,922 48,622 - 314,782 326,376 - 520,865 Other revenue 2,937 3,421 3,537 145,530 55,468 51,990 81,402 Hydro production - 7,083 351 58,852 56,667 71,136 85,000 Total Revenue 223,949 254,771 139,976 2,357,233 2,001,819 1,799,803 2,985,978

ExpensesGeneral plant operations, maintenance and distribution 46,752 66,924 58,851 425,764 435,783 383,213 654,761

Customer accounting and collections 15,503 18,840 16,645 111,734 113,593 100,359 161,525 Administration 83,885 87,260 89,167 736,169 817,985 835,858 1,117,222 Other expense 41,095 41,071 42,359 329,405 328,567 337,712 492,850 KLPD electrical usage 1,487 991 994 15,412 16,331 17,621 26,500 Total Expense 188,721 215,086 208,016 1,618,484 1,712,258 1,674,762 2,452,859

Net gain/(loss) 35,228 39,685 (68,039) 738,749 289,561 125,041 533,119

STATEMENT OF REVENUES AND EXPENSESKENNEBUNK LIGHT & POWER DISTRICT

MONTHLY YTD

August 2018 August 2017 FY 2017AssetsCash and short-term investments 2,020,311 862,345 1,064,762 Accounts receivable 1,038,773 941,493 1,175,884 Fixed assets and property 10,038,037 10,119,223 10,161,714 Other assets 1,074,556 912,439 1,080,072 Total assets 14,171,677 12,835,501 13,482,432

LiabilitiesAccounts payable 1,006,649 834,619 (49,750) Payroll liabilities 12,500 11,343 26,099 Long-term liabilities 2,446,960 2,675,498 2,717,492 Other liabilities 1,179,494 1,147,815 2,142,208 Total liabilities 4,645,602 4,669,276 4,836,049

EquitySurplus 8,830,766 8,094,699 8,417,645 Current year excess revenue 695,309 71,526 228,738 Total equity 9,526,075 8,166,225 8,646,383

Total liabilities & equity 14,171,677 12,835,501 13,482,432

STATEMENT OF FINANCIAL POSITIONKENNEBUNK LIGHT & POWER DISTRICT

Aging 2018 201729 to 60 days 63,114 70,984 61 to 90 days 11,641 15,752

91 days + 91 days + 55,573 53,261 Total 130,328 139,997

Without BondsRequired 90 90Actual 43 54Variance -47 -36

Cash required: 2,903,000$ Cash unrestricted 1,379,244$ Cash-deposits 185,280$ Cash-capital 180,149$ Cash-Efficiency ME 275,638$ Cash-Total 2,020,311$

Variance (1,523,756)$

August 2018 9,808,328 August 2017 9,233,741 Variance 574,587

14.13%

Kennebunk Light & Power DistrictAugust 2018

Days of Cash on Hand

Delinquent accounts as a % of current month's sales:

11.66%

-

50,000

100,000

150,000

200,000

250,000

300,000

Janu

ary

Febr

uary

Mar

ch

April

May

June July

Augu

st

Sept

embe

r

Oct

ober

Nov

embe

r

Dece

mbe

r

Delinquent Accounts

2018

2017

-

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

Janu

ary

Febr

uary

Mar

ch

April

May

June July

Augu

st

Sept

em…

Oct

ober

Nov

embe

r

Dece

mbe

r

Cash-Unrestricted

2018

2017

-

2,000,000

4,000,000

6,000,000

8,000,000

10,000,000

12,000,000

14,000,000

Janu

ary

Febr

uary

Mar

ch

April

May

June July

Augu

st

Sept

embe

r

Oct

ober

Nov

embe

r

Dece

mbe

r

kwh Sold

2018

2017

Kennebunk Light & Power DistrictAugust 2018

$-

$200,000

$400,000

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000

$1,600,000

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Past Due Accounts

Sales Past Due

-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov

Days of Cash-ALL

Cash on hand Cash required

Revenue August 2018 YTD 2018 2018 BudgetElectrical Production -$ 58,852$ 85,000$ Total Revenue - 58,852 85,000

ExpensesLabor 1,794 17,121 26,500 Benefits 843 8,047 13,780 Supplies 491 9,415 15,500 Electrical Use 77 2,832 5,872 Liability/Property Insurance 940 7,536 11,277 Bond Interest 1,279 10,232 15,350 Depreciation 2,027 16,216 24,328 Legal & Professional Fees - 6,078 24,500 Total Expenses * 7,451 77,476 137,107

Gain/ (Loss) (7,451)$ (18,624)$ (52,107)$

kWh production - 571,700 813,740

Cost Per kWh-Produced -$ 0.135518$ 0.168490$ Cost Per kWh-Purchased 0.102943$ 0.102943$ 0.104456$ Variance (0.102943)$ 0.032575$ 0.064034$

CostEnergy 0.078980$ RNS 0.019073$ LNS 0.004890$

0.102943$

* Expenses do not include any allocation of Management labor and benefits.

KENNEBUNK LIGHT & POWER DISTRICTHYDRO STATEMENT OF ACTIVITY

Generated1.5.2015 | 1

Maine Revised Statutes

Title 1: GENERAL PROVISIONS

Chapter 13: PUBLIC RECORDS AND PROCEEDINGS

§405. EXECUTIVE SESSIONSThose bodies or agencies falling within this subchapter may hold executive sessions subject to the

following conditions. [1975, c. 758, (NEW).]

1. Not to defeat purposes of subchapter. An executive session may not be used to defeat the purposesof this subchapter as stated in section 401.

[ 2009, c. 240, §2 (AMD) .]

