2018 is the first year of a multi-year Work Plan at BEC. There are several areas of primary focus that are driving the 2018 Budget, our major one is the deployment of the Digital Meter Replacement Project. Based upon long delivery schedules for digital meters, 50% of the meters will be delivered in August 2018, with the balance in March 2019. The first digital meter is scheduled to be installed in Belfry, September 2018. TWACS related work on 5 substations will be completed during the Spring and Summer of 2018. The remaining 5 substations will be completed in 2019. BEC will pursue a 15 year loan (approximately $1.5 million) to finance the installation of the TWACS project. To stay in compliance with BEC Bylaws, the Cooperative must allow a 60 day comment period prior to acquiring any long term debt. The Board will be presented with a final bid to approve. Consequently, the 60 day notification period will begin in February. During the 60 Day notification period, discussion will take place regarding loan options, timelines and details. The first payment to the vendor will take place upon delivery of the TWACS substation transformers in April; approximately $250,000.