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.
Read more...
Showing posts with label Pedernales Electric Co-op. Show all posts
Showing posts with label Pedernales Electric Co-op. Show all posts
Monday, April 13, 2009
Monday, March 9, 2009
Grand jury investigating Pedernales co-op hears more testimony
From statesman, March 4, 2009...
A grand jury investigating the Pedernales Electric Cooperative put in a full day at the Blanco County Courthouse on Tuesday, summoning a roster of witnesses in its second meeting since the group was impaneled last month.
During the secret meeting that lasted more than seven hours, the following people were seen entering the courtroom: Todd Lester of Navigant Consulting Inc., the firm that conducted an extensive review of the co-op's books; co-op Chief Financial Officer Michael Vollmer; Cattleman's National Bank executive George Schuh; and two employees of the Austin law firm Clark, Thomas and Winters, which once represented the co-op.
The investigation of the co-op, which is based in Johnson City, is being led by the Texas attorney general's office, which took over the case from a Hill Country district attorney last summer. The grand jury is serving a seven-month term and was impaneled specifically to look into potential criminal violations by former Pedernales officials.
Read more...
A grand jury investigating the Pedernales Electric Cooperative put in a full day at the Blanco County Courthouse on Tuesday, summoning a roster of witnesses in its second meeting since the group was impaneled last month.
During the secret meeting that lasted more than seven hours, the following people were seen entering the courtroom: Todd Lester of Navigant Consulting Inc., the firm that conducted an extensive review of the co-op's books; co-op Chief Financial Officer Michael Vollmer; Cattleman's National Bank executive George Schuh; and two employees of the Austin law firm Clark, Thomas and Winters, which once represented the co-op.
The investigation of the co-op, which is based in Johnson City, is being led by the Texas attorney general's office, which took over the case from a Hill Country district attorney last summer. The grand jury is serving a seven-month term and was impaneled specifically to look into potential criminal violations by former Pedernales officials.
Read more...
Saturday, December 27, 2008
Report details costly decisions, questionable spending at co-op
From statesman, December 21, 2008...
As former General Manager Bennie Fuelberg told it, the Pedernales Electric Cooperative managed its members' money and debt well while offering low rates and reliable service.
Except for the service part, an independent review of the co-op's books tells a different story.
"Things weren't quite the way you thought they were," Fuelberg's successor, Juan Garza, said Wednesday, a day after the report by Navigant Consulting Inc. was released. It detailed a history of management gone awry at the co-op, with little or no oversight by its board of directors.
Garza said publication of the lengthy review gave him a sense of relief, releasing him from the "ghosts" of the co-op's past and freeing him "to move even quicker" in implementing reform.
Read more...
As former General Manager Bennie Fuelberg told it, the Pedernales Electric Cooperative managed its members' money and debt well while offering low rates and reliable service.
Except for the service part, an independent review of the co-op's books tells a different story.
"Things weren't quite the way you thought they were," Fuelberg's successor, Juan Garza, said Wednesday, a day after the report by Navigant Consulting Inc. was released. It detailed a history of management gone awry at the co-op, with little or no oversight by its board of directors.
Garza said publication of the lengthy review gave him a sense of relief, releasing him from the "ghosts" of the co-op's past and freeing him "to move even quicker" in implementing reform.
Read more...
Friday, October 3, 2008
Pedernales issues bill credits
From statesman, October 2, 2008...
Pedernales Electric Cooperative will issue $4.7 million in bill credits to its customers this month as part of a provision in a contested settlement in a member-led lawsuit, the co-op said Wednesday.
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Pedernales Electric Cooperative will issue $4.7 million in bill credits to its customers this month as part of a provision in a contested settlement in a member-led lawsuit, the co-op said Wednesday.
Read more...
Wednesday, August 20, 2008
Hill Country family had powerful grip on utility
From statesman, August 17, 2008...
For more than 50 years, Pedernales Electric Cooperative directors protected a prominent Hill Country family's interests in co-op business with board resolutions and practices that continued even though questions were raised about the ties decades ago.
Now, a new wave of co-op leaders is charting a new course, signaling the beginning of the end of business relationships inherited by the children of the late A.W. Moursund, Pedernales' former general counsel.
This month, the co-op gave notice that it is ending its ties with banking and legal firms controlled by daughter Mary, son Will and daughter-in-law Ingrid Moursund.
Read more...
For more than 50 years, Pedernales Electric Cooperative directors protected a prominent Hill Country family's interests in co-op business with board resolutions and practices that continued even though questions were raised about the ties decades ago.
Now, a new wave of co-op leaders is charting a new course, signaling the beginning of the end of business relationships inherited by the children of the late A.W. Moursund, Pedernales' former general counsel.
This month, the co-op gave notice that it is ending its ties with banking and legal firms controlled by daughter Mary, son Will and daughter-in-law Ingrid Moursund.
Read more...
Tuesday, August 19, 2008
PEC reveals more details about secret account
From statesman.com, August 19, 2008...
