Alabama § 11-50-300.07 - Financial Statements and Reports.

§ 11-50-300.07. Financial Statements and Reports.

(a) A regional board shall follow best practices in preparing or causing to be prepared financial statements and other reports, including all of the following:

(1) An annual budget in monthly form.

(2) Monthly financial statements with comparison to the budget.

(3) Annual financial statements with comparison to the budget.

(4) Annual financial statements audited by an independent auditor.

(5) A five-year operating plan with annual revisions and appropriate comparisons of actual performance to the plan.

(6) A 10-year capital plan, including a plan to fund the capital expenditures called for in the capital plan, and a 10-year estimate of rates per year required to fund operating expenses, capital expenditures, and debt service.

(7) Monthly and annual statistical reports to include the number of employees, number of customer connections by major geographical location, number of miles of pipe replaced as a percent of total miles of pipe in a system, volume of treated and untreated water introduced into transmission mains, volume of treated and untreated water billed to customers, and the number of leaks repaired.

(8) Monthly and annual schedules of professionals employed other than through a public bid process pursuant to exceptions to competitive bid laws, brief descriptions of their scopes of work, and amounts paid monthly, year-to-date, and for the preceding 12 months.

(9) Prior to the adoption of each annual budget of a regional board, a report on the current staffing of the regional board to include a job description of each position, the number of individuals filling each position, the average annual compensation paid to the individuals in each position, and proposed changes in staffing and compensation anticipated in the annual budget to be adopted, together with comparisons as may be available between the staffing of the regional board and the staffing of other comparable water systems.

(b) All financial statements and other reports shall be accompanied by appropriate operating statistics, actual and projected.

(c) All statistical and financial reports shall include historical statistics and financial information to the extent available and necessary to place recent information in historical context and a full description and disclosure of all assumptions made in the preparation of the reports.

(d) The reports required by this section shall be made available by paper copy and email to the state legislators representing the counties in which the regional board operates and the Department of Examiners of Public Accounts. The reports shall also be made available to the public on a website maintained by the regional board.