Financial Analysis of the Authority During fiscal year 2020, the Authority maintained its sound financial condition, as demonstrated by the Authority’s continued AAA bond rating from S&P and Aaa rating from Moody’s. These ratings reflect the Authority’s continued growth in total net position and strong cash and investment portfolio, along with the strategic management of its debt borrowings. These are all outlined in the financial statements and schedules included in this report. While exercising prudent fiscal discipline, the Authority continues to ensure it is able to provide safe, reliable and environmentally compliant water and water reclamation services to its customers. Net Position The Authority’s net position increased by $23.3 million during fiscal year 2020, which represented a 1.8% increase from the prior fiscal year net position. At June 30, 2020, total net position was $1.35 billion as compared to $1.33 billion the previous year. The following table reflects the Authority’s net position at June 30, 2020 and 2019: Condensed Statements of Net Position Increase 2020 Capital assets, net Investments Other current and non-current assets Total assets Deferred outflows of resources Total assets and deferred outflows of resources Bonds and VRA loans payable Other liabilities Total liabilities Deferred inflows of resources Total liabilities and deferred inflows of resources Net position: Net investment in capital assets Restricted Unrestricted Total net position Total liabilities, deferred inflows of resources and net position 949,098,154 21,268,484 382,025,829 1,352,392,467 $ 1,506,877,537 936,479,234 18,228,542 374,408,638 1,329,116,414 $ 1,490,602,631 12,618,920 3,039,942 7,617,191 23,276,053 $ 16,274,906 1.3 16.7 2.0 1.8 1.1 $ 1,055,269,955 275,892,856 166,495,564 1,497,658,375 9,219,162 $ 1,506,877,537 $ 108,263,490 45,000,932 153,264,422 1,220,648 154,485,070 2019 $ 1,052,232,442 331,201,160 100,360,614 1,483,794,216 6,808,415 $ 1,490,602,631 $ 118,124,226 41,818,261 159,942,487 1,543,730 161,486,217 (Decrease) $ 3,037,513 (55,308,304) 66,134,950 13,864,159 2,410,747 $ 16,274,906 $ (9,860,736) 3,182,671 (6,678,065) (323,082) (7,001,147) % Change 0.3% (16.7) 65.9 0.9 35.4 1.1 (8.3) 7.6 (4.2) (20.9) (4.3) 16 FINANCIAL SECTION MANAGEMENT’S DISCUSSION AND ANALY SIS
Prince William County Service Authority | 4 County Complex Court Woodbridge, VA 22192
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