Comprehensive Annual Financial Report
In conjunction with the Department of Finance, the Financial Planning Branch produces Wastewater Management’s Comprehensive Annual Financial Report (CAFR). The CAFR documents the financial position and results of operations of the system.
The CAFR is submitted each year to the Government Finance Officers Association of the United States and Canada for a Certificate of Achievement for Excellence in Financial Reporting, the highest form of recognition in the area of government accounting and financial reporting.
The General Bond Resolution dated July 29, 1985, governing the issuance of sewer revenue bonds, as modified, requires an annual audit of the financial records and transactions of the System by independent certified public accountants, as selected by the Board of Supervisors. The system’s financial statements, in the form of CAFRs are audited by KPMG LLP, a firm of licensed certified public accountants. The financial statements conform to generally accepted accounting principles as promulgated by the Governmental Accounting Standards Board. Responsibility for both the accuracy of the presented data and completeness and fairness of the presentation, including all disclosures, rests with management. The data are accurate in all material respects and are reported in a manner that presents fairly the financial position and results of operations of the system. All necessary disclosures are included to enable the reader to gain the maximum understanding of the system’s financial affairs.
This report consists of management’s representations concerning the finances of the system. To provide a reasonable basis for making these representations, the system’s accounting system depends upon a strong foundation of internal accounting controls to ensure that financial information generated is both accurate and reliable. Generally accepted accounting principles require that management provide a narrative introduction, overview, and analysis to accompany the basic financial statements in the form of the Management’s Discussion and Analysis. A letter of transmittal is included, designed to complement the Management’s Discussion and Analysis and should be read in conjunction with it. Management’s Discussion and Analysis can be found immediately following the independent auditor's report.