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UPC flags a policy-calculation mismatch that affects how reserves are reported
Summary
Committee members identified a mismatch between the utility financial policy language (which references "cash and investments") and the rate-calculation method (which includes receivables and other current assets), producing a referenced $34 million reserve and prompting a plan to involve the rate consultant and CFO to align policy and practice.
Committee members on Jan. 8 raised a technical but consequential issue: the utility financial policy's reserve definition appears to differ from the inputs used in the rate-calculation spreadsheet.
One member walked through the policy language and the schedule used in the rate calculation and said the policy's phrase "cash and investments" excludes items the rate table counts, such as…
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