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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, 2009.
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 $304.1 million as compared to 2008 largely reflecting the more than $250
million in spending on capital assets during 2009.
- Taking advantage of the historically low interest rate environment and its strong credit ratings, SAWS
issued $368.1 million of long-term bonds during 2009 with a weighted average true interest cost of
3.99%.
- Total cash and investments increased from $478.9 million at the end of 2008 to $576.7 million at the
end of 2009.
- Total revenues were impacted by restrictions on outdoor water usage as well as historically low
interest rates and totaled $373.6 million compared to $392.3 million in 2008.
- Operating income declined 26.4% to $63 million as a result of the reduced revenues and higher
operating costs.
- SAWS’ year end 2009 equity ratio of 46.5% remains strong, although lower than the 49.1 % ratio at
the end of 2008.
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