Title
Authorize completion and filing of Audit and Related Draft Financial Reports Pertaining to the Fiscal Year Ended June 30, 2021
Body
Agenda of: December 8, 2021
Item No.: 2021-467
Amount: Not Applicable
TO: The Honorable
Board of Directors
Great Lakes Water Authority
FROM: Suzanne R. Coffey, P.E.
Interim Chief Executive Officer
Great Lakes Water Authority
DATE: December 8, 2021
RE: Authorize completion and filing of Audit and Related Draft Financial Reports Pertaining to the Fiscal Year Ended June 30, 2021
MOTION
Upon recommendation of Nicolette N. Bateson, Chief Financial Officer/Treasurer, the Board of Directors (Board) of the Great Lakes Water Authority (GLWA), moves to receive and file the reports presented with this communication pertaining to the fiscal year ended June 30, 2021 and authorize staff to proceed with the completion and filing of the final, audited Annual Comprehensive Financial Report and Schedule of Expenditures of Federal Awards before the due dates required for state, federal, and other purposes; and authorizes the Interim CEO to take such other action as may be necessary to accomplish the intent of this vote.
BACKGROUND
ARTICLE XII, Section 2 of the GLWA By-laws states the following:
The Board shall obtain an annual audit of the GLWA’s financial statements by an independent certified public accountant and report on the audit and auditing procedures in accordance with state law and generally accepted government auditing standards, as well as federal grant compliance audit requirements. The Board shall furnish at least two copies of the annual audit to each Incorporating Municipality. The audited financial statements shall be posted on the GLWA’s website. In addition, the audited financial statements shall be filed with the Michigan Department of Treasury upon approval of the GLWA Board.
The audited financial reports for the Great Lakes Water Authority (GLWA) for the year ended June 30, 2021 are nearly complete. The final step is review by the GLWA Board of Directors and requested approval to proceed with the completion and filing with the State of Michigan Department of Treasury, the federal clearinghouse for the single audit report, and the Electronic Municipal Market Access system (“EMMA”) for Municipal Securities Rulemaking Board (“MSRB”) requirements, and others in a timely manner by December 31, 2021.
JUSTIFICATION
The following are attached pertaining to the Fiscal Year Ended June 30, 2021 which will be reviewed with the Board of Directors. It should be noted that GLWA received a “clean” audit opinion and is in a solid financial position as these reports will demonstrate.
Attachment 1 - Presentation by Jodi Dobson, Partner, Baker Tilly
Attachment 2 - One-Pager Series - FY 2021 Audit & Financial Report
Attachment 3 - Draft Annual Comprehensive Financial Report
Attachment 4 - Draft Schedule of Expenditures of Federal Awards
Attachment 5 - Draft Baker Tilly Reporting & Insights from 2021 Audit
Attachment 6 - Draft Management Recommendations Letter
BUDGET IMPACT
Not applicable for the proposed action.
COMMITTEE REVIEW
The Audit Committee unanimously recommended that the GLWA Board of Directors receive and file the reports presented with this communication pertaining to the fiscal year ended June 30, 2021 and authorize staff to proceed with the completion and filing of the final, audited Annual Comprehensive Financial Report and Schedule of Expenditures of Federal Awards before the due dates required for state, federal, and other purposes.
SHARED SERVICES IMPACT
This item does not impact the shared services agreement between GLWA and DWSD.