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2.0 CONSENT AGENDA (Approved By One Motion) <br /> <br />Chair Dietz commented that the 2019 annual reliability report numbers did not meet last <br />cause of outages for the year. <br /> <br /> Moved by Commissioner Bell and seconded by Commissioner Stewart to approve the <br />Consent Agenda as follows: <br /> <br /> 2.1 March 2020 Check Register <br /> 2.2 March 10, 2020 Regular Meeting Minutes <br /> 2.3 March 10, 2020 Special Meeting Minutes <br /> 2.4 Resolution Electing Not to Waive Statutory Tort Limits for Liability Insurance <br />2.5 Resolution Appointing the Bank Signatories and Designating Authority to Make <br /> Financial Transfers <br /> 2.6 2019 Annual Distributed Generation & Cogeneration Report <br /> 2.7 2019 Annual Reliability Report <br /> <br /> Motion carried 5-0. <br /> <br />3.0 OPEN FORUM <br /> <br />No one appeared for open forum. <br /> <br />4.0 POLICY & COMPLIANCE <br /> <br />4.1 2019 Financial Audit <br /> <br />Mr. Berg from the auditing company, Abdo, Eick & Meyers attended the meeting to <br />present the 2019 Financial Audit and Management Letter. He stated that the auditors <br />issued a clean opinion on the financials and that there were no findings to report and no <br />unplanned audit adjustments would be necessary. Mr. Berg walked through the financial <br />statement audit presentation. Chair Dietz had concerns over the portion of electric debt <br />obligation that came from interest, wondering if there would be an opportunity to <br />refinance bonds at lower interest rates. Mr. Berg responded there could be an <br />opportunity to refinance. He also stated that the current ratio of debt to interest is not <br />abnormal. <br /> <br />After the presentation, Mr. Berg asked the Commission if they had any additional <br />questions on the management letter or the annual financial report. Chair Dietz asked Mr. <br />Berg how ERMU compares to other similar utilities. Mr. Berg responded that ERMU has <br />positive cash flow which is covering operating costs while also building reserves. Mr. Berg <br />Elk River Municipal Utilities Commission Meeting Minutes <br />April 14, 2020 <br />Page 3 <br /> <br />30 <br />