(70 ILCS 3720/0.001b)
Sec. 0.001b. Powers and duties. A water commission has the power and duty to:
(1) establish and define the responsibilities of the
commission and its committees;
(2) establish and define the responsibilities of the
commission's management and staff;
(3) establish a finance committee to conduct monthly
meetings to supervise staff's handling of financial matters and budgeting;
(4) require the finance director and treasurer to
report to the finance committee the status of all commission funds and obligations;
(5) require the treasurer to report to the commission
any improper or unnecessary expenditures, budgetary errors, or accounting irregularities;
(6) require commission staff to document and comply
with standard accounting policies, procedures, and controls to ensure accurate reporting to the finance committee and commission and to identify improper or unnecessary expenditures, budgetary errors, or accounting irregularities;
(7) require the commission's finance director to
provide monthly reports regarding the commission's cash and investment position including whether the commission has sufficient cash and investments to pay its debt service, operating expenses, and capital expenditures and maintain required reserve levels. The information shall include the required funding levels for restricted funds and unrestricted cash and investment balances with comparisons to unrestricted reserves. The information shall also include the type and performance of the commission's investments and description as to whether those investments are in compliance with the commission's investment policies;
(8) require the commission's finance director to
provide the commission with detailed information concerning the commission's operating performance including the budgeted and actual monthly amounts for water sales, water costs, and other operating expenses;
(9) require commission staff to provide the
commission with detailed information regarding the progress of capital projects including whether the percentage of completion and costs incurred are timely;
(10) require the commission's staff accountant to
perform bank reconciliations and general ledger account reconciliations on a monthly basis; the finance director shall review these reconciliations and provide them to the treasurer and the finance committee on a monthly basis;
(l1) establish policies to ensure the proper
segregation of the financial duties performed by employees;
(12) restrict access to the established accounting
systems and general ledger systems and provide for adequate segregation of duties so that no single person has sole access and control over the accounting system or the general ledger system;
(13) require that the finance director review and
approve all manual journal entries and supporting documentation; the treasurer shall review and approve the finance director's review and approval of manual journal entries and supporting documentation;
(14) require that the finance director closely
monitor the progress of construction projects;
(15) require that the finance director carefully
document any GAAP analysis or communications with GASB and provide full and timely reports for the same to the finance committee; and
(16) retain an outside independent auditor to perform
a comprehensive audit of the water commission's financial activities for each fiscal year in conformance with the standard practices of the Association of Governmental Auditors; within 30 days after the independent audit is completed, the results of the audit must be sent to the county auditor.
(Source: P.A. 96-1389, eff. 7-29-10.)
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Last modified: February 18, 2015