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LACSD finance report: revenue above budget, Fitch affirms AA+ rating
Summary
Finance Manager John O'Brien said first-quarter FY2024-25 revenue was slightly above budget and operating expenses slightly below (except higher CLAWA purchases); he reported Fitch reaffirmed the District's AA+ rating with a Stable Outlook.
Finance Manager John O’Brien presented the District’s first-quarter FY 2024–25 financial statements, reporting revenue slightly above budget and operating expenses slightly below budget overall, with higher-than-expected CLAWA purchases used for blending treated water.
O’Brien highlighted that Fitch Rating Service completed a periodic review and reaffirmed the District’s AA+ rating with a Stable Outlook. “This is the highest credit rating an organization the District's size can achieve,” O’Brien said. The rating affects the District’s market position for issuing debt and the market view of the 2016 Bond Issue.
Board discussion focused on the drivers of water purchase costs and the implications for near-term budget monitoring. No new debt or bond action was approved at the meeting; the financial statements were accepted as presented.
