We love to have a year when our auditors find the statements to be nearly perfect, with hardly any room for improvement.
Denver, CO (PRWEB) April 24, 2012
At its April 11 Board meeting, the Denver Board of Water Commissioners received a report from Denver Water’s independent auditor, KPMG LLP, on their audit of Denver Water’s 2011 Financial Statements.
“We do our best every year to provide accurate financial statements,” said Angela Bricmont, director of Finance. “But we love to have a year when our auditors find the statements to be nearly perfect, with hardly any room for improvement.”
Each year, an independent auditor scours Denver Water’s financial statements, a document more than 60 pages long that details all the utility’s assets, liabilities, revenues, and expenses. The financial statements tell investors and stakeholders how Denver Water is doing financially. For the past several years, Denver Water has held a AAA rating — the highest rating available — which helps secure lower interest rates. And when Denver Water pays less in interest rates, those savings are passed along to customers.
“This should reinforce to customers that we’re doing all the right things we need to do,” Bricmont said. “Customers should be assured that our financial reports are as accurate as possible.”
Denver Water has received the Certificate of Achievement for Excellence in Financial Reporting by the Government Finance Officers Association of the United States and Canada for 23 consecutive years. Based on this year’s clean audit, the utility expects to receive it again.
Denver Water proudly serves high-quality water and promotes its efficient use to 1.3 million people in the city of Denver and many surrounding suburbs. Established in 1918, the utility is a public agency funded by water rates, new tap fees and the sale of hydropower, not taxes. It is Colorado's oldest and largest water utility.