Regional Water System
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Annual Comprehensive Financial Report
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SUBJECT
recommendation
Accept submission of the fiscal year 2024 Annual Comprehensive Financial Report (ACFR).
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PURPOSE
The ACFR is submitted to the Board of Directors annually for review in support of both fiscal responsibility and transparency efforts.
RECOMMENDATION
The Executive Director and NTMWD staff recommend acceptance of the fiscal year 2024 ACFR.
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Consultant: |
Crowe LLP |
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Scope: |
N/A |
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Project: |
N/A |
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Amount: |
N/A |
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Committee: |
This was an item on the February 12, 2025, Finance Committee meeting agenda |
DRIVER(S) FOR THIS PROJECT
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Strategic Objective: |
2.3 Rigorous Financial Management |
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☐ Regulatory Compliance |
☐ Asset Condition |
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☐ Capacity |
☐ Redundancy/Resiliency |
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☐ Relocation or External Requests |
☐ Operational Efficiency |
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☐ Safety |
☒ Administrative |
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☐ Policy |
☐ Other _____________ |
BACKGROUND
• At the February 12, 2025, Finance Committee meeting, the external audit team from Crowe LLP provided the Finance Committee with a review of the annual audit's deliverables, comments on the District's internal controls, and required audit communications.
• Crowe LLP provided an unmodified, or clean, audit opinion. There were no material weaknesses or significant deficiencies reported.
• The Finance Committee voted to recommend that the Board of Directors accept the fiscal year 2024 ACFR.
• The Board was provided with an electronic draft of the ACFR and Single Audit in a January 25 update email.
• The ACFR will be submitted to the Government Finance Officers Association for review and consideration for a Certificate of Achievement for Excellence in Financial Reporting.
• The District has received this certificate each year since 1990.
FUNDING
N/A