Cal. Water Code § 60292
District Reserves and Accounting
Redline — January 1, 2011 → current.View current text →
Current — January 1, 2019
As of January 1, 2011
(a) The district shall order, review, and maintain on file an independent, audited financial statement not later than 60 days from the conclusion of the district’s fiscal year. The independent audited financial statement shall be prepared by a certified public accountant or a public accountant, licensed by the California Board of Accountancy. The independent audited financial statement shall be consistent with standards provided in the “Standards for Audits of Governmental Organizations, Programs, Activities, and Functions” prepared by the Comptroller General of the United States. The independent audited financial statement shall include all of the following: (1) The balances in all accounts established for the maintenance of the district’s funds. (2) A report describing the amount of district funds to be expended for any capital improvement project authorized to be constructed or funded by the district and a detailed description of the capital improvement project. (3) A report detailing the source of funds to be expended on any authorized capital improvement project, and whether the source of funds is the water replenishment assessment levied in accordance with Part 6 (commencing with Section 60300). (4) A report describing the propriety of the district’s operating expenses. (5) A summary of independent audited financial statement exceptions and management improvement recommendations. (6) A description of correction or plan of correction shall be incorporated in the independent audited financial statement, describing the specific actions that are planned to be taken, or that have been taken, to correct the problem identified by the auditor. The descriptions of specific actions to be taken or that have been taken shall not solely consist of general comments such as “will implement,” “accepted the recommendation,” or “will discuss at a later date.”
(a) The district shall order, review, and maintain on file an independent, audited financial statement not later than 180 days from the conclusion of the district’s fiscal year. The independent audited financial statement shall be prepared by a certified public accountant or a public accountant, licensed by the California Board of Accountancy. The independent audited financial statement shall be consistent with standards provided in the Generally Accepted Government Auditing Standards prepared by the United States Government Accountability Office.
(b) Copies of the independent audited financial statements shall be submitted to the Governor, the Legislature, and the State Auditor on or before November 1 of each year.
(b) Copies of the independent audited financial statement shall be submitted to the Governor, the Senate Committee on Governance and Finance or its successor, the Assembly Committee on Local Government or its successor, and the California State Auditor on or before December 31 of each year.
(1) Copies of the independent audited financial statement shall include, regardless of whether the certified public accountant or public accountant reports separately, including separate reports bound in the same document, any finding or findings involving deficiencies in internal control, fraud, noncompliance with provisions of laws, regulations, contracts, and grant agreements, and abuse. The district shall include its written comments in response to findings that provide the perspectives of the responsible officials of the district and the corrective actions they plan to take.
(2) In addition to copies of the independent audited financial statement, the district shall also provide information on expenditures relating to capital improvement projects planned to be undertaken by the district.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.