File #: C-15-2    Version: 1 Name:
Type: Communication Status: Approved
File created: 1/23/2015 In control: Albuquerque Bernalillo County Water Utility Authority
On agenda: 1/28/2015 Final action: 1/28/2015
Title: Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2014
Sponsors: Albuquerque Bernalillo County Water Utility Author
Attachments: 1. C-15-2
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Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2014

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Submitted to the Board for review and informational purposes is the Comprehensive Annual Financial Report (CAFR) for the fiscal year ended June 30, 2014. A review of the CAFR was presented to the Water Authority's Audit Committee. The CAFR consists of four major sections:
1. The Introductory Section includes the Transmittal Letter with the Water Authority's Organizational Chart, and a listing of the Water Authority's 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 which includes the Independent Auditor's Report, Management's Discussion and Analysis of the Financial Statements, the Water Authority's Financial Statements for the Fiscal Year ended June 30, 2014, explanatory footnotes, and supplementary information.
3. The Statistical Information Section contains tables with general information about the Water Authority and comparative data for prior years.
4. State Compliance and Operational Findings includes certain schedules required by the State Auditor's Office.

The CPA firm of REDW, LLP audited the basic financial statements and state: "In our opinion, the basic financial statements referred to above present fairly, in all material respects, the financial position of the Water Authority as of June 30, 2014, the changes in its financial position and its cash flows for the year ended in conformity with accounting principles generally accepted in the United States of America".

FISCAL IMPACT:
None.

COMMENTS:
The CAFR has historically been submitted late to the State Auditor. The CAFR cannot be submitted until the audited financial reports are prepared and finalized. FY14 is the first CAFR submitted by the Authority's on its own financial system and is the first time in a decade that it was submitted on time. This is...

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