By Staff
Members of Joe Wheeler Electric Membership Corporation received a good financial report at their annual meeting April 15.
General Manager George Kitchens said assets have increased from $121 to $131 million since 1999, liabilities have dropped from $98 to $88 million during the same time and long-term debt has been lowered from $85 million in 2000 to $72 million in 2005.
He said one of the goals the board of trustees set five years ago was not to borrow any more money and to live off of internal cash flow.
"We're watching our pennies," he pointed out.
He said the co-op hopes to pay an additional $500,000 on its long-term debt in 2006.
Incumbent District 7 Trustee Charles Teague of Decatur was easily reelected for a three-year term. He out-polled his opponent Douglas Coshow of Decatur 2,614 to 1.258 votes.
Incumbents Ray Long, District 8, Shirley Livingston, District 9 and Pearl Jackson Green, at-large, had no opposition.