Finances of CAP
Finances
The Finance and Accounting Department is a team of professionals that provides oversight and accountability in regard to the District’s finances. The department is responsible for all financial-related activities within CAP. There are three operational areas:
- Accounting is responsible for financial statement reporting according to generally accepted accounting principles, overseeing the annual external audit, accounts payable, accountable property, and payroll.
- Finance is responsible for budget development, quarterly and annual financial analysis and reporting, long-range financial planning, cash and treasury management, bond oversight, accounts receivable, and reserve planning, financial oversight with the Bureau of Reclamation, as well as financial oversight and reporting on capital improvement/Extraordinary Maintenance projects and power and transmission.
- Risk Management and Insurance Administration is responsible for assisting CAP’s leadership, departments, and employees through innovative risk assessment and loss control, claims management, and risk financing techniques including captive management and insurance programs.
CAP FINANCIAL ACTIVITIES
CAP’s activities are accounted for under the accrual method and in compliance with GASB Statement No. 34. Under Enterprise Fund accounting, CAP is a single-accounting entity for financial reporting purposes. However, within this single accounting entity, CAP has identified a number of financial activities that it wishes to track separately, referred to as “funds.” These funds are as follows: General Fund, CAGRD Account, Supplemental Water Account, and Captive Insurance Fund. The use of the term “fund” for these separate activities does not have any particular accounting significance. CAP is not required to, and does not, publish separate financial statements for any of the individual funds, except for the consolidated statements and CAP’s captive insurance company.
For additional information, please contact Douglas Dunlap, CPA, Finance & Accounting Manager, at ddunlap@cap-az.com or 623-869-2360.
Biennial Budgets
CAP prepares a biennial budget as part of its integrated financial planning process.
Audited Financial Statements
The Governmental Finance Officers Association’s Annual Comprehensive Financial Report is the result of CAP’s continuous development and collaboration of work throughout the year.
