TRANSMITTAL LETTER FOR BOARD MEETING OF MAY 15, 2008
COMMITTEE ON FINANCE
Mr. Richard Lanyon, General Superintendent
Title
Report on the 2007 Comprehensive Annual Financial Reports of the Metropolitan Water Reclamation District of Greater Chicago and of the Metropolitan Water Reclamation District Retiree Health Care Trust
Body
Dear Sir:
Attached are the Comprehensive Annual Financial Reports (CAFRs) for the year ended December 31, 2007. 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).
The District’s management is responsible for presenting financial statements that are free from material misstatements, and assert that the CAFRs present fairly and accurately, in all material aspects, the District’s financial position and results of operations.
The Government Finance Officers Association of the United States and Canada (GFOA) awarded for the 32nd consecutive year the Certificate of Achievement for Excellence in Financial Reporting for the District’s CAFR for the fiscal year ended December 31, 2006. The certificate will be sought for both of the 2007 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; and other auditing procedures, as were considered necessary. The Auditor issued unqualified opinions.
In addition, Velm Butler & Company, LTD., a minority business enterprise firm, was responsible for performing the Single Audit that is included in the District’s CAFR in accordance with OBM Circular A-133. The Auditor issued an unqualified opinion.
It is respectfully requested that the 2007 CAFR of the District and the 2007 CAFR of the Trust be received and ordered filed by the undersigned. The 2007 CAFR’s are available at www.mwrd.org <http://www.mwrd.org>.
Respectfully Submitted, Jacqueline Torres, Director of Finance/Clerk and Harold G. Downs, Treasurer JT:ms