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Chairman Scurlock swore in Warren E. Silverman, <br />consultant hired by the County to review and evaluate the <br />books and records of Hutchinson Utilities, Inc. <br />i <br />Mr. Silverman gave the following -report: (EXHIBIT "A") <br />(Awu Coca 300) 061_74ae <br />WARREN E. SILVERMAN <br />CERTIFIED PUBLIC ACCOUNTANT <br />A/ t�sce �o a 7069, .7G ooa! �ar�cda X302.2 <br />April 12, 1984 <br />Board of County Commissioners <br />Indian River County <br />Vero Beach, Florida <br />In accordance with your request, I have reviewed the <br />books and records of Hutchinson Utilities, Inc. in order to <br />ascertain whether the regulated company is entitled to rate <br />relief currently and to further ascertain whether the company's <br />past rates provided the applicant with a reasonable rate of <br />return. <br />In order to acomplish the assigned task, I met with <br />representatives of the County's Utility Department, Hutchinson <br />Utilities, Inc, its counsel and accountants and a representative <br />of the intervenor. Discussions were held with the above <br />representatives together with the County Attorney. <br />The results of my work effort and my findings and <br />conclusions are as follows: <br />MAY 2 1964 <br />1. The information presented to the Board of County <br />Commissioners, Indian River County by the applicant <br />was an accurate reflection of the financial <br />information contained in the audited financial <br />statements of the applicant. <br />2. Adjustments were made.by me to the submitted <br />information. The test year base used by me was the <br />audited financial data for the year ended December <br />31,1983. <br />3. The ten adjustments made by me are as follows: <br />a. Connection fee charges collected from <br />customers were offset against job costs <br />incurred. (Adjustment 1 - $ 15,840,.) <br />b. Professional fees were increased by the cost <br />of lodging expenses incurred during the audit. <br />(Adjustment 2 $ 892.) <br />C. Rent expense was decreased by the amount of <br />rent charged to an affiliated company that <br />shares the company's general offices. <br />(Adjustment 3 - $ 9,000.) <br />d. Depreciation claimed by the applicant was <br />reduced to bring the includible amount into <br />agreement with allowable utility depreciation in <br />accordance with the provisions of the Internal <br />Revenue Code as amended. (Adjustment 4 - <br />$17,616.) <br />55 <br />BOOK 56 PAGE'81 <br />