CFPUA Receives Clean Audit for Fiscal Year 2015
Also receives award for commitment to “highest principles of governmental budgeting” for sixth straight year
Cape Fear Public Utility Authority (CFPUA) is pleased to announce it has received a clean audit for Fiscal Year 2015 from the accounting firm Cherry Bekaert. The audit, which was presented today at CFPUA’s monthly board meeting, examined data supporting the amounts and disclosures in CFPUA’s financial assessments and evaluated its accounting principles. The audit’s findings and questioned costs were as follows:
Regarding financial reporting:
• No material weaknesses over internal control were identified;
• No significant deficiencies were identified that were not considered to be material weaknesses; and
• No noncompliance material to financial statements were noted.
Regarding federal awards:
• No material weaknesses were identified;
• No significant deficiencies were identified that were not considered to be material weaknesses; and
• No noncompliance material to financial statements were noted.
CFPUA qualified as a low-risk auditee and there were no audit findings disclosed that are required to be reported in accordance with Section 510(a) of Circular A-133. The audit supports the findings of the UNC School of Government’s Environmental Law Center which showed, yet again, how CFPUA operates in their “green zones” for optimal customer affordability, actual cost to customers, and financial cost recovery to pay for operations and debt service.
CFPUA has also received the Distinguished Budget Presentation Award from the Government Finance Officers Association of the United States and Canada (GFOA) for a sixth straight year for its Fiscal Year 2015 report. According to the GFOA, the award “represents a significant achievement by [CFPUA]. It reflects the commitment of the governing body and staff to meeting the highest principles of governmental budgeting.” In order to receive the award, CFPUA had to satisfy nationally recognized guidelines for effective government budget presentation.
The award is the only national awards program in governmental budgeting. The Government Finance Officers Association is a professional organization servicing the needs of more than 18,000 appointed and elected government officials and other finance practitioners with training programs, services, publications, products to enhance professional skills and performance. It is headquartered in Chicago, Illinois.
“Every year, our customers trust CFPUA with millions of dollars in financial resources and assets. Because of this responsibility, our entire organization pays particular attention to financial oversight,” said Jim Flechtner, CFPUA Executive Director. “The results of this audit once again demonstrate how our staff operates at a high level on behalf of our customers. Our Finance team deserves a great deal of specific thanks for how they manage and report our financial position to the public.”
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Cape Fear Public Utility Authority (CFPUA) was formed by the City of Wilmington and New Hanover County to combine their water and sewer operations. It began operations on July 1, 2008. Today, CFPUA serves more than 67,000 water customer accounts and more than 65,000 wastewater customer accounts. It oversees more than one thousand miles of water distribution mains and nearly one thousand miles of sewer mains. For more information, visit www.cfpua.org or contact CFPUA’s Communications staff at communications@cfpua.org.