Outgoing OPD5 General Manager Mendis Cooper gave a final report to the Board of Directors during a meeting held on Wednesday, March 19, in Overton. Cooper is retiring this month after a 37-year career at OPD5 with more than 12 of those years as the Chief Executive.
Cooper recalled that in 2013, when he was appointed as CEO, the district’s finances were still suffering from the effects of the Great Recession. “I remember sitting at my desk at that time and reviewing the financial statements,” he said. “And I thought, ‘I am in charge of 60 people and a $35 million budget. Where do I start to fix this?’”
Cooper summarized the extensive processes, systems, and strategies that have been implemented since that time with the aim of bringing more stability to the district’s finances. He explained that these procedures had provided reliable data to inform better management decisions for the district. The cumulative results of these processes, and the decisions that followed, have brought a marked improvement to the utility’s finances over the years, Cooper said.
“If you just look at the assets of this company, in 2012 our total assets were at $93 million,” he said. “Today, our assets are valued at $190 million. We have added almost $100 million in assets in 12 years. And we have done that while reducing our debt from $57 million to $47 million. That is a huge thing.”
Cooper emphasized to the board that economic conditions tend to run in cycles of ups and downs and that there are opportunities in every stage of these cycles.
“Making decisions based on where we are in these cycles has been very important to us,” he said. “It has either benefited us or hurt us, depending on what we have done. How we act when faced with these cycles will continue to be important.”
“There will be times when your next CEO is going to point out where you are in these cycles and explain why we need to do certain things,” Cooper continued. “I urge you to be aware of why she is doing that. You will face challenges. But you will be able to handle those things if you recognize them early, and attack them in the right ways.”
Mendis concluded his presentation by thanking the board for their cooperation and support over the years. “We have been a good team,” he said. “We have accomplished some great things. But what we have accomplished is certainly not just me. It is you, it is all of the management team and it is a whole staff of great people here at OPD5 that have made these things happen.”