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FPUA posts FY25 surplus after PFAS settlement; board approves audit and adopts final budget amendment UA 2026-08
Summary
FPUA reported higher FY25 revenues—driven in part by an $8.8 million PFAS settlement recognition—and lower expenses, producing a $42.4 million increase in net position. The board approved the audit and adopted Resolution UA 2026-08 to align actuals with the budget; the measures will go to the City Commission for final action April 6.
Chief Financial Officer Michelle Harris presented Fort Pierce Utilities Authority's FY25 financial results and a proposed final budget amendment to the board on March 17, reporting higher-than-expected revenues and lower operating expenses that together improved FPUA's net position.
Harris said total revenues rose by about $2.2 million year over year, with investment and other income including recognition of roughly $8.8 million from PFAS-related settlements contributing to the variance. "Investment and other income was recognized at $13,500,000 but that is mainly due to the recognition of $8,800,000 from the PFAS settlement," she said, noting that grant revenue and capital contributions also supported results.
Harris outlined system-level performance: electric revenues exceeded budget; water revenues and wastewater revenues also beat budget driven in part by settlement and grant recognition; capital spending totaled about $106 million, 74% of which went to wastewater projects tied to the WRRF relocation and conveyance system.
On the audit, Harris said the auditors issued an unmodified opinion on FPUA's FY25 financial statements. The board moved, seconded and, by roll call, approved the audit.
The board then considered Resolution UA 2026-08, a final budget amendment to bring actual revenues and expenses in line with the budget. A motion to adopt the resolution was made, seconded and approved by roll call; staff said the resolution will be presented to the City Commission on April 6 for final approval and distribution of funds to the city. Harris said the City's distribution based on FY25 revenues will amount to $8,069,838.
Harris also noted that FPUA has met bond-proceeds spend requirements from the Series 2022 issuance and that the board's DART targets (including days of cash and a rate stabilization fund) helped maintain liquidity during the year.
Next steps: the audit will be filed with the City Clerk per the City Charter, and staff will present the budget amendment to the City Commission in April for final action.
