LCRA for the fourth consecutive year has received a gold certification from the Texas Comptroller of Public Accounts for fulfilling the highest level of financial transparency. LCRA is the first river authority to achieve this level of recognition for four years as part of the Texas Transparency Check-Up Program.
"I am proud that LCRA has again achieved the highest level of recognition for its financial transparency," said LCRA General Manager Becky Motal. "Making financial information available on our website is an important part of LCRA's goal to provide public utility services at competitive rates for our customers."
LCRA is a unique state government organization. It receives no state tax revenues, but operates by selling electricity, electric transmission and water services at cost. It does not levy taxes or receive specific appropriations from any government. As a conservation and reclamation district of the State of Texas, it is generally exempt from paying taxes, though its affiliates, LCRA Transmission Services Corporation and GenTex Power Corporation, pay property and sales taxes.
LCRA's FY 2014 Business Plan projects total net revenues of $1.085 billion for its 2014 fiscal year beginning July 1, 2013, mostly from its electric operations: electric generation (64 percent) and transmission (32 percent). The FY 2014 Business Plan projects total operating expenses during the same period will be $621 million. About 52 percent of that amount, roughly $323.3 million, will pay for coal, natural gas, renewable energy and purchased power to provide electricity for LCRA's 43 wholesale electric customers. The remainder will pay for LCRA's power plant, transmission, dam and parks operations, plus river and water-supply management, water operations and community development services.
In LCRA's 2013 Financial Statements LCRA's total assets and deferred outflow of resources were $5.4 billion as of June 30, 2013. Capital assets accounted for $4.0 billion, or 74 percent of total assets and deferred outflow of resources. Total assets and deferred outflow of resources increased by roughly $423.6 million, or 8 percent, during fiscal year 2013, as LCRA upgraded or expanded its facilities to continue providing efficient and reliable electric and water services, enhance productivity, meet growing demand and carry out environmental initiatives.
Reinvesting in communities
Each year, LCRA reinvests a portion of water and electric revenues into communities through direct services and grants. These services include parks, public safety, and environmental protection. Grants are provided for community development purposes.
Wholesale rates for electricity are set by LCRA's Board of Directors. The Public Utility Commission of Texas approves transmission rates.
LCRA had an outstanding debt of approximately $3.8 billion as of June 30, 2013. LCRA maintains creditworthy ratings from Fitch Ratings, Moody's Investors Service and Standard & Poor's on long- and short-term debt.