Financial Management of the CTWA

Financial Management of the CTWA


Annual Operating Budget

The CTWA budgets revenues and expenses on a calendar year basis. Preparation of the annual operating budget begins in October. The operating budget presented to the Board for adoption sets forth in reasonable detail the projected revenues, administrative and operating expenses, and a calculation of required debt service coverage as madated by existing trust indenture(s). The indenture requires the operating budget to be approved by Certified Resolution and filed with the Trustee at least 15 days before the first day of the upcoming fiscal year which begins January 1. Throughout the year, the Director of Finance provides the Board with monthly reports showing comparative year-to-date revenues and expenses compared to budget. The report also sets forth the cash balances and balances of each fund held by the Trustee for the security of the bondholders.

Annual Independent Financial Audit Report

The CTWA's financial statements are audited by an independent Certified Public Accountant annually. The audit not only includes an examination of the accounts, records, and books of the CTWA but also an examination of the application of funds in accordance with the trust indenture.

The CTWA follows the new reporting model officially promulgated in 1999 as GASB Statement No. 34. It is important to note that the basic financial statements are the responsibility of CTWA management. The independent auditor's responsibility is to express an opinion on the basic financial statements based on their audit. They conduct their audit in accordance with auditing standards generally accepted in the USA which includes standards for planning and performing the audit.

Current Year Budget and Audit Reports

2006 Independent Audit Report - CTWA
2007 Independent Audit Report - CTWA
2008 Independent Audit Report - CTWA
2009 Independent Audit Report - CTWA
2010 Independent Audit Report - CTWA
2011 Independent Audit Report - CTWA
2012 Independent Audit Report - CTWA
2013 Independent Audit Report - CTWA
2014 Independent Audit Report - CTWA
2015 Independent Audit Report - CTWA
2016 Independent Audit Report - CTWA
2017 Independent Audit Report - CTWA

2008 Operating and Capital Budget - CTWA
2009 Operating and Capital Budget - CTWA
2010 Operating and Capital Budget - CTWA
2011 Operating and Capital Budget - CTWA
2012 Operating and Capital Budget - CTWA
2013 Operating and Capital Budget - CTWA
2014 Operating and Capital Budget - CTWA
2015 CTWA Operating and Capital Budget
2016 CTWA Operating and Capital Budget
2017 Operating and Capital Budget
2018 CTWA Operating and Capital Budget