External audit gives MID high marksSeptember 12, 2023
MERCED, CA – The most recent external audit of Merced Irrigation District’s finances has again given the agency the highest possible financial opinion. The annual review gave the District an “unmodified opinion,” the highest opinion an auditor can give.
“This year’s financial statements reflect a continued strong and stable fiscal position for the District,” the 147-page audit report states.
The outside review of MID’s finances was conducted over several months by Henderson Hudson & Company, Inc. of Fresno, CA. In its previous audit of Fiscal Year 2022, MID received a Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association.
The new report shows the District to be in good financial standing with healthy reserves and meeting all of its debt service requirements.
Among the highlights of the report:
- Capital assets increase by $13.3 million.
- The District realized operating revenues of approximately $143.8 million
- Expenses totaled $126.6 million.
- Net Position increased by $22.1 million.
- Long Term Debt decreased by $4.9 million.
“The MID Board of Directors financial policies are continuing to bear fruit with the management and monitoring of the District’s finances,” said General Manager John Sweigard. “It is those policies and the hard work and commitment from our staff that have resulted in this outstanding audit.”
Chief Financial Officer Don Knapp and MID financial staff will continue to work diligently as stewards of the District’s financial resources.
“We work hard every day on behalf of MID’s ratepayers and with the resources with which we are entrusted,” said Knapp. “We are extremely pleased with the audit’s outcome and intend to continue our good work.”
MID’s external audit is conducted each year and is required to provide assurance the financial position of the District is being correctly reported. The financial statements are also used by the bond market and are part of the annual bond disclosure requirements ensuring proper debt coverage.
The full report may be viewed on MID’s website by clicking here.