January 31, 2023 – Customers of Rowland Water District (RWD) can be confident that the District’s financial statements are accurate and reliable, according to a recent audit by an independent accounting firm.
The objective examination and evaluation of records from 2021-2022 was conducted by Nigro & Nigro, PC of Murrieta. The annual assessment, which is required by state law, determined the District followed accepted accounting principles and met legal requirements.
The Board approved a draft audit report on January 10 and is expected to adopt the final report at its next regular meeting on Tuesday, February 14.
“The audit showed no findings of noncompliance or deficiencies, which further demonstrates RWD’s commitment to fiscal sustainability, transparency and accountability,” RWD General Manager Tom Coleman said. “In addition to maintaining accurate records, the District is committed to ensuring all financial information and transactions are easily accessible to the public to review.”
The audit noted the following financial highlights for the fiscal year ending June 30, 2022, compared to the previous year:
• The District’s net position – the difference between assets and liabilities – increased 4.72%, to $74,139,917, from the prior year’s net position of $70,796,975.
• Operating revenues increased by 1.18%, from $27,913,052 to $28,242,365,
primarily due to increases in residential, business and recycled water sales and other operating revenues.
These financial indicators are examples of the sound financial planning that continues to secure our rate stability year over year.
RWD customers can access the District’s financial records at RWD.org.