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In accordance with the requirements of City Ordinance No. 75686, we are pleased to submit herewith the
Comprehensive Annual Financial Report (CAFR) of the San Antonio Water System for the year
ended December 31, 2010.
We believe that the financial and statistical information presented in the report is
accurate in all material respects and that all disclosures necessary to enable the reader to gain an
understanding of SAWS’ financial status have been included.
Financial Highlights
- Total assets increased by $193.9 million as compared to 2009 and now exceed $4 billion.
- Total revenues increased from $369.9 million in 2009 to $372.5 million in 2010, in part due to rate increases that went into effect in November 2010.
- Operating expenses increased $31.9 million from 2009 to $334.3 million largely as a result of the recognition of non-cash charges associated with asset impairments and eliminations.
- Despite reduced cash receipts from customers, cash flows from operating activities increased by $7.1 million as compared to 2009 reflecting cost cutting measures implemented early in the year in response to projected revenue shortfalls.
- SAWS Senior Lien bond ratings of AA+, Aa1 and AA by Fitch Ratings, Moody's Investors Service, Inc, and Standard & Poor’s Rating Service, respectively, are the strongest in the organizations history.
- Taking advantage of the historically low interest rate environment and its strong credit ratings, SAWS issued $187 million of long-term bonds during 2010 with a weighted average true interest cost of 3.32 percent.
- SAWS maintained unrestricted cash and investments of $143.4 million at the end of 2010, with an additional $34.2 million cash and investments restricted as a reserve equal to two months of budgeted operation and maintenance expenses.
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