Providence Water strives to provide service in the most efficient and cost-effective manner possible.  We practice sound financial management whereby revenues and expenditures are carefully planned and monitored to ensure that customers pay the least possible amount for the highest quality water.
The following reports are provided to provide our customers with a glimpse of our financial condition:
Providence Water's strong financial position earned a AA- Issuer Credit Rating (ICR) from Standard & Poor's Rating Services with an outlook of "Stable-Strong".
Providence Water is audited annually by independent auditors to report on financial conditions, internal controls over financial reporting, compliance, and other matters in accordance with government auditing standards.
Providence Water's net total assets increased from $572 million in fiscal year 2021 to $584 million or 42.6% in fiscal year 2022. The increase in net assets is in line with the continued improvement and upgrade in the infrastructure. The improvements and upgrades include the distribution lines, the plant production capacity, aging pump stations, and other facilities.
Providence Water's revenue increased by $7.5 million in fiscal year 2022, mainly due to the full effect of the increase in rates which became effective in July 2021. As a non-profit enterprise, the total revenue realized is used to fund all the activities authorized by the Public Utilities Commission and mandated by state legislation. These include salaries, fringe benefits, retirement contributions, property taxes, services and materials, and restricted funds for infrastructure improvements and other operations. All combined, total revenue realized in fiscal year ending June 30, 2022 amounts to $88.8 million.
The Providence Water Net Position changed from $325 million in FY 2021 to $351 million in FY 2022.  Part of this 8.2% increase is due to an increase in revenue, achieved through a rate increase approved in July 2021.