Camrosa’s award-winning Finance Department works to fulfill the District’s mission to prudently manage and maintain the District’s financial assets. Through comprehensive reporting, third-party review, and clear, directed policies, the District engages in practices that result in transparency and accountability, preserving the public’s confidence and trust.
As part of the District’s mission to promote excellence in financial management, the District’s Operating Budget provides the general public, regulatory institutions and rating agencies a comprehensive budget. The budget explains the District’s organization, financial structure, and major issues facing the District. It summarizes the Board of Directors’ strategies, policies and recent actions, and explains how those benefit the District as a whole.
The purpose of this report is to provide customers, investors, and other interested parties with reliable information about the District. The CAFR was prepared in accordance with Generally Accepted Accounting Principles (GAAP). Management has presented a narrative to fairly set forth the financial position and the results of operations of the District, including all disclosures necessary to enable readers to gain the maximum understanding the District’s financial activity.
The State Controller’s office also provides a “By the Numbers” report on Camrosa. You can find that report here.
Award-Winning Financial Practices
The District earned the Operating Budget Excellence Award from the California Society of Municipal Finance Officers (CSMFO) for the District’s Fiscal Year (FY) 2017-18 Operating Budget. The CSMFO promotes excellence in financial management and has established a budget award program that evaluates the budgets of municipal agencies of California. This program is intended to encourage and assist local governments to prepare budget documents of the very highest quality that reflect the guidelines established by the National Advisory Council on State and Local Budgeting.
In addition, the District received the Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting for its Comprehensive Annual Financial Report (also known as an audit). The Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting, and its attainment represents a significant accomplishment by a government and its management
Camrosa is dedicated to providing safe, reliable and affordable water and sanitary services that protect public health. The District’s continued analysis of its operational costs has kept the District on sound financial footing, and has resulted in some of the lowest rates for water service in Ventura County.
In 2012, the District undertook a Water and Wastewater Rate Study to evaluate the existing water and sewer rates and to make projections for a five-year period. The broad objective of the Study was to determine the best way to adequately fund water and sewer utility operations and capital projects while keeping rates as affordable as possible. Included in the Study was the recommendation to consider the potable and non-potable systems as distinct and separate enterprises that must financially support themselves independent of one another. Statutory regulation requires that rates are established based on the cost of delivering services to each enterprise, otherwise known as the “cost of service.”
The District has formally adopted financial policies implementing sound financial management to ensure consistent practices which regularly reviewed by the Board of Directors and staff. Click on any of the links below for additional information:
Camrosa maintains a very strong AA bond rating. A rating is based on a thorough evaluation of an agency’s policies, practices, and financial strength, and helps investors make decisions about purchasing bonds. The higher the rating, the more attractive the bonds are on the market. In 2016, S&P raised the District’s credit rating from AA- to AA. S&P reported that the upgrade “reflects the district’s very strong enterprise risk profile and very strong financial risk profile” and commended Camrosa’s “comprehensive operational management practices and policies” as well as the district’s “robust financial management.” Click here to view S&P’s full report on the rating upgrade.