LP&L profiting; net assets up more than 13% - KCBD NewsChannel 11 Lubbock

5/3/10

LP&L profiting; net assets up more than 13%

By James Clark | email

LUBBOCK, TX (KCBD) – In 2003, Lubbock's city owned utility was swimming in debt, but now it would seem Lubbock Power & Light is swimming in money.

Numbers released Monday show that LP&L's net assets are up from $141,405,164 in fiscal year 2008 to $160,247,566 in fiscal 2009, which is a 13.3% increase.

An audit shows total assets are up while total liabilities are down. The audit also carries a few significant footnotes. LP&L also has some environmental cleanup to do and there is a price tag. According to the audit, "LP&L has identified specific locations requiring site remediation." Both current and former power generation sites have underground fuel storage tanks.

It is estimated that cleanup underneath Plant 1 will be $67,500. Cleanup underneath the Cooke Station is estimated at $465,200.

The audit says "Management believes the recorded receivables net of allowances of $2,287,437 and $2,723,698 for 2009 and 2008, respectively, are collectible."  However, LP&L officials have explained that not all of that money represents late or unpaid bills.   An exact value of unpaid bills was not available Monday.

Copyright 2010 KCBD. All rights reserved.

  • Local News on KCBD.comNewsMore>>

  • Southwest Airlines sought more time for engine inspections

    Southwest Airlines sought more time for engine inspections

    Thursday, April 19 2018 1:02 AM EDT2018-04-19 05:02:22 GMT
    Thursday, April 19 2018 8:53 PM EDT2018-04-20 00:53:48 GMT
    (NTSB via AP). National Transportation Safety Board investigators examine damage to the engine of the Southwest Airlines plane that made an emergency landing at Philadelphia International Airport in Philadelphia on Tuesday, April 17, 2018. The Southwes...(NTSB via AP). National Transportation Safety Board investigators examine damage to the engine of the Southwest Airlines plane that made an emergency landing at Philadelphia International Airport in Philadelphia on Tuesday, April 17, 2018. The Southwes...

    The Federal Aviation Administration's announcement late Wednesday comes nearly a year after the engine's manufacturer recommended the additional inspections, and a month after European regulators ordered their airlines to do the work.

    The Federal Aviation Administration's announcement late Wednesday comes nearly a year after the engine's manufacturer recommended the additional inspections, and a month after European regulators ordered their airlines to do the work.

  • Police say teen who searched for missing pal was his killer

    Police say teen who searched for missing pal was his killer

    Thursday, April 19 2018 4:56 PM EDT2018-04-19 20:56:14 GMT
    Thursday, April 19 2018 8:47 PM EDT2018-04-20 00:47:12 GMT
    (AP Photo/Mike Balsamo). Los Angeles County sheriff's Lt. John Corina, left, speaks next to Deputy Joana Warren outside of the sheriff's homicide bureau office in Monterey Park, Calif., Thursday, April 19, 2018. Los Angeles County sheriff's investigato...(AP Photo/Mike Balsamo). Los Angeles County sheriff's Lt. John Corina, left, speaks next to Deputy Joana Warren outside of the sheriff's homicide bureau office in Monterey Park, Calif., Thursday, April 19, 2018. Los Angeles County sheriff's investigato...
    Los Angeles County sheriff's investigators say a 16-year-old who was part of a search party looking for a missing high school sports star led the group to discover the boy's body but investigators suspect he was...
    Los Angeles County sheriff's investigators say a 16-year-old who was part of a search party looking for a missing high school sports star led the group to discover the boy's body but investigators suspect he was the person who fatally stabbed him.
  • Lance Armstrong settles $100M lawsuit with US government

    Lance Armstrong settles $100M lawsuit with US government

    Thursday, April 19 2018 4:32 PM EDT2018-04-19 20:32:44 GMT
    Thursday, April 19 2018 8:46 PM EDT2018-04-20 00:46:57 GMT
    (Bernard Papon/Pool Photo via AP, File). FILE - In this July 24, 2004, file pool photo, overall leader Lance Armstrong, right, of Austin, Texas, follows compatriot and teammate Floyd Landis, left, in the ascent of the La Croix Fry pass during the 17th ...(Bernard Papon/Pool Photo via AP, File). FILE - In this July 24, 2004, file pool photo, overall leader Lance Armstrong, right, of Austin, Texas, follows compatriot and teammate Floyd Landis, left, in the ascent of the La Croix Fry pass during the 17th ...
    Lance Armstrong has reached a$5 million settlement with the federal government in a civil whistleblower lawsuit that could have sought $100 million in damages from the former cyclist.
    Lance Armstrong has reached a$5 million settlement with the federal government in a civil whistleblower lawsuit that could have sought $100 million in damages from the former cyclist.
Powered by Frankly