Local energy agency receives audit report
Sunnyvale, Calif. – On March 10, Pisenti & Brinker, LLP reported clean and unmodified financial audit results for the 2019 – 2020 fiscal year, to the Silicon Valley Clean Energy Board of Directors. This is the fourth clean and unmodified audit received by the agency.
“The audit went well, you are getting a clean opinion,” said Brett Bradford, Audit Partner for Pisenti & Brinker. “We didn’t identify any weaknesses in internal controls.”
The Pisenti & Brinker audit focused on revenue recognition, cash balances, accrued cost of electricity and other liabilities.
“The audit process offers great transparency into how Silicon Valley Clean Energy is operating,” said Margaret Abe-Koga, SVCE Board Chair and City of Mountain View Councilmember. “The Board of Directors is pleased with the clean audit and the financial practices SVCE has and continues to implement.”
The result of this audit is another positive indicator of SVCE’s financial standings. Additional financial indicators include SVCE’s ‘A’ credit rating from S&P Global in early 2021, and the ‘Baa2’ rating from Moody’s in 2020.
About Silicon Valley Clean Energy
Silicon Valley Clean Energy is a not-for-profit, community-owned agency providing clean electricity from renewable and carbon-free sources to more than 270,000 residential and commercial customers in 13 Santa Clara County jurisdictions. As a public agency, net revenues are returned to the community to keep rates competitive and promote clean energy programs. Silicon Valley Clean Energy is advancing innovative solutions to fight climate change by decarbonizing the grid, transportation, and buildings. Learn more at SVCleanEnergy.org.