Fiscal Year Budget: Each spring the Board and Management develops a budget for the following fiscal year. At that time items like capital improvement planning, expected operating costs, fees, and the rate structure are discussed. According to Arizona Open Meeting Law these discussions must take place in public and proper notice must be given. The following is from the current BCCWID Policy and Procedures Manual:
BUDGET PROCESS
The annual Budget, approved by the Board, should be submitted to the Board of
Supervisors by July 10th of each year. Volunteer Budget Committee should be on the
February or March agenda. Committee should consist of up to four (4) members of the
public, two (2) Board members and a representative of Management.
After receiving recommendations from the Committee, the Board should discuss, input
and vote to publicize the budget for a Public Budget Hearing. Any changes in rates or
ordinances can be held and publicized at the same meeting date. The proposed Budget
will be posted publicly, including at the Post Office and on the District website.
RATE HEARINGS
Rate Hearings can be held at any time during the year with the Board’s vote to proceed.
The appropriate advertising should be done. Two (2) ads must be placed in the
recognized county paper (Prescott Courier) and posted at least three (3) public places in
Black Canyon City.
Annual Audit: As do most governmental agencies, the BCCWID operates on a fiscal year beginning July 1 and ending June 30. At the end of each fiscal year the Board hires an independent Certified Public Account (CPA) to audit the financial records of the District. Every CPA is licensed by the State and is required by statute to ethically perform his or her audits. To ensure a totally independent audit, the CPA must have no direct affiliation with any Board Member or Management. The audit is prepared in accordance with generally accepted CPA standards.
