Water Authority Wins Awards for Budgeting and Fiscal Management

Short Title
Water Authority Wins Awards for Budgeting and Fiscal Management
Fitch and Moody’s upgrade Water Authority’s credit ratings
May 11, 2010

The San Diego County Water Authority has been awarded the Distinguished Budget Presentation Award for its Fiscal Year 2010 and 2011 budget by the Government Finance.

Officers Association of the United States and Canada (GFOA). The award, the 12th to be received by the Water Authority, is considered the highest form of recognition in governmental budgeting. The agency also received the 2010 Excellence in Budgeting Award from the California Society of Municipal Finance Officers (CSMFO).

“These awards reflect the Water Authority’s long-term commitment to the highest financial management standards,” said Water Authority Chief Financial Officer Eric Sandler.

The Water Authority also recently received good news on its credit ratings.  As part of the credit ratings agencies’ efforts to recalibrate municipal ratings to a global scale, 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. These upgrades reflect the credit worthiness of Water Authority debt when compared to other fixed income investments.

The GFOA award is given to organizations that meet the highest principles of governmental budgeting with budget presentations that serve simultaneously as a policy document, financial plan, operations guide and communications device for the agency.

The CSMFO Budget Awards Program recognizes governmental agencies that have prepared a budget document or a communication tool that meets specific, detailed standards established by the CSMFO.

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