New York City Municipal Water Finance Authority

Selected Financial and Management Practices

The New York City Municipal Water Finance Authority was created in 1984 to finance capital improvements to New York City’s municipal water and sewer system. We examined whether the Authority had established adequate internal controls over its major financial operations and whether the Authority’s Board of Directors had complied with State requirements for board governance. We found that improvements were needed in certain financial controls and in certain board governance practices. For example, contract award decisions were not always adequately documented and three Board members had not received required training in their legal, fiduciary, financial and ethical responsibilities.

For a complete copy of Report 2006-S-124 click here.