Financial Reports

Budget

imageThe West Basin Board of Directors approves an annual operating budget. Our fiscal year runs from July 1st thru June 30th each year. The budget highlights West Basin’s accomplishments and provides a preview on how West Basin intends to support our mission and fulfill our commitment to sound financial and resource management. A description of the various programs and their associated costs, together with a financial forecast, aims to provide the reader with an understanding of West Basin’s operations.

2022-2023 Operating Budget

As part of the annual budgeting process for the new fiscal year, West Basin holds workshops in advance of the adopting a budget. This year, budget adoption is anticipated at the June 2022 Board meeting. The Fiscal Year 2022-2023 will begin on July 1, 2022 and runs through June 30, 2023.

Fiscal Year 22-23 Budget Workshop Schedule:

Annual Comprehensive Financial Report

small financeThe Annual Comprehensive Financial Report is prepared to provide the reader with West Basin’s financial results. The introductory section provides an overview of West Basin and that year’s highlights. The financial statement incorporates the audited financial statements. The statistical section provides a 10-year history of financial and operating data.

Note: In 2021, the Government Finance Officers Association (GFOA) announced a policy update regarding the proper referencing of the Comprehensive Annual Financial Report (the elimination of acronym use). We encourage you to take a moment to review the new policy

FY2021 Annual Comprehensive Financial Report

Audit

Recently, the California State Auditor conducted an audit of Southeastern Los Angeles County water agencies. Of the agencies audited, West Basin has the lowest percent of rate increases and the lowest administrative costs at 2%.

View 2012-2013 Water Rate State Auditor Report

Other Financial Documents & Policies

West Basin and its Board of Directors adhere to strong fiduciary responsibilities. Financial policies are reviewed regularly. These include such policies as:

  • Debt Management
  • Designated Funds
  • Swap
  • Investment
  • Small and Community Bank Investment Program

West Basin seeks input from our external financial advisors and legal team to ensure the District adheres to the latest changes in regulations and best practices.

The most current versions of the policies can be found in the Administrative Code.

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