The Oakdale Irrigation District got a clean bill of health from the independent auditor Brian Nash of Richardson and Company. The OID Board of Directors heard Nash’s report at its June 7 meeting and then unanimously approved the district’s 2010 comprehensive annual financial report. The board also approved the 2010 annual financial report for OID improvement districts.
In the report, Nash said that the basic financial statements present fairly in all material respects, the position of the OID as of Dec. 31, 2010. For 2009, the changes in financial positions and cash flows for the year ended in conformity with accepted accounting principles and systems.
In his comments to the board, Nash also said that it’s significant that OID doesn’t really have any bad debts.
He said that this year, the firm looked more closely at OID contracts and said that the controls were pretty good, but made a recommendation for improvement regarding lien releases for contractors and subcontractors.
“It was really a clean audit,” Nash said. “As usual, the controls are really good in this organization.”
Director Steve Webb commended Nash on the job at OID and also for his comprehensive audit of Tri-Dam.
OID CFO Kathy Cook gave an overview of the financial numbers of the district to the board, with comparison information for the past 10 years. Total operating revenues for the district in 2010 were $4.5 million, total operating expenses were $11.8 million, with an operating loss of $7.3 million. Total non-operating revenues (expenses) were $10.8 million, net income before contributions was $3.47 million, with the change in net assets at nearly $3.5 million. Net assets for the district at the end of the 2010 year was more than $136 million. In 2001, OID net assets were $76 million.
In reports, General Manager Steve Knell stated that assistant engineer Eric Thornburn has assumed the role as the new water operations manager. Knell also reported that the water use is 10 percent departure (under) normal because of the rain. He pointed out that there was also an inch of rain that fell in June last year. Knell said that the district plans to stick with the current rotation pattern because warm weather is coming.
The next regular meeting of the OID Board of Directors will be at 9 a.m. on Tuesday, June 21 at the OID boardroom, 1205 East F.
In the report, Nash said that the basic financial statements present fairly in all material respects, the position of the OID as of Dec. 31, 2010. For 2009, the changes in financial positions and cash flows for the year ended in conformity with accepted accounting principles and systems.
In his comments to the board, Nash also said that it’s significant that OID doesn’t really have any bad debts.
He said that this year, the firm looked more closely at OID contracts and said that the controls were pretty good, but made a recommendation for improvement regarding lien releases for contractors and subcontractors.
“It was really a clean audit,” Nash said. “As usual, the controls are really good in this organization.”
Director Steve Webb commended Nash on the job at OID and also for his comprehensive audit of Tri-Dam.
OID CFO Kathy Cook gave an overview of the financial numbers of the district to the board, with comparison information for the past 10 years. Total operating revenues for the district in 2010 were $4.5 million, total operating expenses were $11.8 million, with an operating loss of $7.3 million. Total non-operating revenues (expenses) were $10.8 million, net income before contributions was $3.47 million, with the change in net assets at nearly $3.5 million. Net assets for the district at the end of the 2010 year was more than $136 million. In 2001, OID net assets were $76 million.
In reports, General Manager Steve Knell stated that assistant engineer Eric Thornburn has assumed the role as the new water operations manager. Knell also reported that the water use is 10 percent departure (under) normal because of the rain. He pointed out that there was also an inch of rain that fell in June last year. Knell said that the district plans to stick with the current rotation pattern because warm weather is coming.
The next regular meeting of the OID Board of Directors will be at 9 a.m. on Tuesday, June 21 at the OID boardroom, 1205 East F.
