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3.0 OPEN FORUM <br />No one appeared for open forum. <br />4.0 POLICY & COMPLIANCE <br />4.1 2023 Financial Audit <br />Ms. Karpinski presented Justin Nilson From Abdo, who was in attendance to present <br />ERMU's 2023 Financial Statement Audit. <br />Mr. Nilson shared that Abdo was issuing an unmodified/clean opinion with no <br />compliance findings reported. <br />For the electric fund, Mr. Nilson reported consistent expenditures and cash balances, as <br />well as receipts exceeding disbursements. <br />For the water fund, Mr. Nilson reported consistency in expenditures with a decrease in <br />distribution, as well as receipts exceeding disbursements. <br />Mr. Nilson noted there was data missing in the Water Operations graph. He explained <br />that Bonds Payable for 2023 should show a total of $1.5 million and Cash should be $10.8 <br />million for that year. <br />For debt obligation, Mr. Nilson reported there was consistency in principal and interest <br />amounts year over year. <br />For cash and investments balance, Mr. Nilson noted the expected drop in 2022 was <br />related to capital investments in 2021, largely due to the construction of the field <br />services facility, but general consistency in the balances year to year. <br />Chair Dietz noted on page 18 of the Financial Report that the combined operating <br />expenses of electric and water departments are less than they were in 2022. <br />Chair Dietz referred the group to page 36 of the Financial Report and inquired as to the <br />interest rate on negotiable certificates of deposits segmented to one to five years, with a <br />current total of $3,000,619. <br />Ms. Karpinski explained that the interest rates vary from 0.5% to 4.65%. <br />Chair Dietz inquired as to the duration of the investment. <br />Staff responded that the ladder structure has them anywhere from 24 to 84 months. <br />Elk River Municipal Utilities Commission Meeting Minutes <br />May 14, 2024 <br />Page 3 <br />37 <br />