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THEODORE BARRON
vice president and general manager, reported on the organization's activities tor 1981. Lewis expressed great satisfaction in the progress made by the less than threeyear-old cooperative and voiced his concern over the high cost of financing and the ever increasing wholesale power costs from VEPCO.
Lewis encouraged everyone to read the cooperative’s annual report for a detailed analysis of the financial picture. “You will note that the cost of wholesale power represented 78.2 percent of our total revenue (1981). Other uncontrollable costs totalled 10.1 percent, leaving only 11.5 percent for operating the entire system, including salaries, supplies, transportation, insurance, repairing lines after storm damage, etc.," Lewis said. He went on to outline the cooperative’s cost-cutting efforts for the year which included the reduction in the workforce of four employees. “Our operating costs through July this year are over $472,000 less than budget,” Lewis continued.
Lewis voiced his concerns over the cooperative’s margins of only .2 percent for 1981. Lewis added, “Although our members enjoyed rates that were too low, the effect really hurts us in the long run. We gained no equity in the system and we were unable to return any of the capital credits you have accumulated over the
73.7%