GFOA honors MWRD for transparent budget, financial health
A consistent record of model fiscal health has again earned the Metropolitan Water Reclamation District of Greater Chicago (MWRD) the highest recognition in governmental accounting and financial reporting.
The Government Finance Officers Association of the United States and Canada (GFOA) has awarded the MWRD with a Distinguished Budget Presentation Award for the 2023 budget and Certificates of Achievement of Excellence in Financial Reporting to the MWRD, the MWRD Retirement Fund and MWRD Retiree Health Care Trust for their annual comprehensive financial reports for fiscal year ending Dec. 31, 2022.
“We are proud to report this latest recognition from the Government Finance Officers Association of the United States and Canada because it demonstrates to taxpayers our commitment to strong finances and transparent accounting practices,” said MWRD President Kari K. Steele. “This reliable budgeting affords us the opportunity to deliver our essential services that help protect our water environment.”
The MWRD has received the Certificate of Achievement for Excellence in Financial Reporting for 48 consecutive years, which puts the MWRD in the top two percent of governments receiving a consecutive award. In addition, the MWRD Retirement Fund and the MWRD Retiree Health Care Trust have received certificates for 30 and 16 consecutive years, respectively.
“The Certificate of Achievement is the highest form of recognition in governmental accounting and financial reporting, and its attainment represents a significant accomplishment by a government and its management,” GFOA Director of Technical Services Michele Mark Levine stated in an award letter to the MWRD.
The MWRD has received the Distinguished Budget Presentation Award for 39 consecutive years. This is also considered one of the highest forms of recognition in governmental budgeting.
“We pride ourselves on our ability to deliver an informative and accessible budget presentation each year,” said MWRD Chairman of Finance Marcelino Garcia. “This budget serves as a policy document, financial plan, operations guide and communications device, and now it is again an award-winning budget.”
The GFOA honors mark another clean bill of fiscal health for the agency striving to protect clean water. In 2023, Fitch Ratings reaffirmed the MWRD’s AAA credit rating, and Moody’s Investor Services upgraded the MWRD’s credit rating to Aa1. Standard & Poor’s Global Ratings also upgraded the MWRD’s credit rating from AA to AA+ in late 2022.
The MWRD manages a $1.4-billion-budget in 2024, which is a fiscally responsible spending plan that invests in public infrastructure, responds to inflationary cost increases, and considers the long-term environmental and financial implications of all programs and projects. The MWRD treats 1.2 billion gallons of wastewater on average each day at its seven water reclamation plants. In addition, the MWRD owns and operates the Tunnel and Reservoir Plan to mitigate flooding and protect area waterways and Lake Michigan from pollution, while also serving as the regional stormwater management authority for Cook County to defy the effects of climate change and promote resiliency throughout the region.
For the third straight year, the MWRD committed $30.0 million in reserves to its Retirement Fund to maintain growth in the funded ratio, while also committing $11.3 million from the 2022 Property Tax Levy Adjustment and $1.5 million from the sale of property.