District Issues One-Time Rate Credit to Active Water Customers
Placentia, CA – On November 28, 2017, Fitch Ratings reaffirmed the Yorba Linda Water District’s (District) ‘AA’ rating with a ‘Stable Outlook’ for its strong financial performance during a period of extreme drought. The District was mandated to reduce water production by 36% during the height of the drought. Despite a decrease of water production, the District was able to meet its financial commitment with a rate adjustment to the base service fee offsetting impacts from mandated conservation.
“A new Board of Directors has made some progress in building a community consensus on water rates after a period of rate controversy.” Fitch Ratings continues with, “The Board established financial policies and targets that would maintain strong financial performance with a focus on paying down unfunded retirement liabilities and investing in infrastructure renewal.”
At the September 26, 2017 board meeting, the Board approved a one-time rate credit to active water customers contingent upon the reaffirmation of the District’s AA rating from Fitch. The District will issue the one-time rate credit of $44.18 to customers with an active water account as of September 26, 2017, 6:00 p.m. on their December 2017 water bill.
“Yorba Linda Water District’s AA bonding rating is the best indication that the District’s financial policies are sound and permits a secondary credit to be forwarded to ratepayers,” J. Wayne Miller, Board President.
The District strives to fulfill its mission to, ‘Provide reliable water and sewer services to protect public health and the environment, with financial integrity and superior customer service.’