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Lansing Board of Water and Light reports clean audit, answers council questions on bond use and clean energy plans
Summary
The Lansing Board of Water and Light told the City Committee of the Whole on Feb. 10 that its fiscal-year 2024 financial statements received an unmodified audit opinion and that a January 2024 $365 million revenue bond issuance funded both new-energy projects and routine capital work.
The Lansing Board of Water and Light told the City Committee of the Whole on Feb. 10 that its fiscal-year 2024 financial statements received a clean audit and that it continues to pursue a mix of projects to meet state clean-energy requirements.
Scott Taylor, manager of the utility’s finance and planning group, said Baker Tilly conducted the audit and “we had a clean audit. We received an unmodified opinion, which is the highest level of assurance an audit can provide, and there were no findings or recommendations.” He said retirement plans included in the statements are fully funded.
Why it matters: The utility’s financial posture affects its ability to finance capital work for aging infrastructure and for new energy projects. Council members pressed the utility for specifics about how recent borrowings and capital spending support…
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