2. Final approval of certain items prohibited. An ordinance, order, rule, resolution, regulation,contract, appointment or other official action may not be finally approved at an executive session.

[ 2009, c. 240, §2 (AMD) .]

3. Procedure for calling of executive session. An executive session may be called only by a public,recorded vote of 3/5 of the members, present and voting, of such bodies or agencies.

[ 2009, c. 240, §2 (AMD) .]

4. Motion contents. A motion to go into executive session must indicate the precise nature of thebusiness of the executive session and include a citation of one or more sources of statutory or other authoritythat permits an executive session for that business. Failure to state all authorities justifying the executivesession does not constitute a violation of this subchapter if one or more of the authorities are accurately citedin the motion. An inaccurate citation of authority for an executive session does not violate this subchapterif valid authority that permits the executive session exists and the failure to cite the valid authority wasinadvertent.

[ 2003, c. 709, §1 (AMD) .]

5. Matters not contained in motion prohibited. Matters other than those identified in the motion to gointo executive session may not be considered in that particular executive session.

[ 2009, c. 240, §2 (AMD) .]

6. Permitted deliberation. Deliberations on only the following matters may be conducted during anexecutive session:

A. Discussion or consideration of the employment, appointment, assignment, duties, promotion,demotion, compensation, evaluation, disciplining, resignation or dismissal of an individual or group ofpublic officials, appointees or employees of the body or agency or the investigation or hearing of chargesor complaints against a person or persons subject to the following conditions:

(1) An executive session may be held only if public discussion could be reasonably expected tocause damage to the individual's reputation or the individual's right to privacy would be violated;

(2) Any person charged or investigated must be permitted to be present at an executive session ifthat person so desires;

MRS Title 1 §405. EXECUTIVE SESSIONS

| 2 Generated1.5.2015

(3) Any person charged or investigated may request in writing that the investigation or hearing ofcharges or complaints against that person be conducted in open session. A request, if made to theagency, must be honored; and

(4) Any person bringing charges, complaints or allegations of misconduct against the individualunder discussion must be permitted to be present.

This paragraph does not apply to discussion of a budget or budget proposal; [2009, c. 240, §2(AMD).]

B. Discussion or consideration by a school board of suspension or expulsion of a public school student ora student at a private school, the cost of whose education is paid from public funds, as long as:

(1) The student and legal counsel and, if the student is a minor, the student's parents or legalguardians are permitted to be present at an executive session if the student, parents or guardians sodesire; [2009, c. 240, §2 (AMD).]

C. Discussion or consideration of the condition, acquisition or the use of real or personal propertypermanently attached to real property or interests therein or disposition of publicly held property oreconomic development only if premature disclosures of the information would prejudice the competitiveor bargaining position of the body or agency; [1987, c. 477, §3 (AMD).]

D. Discussion of labor contracts and proposals and meetings between a public agency and its negotiators.The parties must be named before the body or agency may go into executive session. Negotiationsbetween the representatives of a public employer and public employees may be open to the public if bothparties agree to conduct negotiations in open sessions; [1999, c. 144, §1 (RPR).]

E. Consultations between a body or agency and its attorney concerning the legal rights and duties ofthe body or agency, pending or contemplated litigation, settlement offers and matters where the dutiesof the public body's or agency's counsel to the attorney's client pursuant to the code of professionalresponsibility clearly conflict with this subchapter or where premature general public knowledge wouldclearly place the State, municipality or other public agency or person at a substantial disadvantage;[2009, c. 240, §2 (AMD).]

F. Discussions of information contained in records made, maintained or received by a body or agencywhen access by the general public to those records is prohibited by statute; [1999, c. 180, §1(AMD).]

G. Discussion or approval of the content of examinations administered by a body or agency for licensing,permitting or employment purposes; consultation between a body or agency and any entity that providesexamination services to that body or agency regarding the content of an examination; and review ofexaminations with the person examined; and [1999, c. 180, §2 (AMD).]

H. Consultations between municipal officers and a code enforcement officer representing themunicipality pursuant to Title 30-A, section 4452, subsection 1, paragraph C in the prosecution of anenforcement matter pending in District Court when the consultation relates to that pending enforcementmatter. [1999, c. 180, §3 (NEW).]

[ 2009, c. 240, §2 (AMD) .]

SECTION HISTORY1975, c. 758, (RPR). 1979, c. 541, §A3 (AMD). 1987, c. 477, §§2,3(AMD). 1987, c. 769, §A1 (AMD). 1999, c. 40, §§1,2 (AMD). 1999, c.144, §1 (AMD). 1999, c. 180, §§1-3 (AMD). 2003, c. 709, §1 (AMD). 2009, c. 240, §2 (AMD).

MRS Title 1 §405. EXECUTIVE SESSIONS

Generated1.5.2015 | 3

The State of Maine claims a copyright in its codified statutes. If you intend to republish this material, we require that you include thefollowing disclaimer in your publication:

All copyrights and other rights to statutory text are reserved by the State of Maine. The text included in this publication reflects changesmade through the Second Regular Session of the 126th Maine Legislature and is current through August 1, 2014. The text is subject tochange without notice. It is a version that has not been officially certified by the Secretary of State. Refer to the Maine Revised StatutesAnnotated and supplements for certified text.

The Office of the Revisor of Statutes also requests that you send us one copy of any statutory publication you may produce. Our goalis not to restrict publishing activity, but to keep track of who is publishing what, to identify any needless duplication and to preservethe State's copyright rights.

PLEASE NOTE: The Revisor's Office cannot perform research for or provide legal advice or interpretation of Maine law to the public.If you need legal assistance, please contact a qualified attorney.