SFPUC - Annual Reports Sustaining What Matters

Annual Report for the Fiscal Year Ended June 30, 2014 12 Financial Performance For the last four fiscal years, since 2010, this report has won the prestigious “Award for Outstanding Achievement in Popular Annual Financial Reporting” from the Government Finance Officers Association. Our investment grade credit ratings reflect our strong financial standing. Aa3 from Moody’s and AA- from Standard & Poor’s are considered very high quality investment grades, with a low credit risk and strong capacity to meet financial obligations. This award recognizes our commitment to the highest standards of fiscal responsibility and transparency. This report is intended to increase public awareness by providing an overview of our financial condition. Credit Ratings While the financial information is drawn from the audited financial statements in our fiscal year 2014 Comprehensive Annual Financial Report, 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 is available online at sfwater.org/Finance. Fiscal Year...................................2014 2013 2012 Water Standard & Poor’s.......................AA- Moody’s Investor Services..........Aa3 AAAa3 AAAa3 Power Not Rated Sewer Standard & Poor’s.......................AA- Moody’s Investor Services..........Aa3 AAAa3 Average Borrowing Rate Water 4.33% Power 0.92% Sewer 2.98% Keeping our rates affordable Single Family Residential FY 2014 FY 2014 Average Monthly Water and Sewer Bill ($)..............$ 86 Cost per Person/Day.................................................$ 0.96

SFPUC - Annual Reports Sustaining What Matters | Page 13