OPA gives favorable review of GWA finances

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The Guam Waterworks Authority closed Fiscal Year 2021 with an increase in net income of $46.5 million, according to the Office of Public Accounting.

Independent auditors Deloitte & Touche, LLP did not identify any material weaknesses or significant deficiencies in its compliance report.

The OPA reports that GWA’s operating revenues continue to decrease, going from $103.3M in FY 2020 to $99.7M in FY 2021.

The decrease of $3.6M is primarily due to a $2.6M decrease in wastewater revenues and a $931 thousand decrease in water revenues. Most of the decrease was from hotel customers, where water and wastewater revenues significantly decreased by $6.3M. Revenues from residential customers slightly increased by $1.5M.

Despite a $9.7M decrease in operating income, GWA’s $46.5M increase in net position managed to bring the net position at the end of the year to $309.7M.

The OPA reports that GWA has five revenue bonds with a total debt service of $1.2 billion as of FY 2021. The revenue bonds come from as early as 2013 and as recently as 2020.

Deloitte commended GWA for qualifying as a low-risk auditee for the sixth consecutive year.

 

Below is the full report:

1 - GWA FY 21 HL (Final)