City Council strengthens financial controls after Enron lessons

In a recent government meeting, council members discussed significant amendments to resolution 32130, aimed at enhancing financial controls within City Light, a municipal utility. Council member Strauss highlighted the improvements made since the Enron scandal, emphasizing the importance of robust internal controls and the collaborative efforts of City Light leadership and the Risk Oversight Council.

The council expressed appreciation for the work done on version 2 of the policy, which was noted to have resulted in a more effective framework for oversight. Members acknowledged the necessity of ongoing engagement with City Light to ensure transparency and accountability in its operations. The internal audit's role was underscored, with plans for annual findings to be shared directly with council staff, reinforcing the commitment to oversight.

The meeting culminated in the successful passage of two amendments to the resolution, with all council members voting in favor. The amendments aim to refine the language of the policy and ensure it accurately reflects the updated governance structure. The council's proactive approach signals a commitment to maintaining high standards of financial integrity and operational transparency within the utility.