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SFPUC reports year‑end financials, proposes refunding and capital financing moves to save ratepayers
Summary
Deputy CFO Charles Pearl reported positive net results across SFPUC enterprises for FY19 despite lower sales volumes; staff outlined a capital financing plan that includes an upcoming water revenue bond refunding and a new $200 million bank facility to support wastewater interim funding.
Charles Pearl, deputy chief financial officer, presented the SFPUC’s fourth‑quarter fiscal year‑end financial report, and Richard Morales, debt manager, presented the capital financing plan and planned refunding activity.
Pearl said lower water, wastewater and power sales volumes (attributed to a cooler, wetter spring and other factors) reduced operating revenues, but those shortfalls were offset by cost savings from vacancies and closing out unspent…
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