Palmdale Water District

The Committee reviewed cash balances and investment fund reports, including the performance of various bank accounts and US Government securities. Financial statements, revenue, expenses, and departmental budget reports were discussed, highlighting positive net income and strong asset growth. The committee received reports from the Finance Manager and Financial Advisor regarding revenue projections, billing statistics, and debt service coverage status. Committed contracts and bond-funded projects were reviewed, specifically noting project progress on the Pure Water AV Demonstration Facility and other regional water augmentation programs.

The board meeting agenda focused on several key action items, including a public hearing for the adoption and implementation of the 2025 Urban Water Management Plan and the 2025 Water Shortage Contingency Plan, and the approval of the 2026-2027 Annual Water Supply and Demand Assessment. Additionally, the board considered authorizing change orders and contract amendments for geotechnical inspection and materials testing for the Palmdale Ditch Conversion Project, as well as recruitment services for temporary staffing. Information items included reports on standing committee meetings, agency liaisons, department activity updates, and reports from the General Manager and General Counsel.

The Board of Directors approved the payment of bills and held discussions regarding reports from various committees and agency liaisons, including updates on the Antelope Valley-East Kern Water Agency and recent industry conferences. The General Manager provided updates on the LAFCO voting member election and upcoming ACWA working group initiatives. The General Counsel presented an update on the Voting Rights Act and the implications of redistricting on California elections.

The committee reviewed the cash flow statement, investment funds, and account activity through the end of 2025. Financial reports including balance sheets and departmental budgets were analyzed, noting that operating revenues exceeded budget projections while expenses remained below historical averages. The committee discussed committed and uncommitted bond funds and upcoming WIFIA loan draws. Reports were presented on revenue projections, billing statistics, and the status of the rate assistance program. Additionally, the committee reviewed debt service coverage and discussed staff efforts to secure a new enterprise resource planning system.

The committee reviewed financial reports for February 2026, including cash balances, investment funds, unaudited balance sheets, income statements, and departmental budget reports. Key discussion topics included revenue projections, monthly billing statistics, an overview of committed bond fund contracts, the status of grant funding and reimbursements, and the current debt service coverage status. Staff provided updates on departmental budget performance, noting that all departments remain within their annual budget allocations despite some upfront costs.