1984-030 - Laserfiche WebLink

Home Browse Search

•..-- .. UUMMA CODS SOW 9e1-7480 WARREN E. 811—Nr° Ri�iiLi�i CKRTIMKO PUNUC ACCOUNTANT .lar! Om. A.. 0a .7G ,�ri � ..-W .tiY'..'A .P.Pam April 12, 1984 Board of County Commissioners Indian River County Vero Beach, Florida In accordance with your request, I have reviewed the books and records of Hutchinson Utilities, Inc. in order to ascertain whether the regulated company is entitled to rate relief currently and to further ascertain whether the company's past rates provided the applicant with a reasonable rate of return. In order to acomplish the assigned task, I met with representatives of the County's Utility Department, Hutchinson Utilities, Inc, its counsel and accountants and a representative of the intervenor. Discussions were held with the above representatives together with the County Attorney. The results of my work effort and my findings and conclusions are as follows: 1. The information presented to the Board of County Commissioners, Indian River County by the applicant was an accurate refl)ction of the financial information contained in the audited financial statements of the applicant. 2. Adjustments were made by me to the submitted information. The test year base used by me was the audited financial data for the year ended December 31,1983. 3. The ten adjustments made by me are as follows: a. Connection fee charges collected from customers were offset against job costs incurred. (Adjustment 1 - $ 15,840.) b. Professional fees were increased by the cost of lodging expenses incurred during the audit. (Adjustment 2 - $ 892.) C. Rent expense was decreased by the amount of rent charged to y.... .... an aiiiiiaLed company that shares the company's general offices. (Adjustment 3 - $ 9,000.) d. Depreciation claimed by the applicant was reduced to bring the includible amount into agreement with allowable utility depreciation in accordance with the provisions of the Internal Revenue Code as amended. (Adjustment 4 - $17,616.)