Office of the City Auditor

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Issued: November 2002

SUMMARY

While the original intent of the DMF has not changed, AE management has obtained Council’s approval on revisions to the resolution as conditions surrounding the utility have changed.

Austin Energy has spent approximately $50 million of the debt management fund in accordance with the purposes outlined in the resolution.

While controls such as general policy direction, forecasting, and City Council approvals are in place, AE management does not have a document listing the criteria used for decisions when the DMF will be used for specific purposes.

The Council resolution did not provide a target for the accumulated balance of the fund.

We identified one agency with a fund similar to the DMF; other utilities have funds with more limited purposes.

Click here to go to our audit request form to request a hard copy of this report (Report No. AU02101D) or download the entire text of the Austin Energy’s Debt Management Fund (Size: 527 KB) in Adobe Acrobat. You will need Adobe's Acrobat Reader to view these files.

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