The Financial Services Department directs Northern Water and the Municipal Subdistrict’s financial affairs, including processing vendor payments and customer receipts, processing payroll, procuring goods and services, producing financial reports, investing funds, managing debt and producing the annual budget. Northern Water’s fiscal year begins October 1 and ends September 30 of each year.
The Board of Directors for Northern Water and the Municipal Subdistrict adopts budgets in August for the following fiscal year. The budgets contain information about operating expenses, revenues, earning on investments and other financial details.
Comprehensive Annual Financial Report
The Northern Water and Municipal Subdistrict Comprehensive Annual Financial Reports (CAFR) are a set of financial statements that comply with the accounting requirements established by the Governmental Accounting Standards Board. State of Colorado law requires that all local governments and public agencies, within six months of the close of each fiscal year, complete a set of financial statements presented in conformity with generally accepted accounting principles in the United States and audited in accordance with generally accepted auditing standards by a firm of licensed certified public accountants.