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SFPUC reports fourth straight clean audits; commission authorizes wastewater bond refunding
Summary
KPMG delivered a clean opinion on SFPUC finances and staff outlined actions on assistance program eligibility; the commission authorized up to $250 million in wastewater refunding bonds and up to $420 million in new bonds, with projected savings around $43 million.
The San Francisco Public Utilities Commission heard the independent audit partner and CFO present the annual financial audits and then authorized a bond refunding aimed at saving ratepayer dollars.
Todd Reedstrom, assistant general manager and CFO, said the SFPUC received unqualified (clean) audit opinions for the water, wastewater and Hetch Hetchy enterprises — the fourth consecutive year with no material findings. Tiffany Rasmussen, the KPMG partner in charge, echoed that assessment, noting the team is finalizing required communications and the Comprehensive Annual Financial Report.
Commissioners focused discussion on the Community Assistance Program, which the audit identified with 28 recommendations. Staff reported it had begun re‑verifying accounts identified as potentially ineligible, pursuing back billing and collections where appropriate, and moving to stricter eligibility verification rather than relying on proxies.
On financing, staff presented item 10: authorization to issue up to $250,000,000 in wastewater revenue refundings and up to $420,000,000 in new wastewater revenue bonds under Proposition E to fund wastewater capital projects. Reedstrom said the planned refunding would likely save about $43,000,000 for ratepayers given current market conditions. The commission moved and approved the authorization by voice vote.
The commission also received a quarterly budget report showing retail water sales up about 3% and wholesale sales up roughly 3–3.5%, supporting improved fund balance reserves for the water and wastewater enterprises. The power enterprise showed a slight shortfall due to reduced hydroelectric generation.
