For the second year in a row, Tri-County Electric Cooperative (TCEC) has earned the most favorable opinion an independent auditor can give.
In its audit of TCEC’s financial statements for the fiscal year ending March 31, 2026, Baker Tilly issued an unmodified, or “clean,” opinion. That means the financial statements accurately reflect, in all material respects, the Cooperative’s financial position, income, expenses, and cash flow under generally accepted accounting principles (GAAP), the standards used to prepare financial statements.
What Does This Mean for Members?
For TCEC members, the audit results offer an independent check on the Cooperative’s financial reporting and reinforce its commitment to transparent money management.
Stronger Finances Support Reliability and Member Service
That progress continued through the fiscal year:
- Equity, the value of the Cooperative’s assets after subtracting its debts, grew by about $72 million over the prior year
- Lines of credit, a form of short-term borrowing, fell from $208.5 million to $27.4 million. Since the close of the fiscal year, TCEC has paid the remaining balance down to $0
- At TCEC's 87th Annual Meeting in September, leaders reported more than $120 million in total debt reduction
- TCEC moved up sharply in the national rankings that compare the financial performance of electric cooperatives
Together, these achievements lower borrowing costs and give TCEC more flexibility to invest in reliable electric service and improvements that benefit members.
“The results now show that the improvement is holding, and that changes what the conversation should be about,” said TCEC President and CEO Scott Spence in his message published in the September 2026 Annual Meeting recap.
Explore TCEC’s Financial Statements
Members can review TCEC’s audited financial statements by selecting Financials on the Cooperative’s Member Information Center page.