Thu, Nov 26 2009
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Co-op members still seeking answers “Membership has guided us to do that,” she said, referring to a vote taken at the co-op’s annual meeting last September to pursue a more detailed audit. “And we want to fulfill membership’s request. It’s going to be very costly to the organization.”
She said the bid ranges from $40,000 to $100,000. “I think we’re going to find more mismanagement, and mismanagement is not criminal,” she said. The previous audit showed that from 2000 through Jan. 31, 2007, Fanning earned nearly $2.8 million, including bonuses, pension and a severance package. As part of the pension agreement, Fanning’s pension is tax-free because the board agreed to pay roughly $324,000 in income taxes related to the pension. For now, Jeffries said, the co-op will continue to move forward with a second audit, with a decision expected within the next 60 days about which firm and what type of audit to pursue. “Unless a special meeting were called and members voted (not to pursue the matter), we’re going to continue,” she said. Jeffries, who took over as head of the co-op’s operations in February 2007, said that during Fanning’s tenure, the co-op lost close to $6 million on its non-electric business, including a propane subsidiary, and an electronics and wireless Internet service. She also reported that the co-op lost more than $618,000 on the sale of the propane subsidiary. “We are completely out of the propane business,” she said. She also said the co-op is expected to receive a 23.5 percent rate increase, but that the increase will not be passed on to residential customers this year. 500 expected Barton County Electric Cooperative CEO Bobbi Jeffries said between 400 and 500 co-op members have registered to attend the co-op’s final regional meeting at 6 p.m. Thursday at Thiebaud Auditorium in Lamar. 
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