Budget/Finance

The Finance Department consists of Customer Service, Meter Reading, Purchasing, Warehouse and Accounting. The Finance Department accounts for all revenues and expenses of the District. The department is responsible for: facilities maintenance and improvements, financial reporting and recommendations for the equitable establishment of rates and charges, annual financial audit, annual operating budget and annual capital improvements budget.

Operated as its own efficient business, funds from ratepayers go directly to furthering the District’s goal of providing exceptional and sustainable water and wastewater services. The District does not operate for profit, so rates are set so water and sewer customers pay according to usage, new development pays for expanded facilities, and existing customers pay for the maintenance and replacement of existing facilities.

For more than 60 years, the Vallecitos Water District has built an organization focused on service reliability – through an established foundation based on careful financial planning.  As a result, we maintain a AA+ credit rating with Fitch and Standard & Poor’s*.  Both rating agencies gave Vallecitos a “stable” outlook for the foreseeable future.  More information.

*AA+ rating means that Vallecitos has a very strong capacity to meets its financial commitments. 

Fiscal Year 2017-18 Approved Budget
Fiscal Year 2016-17 Approved Budget
Fiscal Year 2015-16 Approved Budget 
Fiscal Year 2014-15 Approved Budget
Fiscal Year 2013-14 Approved Budget
Fiscal Year 2012-13 Approved Budget  
Fiscal Year 2011-12 Approved Budget 
      Introduction section
      Operating section 
      Capital section
      Long-Range Planning section

Financial Statement for June 30, 2016, and preceding fiscal years ending June 30, 2005 through 2015

The financial statements of the Vallecitos Water District as of and for the fiscal year ending June 30, 2016, have been audited by the independent auditing firm of Rodgers, Anderson, Malody & Scott LLP. Rodgers, Anderson, Malody & Scott LLP provided an unmodified opinion on the financial position, results of operations, and cash flows of the District.

Previous to fiscal year ending June 30, 2015, The financial statements of the Vallecitos Water District were audited and provided an unqualified opinion on the financial position, results of operations and cash flows of the District by:

• White, Nelson, Diehl, Evans & Company for fiscal year ending June 30, 2014, 2013, 2012 & 2011

• Diehl, Evans & Company for fiscal year ending June 30, 2010

• Charles Z. Fedak & Company for fiscal years ending June 30, 2009, 2008, 2007, 2006 and 2005

Investment Policy for Calendar Year 2017. Vallecitos Water District funds not required for immediate expenditure will be invested in compliance with this policy and the provisions of California Government Code Sections 53600 et seq. Criteria for selecting investments and the absolute order of priority are safety, liquidity, and yield.

Reserve Policy Statement.  The Board of Directors recognizes a need to reserve funds for unanticipated, unforeseeable, and planned repair and replacement of water and wastewater system equipment and infrastructure.

Cost of Service and Rate Structure Study. The Vallecitos 2017 Cost of Service and Rate Structure Study, which results in recommended water rate structure and water rates that recover costs required to provide water and operate and maintain the District’s water system and infrastructure, was approved by the Board of Directors on June 7, 2017.  A Public Rate Hearing to consider the recommended rates is scheduled for September 20, 2017.

Official Statement for 2015 Bond Refinancing. Historically low rates for tax-exempt municipal bonds and strong credit ratings enabled Vallecitos to successfully refinance $45.4 million of its bond debt to lower interest rates, saving $3.47 million dollars. View press release.

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