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.

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