The District has been repeatedly recognized by the Government Finance Officers Association (GFOA) and awarded the Certificate of Excellence in Financial Reporting each year since 2010. This prestigious award is conveyed to those agencies who meet very specific criteria for financial auditing, transparency and fiscal management.
Each year the District prepares a detailed operating budget covering the fiscal period between July 1st and June 30th. This document includes comprehensive revenue projections and summarizes the anticipated operating and capital expenditures for the year. The budget is reviewed and approved by the District Board of Directors following a public review process.
Annually, the District engages an independent firm to prepare and audit the financial statements of the agency in accordance with Federal Government Auditing Standards. The audited financial statements include additional information compiled by District staff to qualify the final document as a Comprehensive Annual Financial Report, or CAFR.
Outstanding Bond Debt
In November 2012 the District completed a successful municipal bond sale. Approximately $11.3 million in existing debt was refinanced in this transaction, taking advantage of historically low bond interest rates. The original revenue bonds were issued to pay for a major treatment plant upgrade in the early 1990’s and the 2025 maturity date was not extended. Concurrent with the refinancing, the District issued $4.5M in new long term bond debt to partially fund another significant capital project. The District’s AA- S&P rating, and good market timing, allowed us to realize and effective borrowing rate of just under 2.6%. Additional information is available at the following links:
State Controller’s Office Reports
The District provides a report to the State Controller’s Office each year with detailed information on the compensation provided to each of its 15 employees and its 5 Board members. Compensation data for the District and local governmental agencies across the State can be viewed on the Government Compensation in California website.
Reimbursement and Compensation Policy
Carpinteria Sanitary District recognizes the necessity for its employees to travel to conduct business, training or attend meetings. To clarify what is the District’s responsibility and what is not we have provided these guidelines. Reimbursement Policy