In partnership with the Department of Finance, the Financial Planning Branch creates the Wastewater Management Annual Comprehensive Financial Report (ACFR). This report provides details about the financial status and operations of the system.

Each year, the ACFR is sent to the Government Finance Officers Association of the United States and Canada. The report is considered for the Certificate of Achievement for Excellence in Financial Reporting. This is the highest award given for government accounting and financial reporting.

ACFR Background

The General Bond Resolution from July 29, 1985, governs the issuance of sewer revenue bonds. It requires an annual review of the system’s financial records by independent certified public accountants (CPAs). The CPAs are chosen by the Board of Supervisors. Cherry Bekaert LLP, a licensed accounting firm, audits the ACFR’s financial statements. These reports follow generally accepted accounting principles established by the Governmental Accounting Standards Board. Management must ensure the data in the report is accurate, complete, and fairly presented. The ACFR must include all necessary details to help readers fully understand the system’s finances.

The report reflects management’s statements about the system’s finances. To make sure the information is accurate and dependable, the system uses strong internal accounting controls. The Management’s Discussion and Analysis (MD&A) provides a narrative overview and analysis of the financial statements. This is required by generally accepted accounting principles. A letter of transmittal is included to go along with the MD&A. They should be read together. The MD&A follows the independent auditor’s report.