Wednesday, April 8, 2009
New audit of PEC calls into question bill credits to ratepayers
Tuesday, April 07, 2009
Follow this link for the full story: http://www.statesman.com/news/content/news/stories/local/04/07/0407pec.html?cxtype=rss&cxsvc=7&cxcat=52
By Claudia Grisales
AMERICAN-STATESMAN STAFF
JOHNSON CITY – A change in accounting procedures for the latest audit of the Pedernales Electric Cooperative's books significantly reduces the calculation of the co-op's assets and member equity.
Long-awaited financial statements released Monday, using accounting procedures widely accepted in the co-op industry, showed that the co-op reached $1 billion in assets in 2007, up from $899 million in 2006. Using the old accounting method, unique to Pedernales, the co-op had reported $1 billion in assets in 2006.
The audit released Monday also shows that co-op revenue declined 8 percent in 2007, to $457 million from $496 million in 2006.
Co-op officials maintain that the utility is on solid financial footing. It's unclear whether the accounting change will affect the co-op's plans to issue bill credits in a settlement of a member-led lawsuit against the co-op.
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1 comment:
I hear there are eight people running for the local PEC seat. Hey, I'm bored and in need to some free business publicity. Let's make it nine. Oh, it's too late to sign up? Well, I guess I will have to vote for the candidate with the most GOOD past experience with PEC.
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