State law regulates IRWD as to the types of fixed-income securities in which it can invest cash assets. In addition, the Board of Directors annually adopts an investment policy that is generally more restrictive of State codes. It is standard practice at IRWD to maintain an appropriate balance between safety, liquidity and yield of investments while meeting required expenditures in conformance with all applicable State laws, the District’s investment policy, and prudent cash management principles. As of June 30, 2018, the District’s cash and investments totaled approximately $373.2 million. Cash balances are allocated to various funds including the Replacement Fund, New Capital Fund, Construction Fund, Debt Service fund and others.
Rates and charges at IRWD are reviewed and set annually by the IRWD Board of Directors at an open public meeting. After projecting the expected revenues and expenses for the upcoming fiscal year, staff prepares a draft budget for review and comment by the IRWD Board of Directors. Over a three month period, this budget is discussed and revised in a series of public meetings with the IRWD Board of Directors. These meetings are open to the public and participation is encouraged. As the budget is being developed, staff will also develop recommendations for changes in rates and charges for services provided to our customers. Any changes in the rates and charges are typically adopted by the Board in late June and become effective July 1.