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2020 Annual Report
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2020 Annual Report
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2020 Annual Report

Innovation and
Business Services

The Water Authority’s Asset Management team uses innovative technologies like robotic inspection tools within sections of large-diameter pipeline throughout the region to assess pipeline structure and identify where proactive repairs might be needed.

9.

Financial Statements

Statements of Revenues, Expenses, and Changes in Net Position

For the Fiscal Years Ended June 30, 2020 and 2019

Operating Revenues 2020 2019
Water Sales 565,784,174 579,605,983
Other Revenues 3,315,307 4,565,447
Total Operating Revenues 569,099,481 584,171,430
Operating Expenses
Cost of Sales 449,752,095 450,184,311
Operations and Maintenance 26,153,130 21,538,024
Planning 9,345,036 9,564,422
General and Administrative 19,881,599 16,283,984
Total Operating Expenses 505,131,860 497,570,741
Net Operating Income before depreciation and amortization 63,967,621 86,600,689
Depreciation and Amortization 64,041,389 62,719,586
Operating Income (Loss) -73,768 23,881,103
Nonoperating Revenues (Expenses)
Property Taxes and In-Lieu Charges 15,525,521 14,666,252
Infrastructure Access Charges 36,941,802 33,202,686
Investment Income 11,783,278 13,755,026
Other Income 9,566,974 9,638,210
Intergovernmental 11,962,880 11,280,109
Gain (Loss) on Sale/Retirement of Capital Assets -111,180 -11,035
Interest Expense -92,760,951 -97,053,235
Debt Issuance Costs -289,716 -3,645,450
Other Expenses -20,970,642 -11,663,707
Total Nonoperating Revenues (Expenses) -28,352,034 -29,831,144
Income (Loss) Before Capital Contributions -28,425,802 -5,950,041
Capital Contributions
Capacity Charges 17,983,100 19,809,365
Water Standby Availability Charges 11,164,067 11,153,993
Contributions in Aid of Capital Assets 2,725,500  -
Total Capital Contributions 31,872,667 30,963,358
Changes in Net Position 3,446,865 25,013,317
Net Position at Beginning of Year, as Restated 1,591,388,930 1,566,375,613
Net Position at End of Year 1,594,835,795 1,591,388,930
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Statements of Net Position

Assets 2020 2019
Current Assets
Cash and Investments 86,034,446 118,299,651
Restricted Cash and Investments 25,388,275 65,357,774
Water Receivables 107,514,736 88,919,021
Interest Receivable 1,242,174 1,295,060
Taxes Receivable 1,279,406 1,133,750
Other Receivables 8,527,771 14,897,732
Inventories 103,446,200 101,120,903
Prepaid Expenses 4,631,143 4,639,845
Total Current Assets 338,064,151 395,663,736
Noncurrent Assets
Cash and Investments 120,731,082 118,940,860
Restricted Cash and Investments 31,610,085 22,038,315
Advances to Other Agencies 164,394 717,345
Retention Receivable 1,422,938 1,217,781
Long-term Loan Receivables 8,832,767 9,180,815
Net OPEB Asset 1,110,981 1,231,733
Capital Assets:
Non-Depreciable 170,644,538 119,280,158
Depreciable 3,273,414,125 3,333,229,133
Total Noncurrent Assets 3,607,930,910 3,605,836,140
Total Assets 3,945,951,061 4,001,499,876
Deferred Outflows of Resources
Deferred Loss on Refunding 39,346,682 49,932,704
Pension Contributions Subsequent to Measurement Date 7,571,578 7,445,085
OPEB Contributions Subsequent to Measurement Date 500,885 397,828
Deferred Actuarial Amounts Related to Pensions 4,778,218 7,573,946
Deferred Actuarial Amounts Related to OPEB 845,458 40,643
Total Deferred Outflows of Resources 53,042,821 65,390,206
Liabilities
Current Liabilities
Accounts Payable and Other Liabilities 64,253,598 77,309,736
Interest Payable 18,714,791 17,911,578
Construction Deposits 431,821 377,721
Short-Term Liabilities 345,000,000 345,000,000
Current Portion of Long-term Liabilities 143,293,305 51,307,411
Total Current Liabilities 571,693,515 491,906,446
Noncurrent Liabilities
Long-term Liabilities 1,757,126,305 1,910,295,701
Net Pension Liability 64,924,751 61,399,347
Total Noncurrent Liabilities 1,822,051,056 1,971,695,048
Total Liabilities 2,393,744,571 2,463,601,494
Deferred Inflows of Resources
Deferred Gain on Refunding 4,027,520 4,185,980
Deferred Actuarial Amounts Related to Pensions 5,536,941 7,124,856
Deferred Actuarial Amounts Related to OPEB 893,055 588,822
Total Deferred Inflows of Resources 10,457,516 11,899,658
Net Position
Net Investment in Capital Assets 1,257,199,783 1,214,420,504
Restricted for Construction Projects 35,039,210 65,357,775
Restricted for Debt Service 113,227 178,327
Unrestricted 302,483,575 311,432,324
Total Net Position 1,594,835,795 1,591,388,930
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Cash and Investments

As of June 30, 2020 and 2019, Restricted Cash and Investments Balances Were as Follows 2020 2019
Debt Service Reserve 21,959,150 22,038,315
Pay-As-You-Go 35,039,210 65,357,774
Total 56,998,360 87,396,089
As of June 30, 2020 and 2019, Unrestricted Cash and Investments Balances Were as Follows
Operating 85,798,915 85,627,558
Rate Stabilization 120,731,082 149,593,318
Equipment Replacement 235,531 2,019,635
Total 206,765,528 237,240,511
Total Cash and Investments 263,763,888 324,636,600
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