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Annual Comprehensive Financial Report for the Fiscal Years Ended June 30, 2021 and 2020
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Submitted to the Board for review and informational purposes is the Annual Comprehensive Financial Report (ACFR) for the fiscal years ended June 30, 2021 and 2020. A review of the ACFR was presented to the Water Authority's Audit Committee. The CAFR consists of four major sections:
1. The Introductory Section:
This section includes the Transmittal Letter with the Water Authority's Organizational Chart, and a listing of the Water Authority Officials, as well as other relevant information to assist the reader in understanding the Water Authority's management structure, operations and financial condition.
2. The Financial Section:
This section includes the Independent Auditor's Report, Management's Discussion and Analysis of the Financial Statements, the Water Authority's Financial Statements for the Fiscal Years ended June 30, 2021 and 2020, explanatory footnotes, and required supplementary information.
3. The Statistical Section:
This section contains tables with general information about the Water Authority and comparative data from prior years.
4. Other Supplementary Information Section:
This section includes all state compliance and operational findings required by the New Mexico Office of the State Auditor (OSA).
The Independent Public Accountant (IPA) firm contracted by the Water Authority to perform the financial and compliance audit was REDW, LLP. The Independent Auditor's Report, found on page 20, reflects the opinion, which states "the financial statements referred to above present fairly, in all material respects, the financial position of the business-type activities of the Water Authority, as of June 30, 2021 and 2020, and the changes in financial position and cash flows thereof for the years then ended in accordance with accounting principles generally accepted in the United States of America. In addition, in our opinion, the Schedule of Revenues, Exp...
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