February 20, 2025 — Rowland Water District (RWD) reaffirms its commitment to fiscal accuracy and transparency with the completion of its recent financial audit which reviewed RWD’s position as of June 30, 2024
California requires water districts to conduct annual independent financial audits to ensure compliance with local government regulations and financial stewardship of public funds. Representatives of Nigro & Nigro PC, a professional accountancy corporation, presented the draft audit report during the January 14 RWD Board meeting. Board members then took action to receive and file the final report at their February 11 regular Board meeting.
“We are pleased with the positive outcome of the recent financial audit which confirmed that our financial statements fairly and accurately reflect the District’s financial position. This reinforces our commitment to fiscal transparency in our financial practices,” said RWD Director of Finance Myra Malner.
“Our responsibility to serve our customers remains at the forefront of our operations,” said RWD General Manager Tom Coleman. “We have consistently demonstrated accountability for our finances over the past year and will continue to prioritize fiscal sustainability.”
Some key points from the recent audit include:
- The District increased its net position as its total assets grew by 6.05%, rising from $124,096,411 to $131,600,221 during fiscal year 2024.
- Operating revenues decreased by 1.43%, dropping from $29,959,151 to $29,530,756 compared to the prior year. The decline was primarily due to a decrease in new service connections.
- Operating expenses before depreciation rose by 7.87%, increasing from $20,386,811 to $21,991,931 compared to the prior year, primarily due to an increase in the source of supply expenses.
Rowland Water District remains committed to financial stability and transparency for its customers.
Access the District’s financial records at rwd.org.
