Financials
The Department of Water Resources protects, conserves, develops, and manages California's water. We evaluate existing water resources, forecast future water needs and explore future potential solutions to meet ever-growing needs for personal use, irrigation, industry, recreation, power generation, and fish and wildlife. We also work to prevent and minimize flood damage, ensure the safety of dams, and educate the public about the importance of water and its efficient use.
Because our programs drive a need for infrastructure investment, we have a capital outlay program to support this need.
The 2017-2018 enacted budget is available upon request. Below, you will find a summary of our budget.
The Department currently has $2.79 billion of total debt outstanding, including revenue bonds and general obligation bonds. The debt has a final maturity of December 1, 2035. The State Water Project Contractors are responsible for the payment of debt service on the bonds and are billed annually for their share of the debt obligation. The Department has structured each new issuance of bonds with relatively level annual debt service payments. However, from 2017 to the final maturity of the Department’s bonds in 2035, annual debt service payments will gradually decline from nearly $300 million to approximately $100 million.
The Department has both fixed and variable rate debt outstanding. Total long-term fixed rate debt outstanding is $2.5 billion (91%) and total long-term variable rate debt is $258.5 million (9%).
Notice of Retention of Independent Registered Municipal Advisor
The Department’s Water System Revenue Bond credit is rated AAA (highest possible rating) by Standard & Poor’s and Aa1 (second to highest possible rating) by Moody’s Investor’s Service. The Water System Revenue Bond credit rating is not tied to or impacted by the State of California’s general obligation bond ratings. The Department’s $11 billion in Power Supply Revenue Bonds sold in 2002 to finance power for the state’s investor-owned utilities during the 2000-2001 energy crisis is also rated separately.