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WAPA Board Approves Extension Of $400,000 BDO Contract For Auditing Purposes

The governing board of the Virgin Islands Water and Power Authority on Thursday approved a contract extension at its monthly board meeting, and received an update on the operations of the electrical and water systems, the utility announced via release. Unanimous approval was given to amend an existing contract with the auditing firm, BDO, to fund the cost of the Voluntary Employees Benefits Association Trust (VEBA) audit for Fiscal Year 2017 as well as cost overruns associated with the electrical and water financial audits for the same fiscal year, WAPA said. The additional funding request cannot exceed $100,000 bringing the total of BDO’s work in FY 2017 to $400,000, according to the release. The amendment also funds the cost of both the VEBA trust audit and the electrical and water systems audits for Fiscal Year 2018. The amendment provides an additional $30,000 to fund BDO’s work in FY 2018, work that is capped at $395,000. The Authority must conduct the audits to maintain complianc...