Five-Year Comparison of Net Assets by Category*
$0.55B
$1.37B
$1.33B
$1.87B
$1.92B
$6.37B
$3.55B
$3.05B
$1.90B
$4.22B
$3.95B
$1.95B
$5.10B
$0.55B
$0.47B
$0.25B
$6.37B
$0.24B
$5.19B
$3.17B
$1.65B
$5.19B
$2.89B
$3.79B
$3.48B
$0.60B
*Totals may vary due to roundings.
$5.26B
$1.97B
Five-Year Comparison of Expenses by Category*
Expenses
Contractual services
(3) Net Assets, the residual interest in the items
owned or controlled after deducting debts. Over time,
increases or decreases in net assets may serve as a
useful indicator of whether the financial position is
improving or deteriorating.
Capital project bond interest expense
2012
Depreciation expense
Materials, supplies and other expenses
Personnel services
2008
2009
$27M
$36M
$64M
$45M
$106M
$47M
$96M
$212M
$216M
$145M
$124M
$123M
$115M
$237M
$171M
$34M
$35M
$32M
$100M
$214M
$204M
2011
2010
$241M
$196M
$225M
$785M
Our Statement of Net Assets reflected a strong and
healthy financial condition as of June 30, 2012. Our net
assets increased by $1.97 billion; 85% of it represented
investments in capital assets, net of related debt. Our net
assets continued an upward trend, reflecting strong financial
performance and demonstrating that we have effectively
controlled its costs and managed revenues.
2009
$0.62B
$2.68B
$2.15B
$695M
(2) Liabilities, which are debts owed and represent
claims against assets, are listed in order of liquidity,
either current or long-term; and
2008
$655M
This award recognizes our commitment to the highest
standards of fiscal responsibility and transparency.
The PAFR is intended to increase public awareness
by providing an overview of our financial condition.
While the financial information is drawn from the audited
financial statements in the SFPUC’s Fiscal Year 2011-12
Comprehensive Annual Financial Report (CAFR), using the
full accrual basis of accounting, this report is not audited
and not intended to comply with generally accepted
accounting principles (GAAP) as note disclosures have
been excluded from this report.
For complete financial information and disclosures,
our Comprehensive Annual Financial Report (CAFR) is
available online at sfwater.org/Finance.
The Statement of Net Assets summarizes resources
balanced against debt and other liabilities as of June 30,
using the full accrual basis of accounting. Full accrual
(1) Assets, items owned or controlled, represent
resources used to provide future public services, or to pay
liabilities incurred for services provided in prior periods;
$588M
For the last two fiscal years, this Popular
Annual Financial Report (PAFR) has won
the prestigious “Award for Outstanding
Achievement in Popular Annual Financial
Reporting” (PAFR) from the Government
Finance Officers Association (GFOA).
accounting records revenues when earned and liabilities
when incurred, regardless of the timing of cash flows.
There are three components in the statement of net assets:
2012
2011
2010
$3.48B
Financial Performance
Non-current liabilities
Net assets
Wastewater
$0.0104 per gallon
Current liabilities
Capital assets
$7.78B
$0.0076