"A popular government without popular information, or the means of acquiring it, is but a Prologue to a Farce or a Tragedy; or, perhaps both. Knowledge will forever govern ignorance; and a people who mean to be their own governors must arm themselves with the power knowledge gives."


Friday, November 16, 2012

TVA Quarterly Meeting Nov.15, 2012 Rainsville, Al.

TVA Chief Executive Officer Tom Kilgore's last Quarterly meeting.

TVA CEO Select Bill Johnson
November 15, 2012 Rainsville, Alabama
Videos of Listening Session and Board of Directors Meeting
News Release
TVA Presentation (PDF)
Video of listening session
Video of meeting
Video of media briefing
Notational document for search firm
Notational document for CEO appointment

TVA Agenda Item 9 A and B below were moved to the beginning of the agenda. There was a reaffirmation of the Boards secret vote concerning the approval of the incoming CEO Bill Johnson, former Duke Energy CEO. (http://www.bizjournals.com/charlotte/blog/power_city/2012/11/former-duke-progress-energy-ceo-to.html?page=all )  The secret Notational Approval process resulted in a complaint being filed with TVA's Office of the Inspector General for violation of the Federal Sunshine Act. http://www.chattanoogan.com/2012/11/12/238400/Complaint-Filed-Says-TVA-Ignored.aspx

Presentation to the TVA Board of Directors on November 15, 2012 by Sandra Kurtz, VP, Blue Ridge Environmental Defense League and founding member of Belleffonte Efficiency and Sustainability Team. Ms. Kurtz speaks about the nuclear waste/trash produced by nuclear power plants and the fact there is no solution for the millions of pounds of radioactive reactor waste which is expanding in the Tennessee River Valley. http://www.youtube.com/watch?v=BytuU37oWyQ
Presentation to the TVA Board of Directors on November 15, 2012 by Tom Clements with the Alliance for Nuclear Accountability. Mr. Clements discusses the Plutonium MOX nuclear reactor fuel issue with the TVA Board of Directors. http://youtu.be/UZusbEa6Bao
A look at TVA Accounting and Finances for 2012
When looking at TVA finances use care and read carefully explanations given. All is not what it may seem. For instance: TVA claims they have $60 million positive income for FY2012. After review, it appears the income is derived from debt refinancing. For example: 1st qtr. reflects a $173 million loss; 2nd qtr. reflects a $94 million loss; 3rd qtr. reflects a $23 million loss. The first 3 quarters equals a $290 million loss. This would mean for the TVA to achieve a $60 million positive income they would have a $350 million income gain for the 4th qtr. of the 2012 Fiscal year. Good luck in finding the $350 million. There are also some peculiarities reflected in the environmental cleanup accounting. TVA's financial statement history may be found at http://investor.shareholder.com/tva/sec.cfm?DocType=&SortOrder=FilingDate%20Descending&Year=&Pagenum=2
2012's lotal long and short term debt is listed at $25.078 billion. Short term debt has grown considerably, it is at $3.328 billion.
Total Contingencies & Commitments $65.954 billion.
Pension Plan is is funded at 58.6%, $7.029 billion; obligations are $11.995 billion; pensions are underfunded by $4.966 billion-41.4%. In 2011 the pension fund was 58.1% funded; in 2010 the fund was 65% funded. In 2 years the pension funds underfunding status has grown by 7%, but realized a 1/2% positive gain for funding this year in the financed fund amount (80 years for the fund to be financed?).
>>UPDATE: TVA In Lieu of Tax Payments for FY 2013<<
Aquatic Nuisance Species and the Jackson County Chamber of Commerce Director
Many thanks to Marshall County Alabama State Representative Wes Long ( http://www.mclo.org/index.php?/about/biography/2 ) for speaking at the TVA Board Meeting in Rainsville Thursday. Mr. Long brought forward the continuing problem of Aquatic Nuisance Species on Lake Guntersville Alabama. He stated the facts concerning this problem and asked assistance of the TVA Board in resolving this problem. This was the first political representative from Northeast Alabama to speak before the TVA Board concerning this continuing problem.

Unfortunately, Mr Roden of the Jackson County Chamber of Commerce misspoke concerning this and other issues. He stated, "Many people today speak against Bellefonte and against the TVA. They do not speak for the majority in Jackson County."
Mr. Roden, Jackson County Chamber of Commerce Director, is sadly mistaken. In his presentation Roden misrepresented the people of Jackson County and Scottsboro; he mischaracterized those speaking before the Board of Directors.
At no time did anyone speak against the TVA or Bellefonte. His comments were a kick in the pants for Mr. Long requesting assistance from the TVA in resolving the Aquatic Nuisance Species problems on lake Guntersville. Many folks expressed their concern and suggested areas where TVA management could make improvements. Citizens expressing themselves before a government agency is a citizen's right and does not reflect non-support for the agency or a project. Mr. Roden needs to grow up and stop with the sophomoric attacks directed at citizens who may not agree with his personal opinions about government.
Why didn't Mr. Roden offer support for Mr. Long's suggestion to TVA? He could have asked TVA to take a leadership role. Instead, Mr. Roden was busy bashing citizens, submitting fallacies, and "brown nosing" the TVA instead of listening to the citizens suggestions for improvement. 
Chattanooga Times Free Press article on Executives pay. The overall pay levels [of TVA Executives] were denounced by U.S. Rep. John Duncan, R-Tenn., today as “ridiculously excessive.”

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