The Pedernales Electric Cooperative continued its efforts to rehabilitate its tattered image Monday, gaining legal control of and releasing new details about a previously undisclosed bank account. It also agreed to abide by sweeping new policies guaranteeing its members access to meetings and co-op records.
The $565,000 noninterest-bearing account, in the name of Texland Electric Cooperative, was revealed three weeks ago by the co-op. Pedernales is still under a court-ordered financial review. Texland was started by the Pedernales cooperative in partnership with Bluebonnet Electric Cooperative 30 years ago, but it appears to have ceased all operations by the mid-1980s.
Read more...
The Pedernales Electric Cooperative continued its efforts to rehabilitate its tattered image Monday, gaining legal control of and releasing new details about a previously undisclosed bank account. It also agreed to abide by sweeping new policies guaranteeing its members access to meetings and co-op records.
The $565,000 noninterest-bearing account, in the name of Texland Electric Cooperative, was revealed three weeks ago by the co-op. Pedernales is still under a court-ordered financial review. Texland was started by the Pedernales cooperative in partnership with Bluebonnet Electric Cooperative 30 years ago, but it appears to have ceased all operations by the mid-1980s.
Read more...
Thursday, August 7, 2008
Co-op discloses secret bank account
From statesman.com, August 6, 2008...
The Pedernales Electric Cooperative on Tuesday disclosed a $565,000 bank account that few knew existed, including General Manager Juan Garza, who took the helm of the member-owned utility in February.
The account at Cattleman's National Bank in Round Mountain, which is the type that does not accrue interest, could be more than 2 decades old. It is held under the name of Texland Electric Cooperative Inc., an unsuccessful Pedernales venture formed with another Central Texas co-op in the late 1970s to early 1980s to generate electric power.
Read more...
The Pedernales Electric Cooperative on Tuesday disclosed a $565,000 bank account that few knew existed, including General Manager Juan Garza, who took the helm of the member-owned utility in February.
The account at Cattleman's National Bank in Round Mountain, which is the type that does not accrue interest, could be more than 2 decades old. It is held under the name of Texland Electric Cooperative Inc., an unsuccessful Pedernales venture formed with another Central Texas co-op in the late 1970s to early 1980s to generate electric power.
Read more...
Saturday, June 28, 2008
Congressional committee hears testimony on Pedernales
From statesman.com, June 27, 2008...
A top U.S. House investigative committee cited troubles at Pedernales Electric Cooperative during a Capitol Hill hearing Thursday as it considered whether other member-owned utilities are plagued with similar problems.
"If you think Pedernales is the only electric cooperative scandal in America, then you believe there can only be one cockroach," said Rep. Jim Cooper, D-Tenn., a member of the U.S. House Oversight and Government Reform Committee. "If such abuses can happen at the country's largest cooperative, then I think it can happen anywhere."
Read more...
A top U.S. House investigative committee cited troubles at Pedernales Electric Cooperative during a Capitol Hill hearing Thursday as it considered whether other member-owned utilities are plagued with similar problems.
"If you think Pedernales is the only electric cooperative scandal in America, then you believe there can only be one cockroach," said Rep. Jim Cooper, D-Tenn., a member of the U.S. House Oversight and Government Reform Committee. "If such abuses can happen at the country's largest cooperative, then I think it can happen anywhere."
Read more...
Monday, June 9, 2008
Pedernales settlement halted at the last minute
From statesman.com, June 6, 2008...
An anticipated settlement in a member-led lawsuit against the Pedernales Electric Cooperative has been delayed by an appeal.
The legal development could add months or years of litigation to the case, which now appears headed to the state's 3rd Court of Appeals, said co-op lawyer David Duggins, with the Austin firm of Clark, Thomas & Winters.
Read more...
An anticipated settlement in a member-led lawsuit against the Pedernales Electric Cooperative has been delayed by an appeal.
The legal development could add months or years of litigation to the case, which now appears headed to the state's 3rd Court of Appeals, said co-op lawyer David Duggins, with the Austin firm of Clark, Thomas & Winters.
Read more...
Friday, May 23, 2008
Pedernales' board finally close to revising pay
From statesman.com, May 22, 2008...
More than a year after media reports and co-op members began asking questions about director pay at Pedernales Electric Cooperative, the utility has released a consultant's report that could lead to changes in how its 17-member board is compensated.
Now, it's up to the co-op's more than 223,000 members to weigh in. Comments from Pedernales member-owners will be part of a board review of compensation next month.
Read more...
More than a year after media reports and co-op members began asking questions about director pay at Pedernales Electric Cooperative, the utility has released a consultant's report that could lead to changes in how its 17-member board is compensated.
Now, it's up to the co-op's more than 223,000 members to weigh in. Comments from Pedernales member-owners will be part of a board review of compensation next month.
Read more...
Tuesday, May 20, 2008
Tax forms detail Pedernales officials pay, benefits
From statesman.com, May 17, 2008...
Pedernales Electric Cooperative officials drew robust pay and benefits last year as they were besieged by critics looking to force disclosures and reforms, according to tax forms released by the co-op Friday afternoon.
