2019 Financial Report

The 2019 financial reports are presented on a consolidated basis for Plumas-Sierra Rural Electric Cooperative and its subsidiary, Plumas-Sierra Telecommunications.

The consolidated statement of operations provides an overview of the income and expenses for 2019 and 2018. Again this year, we continue to be financially solid.

The cooperative significantly increased tree and brush clearing efforts near poles and lines in 2019. The related expenses increased 35% over 2018. These efforts play an important part in fire prevention and have become almost year-round operations, depending on the weather. We expect these costs to continue to rise in the coming years. These operations help us avoid Public Safety Power Shutoff occurrences like those PG&E experienced.

The operating margin in 2019 was slightly higher than 2018 and overall net margin was lower than 2018.

Looking forward, we will start budgeting for 2021 in October and will continue to look for greater efficiency where feasible in the year ahead.

If you are considering heating and cooling technologies, or investing in renewable energy, please talk to us to be sure you are making an informed decision. We have an excellent GeoExchange ground-source heat pump program to help our members. Also, our community solar program offers all the benefits of solar on your home without all the hassles, including price protection. We are offering a new monthly financing program for community solar. We are here to help you, our member-owners.

Plumas-Sierra Telecommunications received five California Advanced Service Fund grants to expand broadband services in specific unserved neighborhoods within our service area. This allowed us to extend broadband service to areas that would otherwise be cost-prohibitive from an infrastructure perspective. Outside of the grant areas, we continue to expand our system, and have projects underway in several underserved/unserved neighborhoods. If you have questions about internet service or need service in your area, please contact us for the latest information.

Finally, we are pleased to report our external auditors, Aldrich, have concluded the consolidated financial statements present fairly, in all material respects, the financial position of the cooperative and its subsidiary.

Sincerely,

David Hansen
PSREC Secretary/Treasurer