PEC Receives Strong Financial Audit For 2017
“With the help of PEC’s experienced leadership team, we’ve made considerable progress over the years. The news that our key financials continue on a positive trend during unprecedented milestone growth…”
Johnson City, Texas – Pedernales Electric Cooperative’s (PEC) board of directors received its independent audit for the 2017 fiscal year during its monthly meeting on April 16.
PEC once again earned an unqualified or “clean” opinion – the best opinion an auditor can offer – from accounting firm Bolinger, Segars, Gilbert & Moss LLP (BSGM).
In rendering the clean opinion on the cooperative’s financials, BSGM managing partner Robert Cobb highlighted to PEC’s board and leadership that it had revenues of more than $590 million and margins of $60.7 million.
All debt service ratios exceed covenant requirements, and strong cash flow allowed PEC to add approximately $148 million in additional plant in service while maintaining controllable costs. In 2017, the cooperative distributed $8.3 million in capital credits to current, former and deceased members.
“We’re obviously very pleased with this report,” said Julie Parsley, PEC’s chief executive officer. “With the help of PEC’s experienced leadership team, we’ve made considerable progress over the years. The news that our key financials continue on a positive trend during unprecedented milestone growth is a testament to this cooperative’s hard work and commitment to our membership. It’s a proud time for PEC, our employees and our members.”
Last year the cooperative surpassed 300,000 active accounts and installed nearly 13,000 new meters. ‘
In the first quarter of 2018 alone, cooperative crews have built more than 54 miles of new line, completed 1,400 line extensions and added more than 3,300 new meters.
“We’re in a very good financial situation, and we’re exercising fiscal responsibility and smart operations planning to ensure our members get the most value from their cooperative,” Parsley said.
