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Elk River <br /> Municipal Utilities UTILITIES COMMISSION MEETING <br /> TO: FROM: <br /> Elk River Municipal Utilities Commission Theresa Slominski—Finance and Office Manager <br /> John Dietz—Chair <br /> Al Nadeau—Vice Chair <br /> Daryl Thompson—Trustee <br /> MEETING DATE: AGENDA ITEM NUMBER: <br /> January 10, 2017 6.1b <br /> SUBJECT: <br /> Staff Update <br /> DISCUSSION: <br /> The auditors were here Friday, December 10th for preliminary audit work and all went well. <br /> They reviewed contracts and meeting minutes,performed sample testing(for Accounts Payable, <br /> Accounts Receivable, Payroll, and Financial Reporting), analyzed budget compliance, and <br /> evaluated Risk Assessment. <br /> Inventory counts were December 28th for both Water and Electric. Water had 100%accuracy and <br /> Electric had 99.1%accuracy. Both were exceptional! The Auditor was onsite for the Electric <br /> count and did some test counts as well. <br /> We received a check from the League of Minnesota Cities Insurance Trust(LMCIT) in the <br /> amount of$12,070 for our dividend payment for 2016. The documentation accompanying the <br /> check is attached. <br /> Early Performance Metrics Incentive Compensation (PMIC)preliminary reporting for 2016 4th <br /> quarter is also attached, which shows a score of 95 out of 100. The missing 5 points is the <br /> CAIDI metric of 150 minutes, which is over the allowed maximum of 120 minutes. Final <br /> presentation of this will be in April 2017 when the financial audit is completed and those final <br /> numbers are available. We will need to accrue this expense for the audit and will be using the <br /> score of 95 and the multiplier of 2%for our calculations. <br /> ATTACHMENTS: <br /> • LMCIT documentation <br /> • 4th Quarter 2016 PMIC preliminary results <br /> F O W E R E D IT <br /> Page 1 of 1 NATURE <br /> E <br /> Reliable Public <br /> Power Provider PDWfRED TO SERVE <br /> 136 <br />