Financial Management of the CTWA

Annual Operating Budget

The CTWA budgets revenues and expenses on a calendar year basis. Preparation of the annual operating budget begins in October. The operating budget presented to the Board for adoption sets forth in reasonable detail the projected revenues, administrative and operating expenses, and a calculation of required debt service coverage as mandated by existing trust indenture(s). The indenture requires the operating budget to be approved by Certified Resolution and filed with the Trustee at least 15 days before the first day of the upcoming fiscal year which begins January 1. Throughout the year, the Director of Finance provides the Board with monthly reports showing comparative year-to-date revenues and expenses compared to budget. The report also sets forth the cash balances and balances of each fund held by the Trustee for the security of the bondholders.

Annual Independent Financial Audit Report

The CTWA's financial statements are audited by an independent Certified Public Accountant annually. The audit not only includes an examination of the accounts, records, and books of the CTWA but also an examination of the application of funds in accordance with the trust indenture.

The CTWA follows the new reporting model officially promulgated in 1999 as GASB Statement Number 34. It is important to note that the basic financial statements are the responsibility of CTWA management. The independent auditor's responsibility is to express an opinion on the basic financial statements based on their audit. They conduct their audit in accordance with auditing standards generally accepted in the USA which includes standards for planning and performing the audit.

Current Year Budget & Audit Reports