OMWD’s Financial Reporting is Spotless According to Recent Audit
At its December 9 meeting, Olivenhain Municipal Water District’s Board of Directors were presented the 2019 – 2020 Comprehensive Annual Financial Report, which received a clean bill of health from the independent audit of OMWD financial statements for the previous fiscal year.
The CAFR provides the public and other stakeholders with a summary of OMWD’s finances and an overview of its fiscal management, with details about internal and budgetary controls, debt administration, and investment policies. Financial statements that support the CAFR have been examined by The Pun Group, LLP, who served as the independent auditor. OMWD received an unmodified, or clean, opinion from the independent auditor for the fiscal year ending June 30, 2020.
“As a public agency, it is important to be transparent and provide the public with information regarding our fiscal activities,” said OMWD Board Treasurer Larry Watt. “Putting forward a complete and accurate financial report is a testament of OMWD’s strong financial practices and reasonable financial estimates.”
OMWD successfully completed and submitted all supporting documents electronically to its auditors in order to avoid potential delays resulting from the COVID-19 pandemic. As a result, the audit was completed and the CAFR was produced for the public in a timely manner. The auditors reported no findings or proposed adjustments for the fiscal year.
With the completion of the audit, OMWD is in the process of submitting the CAFR for the Government Finance Officers Association’s Certificate of Achievement in Excellence in Financial Reporting for the fiscal year that ended June 30, 2020. If awarded, it would mark the twenty-sixth consecutive year OMWD has received this prestigious award.