The HCWA complies with all applicable pronouncements of the Governmental Accounting Standards Board, the Financial Accounting Standards Board, and other applicable Federal and State regulations. The Authority's Revenue Bond Resolutions also prescribe an accounting structure and practices, which the Authority adheres to.
The Authority operates as an enterprise fund. That is, the Authority is accounted for as a separate accounting entity with a self-balancing set of accounts. Revenues are recorded when earned and expenses are recorded at the time the liability is incurred, similar to accounting procedures used by private business.
An audit is performed on an annual basis at the conclusion of each fiscal year by an independent Certified Public Accounting firm. The Authority received an unqualified opinion on the most recent Comprehensive Annual Financial Report (CAFR), as well as on reports from previous years. An unqualified opinion is the optimum opinion to be received as a result of an audit. Attached are the audited CAFRs of the Authority for the last three years.