Each year, the Board of Directors approves an annual operating budget at a public meeting for the fiscal year which runs from July 1 through June 30 the next calendar year.
After the completion of each fiscal year, the District prepares an audit which is reviewed by an independent accounting firm.
The Board of Directors also approves each year a capital improvement budget to fund new and replacement infrastructure projects.
Each month, Santa Margarita Water District includes all current budget, financial statement, and investment portfolio information in its Finance Committee Meeting Board Package. If the Finance Committee Meeting is not held, or is scheduled earlier in the month due to a holiday, all financial information will be included in that month’s Board of Director’s Meeting Board Packages.
The Board of Directors adopts a financial reserves policy for items such as capital replacement, insurance contingency and rate stabilization. Current policies can be downloaded below.