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Waverly Utilities gets clean audit; 4-megawatt solar array to begin construction this year
Summary
Council accepted Waverly Utilities' 2024 audit showing a clean opinion and heard that a 4-megawatt solar array expected to generate about 6.5 million kWh annually will begin mobilization within 30–90 days, with contractors aiming to energize by fall.
WAVERLY, Iowa — The Waverly City Council on May 19 accepted the 2024 audit for Waverly Utilities, which reported a clean audit opinion, and heard details about an upcoming 4-megawatt solar array expected to start construction within weeks.
The audit was presented by Kelly Meyer, director of finance and customer services for Waverly Utilities, who said, "For 2024, we received a clean opinion, which means that I. Bailey considers our financials to present fairly in all material respects the financial position of Waverly Utilities." The council accepted the report during the regular meeting.
Meyer told the council that electric operating revenues were $41,000 higher than 2023 — about a 0.2% increase — but that kilowatt-hour sales fell by roughly 11,400,000 kWh compared with the prior year because of milder weather. Operating expenses increased about $133,000, a 0.68% rise. Meyer said net position improved after a cash transfer to the City of Waverly of $749,000, and that overall cash decreased by $376,000 after debt service and capital purchases. Meyer also reported implementation of a new Governmental Accounting Standards Board standard, which increased a compensated‑absence liability by $35,000.
The council then heard an update on a planned solar array. Utilities staff member Kurt told the council, "We are planning on starting a mobilization of the project in the next 30 to 90 days." He said the array will be "a 4 megawatt array" expected to produce "roughly about 6,500,000 kilowatt hours a year," roughly the annual usage of just under 2,000 homes in utility terms. The site is a 24‑acre parcel just inside the Waverly city welcome sign on Highway 3; Kurt said it "should be somewhat visible from the highway" and will be fenced.
Kurt said the developer recently finalized financing and contractors are under contract to have the array functional by Dec. 30, with the utility expecting the system to be energized in the fall. He also said the project will use a pollinator habitat between rows of panels so the site will be a "no mow" area except for an annual cut in the fall.
Meyer said auditors found no material weaknesses in internal controls and, referencing Iowa law, confirmed the municipal telecommunications utility maintains its required separate books from the electric utility. Regarding Waverly Communications Utility, Meyer said the company holds "more than 85% market share for residential and commercial customers" and declined to share additional competitive details in open session.
The council did not express dissent and moved on to other business after accepting the audit and hearing the solar update. The utilities staff indicated additional questions about the communications utility should be directed to utility staff members.
Looking ahead, utility staff expect contractors on site soon and an energized solar array by fall if construction proceeds on schedule.
