SWACO News

Posted on: August 28, 2017

SWACO Recognized By Auditor of State

SWACO has once again received the Auditor of State Award with Distinction following the completion of a clean financial audit.

In a letter to SWACO, Auditor of State Yost wrote, “Clean and accurate record-keeping are the foundation for good government, and the taxpayers can take pride in your commitment to accountability.”

The Auditor of State Award is presented to local governments and school districts upon the completion of a financial audit. Entities that receive the award meet the following criteria of a ‘clean’ audit report:

  • The entity must file timely financial reports with the Auditor of State’s office in accordance with GAAP (Generally Accepted Accounting Principles);
  • The audit report does not contain any findings for recovery, material citations, material weaknesses, significant deficiencies, Single Audit findings or questioned costs;
  • The entity’s management letter contains no comments related to:
    • Ethics referrals
    • Questioned costs less than $10,000
    • Lack of timely report submission
    • Reconciliation
    • Failure to obtain a timely Single Audit
    • Findings for recovery less than $100
    • Public meetings or public records

The clean audit report allows SWACO to more readily maintain the top-rated Triple-A credit rating, and if needed, to borrow funds at an optimal rate, keeping the cost to finance public projects low.

“Congratulations to the finance team. These actions underscore SWACO’s efforts to be good stewards of public funds, and these accomplishments will not be taken for granted,” noted Kenneth Wilson, SWACO Board Chair.

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