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DAVID W. MARTIN, CPA <br />AUDITOR GENERAL <br />AUDITOR GENERAL <br />STATE OF FLORIDA <br />401 Claude Pepper Building <br />111 West Madison Street <br />Tallahassee, Florida 32399-1450 <br />March 31, 2015 <br />Dylan Reingold <br />County Attorney <br />Indian River County Board of County Commissioners <br />1801 27`'' Street <br />Vero Beach, FL 32960-3365 <br />Dear Mr. Reingold: <br />PHONE: 850-412-2722 <br />FAx: 850-488-6975 <br />APR 0 6 2015 <br />Thank you for your sharing your thoughts regarding the preliminary and tentative findings from our audit of <br />the Florida Municipal Power Agency (FMPA) and providing us with County Resolution 2015-027. <br />The directive to perform this audit, as indicated in proviso language for Specific Appropriation 2685 in <br />Chapter 2014-51, Laws of Florida, was to "analyze all revenues, expenditures, administrative costs, bond <br />agreements, contracts, and employment records, and provide a complete review of the rates of the entities." <br />Additionally, as a part of the audit, we conducted risk assessments and considered the concerns expressed <br />by interested parties in setting the scope and objectives of the audit. We believe our audit satisfies the <br />directive and addresses related key issues of concern. <br />Performing a valuation of business assets of the FMPA falls outside the scope and objectives of our audit. <br />Such a valuation of electric utility assets if directed by the Legislature would be the objective of a separate <br />engagement. <br />Sincerely, <br />Marilyn D. Rosetti <br />Audit Manager <br />Local Government Reviews and Special Audit <br />163 <br />