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File #: 19-2054   
Type: Orange County Transit District Item Status: Passed
File created: 7/17/2019 In control: Finance and Administration Committee
On agenda: 8/28/2019 Final action: 9/9/2019
Title: Agreement with Element Markets Renewable Energy, LLC, for Purchase of Natural Gas and Monetization of Federal and State Credits, Internal Audit Report No. 19-511
Sponsors: Gabriel Tang, Janet Sutter
Attachments: 1. Transmittal, 2. Staff Report, 3. Attachment A

Title

Agreement with Element Markets Renewable Energy, LLC, for Purchase of Natural Gas and Monetization of Federal and State Credits, Internal Audit Report No. 19-511

 

Overview

The Internal Audit Department has completed an audit of the agreement with Element Markets Renewable Energy, LLC, for the purchase of renewable natural gas and monetization of credits under the state Low Carbon Fuel Standard Program and the federal Renewable Fuel Standard Program. Based on the audit, program oversight controls are adequate, contractor selection complied with procurement policy, credit revenues are properly monitored, reconciled, and recorded, and invoices are properly reviewed and authorized.

Recommendation(s)

Receive and file Agreement with Element Markets Renewable Energy, LLC, for Purchase of Natural Gas and Monetization of Federal and State Credits, Internal Audit Report No. 19-511, as an information item.