Aug 26, 2026BoardMeeting
BoardSuffolk County Water Authority Audit Committee Audit Committee Meeting
The committee reviewed the audit plan and strategy for the fiscal year ending May 31, 2026, presented by KPMG. The audit results for the fiscal year were positive, confirming that financial statements accurately reflect the Authority's financial position in compliance with generally accepted accounting principles, with no identified fraud or material weaknesses. The committee also formally accepted the Fiscal Year End 2026 Audit Plan and approved the FYE 2026 Finance summary memo, which highlighted that water service revenues outperformed initial projections by approximately $6.9 million, while noting that operating and maintenance expenses exceeded budgets due to legal settlements and system maintenance costs.