Budget
Each year, the West Basin Board of Directors approves an operating budget for the fiscal year (July 1 – June 30). The budget highlights how West Basin will support its mission and fulfill its commitment to sound financial and resource management. This document provides a comprehensive understanding of West Basin operations.
Current FY Operating Budget: 2023-2024
New Fiscal Year Budget Planning: 2024 – 2025
To ensure a thorough and transparent process when developing budget for the Fiscal Year 2024-2025 (FY24-25), West Basin hosted a series of public budget planning workshops presented by staff to the West Basin Board of Directors.
Budget Workshop Dates
- Sat., April 6, 2024, 9-11 AM: FY24-25. Financial Overview & Proposed FY 2024-25 West Basin Reliability Service Charge
- Sat., April 27, 2024, 10AM-12PM: FY24-25. Review of FY 2024-25 Budget Revenues & Expenses
- Wed., May 1, 2024, 10AM-12PM: FY24-25. Customer Agency Workshop
- Wed., May 15, 2024, 10AM-12PM: FY24-25. Capital Improvement Program (CIP), Rehabilitation & Replacement (R&R), and Funding Options
- Thur., May 30, 2024, 10AM-12PM, FY24-25. Budget Adoption/Rates & Charges
- Fri, June 7, 2024, 10AM-12PM, FY24-25.
To see presentation only click the underlined topic listed above.
Planning Notes
When evaluating the drivers to West Basin’s budget, staff points out that understanding the water sales forecast, investment in its infrastructure, and the long-term financial view can have a significant impact to how the budget is constructed for FY24-25 and beyond. For this reason, it is important to share West Basin’s budget priorities and underlying assumptions. These factors are essential to ensure that the District determines its revenue requirements necessary to pay for the expenditures to meet the demands of its various programs and activities, while also managing a reduction in revenues due to a positive response to calls for water use reduction.
Annual Comprehensive Financial Report
The Annual Comprehensive Financial Report provides the reader with West Basin’s financial results. The introductory section provides an overview of West Basin and the year’s highlights. The financial statement incorporates the audited financial statements. The statistical section provides a 10-year history of financial and operating data.
FY2023 Annual Comprehensive Financial Report
Other Documents & Policies
The District’s reported financial transactions report can be found on the California State Controller’s website.
The California State Auditor conducted an audit of Southeastern Los Angeles County water agencies for 2012-2013. Of the agencies audited, West Basin had the lowest percent of rate increases and the lowest administrative costs at 2%. Auditor’s report here.
West Basin and its Board of Directors adhere to strong fiduciary responsibilities. Financial policies are reviewed regularly. These include such policies as:
- Debt Management
- Designated Funds
- Swap
- Investment
- Small and Community Bank Investment Program
West Basin seeks input from our external financial advisors and legal team to ensure the District adheres to the latest changes in regulations and best practices. The most current versions of the policies can be found in the Administrative Code.
