11
Annual Report for the Fiscal Year Ending June 30, 2013
12
Scan this code for our Comprehensive
Annual Financial Report (CAFR)
For the last three fiscal years, this report has
won the prestigious “Award for Outstanding
Achievement in Popular Annual Financial
Reporting” from the Government Finance
Officers Association.
Our investment grade credit ratings
reflect our strong financial standing.
Aa3 from Moody’s and AA- from S&P are considered
very high quality investment grades, with a low credit
risk and strong capacity to meet financial obligations.
This award recognizes our commitment to the highest
standards of fiscal responsibility and transparency.
This report is intended to increase public awareness
by providing an overview of our financial condition.
Credit Ratings
While the financial information is drawn from the
audited financial statements in our fiscal year 2012-13
Comprehensive Annual Financial Report, using the full
accrual basis of accounting, this report is not audited and
not intended to comply with generally accepted accounting
principles (GAAP) as note disclosures have been excluded
from this report.
For complete financial information and disclosures,
our Comprehensive Annual Financial Report is available
online at sfwater.org/Finance.
Current assets
Capital assets
Fiscal Year
Water
Standard & Poor’s
Moody’s Investor Services
2012-13
2011-12
2010-11
AA-
Aa3
AA-
Aa3
AAAa2
Power
Sewer
Standard & Poor’s
Moody’s Investor Services
$7.78B
$2.68B
$5.10B
$5.87B
AA-
Aa3
AA-
Aa3
$7.78B
$0.55B
$5.26B
$1.97B
$5.48B
Current liabilities
Non-current liabilities
Net position
2011
$6.37B
AAAa3
$2.55B
$2.15B
$4.22B
$2.41B
$6.37B
$0.47B
$3.95B
$1.95B
Average Borrowing Rate
Water 4.33%
Power 0.92%
Sewer 2.98%
82
Average Monthly Water and Sewer Bill ($)
$
Sewer
Cost per Person/Day
$
0.91
$0.0104 per gallon
(just a penny)
Total Cost per Gallon, Water and Sewer
$
0.018
(less than a penny)
1.3%
2010
2013
$5.19B
In the end, the Rim Fire burned in just 2% of the Hetch Hetchy
watershed in Yosemite National Park. It damaged both water
and power assets in the areas around Early Intake, Cherry Lake,
Lake Eleanor, and along Mather Road to O’Shaughnessy Dam.
Our prudent risk management and disaster preparedness in the
years before the fire will enable us to recover some damage costs
under insurance policies maintained for essential assets. These funds
will supplement applications for State and Federal disaster aid fund
reimbursements.
$8.42B
Our Statements of Net Position reflect a strong and healthy financial
condition as of June 30, 2013. Our net position (assets exceeded
liabilities) has been on an upward trend for the last five fiscal years,
increasing from $2.0 billion to $2.4 billion, 75% of it represented net
investment in capital assets. While total assets increased from last
fiscal year by $0.6 billion in restricted bond proceeds and capital
assets, liabilities only slightly increased from debt issuances to fund
the capital projects.
$1.65B
$3.55B
$5.19B
$0.25B
$3.05B
$1.90B
2009
$3.79B
$0.62B
$3.17B
$3.79B
$0.55B
$1.33B
$1.92B
The Statements of Net Position summarize resources balanced against debt and other liabilities
as of June 30, using the full accrual basis of accounting. Full accrual accounting records
revenues when earned and liabilities when incurred, regardless of the timing of cash flows.
There are three components in the statement of net position:
Rim Fire
Total Combined Bill as % of San Francisco
Median Household Income
$0.53B
$8.42B
Single Family Residential FY 2012-13
Water
$0.0078 per gallon
2012
Not Rated
Keeping our rates affordable
FY 2012-13
Five-Year Comparison of
Net Position by Category
(1) Assets, items owned or controlled, represent resources
used to provide future public services, or to pay liabilities
incurred for services provided in prior periods;
(2) Liabilities, debts owed and represent clai