From statesman, April 7, 2009...
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.
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Monday, April 13, 2009
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