Great Lakes Water Authority Audit Committee Audit Committee Meeting
The meeting included discussions on the annual financial audit status, including engagement with Baker Tilly US, LLP, and the status of the Annual Comprehensive Financial Report. The committee reviewed the proposed meeting schedule for the upcoming calendar year and received the CFO report, which highlighted Member Partner engagement, the Water Funding Task Force's report on infrastructure funding gaps, and various professional development and training activities for the Financial Services Area. Additionally, the committee was briefed on the 14 Mile Road emergency replacement project funding and timeline, and received updates regarding the new Michigan Chapter of the National Grants Management Association.
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Great Lakes Water Authority Audit Committee Quarterly Budget Amendment Report
The Audit Committee meeting addressed several financial matters, primarily focusing on the first quarter budget amendments for Fiscal Year 2026, ending September 30, 2025. Key discussions included the proposed Revenue Requirement and Charges review for FY 2027 and FY 2028, and the review of the Five-Year Financial Plan, noting an $8 million reduction in investment earnings forecast impacting charges by approximately 1%. Action items included recommending approval of FY 2026 First Quarter Budget Amendments and resolutions authorizing the publication of Notices of Intent to Issue Sewage Disposal System Revenue Bonds and Water Supply Revenue Bonds. The committee also received reports on the CFO's update, monthly financials, gifts/grants, and the Quarterly Economic Outlook Task Force update. A look ahead scheduled the next special meeting for January 9, 2026.
