Basis of Accounting
The Authority qualifies as a special purpose government engaged only in business-type activities, and accordingly only the financial statements required for an enterprise fund are presented as basic financial statements. A fund is an accounting entity with a self-balancing set of accounts established to record the financial position and results of operations of a specific governmental activity. The Authority measures the full cost of providing water to the member cities for the purpose of fully recovering that cost through charges to the member cities. Charges to member cities are computed on a cost-reimbursement basis. The Authority’s basic financial statements are reported using the economic resources measurement focus and the full accrual basis of accounting. Revenues are recognized when earned and expenses are recognized when the liability is incurred. Internal activity has been eliminated in the accompanying financial statements.
Awards and Acknowledgements
The Government Finance Officers Associations of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the Canadian River Municipal Water Authority for its comprehensive annual financial report for the fiscal year ended September 30, 2015. In order to be awarded a Certificate of Achievement, a government must publish an easily readable and efficiently organized comprehensive annual report. This report must satisfy both generally accepted accounting principles and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. We believe that our current comprehensive annual financial report continues to meet the Certificate of Achievement Program’s requirements and have submitted it to the GFOA to determine its eligibility for another certificate.
The Authority strives to provide reliable and timely financial information by posting this information online in an accessible and easily obtained format.
CRMWA Comprehensive Annual Financial Report (CAFR) ending fiscal year 9/30/16
The Canadian River Municipal Water Authority’s fiscal year runs from October 1 to September 30 of each year.
In our Auditors’ opinion, the basic financial statements present fairly, in all material respects, the financial position of the Canadian River Municipal Water Authority as of September 30, 2016, and the result of its operations and changes in cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America.
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