File #: C-12-25    Version: 1 Name:
Type: Communication Status: Approved
File created: 11/13/2012 In control: Albuquerque Bernalillo County Water Utility Authority
On agenda: 11/28/2012 Final action: 1/16/2013
Title: Amending the Water Authority Rules of Practice and Procedure
Sponsors: Albuquerque Bernalillo County Water Utility Author
Attachments: 1. C-25
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Amending the Water Authority Rules of Practice and Procedure
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SUMMARY:  
Board Chair, Councilor Sanchez requested that a Finance/Audit Committee of the Board be established to meet on a periodic basis.  The Committee would consist of the Chair, Vice-Chair and one additional member appointed by the Chair.
 
The purpose of the Committee is to stay informed on finances, budget, external audit and internal audit functions.  With the Water Authority's move away from the City of Albuquerque's financial/accounting system, CAFR, and audit functions, the Committee will help provide some oversight into these areas.
 
Chairman Sanchez also requested that the Water Authority establish an internal audit function to begin the process of testing and developing internal controls to better prepare for the separation from the City of Albuquerque's financial/accounting system in July 2013.  Additionally, the internal auditor will provide a risk assessment and work plan for next fiscal year.
 
FISCAL IMPACT:
None.