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The Little Rock Wastewater's initial
Financial Report was developed in compliance with Statement
of Governmental Accounting Standard No. 34, entitled "Basis
Financial Statements — Management's Discussion and Analysis
— For State and Local Governments" (GASB 34).
LRW is responsible for the financial statements and related
information included in this report. A system of internal
accounting controls is maintained to provide reasonable assurance
that assets are safeguarded and that the books and records
reflect only authorized transactions.
LRW's system of internal accounting controls is evaluated
on an ongoing basis by internal financial staff. Independent
external auditors also consider certain elements of the internal
control system in order to determine their auditing procedures
for the purpose of expressing an opinion on the financial
statements.
One member of the Little Rock Sanitary Sewer Committee along
with the CEO and division managers form the Budget Committee.
This committee establishes the goals and financial objectives
for the coming year and future years. Each month, financial
statements are presented to the Little Rock Sanitary Sewer
Committee to show that operations are being conducted according
to management's intentions.
LRW management believes that its policies and procedures
provide guidance and reasonable assurance that the LRW's
operations are conducted according to management's intentions
and to a high standard of business ethics. In our view, the
financial statements present fairly — in all material respects
— the financial position, results of operations and cash flow
of LRW in conformity with accounting principles generally
accepted in the United States.
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Under Arkansas State Law also known as "The Arkansas
Municipal Water and Sewer Department Accounting Law of 1973",
Title 14, Chapter 237, Section 113 (publication of financial
statements) states that the operating authority shall publish
semi-annual financial statements of receipts and expenditures
along with a statement of the indebtedness and financial condition.
Following are monthly financial statements available for download:
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STONE WARD