Financials

A key indicator of success for GLWA has been our strong financial performance, allowing us to earn customers’ and investors’ trust through financial stability and transparency.

Below, you’ll see the effort of that transparency and financial responsibility. Or go to Legistar to review our Audit Committee Minutes.

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2018 Feasibility Forecast Considerations

As the Great Lakes Water Authority (GLWA) prepares for a potential water and sewer refunding and new money transaction for the local Detroit Water & Sewerage Department new money sewer transaction, a number of financial analyses have been prepared by the GLWA’s feasibility advisor, The Foster Group.”

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FY 2018 & FY 2019 GLWA BUDGET & FINANCIAL PLAN

As a key part in our mission for transparency, we release our budget and financial plans yearly, which can be downloaded below. An integral part of our fincial plan is our five-year Capital Improvement Plan (CIP). For previous versions, visit our archive.

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FY 2017 Comprehensive Annual Financial Report

These financial statements were prepared in accordance with U.S. generally accepted accounting principles (GAAP) and audited by a firm of independent certified public accountants.

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Audit Committee Binder September 21, 2018

The GLWA’s Audit Committee shall meet at least four (4) times per year, with the Authority’s Chief Financial Officer, Chief Executive Officer and the Authority’s independent public auditors to review the reports related to the financial condition, operations, performance and management of the Authority.

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Quarterly Construction Work-in-progress Report

The quarterly construction work-in-progress (“CWIP”) report highlights key projects under construction and overall progress on delivery of the Capital Improvement Plan (“CIP”).



GLWA Financial Statements

GLWA assumed operations of the regional water and sewer systems on January 1, 2016, midway through the fiscal year. Audited financial statements are presented below for GLWA’s fiscal years ended June 30. Also presented below are the audited financial statements for the predecessor entity, the Detroit Water & Sewerage Department, for the six months ended December 31, 2015, which reflect both local City of Detroit operations, as well as regional operations.


Financial Policies

The GLWA Board adopts policies to ensure compliance with state laws and good financial management practices.

DWSD Monthly Financial Reports and Other Reports of Interest

GLWA’s outstanding bonds are secured by a statutory lien on the Pledged Assets, including Net Revenues from DWSD Customer Charges, pursuant to Act 94 and the GLWA’s Bond Ordinances. The DWSD financial reports are presented here for reference by stakeholders.

Detroit General Retirement System (GRS) Component II Pension Reports

Consistent with the terms of the foundational Lease agreements and a GRS Pension Agreement, as of January 1, 2016, GLWA assumed responsibility for a pro-rata share of the DWSD Division’s liability for the City’s General Retirement System (“GRS”) pension plan that was frozen and terminated in 2014. For this reason, GLWA’s stakeholders receive and monitor these pension system report to support long-term financial planning.

Wastewater Charges Methodology Workgroup Initiative

GLWA and its member partners continue to explore best practices and new opportunities to achieve a charges methodology that is fair, equitable, and optimizes regional system opportunities. This section provides key documents related to that effort.

View the Financial Archives

To look back at GLWA’s financial records, plus select DWSD records, explore our financial archives.