Marin Water ended the 2022 fiscal year in a solid financial position, with adequate reserves and an improved net position compared to 2021. Operating revenues declined significantly as a result of drought conditions and increased conservation impacts; however, the District reduced operating expenditures and relied on reserves to mitigate the financial impacts. Favorable market conditions reduced long-term retiree liabilities and contributed to the overall improvement in net position.
Our fiscal goals include responsibly managing our resources with care, foresight and transparency. Throughout the year, our team is responsible for implementing the budget, monitoring financial performance, and maintaining prudent reserves.
The current adopted budget for Fiscal Year 2022-2023 is $116.1 million, which includes an operating budget of $92.2 million and a capital budget of $23.9 million. In 2023, Marin Water will be completing a Cost of Service Analysis as part of the process for setting future water rates. In addition, the biennial budget process for fiscal years 2024 and 2025 will occur in the Spring of 2023.