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City auditor presents financial audit showing electrical-fund increase tied to $2M RDA funding
Summary
The city auditor presented the annual financial audit, noting a large electrical-fund increase tied to $2 million in RDA funding for the hydro project, recommendations on reserves and ongoing slow rate increases, and a list of facility improvement needs estimated at about $1 million.
Tracy, the city auditor, presented the annual financial audit and highlighted key performance indicators, fund balances and observations for council review.
The audit presentation showed a substantial increase in the electric fund largely because the city received $2 million in RDA funding tied to the hydro project; staff noted a portion of those expenses will post in the following fiscal year. The auditor also reviewed fund balances, reserves, and operating trends and reminded council that slow, periodic rate increases have been used to stabilize utility funds. Staff and council discussed the timing of bond drop-offs and the potential for PFA/state funding or bonding for larger water/wastewater facility improvements.
The auditor also noted about $1 million in needed facility improvements for municipal facilities that staff are examining for sequencing and financing options; council thanked the auditor and staff for the presentation and asked staff to follow up during the fall budget and fund analyses.
