A PWSA Operation crew installs a new valve on a water main.
Pittsburgh, PA - The Pittsburgh Water and Sewer Authority’s (PWSA) Board of Directors accepted the results of our 2023 Audit at their April 2024 meeting.
This is the ninth consecutive unqualified independent financial audit, completed by an external auditor, showing that the Authority's financial statements are fairly and appropriately presented, with no identifiable exceptions, and in compliance with generally accepted principles of accounting. Additionally, we met and exceeded all required financial metrics related to debt service compliance.
“Our 2023 Audit reflects our commitment to our core values of ethics and integrity, said PWSA’s CEO Will Pickering. “Customers can have confidence that every dollar we receive is appropriately reinvested back into the water services you rely on.” he concluded.
Record Breaking Operational and Capital Investment
PWSA is committed to following all applicable accounting standards while making essential operational and capital investments that will provide safe, reliable water services for our customers. In 2023, we achieved record levels of investment in both our day-to-day operations and long-term infrastructure improvements throughout our service area.
In total, we invested $243.5 million in operations focusing on building organizational talent and capacity, accelerating routine maintenance activities such as valve turning, hydrant flushing, and sewer inspections, and using improved technologies to enhance the water treatment process and application of chemicals. We also achieved record breaking capital investment of $131.1 million. Generational projects that are part of our Water Reliability Plan and the ongoing removal of lead service lines are two significant capital programs that will improve the safety and reliability of water services for years to come.
Benefits of External Funding
To support our construction activity, expedite projects, and reduce the onus on ratepayers, we have aggressively pursued funding from state and federal partners. Notably in 2023, we received a $52.4 million loan from the U.S. Environmental Protection Agency to advance the construction of several Water Reliability Plan projects.
Through PENNVEST, the state of Pennsylvania’s revolving loan fund and the Bipartisan Infrastructure Law (BIL) we received more than $150 million in low-interest loans and $22 million in grants that do not need to be repaid. This funding, less costly than traditional financing, will over time, save ratepayers millions of dollars.
Importance of an unqualified audit
An audit is an official, independent examination of an entity’s accounts and financial information. An unqualified opinion is formed only when the results of this inspection leave no doubt or concerns on the part of the independent auditor as to the soundness of an entity’s financial practices.
The independent audit, performed by Maher Duessel, Certified Public Accountants, verifies that an entity follows standard accounting practices and confirms that department-wide financial processes accomplish the Authority's overall goal to use public funds responsibly.
“The results of this audit underscore our commitment to transparency,” said Ed Barca, PWSA’s Director of Finance. “Striking a fair balance between rates and our budget remains a chief priority, and we will continue to pursue funding sources that save ratepayer dollars.”
PWSA’s full Audited Financial Statements can be found on our Finance page.
