{"id":2165,"date":"2015-08-24T12:55:52","date_gmt":"2015-08-24T17:55:52","guid":{"rendered":"http:\/\/www.urbanthoreau.com\/blog\/?p=2165"},"modified":"2015-08-24T13:09:45","modified_gmt":"2015-08-24T18:09:45","slug":"madison-water-utility-materially-incorrect","status":"publish","type":"post","link":"https:\/\/www.urbanthoreau.com\/blog\/madison-water-utility-materially-incorrect\/","title":{"rendered":"Madison Water Utility: Materially Incorrect"},"content":{"rendered":"
From a close follower of all things MWU:<\/div>\n
\n
If you have 15 min.’s to devote, you really should read the Baker Tilly Audit 2014 Management Letter.pdf<\/a><\/span><\/div>\n
<\/div>\n
It really is quite a remarkable and sweeping flat-out slam of the Water Utility for its financial incompetence:<\/div>\n
<\/div>\n
“The Utility does not have internal controls in place that allow for the presentation of materially-correct year-end financial statements.”<\/div>\n
<\/div>\n
“Management has not prepared financial statements that are in conformity with generally-accepted accounting principles.”<\/div>\n
<\/div>\n
“Material misstatements in the general ledger were identified during the financial audit.”<\/div>\n
<\/div>\n
….<\/div>\n
<\/div>\n
Customer billing errors<\/div>\n
<\/div>\n
Cyber attack risk: “Have a plan developed and practiced so that you are prepared in the event of a data breach.”<\/div>\n
<\/div>\n
“Lack of preparedness”: Baker Tilly had “difficulties performing the audit”<\/div>\n
<\/div>\n<\/blockquote>\n
I am a big proponent of public ownership of utilities. Madison Gas & Electric’s rampant, ideological pro-carbon agenda is an example of why public accountability is so important.<\/div>\n
<\/div>\n
Unfortunately, our city-owned water utility, through sheer incompetence, combined with an arrogant dismissal of public oversight, is invalidating the goodness that public ownership should bring.<\/div>\n","protected":false},"excerpt":{"rendered":"

Madison Water Utility’s sloppy bookkeeping is undermining the public trust.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"footnotes":""},"categories":[760,10,5,12,13,1],"tags":[1337,1328,1329,1336,1334,1335,1331,1332,85,1333,1330,1212],"class_list":["post-2165","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-efficiency","category-environment","category-madison-politics","category-politics","category-uncategorized","tag-2014-management-letter","tag-baker-tilly","tag-baker-tilly-virchow-krause","tag-financial-audit","tag-financial-statements","tag-generally-accepted-accounting-principles","tag-incompetence","tag-internal-controls","tag-madison-water-utility","tag-materially-correct","tag-public-utility","tag-tom-heikkinen"],"_links":{"self":[{"href":"https:\/\/www.urbanthoreau.com\/blog\/wp-json\/wp\/v2\/posts\/2165","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.urbanthoreau.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.urbanthoreau.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.urbanthoreau.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.urbanthoreau.com\/blog\/wp-json\/wp\/v2\/comments?post=2165"}],"version-history":[{"count":3,"href":"https:\/\/www.urbanthoreau.com\/blog\/wp-json\/wp\/v2\/posts\/2165\/revisions"}],"predecessor-version":[{"id":2168,"href":"https:\/\/www.urbanthoreau.com\/blog\/wp-json\/wp\/v2\/posts\/2165\/revisions\/2168"}],"wp:attachment":[{"href":"https:\/\/www.urbanthoreau.com\/blog\/wp-json\/wp\/v2\/media?parent=2165"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.urbanthoreau.com\/blog\/wp-json\/wp\/v2\/categories?post=2165"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.urbanthoreau.com\/blog\/wp-json\/wp\/v2\/tags?post=2165"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}