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 enhanced conservation during historic drought conditions; 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.
The current adopted budget for Fiscal Year 2023-2024 is $142.1 million, which includes an operating budget of $104.1 million, a capital budget of $32.9 million and $5 million in reserve contributions. The budget includes enhanced funding for water supply, deferred infrastructure projects, and enhanced funding for the watershed.
Our fiscal goal is to responsibly manage 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.