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Utility audit returns unmodified opinion; council told cash reserves below historical target
Summary
At a liaison report, the Utility Advisory Board’s auditor presented an unmodified opinion and staff told council the utility system’s cash holdings have fallen to roughly $25,000,000—below a historical six-month target of about $45,000,000 given roughly $90,000,000 in operating expenses.
Council received a liaison report summarizing the Utility Advisory Board’s recent audit presentation. Marcy Luth of AMGL presented the audit and delivered an unmodified opinion, city staff said.
A city liaison briefed council on key figures from the audit: staff reported the utilities recorded a slight increase in net position year‑over‑year but noted revenue decreases attributed to a soft energy market and corresponding expense decreases when units were not run. Staff said total operating expenses are “roughly $90,000,000,” and that a historical reserve target of six months of operating expenses would equal about $45,000,000; current cash holdings were described as closer to $25,000,000. Staff said capital reinvestment continues and the citywide audit will be presented to council on March 10.
The liaison praised Roger and utility staff for their work assembling the audit materials and recommended council review the full city audit once presented.
