May 11, 2014
Colorado

LUB hears 2013 end of year financial report

By Lance Maggart, Ledger Editor | 05/11/2014 | www.lamarledger.com

During their last meeting in April the Lamar Utilities Board (LUB) heard the end of the year financial report for LUB and Lamar Light & Power (LL&P).

Superintendent of LL&P Houssin Hourieh presented the Board with the Dec. 2013 Financial Report.

Hourieh apologized to the Board for the delay in getting the financial report which was scheduled to be presented to the board approximately two months ago.

Hourieh said, “There was an audit issue and we were trying to get all the numbers.”

The cash balance sheet was up $233,509 from the month of Nov. to Dec. in 2013. and accounts receivable increased by $147,900.

The total operating revenue for the month of Dec. was $968,860 with total operating costs of $1,020,403 resulting in a gross operating loss of $51,542. When the non-operating revenues and expenses are taken into consideration there is a net profit for the month of Dec. 2013 of $464,803.

Total operating revenues for the year 2013 was $13,145,197 and total operating costs of $11,431,003 resulting in gross operating income of $1,714,194. When the non-operating revenues and expenses are taken into consideration there is a net loss of $19,851 for the year 2013.

During the bimonthly System Operating Report the Board was informed that metal shavings have been found in the gearbox of one of the LUB owned wind turbines east and south of Lamar.

During semi-annual maintenance on the wind turbines work crews discovered metal shavings that collected in one wind turbines gearbox filter. The turbine has been shut down and LL&P is in the process of having a bore scope analysis performed on the gear box.

A similar problem occurred with a different LUB owned wind turbine last year.

A number of bids were approved for powerline equipment purchases. The items approved are for LL&P stock inventory. LL&P received bids from six different vendors.

The staff recommended and the Board approved the bid from Western United for a total amount of $19,255.30. The bids are for the purchase of #2 ACSR wire, 10 foot fiberglass crossarms, 10 foot fiberglass deadends and eight foot fiberglass deadend crossarms.

Delivery of the items is expected in the next few weeks.

The Board approved purchase orders totaling $58,485.53.

The Board approved the payment of bills totaling $64,943.42.

URL to article:  https://www.wind-watch.org/news/2014/05/11/lub-hears-2013-end-of-year-financial-report/