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KPMG issues unqualified opinions on SFPUC finances; commissioners commend staff
Summary
KPMG presented unqualified (clean) audit opinions for the water, wastewater and power enterprises; auditors reported no material findings and noted staff separated Hetch Hetchy financials as directed.
KPMG senior manager Karen Cordero told the commission that audits for the water enterprise, the wastewater enterprise and power were completed with unqualified opinions and no material findings. Todd Reekstrom, the PUC's CFO, said the result equates to a "very clean and strong financial bill of health" and thanked finance staff.
Cordero explained that the audit provides reasonable (not absolute) assurance, highlighted management judgments (notably the wholesale balancing account receivable), and said that uncorrected misstatements identified were immaterial to the financial statements as a whole. The auditors also noted that, at the commission's direction, PUC staff prepared a separate component financial statement for Hetch Hetchy water and power.
Commissioners praised staff and the auditors for timely reporting and directed staff to finalize the draft comprehensive annual financial report for public release.
