TRANSMITTAL LETTER FOR BOARD MEETING OF MAY 20, 2010
COMMITTEE ON FINANCE
Mr. Richard Lanyon, Executive Director
Title
Report on the 2009 Comprehensive Annual Financial Reports of the Metropolitan Water Reclamation District of Greater Chicago and of the Metropolitan Water Reclamation District Retiree Health Care Trust and the Actuarial Valuation Report of the Retiree Health Care Benefit Plan
Body
Dear Sir:
Attached are the Comprehensive Annual Financial Reports (CAFRs) for the year ended December 31, 2009. The District’s CAFR is prepared in compliance with 70 ILCS 2605/5.12 and 5.13 and the Trust’s CAFR is prepared pursuant to 70 ILCS 2605/9.6d. The financial statements have been prepared in conformance with generally accepted accounting principals (GAAP) promulgated by the Governmental Accounting Standards Board (GASB).
Also attached, is the Actuarial Valuation Report of Retiree Health Care Benefits as of December 31, 2009. Successive valuations will be performed every two years for purposes of providing the accounting and financial reporting for all other postemployment benefits (OPEB) as required under GASB 43.
The District’s management is responsible for presenting financial statements that are free from material misstatements and acknowledges the responsibility for the design and implementation of programs and controls to provide reasonable assurance that fraud is prevented and detected and that financial statements are complete and fairly presented.
The Government Finance Officers Association of the United States and Canada (GFOA) awarded the Certificate of Achievement for Excellence in Financial Reporting for the CAFR reports for the fiscal year ended December 31, 2008 to the District and the Retiree Health Care Trust for the 24th and 2nd consecutive years, respectively. The certificate will be sought for the 2009 CAFR reports, as we believe they meet all the requirements of the GFOA Certificate of Achievement program.
McGladrey & Pullen, LLP, independent auditor, examined the basic financial statements of the District and of the Trust. The examination was conducted in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Their audit included the following: examination, on a test basis, evidence supporting the amounts and disclosures in the financial statements; assessment of the accounting principles used and significant estimates made by management; evaluation of the overall financial statement presentation; single audit; and other auditing procedures, as were considered necessary. The Auditor issued unqualified opinions.
It is respectfully requested that the 2009 CAFR reports of the District and the Trust and the Actuarial Valuation Report of Retiree Health Care Benefits be received and ordered filed by the undersigned. The 2009 CAFR’s and the Actuarial Valuation Report are available at www.mwrd.org <http://www.mwrd.org>.
Respectfully Submitted, Jacqueline Torres, Clerk/Director of Finance and Harold G. Downs, Treasurer JT:mmv