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PUC reports robust reserves, BOSCA early repayment and drought monitoring; no rationing expected this year
Summary
CFO Todd Richterum reported higher water sales, BOSCA early repayment used to retire bonds and projected savings; Assistant GM for Water Steve Ritchie said reservoirs should fill this year and rationing is not expected unless there is a second dry year; Julie Labonte gave a brief WECIP update.
Todd Richterum, the commission's CFO and assistant general manager, presented the third-quarter budget report, highlighting higher retail and wholesale water sales after a dry January'March and noting that $109 million of a $356 million BOSCA early repayment was used to early-pay bonds and to reduce debt service reserves. Richterum said the reserve resizing is projected to save about $35 million in present value over the next three to five years when the remaining WECIP bond…
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