HomeMy WebLinkAboutCasitas Municipal Water District - Public Financial Report
Casitas Municipal Water
District
Annual Comprehensive Financial Report
For the Years Ended June 30, 2025 and 2024
1055 Ventura Avenue, Oak View, California 93022 - 805.649.2251
www.casitaswater.org
Prepared by:
Janyne Brown – Chief Financial Officer
CASITAS MUNICIPAL WATER DISTRICT
Oak View, California
ANNUAL COMPREHENSIVE FINANCIAL REPORT
YEARS ENDED JUNE 30, 2025 AND 2024
This page intentionally left blank.
CASITAS MUNICIPAL WATER DISTRICT
ANNUAL COMPREHENSIVE FINANCIAL REPORT
YEARS ENDED JUNE 30, 2025 AND 2024
TABLE OF CONTENTS
i
INTRODUCTORY SECTION
TRANSMITTAL LETTER 1
BOARD OF DIRECTORS AND MANAGEMENT 4
ORGANIZATIONAL CHART 5
GOVERNMENT FINANCE OFFICERS ASSOCIATION – CERTIFICATE OF
ACHIEVEMENT FOR EXCELLENCE IN FINANCIAL REPORTING 6
FINANCIAL SECTION
INDEPENDENT AUDITORS’ REPORT 11
MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED) 15
BASIC FINANCIAL STATEMENTS
BALANCE SHEETS 22
STATEMENTS OF REVENUE, EXPENSES, AND CHANGES IN NET
POSITION 24
STATEMENTS OF CASH FLOWS 25
NOTES TO BASIC FINANCIAL STATEMENTS 27
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION
LIABILITY 73
SCHEDULE OF CONTRIBUTIONS TO THE PENSION PLAN 75
SCHEDULE OF CHANGES IN THE NET OPEB LIABILITY AND RELATED
RATIOS 77
SCHEDULE OF CONTRIBUTIONS TO THE OPEB PLAN 79
SUPPLEMENTARY INFORMATION
SCHEDULES OF REVENUE, EXPENSES, AND CHANGES IN NET
POSITION – BUDGET TO ACTUAL 83
COMBINING BALANCE SHEETS 85
COMBINING SCHEDULES OF REVENUE, EXPENSES, AND CHANGES IN
NET POSITION 89
CASITAS MUNICIPAL WATER DISTRICT
ANNUAL COMPREHENSIVE FINANCIAL REPORT
YEARS ENDED JUNE 30, 2025 AND 2024
TABLE OF CONTENTS
ii
DETAIL SCHEDULES OF OPERATING EXPENSES – UTILITY
DEPARTMENT 91
DETAIL SCHEDULES OF OPERATING REVENUES AND EXPENSES –
RECREATION DEPARTMENT 96
DETAIL SCHEDULES OF OPERATING REVENUES AND EXPENSES –
ADJUDICATION FUND 98
STATISTICAL SECTION
OVERVIEW OF STATISTICAL INFORMATION PRESENTED IN FIVE
CATEGORIES 102
CHANGES IN NET POSITION BY COMPONENT 103
OPERATING REVENUES BY SOURCE 105
OPERATING REVENUES BY CLASS 106
OPERATING EXPENSES BY ACTIVITY 107
REVENUE BASE 108
REVENUE RATES 109
CUSTOMER BY TYPE AT FISCAL YEAR-END 117
RATIOS OF OUTSTANDING DEBT BY TYPE 118
DEBT COVERAGE 119
DEMOGRAPHIC AND ECONOMIC STATISTICS – COUNTY OF VENTURA 120
OPERATING AND CAPACITY INDICATORS – EMPLOYEES 121
OPERATING AND CAPACITY INDICATORS – OPERATIONS 122
GOVERNMENT AUDITING STANDARDS REPORT
INDEPENDENT AUDITORS’ REPORT ON INTERNAL CONTROL OVER
FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER
MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS
PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING
STANDARDS 126
INTRODUCTORY SECTION
This page intentionally left blank.
(1)
November 21, 2025
Board of Directors and Customers of Casitas Municipal Water District
Introduction
It is our pleasure to submit the Annual Comprehensive Financial Report for the Casitas Municipal Water District
(District) for the years ended June 30, 2025 and 2024, following guidelines set forth by the Governmental Accounting
Standards Board. District staff prepared this financial report. The District is ultimately responsible for both the
accuracy of the data and completeness and the fairness of presentation, including all disclosures in this financial
report. We believe that the data presented is accurate in all material respects. This report is designed in a manner
that we believe necessary to enhance your understanding of the District’s financial position and activities.
Generally Accepted Accounting Principles (GAAP) requires that management provide a narrative introduction,
overview and analysis to accompany the financial statements in the form of the Management’s Discussion and
Analysis (MD&A) section. This letter of transmittal is designed to complement the MD&A and should be read in
conjunction with it. The District’s MD&A can be found immediately after the Independent Auditor’s Report.
