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2.0 CONSENT AGENDA(Approved By One Motion) <br /> Chair Dietz commented that the 2019 annual reliability report numbers did not meet last <br /> year's level. General Manager Adams noted wildlife interference and storms were the main <br /> cause of outages for the year. <br /> Moved by Commissioner Bell and seconded by Commissioner Stewart to approve the <br /> Consent Agenda as follows: <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 /> Motion carried 5-0. <br /> 3.0 OPEN FORUM <br /> No one appeared for open forum. <br /> 4.0 POLICY&COMPLIANCE <br /> 4.1 2019 Financial Audit <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 /> 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 />