Finance Center

Finance Center

IRWD is the ninth largest water district in California with over 116,000 service connections. Yet, despite fluctuations in the economy, IRWD continues to find itself in a strong financial position. This did not happen by accident, but through careful fiscal planning over the course of many years. IRWD uses a long-range planning approach that is similar to a family who regularly puts money aside over time to pay for the eventual cost of their children’s college education. Future planning reduces the need to dramatically increase our customer rates to pay for new infrastructure (pipes, pumps, reservoirs, etc.) or for the inevitable repair and the replacement of these types of facilities as they begin to age.

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.

Public Input and Review

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.

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Comprehensive Annual Financial Report – CAFR
Public agencies such as IRWD do not issue a traditional annual report, but rather a much fuller report called a Comprehensive Annual Financial Report or CAFR. The report highlights major projects and initiatives in addition to financial data. The CAFR has been the annual financial report of choice for public agencies since it was established in 1945 by the Government Finance Officers Association.Reports submitted to the CAFR program are reviewed by selected members of the GFOA professional staff and the GFOA Special Review Committee (SRC), which is comprised of individuals with expertise in public-sector financial reporting and includes financial statement preparers, independent auditors, academics, and other finance professionals.IRWD’s CAFR has earned the prestigious Certificate of Achievement for Excellence in each year a CAFR was prepared. This award recognizes governments whose CAFRs acheive the highest standards in government accounting and financial reporting. Please click on the following to view or download a specific CAFR: 2023 ACFR 2022 ACFR 2021 CAFR 2020 CAFR 2019 CAFR 2018 CAFR 2017 CAFR 2016 CAFR 2015 CAFR 2014 CAFR 2013 CAFR 2012 CAFR 2011 CAFR 2010 CAFR 2009 CAFR 2008 CAFR
Operating Budget	Capital Budget
Each year the IRWD Board of Directors approves an annual operating budget at a public meeting for the fiscal year which runs from July 1st through June 30th of each year. The IRWD Operating Budget provides the financial plan required to implement the District’s workplan for the year. FY 2023/24/25 Operating Budget FY 2021/22/23 Operating Budget FY 2019/20/21 Operating Budget FY 2018/19 Operating Budget FY 2017/18 Operating Budget FY 2016/17 Operating Budget FY 2015/16 Operating Budget FY 2014/15 Operating Budget FY 2013/14 Operating Budget FY 2012/13 Operating Budget FY 2011/12 Operating Budget FY 2010/11 Operating Budget FY 2009/10 Operating Budget	In addition to the operating budget, IRWD has a workplan for new and replacement infrastructure projects. This workplan is funded by the Capital budget. Our capital program includes 430 active and planned projects with expenditures totaling more than $660 million over the next 30 years. FY 2023/24/25 Capital Budget FY 2021/22/23 Capital Budget FY 2019/20/21 Capital Budget FY 2018/19 Capital Budget FY 2017/18 Capital Budget FY 2016/17 Capital Budget FY 2015/16 Capital Budget FY 2014/15 Capital Budget FY 2013/14 Capital Budget
Other Financial Reports – Affliated Entities, Studies & Reports/Escheated Funds
Bardeen Partners, Inc: FY 2021/22 Form 990 FY 2020/21 Form 990 FY 2019/20 Form 990 FY 2018/19 Form 990 FY 2017/18 Form 990 FY 2016/17 Form 990 FY 2015/16 Form 990 FY 2014/15 Form 990 FY 2013/14 Form 990 FY 2012/13 Form 990 FY 2011/12 Form 990 Escheated Funds: None at this time IRWD Service Corporation: FY 2021/22 Form 990 FY 2020/21 Form 990 FY 2019/20 Form 990 FY 2018/2019 Form 990 FY 2017/2018 Form 990 FY 2016/2017 Form 990 FY 2015/2016 Form 990 FY 2014/2015 Form 990 FY 2013/14 Form 1065 FY 2012/13 Form 1065 FY 2011/12 Form 1065 IRWD Water Service Company II LLC: FY 2015/2016 Form 1065 FY 2014/2015 Form 1065 FY 2013/14 Form 990 FY 2012/13 Form 990 FY 2011/12 Form 990 IRWD Improvement Corporation: FY 2017/2018 Form 990 FY 2016/2017 Form 990 FY 2015/2016 Form 990 FY 2014/2015 Form 990 FY 2013/14 Form 990 FY 2012/13 Form 990 FY 2011/12 Form 990 IRWD Cost of Service Study: 2015 2021 Independent Auditor’s Report on Internal Controls over Financial Reporting: 2022 2021 2020 2019 2018 2017

Finance Contacts
Executive Director of Finance and Administration: Director of Treasury: Telephone: Press Inquiries:	Neveen Adly Kent Morris 949-453-5300 949-453-5500

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