The tax forms are the Johnson City-based utility's most comprehensive to date, detailing for the first time the specifics of pay and benefits for board members and holiday bonuses for executives. They also reveal that a bonus retirement package created in 2001 for board President W.W. "Bud" Burnett totaled $600,000.
Read more...
Pedernales Electric Cooperative officials drew robust pay and benefits last year as they were besieged by critics looking to force disclosures and reforms, according to tax forms released by the co-op Friday afternoon.
The tax forms are the Johnson City-based utility's most comprehensive to date, detailing for the first time the specifics of pay and benefits for board members and holiday bonuses for executives. They also reveal that a bonus retirement package created in 2001 for board President W.W. "Bud" Burnett totaled $600,000.
Read more...
Wednesday, May 7, 2008
Judge Approves Settlement in PEC Case
From statesman.com, May 6, 2008...
Nearly a year after a contentious lawsuit was filed that forced financial disclosures at Pedernales Electric Cooperative, a judge Monday approved a class-action settlement that ends the legal proceeding.
State District Judge John Dietz issued the ruling after more than 200 objections were filed by member-owners of the utility, including a handful who addressed the court during hearings held over two days.
Read more...
Nearly a year after a contentious lawsuit was filed that forced financial disclosures at Pedernales Electric Cooperative, a judge Monday approved a class-action settlement that ends the legal proceeding.
State District Judge John Dietz issued the ruling after more than 200 objections were filed by member-owners of the utility, including a handful who addressed the court during hearings held over two days.
Read more...
Friday, April 11, 2008
Nearly 60 Applicants Line Up For Five Seats On PEC board
From stetsman.com April 10, 2008...
An unprecedented number of applicants — 59 at last count — are vying for five seats on the Pedernales Electric Cooperative board in the annual June election. More applicants might emerge in mail postmarked by last Monday's filing deadline.
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An unprecedented number of applicants — 59 at last count — are vying for five seats on the Pedernales Electric Cooperative board in the annual June election. More applicants might emerge in mail postmarked by last Monday's filing deadline.
Read more...
Monday, March 24, 2008
Bills To Be 11 Percent Higher For Pedernales Customers
From statesman.com March 18,2008...
The Pedernales Electric Cooperative is raising bills by about 11 percent for its 220,000-plus members, citing the increasing cost of transporting coal for its primary power supplier, the Lower Colorado River Authority.
Read more...
The Pedernales Electric Cooperative is raising bills by about 11 percent for its 220,000-plus members, citing the increasing cost of transporting coal for its primary power supplier, the Lower Colorado River Authority.
Read more...
Friday, February 8, 2008
At PEC, Some Draw Paychecks Without Showing Up
From statesman.com February 3, 2008...
At the Pedernales Electric Cooperative, being away from the office doesn't always mean giving up the paycheck.
Unknown to the co-op's membership, the board of directors years ago created an "emeritus" program that would provide lifetime pay and benefits after a director's active service on the board ends. The program was used to assist at least one former director, Charles Winters, who stayed on the Pedernales payroll after entering a nursing home in the late 1990s.
Read more...
At the Pedernales Electric Cooperative, being away from the office doesn't always mean giving up the paycheck.
Unknown to the co-op's membership, the board of directors years ago created an "emeritus" program that would provide lifetime pay and benefits after a director's active service on the board ends. The program was used to assist at least one former director, Charles Winters, who stayed on the Pedernales payroll after entering a nursing home in the late 1990s.
Read more...
Sunday, January 27, 2008
Shady Dealings at the PEC Dimmed Beacon of Change
From statesman.com January 27, 2008
LBJ helped create the Pedernales Electric Cooperative to electrify the Texas Hill Country. Based in Johnson City, it now has 220,000 customers and $500 million in annual revenues.
It is stunning to see how the PEC has metastasized from a noble vision 70 years ago to a symbol of management self-indulgence and defensiveness and failed fiduciary obligations.
Tuesday, January 22, 2008
Pedernales Co-Op Gets More Rule Changes
From the statesman.com January 22, 2008...
The embattled Pedernales Electric Cooperative board, conducting its monthly meeting Monday before a largely angry crowd of about 50 people, took new steps that could give co-op members a more meaningful say in the insular utility's operations.
Those steps, however, were well short of what some audience members were seeking: resignations from the entire board.
Read more...
See also:
Pedernales keeps paying when some are away from job
Pedernales Co-op executives - and their spouses - go first class
Expenses of some Pedernales executives
Pedernales co-op changes leaders and bylaws, but members still locked out.
The embattled Pedernales Electric Cooperative board, conducting its monthly meeting Monday before a largely angry crowd of about 50 people, took new steps that could give co-op members a more meaningful say in the insular utility's operations.
Those steps, however, were well short of what some audience members were seeking: resignations from the entire board.
Read more...
See also:
Pedernales keeps paying when some are away from job
Pedernales Co-op executives - and their spouses - go first class
Expenses of some Pedernales executives
Pedernales co-op changes leaders and bylaws, but members still locked out.
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