City Utilities of Springfield received a clean annual audit report from BKD LLP.
The audit reviewed yesterday by the CU board "found no areas of concern regarding the financial position of the utility" for the fiscal year that ended Sept. 30, 2021, according to a news release.
The audit indicates the utility's net position, or equity, grew to $1.4 billion during the latest fiscal year, up from $1.3 billion in fiscal 2020 and $1.2 billion in fiscal 2019.
During fiscal 2021, major capital projects undertaken by CU included $55.7 million for the fiber expansion project; $6.7 million for the renewal of natural gas mains and services; $1.8 million to install natural gas advanced metering infrastructure; and $1.6 million to replace and maintain aging electric pole infrastructure.
As of Sept. 30, 2021, CU's assets were $2.2 billion, according to the audit.
The expanded facility is expected to reach annual revenue of $650M.