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FELPS gets clean audit
WILLIAM J. GIBBS JR./Reprints at wilsoncountynews.com
Floresville Electric Light & Power System (FELPS) trustee Marlin Tanneberger listens during the Feb. 29 board meeting as FELPS’ Manager of Financial Services Marcy Jacobs reports on the system’s January finances.
FLORESVILLE -- The financial picture for the Floresville Electric Light & Power System (FELPS) remains favorable, as the utility receives another clean audit.
Art Campsey of the San Antonio-based accounting firm Haass, Lindow & Campsey presented a report of the fiscal year 2011 audit Feb. 29 to FELPS General Manager David McMillan and board members Ronnie Bohmann, Marlin Tanneberger, Ignacio Vasquez, and Larry Stavinoha.
Campsey reported that FELPS’ financial statements “present fairly, in all material aspects, the financial position” of the utility and that they are in compliance with generally accepted accounting principles.
Also related to finances, FELPS’ Manager of Financial Services Marcy Jacobs said during her report that the utility finished January with a net income of $352,314. She attributed this to lower purchased-power costs, which often correlate with milder weather conditions.
FELPS also is holding the line on expenses, with operating expenses excluding purchased power finishing the month 17.7 percent lower than projected, Jacobs said. The utility’s construction program costs are $321,000, or 22.6 percent under budget.
While the board did not take any action following the audit report, it did vote unanimously to approve Jacobs’ financial reports. It also voted unanimously to grant cost-of-living salary adjustments to FELPS’ employees. These adjustments are based on a sliding scale, with employees earning $10 per hour receiving a 4 percent pay increase. Those earning more than $45.001 per hour will receive a 1 percent pay increase.
In other business, the board:
•Appointed employee Sharon Clark to FELPS’ Pension Committee. She will replace Alton Tieken, who is set to retire later this year.
•Approved post-secondary education scholarships for each of the school districts within FELPS’ coverage area. Each district will receive $750, which they will award to children of FELPS customers, according to their own criteria.
•Approved awarding $1 per meter to each of FELPS’ member cities for summer youth programs. Floresville will lead the way with $2,800, while Falls City will receive the smallest award of $338.
•Authorized McMillan to extend an offer of employment to a candidate for assistant general manager. The employee, who will receive a starting wage of $102,000, will be groomed to succeed McMillan upon his pending retirement.
•Reviewed the $10.56-per- 1000-kilowatt-hour charge for purchased power, as reflected on bills mailed Feb. 24.
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