District Structure and Leadership
The Casitas Municipal Water District is a special district of the State of California that provides domestic and
agricultural water services to the western portion of Ventura County. The District’s Board of Directors is composed
of five members who are elected in specified election divisions. The Directors serve terms of four years with an
election held every two years for alternating divisions. The District also provides recreational activities at Lake
Casitas. The Water District and the lake activities are accounted for as an enterprise fund.
Formed in 1952, the District was the inspiration of area civic leaders, cattlemen, and citrus ranchers who were
frustrated by a severe drought and subsequent water rationing. Between 1952 and 1956, when ground was broken
for Casitas Dam, the District sought and obtained commitments for 50-year federal loans to construct Casitas Dam
and the Robles-Casitas Diversion Canal. Engineers drilled through 1,800 feet of rock for the outlet tunnel and built
an earthen dam with 9.2 million cubic yards of earth. Final cost of the reservoir, dam and Lake Casitas Recreation
Area was $20 million.
Drawing from the 105-square mile watershed, Lake Casitas began to form in the Santa Ana Valley. In 1978, 19 years
after the dam’s completion, the lake overflowed for the first time. With a capacity of 237,761-acre feet (Updated
2017), the reservoir has a shoreline of 35 miles and provides water to over 65,000 people.
Water quality is strictly controlled in the surrounding 3,200-acre Charles M. Teague Memorial Watershed. Since
1974, the federal government has spent more than $25 million to purchase lands in the watershed to preserve water
quality from the pollution of over development.
Casitas Municipal Water District has been a strong proponent of watershed protection and lake management. The
efforts to protect the Lake Casitas watershed and lake management practices developed by the District provide an
excellent quality of water for the customers. Regulatory changes affecting surface waters had moved the District
through considerations for filtration avoidance to the conclusion that construction of a water filtration plant was
necessary to meet regulatory requirements. The Marion R. Walker Pressure Filtration Plant was designed and
constructed to meet those requirements and became fully operational on November 6, 1997. Casitas was proud to
(2)
receive a water supply permit from the Department of Health Services granting the District permission to supply
water for domestic purposes after completion of the treatment plant.
In 2017, Casitas acquired the Ojai Water System from Golden State Water Company (GSWC). Prior to this, GSWC had
been a wholesale customer of Casitas. Ojai Water System customers are now direct customers of Casitas. The Ojai
Water System includes the Ojai Wellfield on the east end of Ojai with six groundwater wells. These wells are located
in the Ojai Groundwater Basin and currently provide approximately 1,800 AFY of supply.
Economic Condition and Outlook
After experiencing one of the lowest annual consumption years the District has started to see a rebound. This past
fiscal year across all classes there was over 3,800 AF increase from the prior year or 55% increase year over year.
Balancing operational expenses and capital replacement expenditures has been challenging for the District with the
decreased demand in water. To ensure the capital replacement program can be met and operational expenses
balanced the District is going through a rate study with a plan to adopt new rates in January 2026.
Internal Control Structure
District management is responsible for the establishment and maintenance of the internal control structure that
ensures the assets of the District are protected from loss, theft or misuse. The internal control structure also ensures
adequate accounting data is compiled to allow for the preparation of financial statements in conformity with
generally accepted accounting principles. The District’s internal control structure is designed to provide reasonable
assurance that these objectives are met. The concept of reasonable assurance recognizes that (1) the cost of a
control should not exceed the benefits likely to be derived, and (2) the valuation of costs and benefits require
estimates and judgments by management.
Budgetary Control
The District’s Board of Directors annually adopts an operating and capital budget prior to the new fiscal year. The
budget authorizes and provides the basis for reporting and control of financial operations and accountability for the
District’s enterprise operations and capital projects.
The budget and reporting treatment applied to the District is consistent with the accrual basis of accounting and
financial statement basis.
Investment Policy
The Board of Directors have adopted an investment policy that conforms to state law, District ordinance and
resolutions, prudent money management, and the “prudent person” standards. The objective of the Investment
Policy is safety, liquidity and yield. District funds are invested in the State Treasurer’s Local Agency Investment Fund,
County of Ventura Pooled Money Investment Fund, U.S. Treasury Bills, Notes and Bonds, and institutional savings
and checking accounts.
Water Rate and District Revenues
District policy direction ensures that all revenues from user charges and surcharges generated from District
customers must support all District operations including capital project funding. Accordingly, water rates are
reviewed periodically. Water rates are user charges imposed on customers for services and are the primary
component of the District’s revenue. Water rates are composed of a commodity (usage) charge and a fixed
(readiness-to-serve) charge.
The City of Ventura initiated a water rights adjudication of four groundwater basins within the Ventura River
watershed. The basins named in the lawsuit include: Upper Ventura River Groundwater Basin, Lower Ventura River
(3)
Groundwater Basin, Ojai Valley Groundwater Basin, and Upper Ojai Valley Groundwater Basin. The outcome of the
adjudication is currently unknown and Casitas continues to actively defend and protect its water rights. As a result
of the water right adjudication, a pass-through fee for the expected costs associated with the lawsuit, was added as
an additional fixed charge. The pass through fee was passed through a proposition 218 process and became effective
July 1, 2020.
