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PEC receives “clean” financial audit for 2011
4/17/2012 4:52:43 PM
Pedernales Electric Cooperative’s Board of Directors received the audit for the 2011 fiscal year during the Board’s regular meeting on April 16. Accounting firm BKD gave PEC an unqualified or “clean” opinion, the best opinion an auditor can offer.
Chief Financial Officer Frank Skube presented the financial statements to the Board. He reported that the Co-op retired $13.4 million of capital credits, that PEC’s total assets grew in value by more than $75 million, and that the Cooperative incurred no additional debt in 2011.
“The fact that we’ve taken on no new long-term debt for almost two years is a move in the right direction,” said Board President and District 1 Director Cristi Clement.
“This was a very clean audit, and Frank and his staff need to be very proud of this accomplishment,” said CEO RB Sloan. “In recent years, PEC has produced and adhered to budgets that have helped us reduce controllable costs and better prepare our annual known expenditures.”
The Board also heard an early sampling of members’ differing opinions regarding proposed revisions to the Co-op’s 2008 goals for energy efficiency and renewable energy. On April 2 the Co-op hosted a member forum on these proposals which featured guest speakers, presentations and member comments; members can watch a video of the forum at www.pec.coop. PEC also has been accepting online and mailed-in feedback and will continue to do so through May 10. Comments must be postmarked no later than May 10 and should be sent to PEC Feedback, P.O. Box 1, Johnson City, TX 78636.
The next regular Board meeting will be held at 10 a.m. on May 21 at PEC’s E. Babe Smith Headquarters Building in Johnson City.