The San Diego County Water Authority received its 13th Distinguished Budget Presentation Award from the Government Finance Officers Association of the United States and Canada, which is the highest form of recognition in governmental budgeting. It also received the Excellence Award in Operating Budget from the California Society of Municipal Finance Officers.
The GFOA also awarded the Water Authority the Certificate of Achievement for Excellence in Financial Reporting for the Comprehensive Annual Financial Report (CAFR) for the 12th consecutive year. The certificate means a panel of impartial judges determined the report met GFOA’s high standards, including a constructive “spirit of full disclosure” to clearly communicate its financial story and motivate potential users and user groups to read the CAFR.
“We take our budgeting and financial reporting standards very seriously to ensure good standing with our investor community, which in turn benefits our ratepayers,” said Water Authority Board Chair Michael T. Hogan. “The GFOA award reflects the commitment of the governing body and staff to meeting the highest principles of government budgeting.”
The Water Authority’s excellence in financial reporting and management is imperative for maintaining high credit ratings that lower borrowing costs to benefit the region’s ratepayers. The Water Authority currently holds a AA+ rating on its senior lien debt from both Fitch and Standard & Poor’s, as well as a Aa2 from Moody’s. These ratings reflect the credit worthiness of Water Authority debt when compared to other fixed income investments.
The GFOA is a nonprofit professional association serving approximately 17,500 government finance professionals. CSMFO is the statewide organization serving all California municipal finance professionals, promoting excellence in financial management through innovation, continuing education and the professional development of its members.