The San Diego County Water Authority has received the Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association of the United States and Canada (GFOA) for its Fiscal Year 2010 Comprehensive Annual Financial Report (CAFR). This is the 11th consecutive year that the Water Authority has received the certificate, which is considered the highest form of recognition in governmental accounting and financial reporting.
“The Water Authority’s commitment to fiscal integrity and transparency in all aspects of our financial management is exemplified by this prestigious award,” said Water Authority Board Chair Michael T. Hogan.
The report provides the Water Authority’s Board of Directors, member agencies, investors, the public and other interested parties with reliable information about the financial condition of the Water Authority.
An impartial panel judged the Water Authority CAFR to ensure that it met the high standards of the GFOA program including demonstrating a constructive “spirit of full disclosure” that clearly communicates the organization’s financial story and motivates potential users and user groups to read the document. The Water Authority 2010 CAFR can be viewed at www.sdcwa.org/financial-reports.
The Water Authority’s excellence in financial reporting and management is imperative for maintaining high credit ratings that lower borrowing costs and benefit the region’s ratepayers. In April 2010, the Water Authority received an upgrade in its credit ratings from Fitch, moving to an AA+ rating from AA and Moody’s, moving to Aa2 from Aa3. The agency also has an AA+ from Standard and Poor’s. These ratings reflect the credit worthiness of Water Authority debt when compared to other fixed income investments.