THE PITTSBURGH WATER AND SEWER AUTHORITY MAINTAINS A STRONG FINANCIAL OUTLOOK.
Our cash balance is at its highest level in at least the last decade and, for the third consecutive year, capital spending has exceeded $100,000,000. To ensure maximum financial flexibility, we continue to boost our reserve funding that in the long-term will help to reduce costs and create a more sustainable financial future for the Pittsburgh Water and Sewer Authority.
Our historic capital investment will significantly shape the water future of Pittsburgh for years to come. We are well poised to implement our ambitious 2022 – 2026 $1.4 billion Capital Improvement Plan, which includes large, generational projects to rehabilitate critical components of our water pumping and distribution systems and funds our lead service line replacement, sewer rehabilitation, and stormwater improvements.
We also maintained our investment-grade bond rating of A3, as ranked by Moody’s Investor Services, and an A with a stable outlook by S&P Global Ratings. The investmentgrade rating results in lower interest rates that will, over time, save money for PWSA and its ratepayers. PWSA will continue to improve upon this rating in 2022.
In 2021, we received $124,650,424 in local, state, and federal funding awards of which $24,398,769 are grants that do not have to be repaid. This funding is estimated to save ratepayers $118,413,114. We look to build off this success with funding awards from PENNVEST and EPA’s WIFIA program in the amount of $313,867,227, which will be used for the replacement of the Clearwell. PWSA will be notified in late 2022 or 2023 if that funding has been awarded.