SB 961 Summary

• Auditors of Public Accounts shall audit municipal electric energy cooperatives according to Chapter 101a requirements, with cooperatives required to provide any information necessary for such audits.

• Municipal Electric Consumer Advocate's annual costs capped at $30,000 for consultants and $70,000 for other fees/expenses for the first six years, then $50,000 annually thereafter, unless substantial need is demonstrated and approved by all cooperative utility boards.

• Municipal electric energy cooperatives must conduct forensic examinations by certified forensic auditors reviewing revenue and expenditures for the preceding five years, with recommendations for corrective actions incorporated into operating procedures and posted on websites within specified timeframes.

• Auditors of Public Accounts shall conduct two statewide audits of each municipal electric energy cooperative: a financial and performance audit by October 1, 2020, and a follow-up audit by October 1, 2023, with findings reported to the joint standing committee on energy.

• Each municipal electric energy cooperative shall remit $40,000 to the state on two occasions (by October 1, 2020 and October 1, 2023) to cover costs associated with the required audits.