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Waverly utility board accepts clean 2025 audit, approves March financials and reimbursement resolution
Summary
The City of Waverly utilities board accepted a clean financial-statement audit for 2025, approved March 2026 financials and passed Resolution 19-26. Auditors reported no material weaknesses; staff outlined reserves and a rate-stabilization tool used this year.
The City of Waverly utilities board voted to accept the financial statement audit for 2025 and approved the utility’s March 2026 financial reports during its meeting.
Brian Hudson, presenting for IABLI, told the board the firm issued the audit on April 10 with an unmodified opinion and found no material weaknesses, significant deficiencies or state compliance findings. “The audit results are very similar prior year. It was a clean audit opinion,” Hudson said.
Hudson highlighted a rise in net position for the utilities, noting the communications utility’s net position grew from about $488,000 to $1,600,000 year over year and that the utility used a rate-stabilization tool this year to defer approximately $850,000 in revenue. He said the firm also implemented a new accounting standard that reclassifies noncapital subsidies and transfers to the city but does not change amounts reported.
After brief questions about peer comparisons and cybersecurity risks, a board member moved to accept the audit as presented; the motion passed on a voice vote. Hudson thanked the board after the vote.
Separately, staff presented March 2026 operating results: year-to-date total revenues were under budget by $135,000, customer revenues under by $118,000 and kilowatt-hour sales were down about 736,000 compared with the prior year. Expenses were $276,000 under budget, producing net income $112,000 better than budget. Cash on hand at March-end was reported at about $15,676,000, a $963,000 increase staff said was partly due to timing (including an earlier-than-expected payment from a wholesale customer).
The board approved the financial statements by motion and voice vote.
The board also moved and approved Resolution 19-26, a monthly reimbursement resolution reporting $20,885 for the month and a running total of $805,333; the roll call recorded Kettleson: Yes; Buckingham: Yes; Taylor: Aye; Roankhorst: Aye; Hanson: Aye.
The meeting subsequently moved to other business and then to a closed session under Iowa Code 22.7.
