CFPUA staff this week presented the organization’s Fiscal Year 2019 Comprehensive Annual Financial Report (CAFR), which received a clean audit and reports a $23.7 million increase in the Authority’s net position compared with FY 2018.
During a presentation at Wednesday’s Board meeting, Chief Financial Officer John McLean explained that CFPUA’s strengthening financial position results largely from policy revisions aimed at funding more investment in the community’s water and wastewater system with rate revenues instead of debt. Because of these policies, CFPUA has limited debt-fund capital investments. This means that there is relatively more revenue to fund these investments, which improves CFPUA’s financial position.
In addition, CFPUA staff continue to find efficiencies, allowing the utility to increase service levels while managing costs.
Copies of the FY 2019 CAFR are available online here at CFPUA.org.