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Daryl Thompson seconded the motion. Motion carried 3-0. <br /> 3.0 OPEN FORUM <br /> No one appeared for open forum. <br /> 4.0 OLD BUSINESS <br /> There was no old business. <br /> 5.0 NEW BUSINESS <br /> 5.1 2014 Financial Audit <br /> Andrew Berg was present from the auditing company, Abdo, Eick&Meyers,to present the <br /> 2014 financial audit and management letter. The auditors issued a clean opinion on the <br /> financials. There were no findings to be reported. The Commissioners had a few questions <br /> for Andrew Berg and staff. Both responded. Discussion followed. <br /> John Dietz inquired as to whether we were going continue using Abdo, Eick&Meyers to <br /> prepare our reports for the audit. Theresa Slominski thought that we were under contract <br /> with them for another year at which time we would do another RFD and revisit the idea to <br /> determine what would be the best course of action. The Commissioners thanked Theresa <br /> Slominski and her group for a job well done. <br /> Daryl Thompson made a motion to receive and file the 2014 Financial Audit. Al <br /> Nadeau seconded the motion. Motion carried 3-0. <br /> 5.2 2014 Year-End Reserve Balances <br /> The purpose for reserves to a public utility is to meet bond covenants and provide a <br /> financial buffer to mitigate unforeseen or volatile operational costs. In 2010,the <br /> commission adopted a financial reserves policy that defined the structure and formula on <br /> how financial reserves will be calculated for the Electric Utility and Water Utility funds. <br /> As defined by policy,the year-end reserve balances are to be reviewed after the completion <br /> of the audit. These balances, if above their target levels, shall be unrestricted with a default <br /> designation as working capital. The commission shall then consider the optimal use of <br /> these restricted reserves. <br /> Page 2 <br /> Regular meeting of the Elk River Municipal Utilities Commission <br /> April 14,2015 <br />