Managing finances responsibly
As a public, nonprofit organization charged with providing an essential public service, LOTT must manage funds efficiently and responsibly. LOTT patterns its utility management on a private sector model, striving for “true cost accounting” to ensure accurate management and distribution of costs, with checks and balances that offer transparent accountability.
Each year, LOTT prepares a comprehensive financial report that is submitted to the LOTT Board of Directors, the Washington State Auditor’s Office, and the Government Finance Officers Association. LOTT has been awarded the Certificate of Achievement for Excellence in Financial Reporting each year since 2007 for its high standards in reporting.