“We noted that Net Assets were reported as $1,496.6 million which is an overstatement of $180 million due to the error. Colorado Springs Utilities issued a subsequent update to the Board on April 1, 2011 based on the audited financial statements in which the Net Assets were correctly stated at $1,316.6 million. This was a reporting error only and did not affect the CEO’s compliance with the policy prohibitions.”

— interim City Auditor Denny Nester wrote in an audit of Colorado Springs Utilities’ asset protection and financial conditions and activities.

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