PWSA’s standing as a publicly owned and operated utility is a win for our customers. This status means that every dollar we receive from customers is invested back into our water systems, a benefit for all of those we serve. At PWSA, it’s about service, not profit – we don’t have shareholders and don’t generate a profit.

The financial picture I’m painting is to get at something of great importance to our customers. Because of our public status, we’re eligible for cost-effective, low-interest loans and grants from local, state, and federal funding sources. This kind of external funding keeps rates as low as possible during a time when we’re making unprecedented levels of investment in our essential water systems, ultimately saving our ratepayers money.

Recently, PWSA received more good news on the grant and loan front: we were recently awarded a $14.6 million funding package from the Pennsylvania Infrastructure Investment Authority (PENNVEST) for an upcoming Lead Service Line Replacement Project. The project will inspect all service lines in subsets of neighborhoods across the service area and replace any lead service lines at no cost to the customer.

The funding package is split between $10 million in grants and $4.6 million in loans. This predominantly grant-based award is money that does not need to be repaid and provides greater flexibility for investing ratepayer dollars.

In fact, since 2018, PWSA has received over $62 million in grants and $53 million in loans, totaling over $115 million in funding from state and federal sources for lead line programs.

This award comes off the back of some other good news – an increased credit outlook and reaffirmed rating from Moody’s Investor Services, the institution that provides investors with credit ratings for government entities. This positive news signifies our continued financial improvement and ongoing evolution, likely saving ratepayers additional money in the long term through our ability to pursue more competitive financing.