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02-22-2021
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02-22-2021 BPU RPT 05
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02-22-2021 BPU AGENDA
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<br /> RIVERSIDE PUBLIC UTILITIES <br /> Board Memorandum <br /> <br />BOARD OF PUBLIC UTILITIES DATE: FEBRUARY 22, 2021 <br /> <br /> <br />SUBJECT: RIVERSIDE PUBLIC UTILITIES 2020 ANNUAL AUDIT REPORT AND FINANCIAL <br />RESULTS <br />ISSUE: <br />Receive the Riverside Public Utilities 2020 Annual Audit Report and Financial Results for the fiscal <br />year ended June 30, 2020. <br />RECOMMENDATION: <br />That the Board of Public Utilities receive the Riverside Public Utilities 2020 Annual Audit Report <br />and Financial Results. <br />BACKGROUND: <br />An independent audit is performed each year o <br />financial statements. On June 4, 2019, the City Council approved a five-year term with Lance, <br />Soll & Lunghard to serve as independent external auditors for annual financial statements. <br />Per Riverside Public Utilities (RPU) fiscal policy adopted by the Board of Public Utilities (Board) <br />on May 23, 2016 and City Council on July 26, 2016, RPU shall prepare annual full-accrual financial <br />to the Financial Statements. <br />DISCUSSION: <br /> <br />Lance, Soll & Lunghard, LLP has completed the Fiscal Year 2019- <br />20 <br />accepted accounting principles. This clean audit opinion supports the fact that RPU observed <br />compliance with generally accepted accounting principles and statutory requirements. <br />Additionally, RPU had no audit findings or instances of material weaknesses or significant <br />deficiencies identified during the audit process. <br />Reserve Policy Compliance <br />The Riverside Public Utilities Cash Reserve Policy provides a defined level of unrestricted, <br /> <br />
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