Following is a press release from the Mesa Water District:
COSTA MESA, Calif. – Orange County Board of Supervisors Chairwoman Michelle Steel recently recognized Mesa Water District (Mesa Water®), a top-performing public water agency, for its commitment to economical financial management, stewardship of public funds, and capital improvement prioritization to ensure customers continue to enjoy affordable and 100 percent local reliable water supplies. Chairwoman Steel presented a commendation to Mesa Water’s Board at its August 10 meeting.
“I commend Mesa Water’s Board for its leadership and commitment to sound financial policies and decisions that allow the District to provide economical and efficient water services to ratepayers in our community,” said Chairwoman Michelle Steel.
Mesa Water® recently took steps to eliminate its unfunded pension liability, refinance debt, and secure an additional $13 million in capital improvements funding at an interest rate of 1.635 percent. These actions will result in nearly $9 million of cost-savings for Mesa Water and its customers over the next 10 years. Government fiscal accountability and expenditures reduction are priorities for Chairwoman Steel.
“We are honored to receive praise from Chairwoman Steel for our commitment to successful financial management, including maintaining a healthy reserve fund,” said Board President Jim Atkinson. “The Board’s financial planning has been instrumental in satisfying the District’s strategic plan,” Atkinson said.
Mesa Water’s AAA rating and strong financial performance allowed the District to obtain a low interest rate of 1.635 percent on new debt, fulfilling significant parts of its long-term financial plan and policies. The District’s AAA rating was recently reaffirmed by ratings agencies Fitch and Standard & Poor’s.