Utility Volunteers for Government Finance Officers Association Review
accounting is not the most glamorous of topics,” says Steven N. Yttri, utility
general manager, “but accounting becomes more interesting when the public
realizes how it can affect their pocket books.
reporting contributes to rate payers saving money by allowing the utility to
borrow money less expensively when upgrading utility infrastructure,” Yttri
says. “For example, the utility saved $250,000 when we expanded the capacity of
the water treatment plant because investors view us as a safe place for their
money. Strong financial reporting enhances our standing in the financial
Award-winning state and local government financial reports are reviewed and selected by the national Government Finance Officers Association (GFOA). Certified financial reports go beyond the requirements of generally accepted accounting principles.
“This provides the users of government financial statements — including rate payers, media and investors — with more information useful in evaluating financial conditions of government entities,” Yttri says.
Public Benefits of GFOA Review
Market Status: Certified reports detail the attractiveness of a utility for investors and analysts when infrastructure investment becomes necessary. Moody’s Investor’s Service, citing a well-established financial operation, continues to assign high-grade bond ratings to the utility.
Clarity: Certified reports meet requirements
designed to eliminate ambiguous and potentially misleading presentations for
those interested in the utility’s financial affairs.
Comparability: Certified reports conform to
terminology and formatting standards that allow straightforward comparisons
among different reporting years of the utility.
Completeness: Certified reports require
presentation of fiscal data deemed necessary for use by the many groups and
individuals legitimately interested in the financial affairs of the utility.
These groups include rate payers, media, investors, regulators and others.
Participates in the GFOA Review?
Nationally, 4.4 percent of all cities and 14.85 percent of all counties participate in the Certificate of Achievement for Excellence in Financial Reporting program. In
About 3,350 CAFRs
are expected to be submitted to the Certificate Program for fiscal year 2002. Notable government entities receiving this
award include the New York City Fire Department and Police Department and
Chicago O’Hare International Airport.
Please visit www.water.oak-creek.wi.us to view an online version of this news release.