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Comprehensive Annual Financial Report

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Comprehensive Annual Financial Report COMPREHENSIVE ANNUAL FINANCIAL REPORT For Fiscal Year Ended June 30, 2020 COMPREHENSIVE ANNUAL FINANCIAL REPORT For Fiscal Year Ended June 30, 2020 Prepared by the Finance Department San Diego, California 92123 Helix WATER DISTRICT CITY OF * * The Sweetwater Authority is a service organization for the City of National City and the South Bay Irrigation District. Introductory Section Letter of Transmittal ............................................................................................................................... 1 Awards and Acknowledgements ........................................................................................................... 17 San Diego County Water Authority Board of Directors ....................................................................... 19 San Diego County Water Authority Organizational Structure .............................................................. 20 Financial Section Independent Auditor’s Report ............................................................................................................... 21 Management’s Discussion and Analysis (Required Supplementary Information) ...................... 25 Financial Statements Statement of Net Position ..................................................................................................................... 35 Statement of Revenues, Expenses, and Changes in Net Position ......................................................... 36 Statement of Cash Flows ....................................................................................................................... 37 Notes to the Financial Statements ......................................................................................................... 39 Required Supplementary Information (RSI) Defined Benefit Pension Plan Schedules .............................................................................................. 75 Other Post-Employment Benefits Schedules ........................................................................................ 77 Supplemental Information Budgetary Comparison Schedule .......................................................................................................... 79 Statistical Section Financial Trends (Tables 1-5) Net Position ........................................................................................................................................... 84 Revenues and Capital Contributions by Source .................................................................................... 85 Expenses by Function ........................................................................................................................... 87 Operating Department/Program Expenses by Major Expense Category .............................................. 88 Capital Assets ........................................................................................................................................ 89 Revenue Capacity (Tables 6-10) Schedule of Rates and Charges ............................................................................................................. 90 Water Sales by Customer ...................................................................................................................... 91 Total Treated and Untreated Water Sales ............................................................................................. 92 Assessed Valuation of Taxable Property .............................................................................................. 93 Levies and Collections .......................................................................................................................... 94 COMPREHENSIVE ANNUAL FINANCIAL REPORT i TABLE OF CONTENTS FISCAL YEAR ENDED JUNE 30, 2020 Debt Capacity (Tables 11-13) Revenue Debt Service Coverage ........................................................................................................... 95 Long-Term Debt Outstanding ............................................................................................................... 96 Direct and Overlapping Debt ................................................................................................................ 98 General Information (Tables 14, 15) General Information .............................................................................................................................. 99 Operating Indicators .............................................................................................................................. 99 Demographic and Economic Information (Tables 16, 17) Demographic and Economic Statistics ................................................................................................ 100 Largest Employers in San Diego County ............................................................................................ 100 Continuing Disclosure General Information ............................................................................................................................ 102 A Guide to the Continuing Disclosure ................................................................................................ 102 Selected Financial Highlights ............................................................................................................. 103 Summary of Outstanding Debt ........................................................................................................... 104 Member Agency Voting Entitlements ................................................................................................ 106 Water Source and Use ......................................................................................................................... 107 Operating Results ................................................................................................................................ 109 Summary of Water Rates .................................................................................................................... 111 Summary of Investments .................................................................................................................... 112 Investment Policy ................................................................................................................................ 112 Litigation ............................................................................................................................................. 113 Member Agency Detachment ............................................................................................................. 114 Cybersecurity ...................................................................................................................................... 115 Economy of San Diego County .......................................................................................................... 115 Subsequent Events .............................................................................................................................. 118 COMPREHENSIVE ANNUAL FINANCIAL REPORT ii TABLE OF CONTENTS (CONTINUED) FISCAL YEAR ENDED JUNE 30, 2020 Introductory Section October 14, 2020 The Honorable Board of Directors San Diego County Water Authority 4677 Overland Avenue San Diego, CA 92123 We are pleased to submit the Comprehensive Annual Financial Report (CAFR) for the San Diego County Water Authority (Water Authority) for the fiscal year ended June 30, 2020 in accordance with Section 25253 of the California Government Code. The purpose of this report is to provide the Board of Directors (Board), member agencies, investors, the public, and other interested parties with reliable financial information about the Water Authority. Management assumes full responsibility for the completeness and reliability of the information contained in the CAFR, which is based upon a comprehensive framework of internal controls that were established for this purpose. Because the costs of internal controls should not exceed the anticipated benefits, the objective is to provide reasonable, rather than absolute, assurance that the financial statements are free of any material misstatements. Water Authority policy requires that an independent certified public accounting firm, selected by the Board, audit the financial statements on an annual basis. Davis Farr, LLP, has issued an unmodified (or clean) opinion on the Water Authority’s financial statements for the fiscal year ended June 30, 2020. The independent auditor’s report is presented as the first component of the Financial Section of this report. Management’s Discussion and Analysis (MD&A) immediately follows the independent auditor’s report in the Financial Section and provides an overview, summary, and analysis of the financial statements. The MD&A complements this Letter of Transmittal and should be read in conjunction with it. According to Generally Accepted Accounting Principles (GAAP) enterprise funds are not legally required to adopt and adhere to a budget, nor present budgetary comparison information. However, the Board has chosen to adopt a two-year budget as a management tool for estimating and planning Water Authority revenues and expenses which is used to identify unusual or unanticipated trends. The Water Authority adopted a multi-year budget for fiscal years 2020 and 2021, and a Budgetary Comparison Schedule for fiscal year 2020 can be found in the Other Supplemental Information Section of this report.
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