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Preliminary financials look strong; audit presentation set for March 12, board hears
Summary
Staff presented preliminary September–November financial statements and said the audit went well with four journal entries; partner auditor Marcy Luth will present the audit to the board on March 12.
Larry (speaker 5), who presented the preliminary financial statements, told the board staff completed the preliminary September, October and November financial statements and will finalize them after audit adjustments. He said the audit went well but included four journal entries this year; overall he said, “Our numbers sure look good for fiscal year 'twenty 5.”
Larry said the utility’s goal is to distribute earlier finalized statements; this year the team missed internal timing goals but is making progress. He also reminded the board that partner auditor Marcy Luth will attend the March 12 meeting to present the audit.
A committee member (speaker 3) asked staff to follow up on a payment-in-lieu-of-taxes (PILOT) being moved to a dividend fee and on a prepaid balance that increased by about $1,300,000; Larry said he would follow up and bring additional detail to the next meeting.
Next steps: staff will finalize statements after audit adjustments and provide follow-up on the PILOT/dividend fee and prepaid balances at a subsequent meeting; the auditor’s presentation is scheduled for March 12.
