Financial Policies and Procedures for Small Water Systems
“Do We Have a Policy for That?”
Your financial policies are the blueprint to building a successful, sustainable water
utility. Are yours up to date and complete? Polishing your policies can be the
cornerstone to providing guidance in decision making, promoting staff efficiency
and productivity, and safe guarding assets. The goal of good financial policies and
procedures is risk management; to ensure that the utility is consistently operated
as a financially sustainable enterprise while providing safe and reliable water, both
in the short- and long-term, to your utility’s customers.
Decision makers have very important financial responsibilities, including establishing the policy framework governing a utility’s finances. Operators and staff
support the board and implement financial management policies on a day-to-day
basis and may be instrumental in recommending necessary policies. Comprehensive, well organized policies should be readily accessible and easy to reference.
Participants will learn and understand policies and procedures regarding:
• Banking and financial instruments
• Internal Controls
• Reserve Account Funding
• Reporting Errors, Omissions and Fraud
• Budgeting
• Code of Federal Regulations (CFR) Applicable Federal Awards (USDA, SRF, EPA)
• Adhering to 7 CFR 1780
• Adhering to 2 CFR 200
• Adhering to 2 CFR 415 – 418
• Rates and Proposition 218
• Collections
• Board/Council Reports
• Financial Records Retention
Recommended for all Board and/or Council Members, Accountants, Bookkeepers
and Managers of small water systems.
Credit Hours
0
Road Scholar Credits
6
Continuing Education Credits (CEUs)
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