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April 24, 2024 4:23PM
April 24, 2024 16:23PM

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Finance Center

IRWD is the ninth largest water district in California with over 116,000 service connections. Yet, despite fluctuations in the economy, IRWD continues to find itself in a strong financial position. This did not happen by accident, but through careful fiscal planning over the course of many years. IRWD uses a long-range planning approach that is similar to a family who regularly puts money aside over time to pay for the eventual cost of their children’s college education. Future planning reduces the need to dramatically increase our customer rates to pay for new infrastructure (pipes, pumps, reservoirs, etc.) or for the inevitable repair and the replacement of these types of facilities as they begin to age.

State law regulates IRWD as to the types of fixed-income securities in which it can invest cash assets. In addition, the Board of Directors annually adopts an investment policy that is generally more restrictive of State codes. It is standard practice at IRWD to maintain an appropriate balance between safety, liquidity and yield of investments while meeting required expenditures in conformance with all applicable State laws, the District’s investment policy, and prudent cash management principles. As of June 30, 2018, the District’s cash and investments totaled approximately $373.2 million. Cash balances are allocated to various funds including the Replacement Fund, New Capital Fund, Construction Fund, Debt Service fund and others.

 Public Input and Review

Rates and charges at IRWD are reviewed and set annually by the IRWD Board of Directors at an open public meeting. After projecting the expected revenues and expenses for the upcoming fiscal year, staff prepares a draft budget for review and comment by the IRWD Board of Directors. Over a three month period, this budget is discussed and revised in a series of public meetings with the IRWD Board of Directors. These meetings are open to the public and participation is encouraged. As the budget is being developed, staff will also develop recommendations for changes in rates and charges for services provided to our customers.Any changes in the rates and charges are typically adopted by the Board in late June and become effective July 1.

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 Comprehensive Annual Financial Report - CAFR

Public agencies such as IRWD do not issue a traditional annual report, but rather a much fuller report called a Comprehensive Annual Financial Report or CAFR. The report highlights major projects and initiatives in addition to financial data. The CAFR has been the annual financial report of choice for public agencies since it was established in 1945 by the Government Finance Officers Association.Reports submitted to the CAFR program are reviewed by selected members of the GFOA professional staff and the GFOA Special Review Committee (SRC), which is comprised of individuals with expertise in public-sector financial reporting and includes financial statement preparers, independent auditors, academics, and other finance professionals.IRWD's CAFR has earned the prestigious Certificate of Achievement for Excellence in each year a CAFR was prepared. This award recognizes governments whose CAFRs acheive the highest standards in government accounting and financial reporting.  Please click on the following to view or download a specific CAFR:

2022 ACFR   2021 CAFR   2020 CAFR   2019 CAFR   2018 CAFR   2017 CAFR    2016 CAFR  2015 CAFR  2014 CAFR  2013 CAFR   2012 CAFR   2011 CAFR   2010 CAFR   2009 CAFR   2008 CAFR

 Operating Budget
 Capital Budget

Each year the IRWD Board of Directors approves an annual operating budget at a public meeting for the fiscal year which runs from July 1st through June 30th of each year. The IRWD Operating Budget provides the financial plan required to implement the District's workplan for the year.

FY 2021/22/23 Operating Budget

FY 2019/20/21 Operating Budget

FY 2018/19 Operating Budget

FY 2017/18 Operating Budget

FY 2016/17 Operating Budget

FY 2015/16 Operating Budget

FY 2014/15 Operating Budget

FY 2013/14 Operating Budget

FY 2012/13 Operating Budget

FY 2011/12 Operating Budget

FY 2010/11 Operating Budget

FY 2009/10 Operating Budget

In addition to the operating budget, IRWD has a workplan for new and replacement infrastructure projects. This workplan is funded by the Capital budget. Our capital program includes 430 active and planned projects with expenditures totaling more than $660 million over the next 30 years.

FY 2021/22/23 Capital Budget

FY 2019/20/21 Capital Budget

FY 2018/19 Capital Budget

FY 2017/18 Capital Budget

FY 2016/17 Capital Budget

FY 2015/16 Capital Budget 

FY 2014/15 Capital Budget

FY 2013/14 Capital Budget

 Other Financial Reports - Affliated Entities, Studies &  Reports/Escheated Funds

Bardeen Partners, Inc:  FY 2020/21 Form 990 FY 2019/20 Form 990  FY 2018/19 Form 990  FY 2017/18 Form 990  FY 2016/17 Form 990  FY 2015/16 Form 990  FY 2014/15 Form 990  FY 2013/14 Form 990  FY 2012/13 Form 990  FY 2011/12 Form 990

Escheated Funds:  None at this time 

IRWD Service Corporation:  FY 2020/21 Form 990  FY 2019/20 Form 990  FY 2018/2019 Form 990  FY 2017/2018 Form 990  FY 2016/2017 Form 990  FY 2015/2016 Form 990  FY 2014/2015 Form 990  FY 2013/14 Form 1065  FY 2012/13 Form 1065  FY 2011/12 Form 1065

IRWD Water Service Company II LLC: FY 2015/2016 Form 1065  FY 2014/2015 Form 1065  FY 2013/14 Form 990  FY 2012/13 Form 990  FY 2011/12 Form 990

IRWD Improvement Corporation: FY 2017/2018 Form 990  FY 2016/2017 Form 990  FY 2015/2016 Form 990  FY 2014/2015 Form 990  FY 2013/14 Form 990  FY 2012/13 Form 990  FY 2011/12 Form 990

IRWD Cost of Service Study:  2015  2021

Independent Auditor's Report on Internal Controls over Financial Reporting: 2022   2021  2020  2019  2018  2017

Finance Contacts

Executive Director of Finance and Administration:
Director of Risk Management and Treasury:
Press Inquiries:                                                         

Cheryl Clary
Robert Jacobson