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01-10-2022
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01-10-2022 BPU RPT 08
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01-10-2022 BPU AGENDA
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<br /> RIVERSIDE PUBLIC UTILITIES <br /> Board Memorandum <br /> <br />BOARD OF PUBLIC UTILITIES DATE: JANUARY 10, 2022 <br /> <br /> <br />SUBJECT: RIVERSIDE PUBLIC UTILITIES 2021 ANNUAL AUDIT REPORT AND FINANCIAL <br />RESULTS <br />ISSUE: <br />Consider receiving an update on the Riverside Public Utilities 2021 Annual Audit Report and <br />Financial Results for the fiscal year ended June 30, 2021. <br />RECOMMENDATION: <br />That the Board of Public Utilities receive and file the Riverside Public Utilities 2021 Annual Audit <br />Report 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 />Riverside Public Utilities (RPU) fiscal policy was adopted by the Board of Public Utilities (Board) <br />on May 23, 2016 and City Council on July 26, 2016. The cash reserve section of the fiscal policy <br />was updated and approved by the Board on July 26, 2021 and City Council on September 7, <br />2021. Per the fiscal policy, RPU shall prepare annual full-accrual financial statements, including <br />Statements. <br />DISCUSSION: <br /> <br />Lance, Soll & Lunghard, LLP has completed the Fiscal Year 2020- <br />21 <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 /> <br />
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