TRANSMITTAL LETTER FOR BOARD MEETING OF AUGUST 8, 2024
COMMITTEE ON PENSION, HUMAN RESOURCES & CIVIL SERVICE
Mr. Brian A. Perkovich, Executive Director
Title
Report on the 2023 Annual Comprehensive Financial Report of the Metropolitan Water Reclamation District Retirement Fund
Body
Dear Sir:
The Annual Comprehensive Financial Report (ACFR) of the Metropolitan Water Reclamation District Retirement Fund (Fund) for the year ended December 31, 2023, has been completed and distributed to the Board of Commissioners and Department Directors. The Fund is a component unit of the MWRDGC, and as such is included in the MWRDGC annual financial statements as a pension trust fund. The basic financial statements in the ACFR have been prepared in conformance with Generally Accepted Accounting Principles (GAAP) promulgated by the Governmental Accounting Standards Board (GASB). The ACFR compiles the Fund’s audited financial statement, information about the Fund’s investments, data from the annual actuarial valuation, and selected historical information. This ACFR is prepared and submitted to you in compliance with the requirements of 40 ILCS 13-706(f).
Fund management is responsible for providing timely, clear, and consistent financial data. By complying with all GASB disclosure requirements, we have provided a fair and accurate presentation of the financial position and operation of the Fund to the District population and to regulatory and investment communities for 2023.
The Fund’s independent auditor, Legacy Professionals LLP, has examined the basic financial statements of the Fund. The examination was conducted in accordance with Government Auditing Standards: accordingly, it included such tests of the accounting records, as well as such other auditing procedures, as were considered necessary. The Auditor issued an unqualified opinion.
The Government Finance Officers Association of the United State and Canada (GFOA) has awarded the Certificate of Achievement for Excellence in Financial Reporting for the Fund’s ACFR for the fiscal year ended December 31, 2022, as it has for each of the last 30 years. The certificate will be sought for the 2023 report, as we believe it meets all requirements of the GFOA Certificate of Achievement program.
It is respectfully requested that the 2023 ACFR be received and ordered filed by the Board of Commissioners.
Respectfully submitted, Jim Mohler, Executive Director, MWRD Retirement Fund