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ERCOT Financial Summary

ERCOT Financial Summary. For the Month Ended February 28, 2005. ERCOT Board of Directors March 15, 2005. February 2005 - Financial Dashboard. Change in Consultant Count. Track consultants performing work that might otherwise be performed by an ERCOT staff person Begin excluding:

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ERCOT Financial Summary

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  1. ERCOTFinancial Summary For the Month Ended February 28, 2005 ERCOT Board of Directors March 15, 2005

  2. February 2005 - Financial Dashboard

  3. Change in Consultant Count • Track consultants performing work that might otherwise be performed by an ERCOT staff person • Begin excluding: • Security guards • Outside legal counsel • External audit staff • Continue excluding: • Consultants working off-site such as resources supporting EMMS systems and projects

  4. Staff and Contractor Summary

  5. Annual Cost Savings - Realized • $290,000 cost savings identified in January • $110,000 cost savings identified in February • Electrical and cabling services - $62,000 • Hired ERCOT staff to perform cabling services rather than have contractor do this long-term, on-going electrical and cabling work • Audiovisual equipment services - $50,000 • Cycle use of control room projectors to extend light bulb life and save approximately 25% of the annual 2005 budget

  6. Annual Cost Savings - Targeted • $400,000 cost savings targeted • Timing of New Hires • Evaluation of timing and need for budgeted positions • Cell phone and telecommuting expenses • Aim to reduce usage and rates • Computer purchases • Consolidation of configurations • Negotiation of better pricing • Reevaluation of assumed need • New banking relationship and/or terms • Coffee and vending services

  7. Annual Cost Savings - Targeted • Additional cost savings targets • Employee expenses • New employee expense reimbursement policy • Conference call and Web-Ex • Evaluate usage, contracts, and alternatives • Office supplies • Competitively bid office supply contract • Additional targets resulting from employee suggestions and other effort to improve company efficiency

  8. Draft Internal Control Management Plan Work Plan To be developed with Deloitte & Touche (GANTT chart with milestones that will be reported against)

  9. Review of Internal Controls • Deloitte & Touche review continues • Final report expected to be issued on March 15, 2005 • Address the final report at next month’s status report to the Commission

  10. Completion Status By Audit

  11. Completion Status By Business Unit

  12. In Process Status By Audit

  13. In Process Status By Business Unit

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