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02/14/2008 ~ The Utility Board approved Keys Energy Services’ (KEYS) annual audit and Comprehensive Annual Financial Report (CAFR) for the Fiscal Year (FY) ended September 30, 2007, at their regular meeting on February 13th.

Per Bond Resolution, the Board independently audits the financial statements of the Utility within 180 days after the close of the FY. In the Independent Auditor’s Report, Utility Board Auditor’s Oropeza & Parks CPA’s stated that the financial statements, “present fairly, in all material respects, the financial position of the Utility Board of the City of Key West, Florida, Keys Energy Services as of September 30, 2007 and 2006, and the changes in financial position, and cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.”

The Board also approved the payment to the City of Key West in the amount of $368,741.00 for the FY ended September 30, 2007. Additionally, KEYS provided in-kind services to the City in the amount of $847,344.00, bringing total contributions to $1,216,085.00 during FY 2007.

The regular meeting of the Utility Board took place at 5:00 p.m., Wednesday February 13th, in the Louis Carbonell Board Room of the William Arnold Service Building, 1001 James Street, Key West.

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