District finances pass audit | TahoeDailyTribune.com
YOUR AD HERE »

District finances pass audit

Patrick McCartney

A public accountant has given a passing grade to the annual financial report of the South Tahoe Public Utility District.

The endorsement of the district’s financial report came with no conditions, said Tina M. Treis, a partner in Perry-Smith & Co. of Sacramento.

“There were no reportable conditions, no material weaknesses and no findings of non-compliance” in the audit of the utility district, Treis told the district’s board of directors Thursday.

Treis said the district’s finances are in order, even with the addition of some new rules that raised the thresholds for some government funds. The district reported $145 million in assets at the conclusion of its fiscal year June 30.

“Looking at the balance sheet, it’s exciting to see the district going ahead on financing and building the new export line,” Treis said during the audit review.

Board member Duane Wallace, a member of the district’s committee, said the findings corroborate his own view of the district’s finances.

“Your opinion echoes ours about how tight the finances are,” Wallace told Treis.

The district spent $14 million in the 1996-97 fiscal year to upgrade its water system and wastewater export line. The work was paid for by a $2 million bank loan and the use of the district’s capital reserves.

Operating expenses of $16.1 million were offset by $13.8 million in service charges and connection fees, and $3 million in tax revenues, interest income and other income. For the year, the district achieved net income of $655,000 from its operations.


Support Local Journalism

Support Local Journalism

Readers around the Lake Tahoe Basin and beyond make the Tahoe Tribune's work possible. Your financial contribution supports our efforts to deliver quality, locally relevant journalism.

Now more than ever, your support is critical to help us keep our community informed about the evolving coronavirus pandemic and the impact it is having locally. Every contribution, however large or small, will make a difference.

Your donation will help us continue to cover COVID-19 and our other vital local news.

For tax deductible donations, click here.

Start a dialogue, stay on topic and be civil.
If you don't follow the rules, your comment may be deleted.

User Legend: iconModerator iconTrusted User