Audit and Financial Reporting
State Law and Bond covenants require the District to obtain an annual audit of its financial statements by an
independent certified public accountant. The accounting firm of Clifton Larson Allen, LLP has conducted the audit
of the District’s financial statements. Their unmodified Independent Auditor’s Report appears in the Financial
Section.
Awards and Acknowledgements
For the year ended June 30, 2024, the District received for the 31st year the Government Finance Officers Association
of the United States and Canada’s (GFOA) Certificate of Achievement for Excellence in Financial Reporting. To be
awarded a Certificate of Achievement, a governmental unit must publish an easily readable and efficiently organized
Comprehensive Financial Report. This report must satisfy both generally accepted accounting principles and
applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. We believe that our current Annual
Comprehensive Financial Report continues to meet the Certificate of Achievement Program’s requirements and we
are submitting it to the GFOA to determine its eligibility for another certificate.
Preparation of this report was accomplished by the combined efforts of District staff. We appreciate the dedicated
efforts and professionalism that our staff members bring to the District. We would also like to thank the members
of the Board of Directors for their continued support in the planning and implementation of the Casitas Municipal
Water District’s fiscal policies.
Respectfully submitted,
________________________________ ____________________________
Michael Flood Janyne Brown
General Manager Chief Financial Officer
CASITAS MUNICIPAL WATER DISTRICT
BOARD OF DIRECTORS AND MANAGEMENT
JULY 1, 2024 – JUNE 30, 2025
(4)
Board Member Division
Date of Original
Election or
Appointment Ending Date of Term
Brian Brennan Division 1 November, 2018 December, 2026
Neil Cole Division 2 November, 2020 December, 2028
Pete Kaiser Division 3 November, 2002 December, 2028
Mary Bergen Division 4 May 26, 2021 December, 2026
Richard Hajas Division 5 November, 2020 December, 2028
Michael Flood General Manager
Kelley Dyer Assistant General Manager
Rebekah Vieira Executive Administrator
Diana Impeartrice Human Resources
Janyne Brown Chief Financial Officer
Julia Aranda Principal Civil Engineer
Joe Martinez III Park Services Manager
Michael Shields O&M Manager
Scott Lewis Fisheries Biologist
Tyrone LaFay Public Affairs & Water Conservation Manager
Board of Directors
Staff
Board of Directors
Michael Flood
General Manager
Tyrone LaFay
Public Affairs-
Water Cons. MGR
Water
Conservation
Specialist
Water
Conservation
Analyst
Julia Aranda
Principal Civil Eng
2 – Senior Project
Manager
Assistant Engineer
GIS Technician
Engineering
Technician
Janyne Brown
Chief Financial
Officer
Accounting &
Customer Service
Supervisor
Buyer
Payroll Technician
Accountant
2 – Accounting
Technician
Scott Lewis
Fisheries Biologist
Associate
Fisheries Biologist
Fisheries Aid
Fisheries Tech
Joe Martinez III
Park Services
Manager
Division Officer
Park Ranger IV
2-Park Ranger III
1 – Park Services
Officer III
1 – Park Services
Officer IV
2 – Park Ranger I
1 – Park Ranger II
Aquatics
Coordinator
Guest Services
Coordinator
Maintenance IV
Maintenance III
2- Maintenance II
Rebekah Vieira
Executive
Administrator
Safety Officer
Diana Impeartrice
Human Resources
Manager
Kevin Nguyen
IT Administrator
IT Technician
Michael Shields
O & M Manager
O & M Specialist
Maintenance
Supervisor
2- Maintenance
Worker II
Maintenance
Worker I
Treatment Plant
Supervisor
Dam Tender/TP
Operator V
4-Treatment Plant
Operator IV
1- Maintenance
Tech I
E & M Supervisor
E & M Systems
Specialist IV
2- E & M Systems
Specialist II
Electrical &
Instrumentation
Lead
Utility Supervisor
1 – Utility Worker
II
Utility Worker I
2-Utility Worker III
Pipeline
Supervisor
3 – Distribution
Technician IV
Distribution
Technician II
Welder/fabricator
Water Quality
Supervisor
Water Quality
Specialist
Laboratory
Technician
Water Quality Aid
Operations
Coordinator
Kelley Dyer
Assistant General
Manager
Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
Casitas Municipal Water District
California
For its Annual Comprehensive
Financial Report
For the Fiscal Year Ended
June 30, 2024
Executive Director/CEO
0 2 41
Miles
0 2 41
Miles
µ
Casitas Municipal
Water District
District Boundary
Ventura Fwy
Ojai Fwy
Ventura Ave
Baldwin Rd
Casitas Pass Rd
Los Angeles Ave E. Los Angeles Ave
Santa Clara Ave
Harbor Blvd
Santa Paula Fwy
Ojai Ave
Ojai Santa Paula Rd
Districtoffice101
101
118
101
33
33
150
150
192
33
126
126
150
150
(8)
This page intentionally left blank.
(9)
FINANCIAL SECTION
(10)
This page intentionally left blank.
CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer.
CliftonLarsonAllen LLP
CLAconnect.com
(11)
INDEPENDENT AUDITORS’ REPORT
Board of Directors
Casitas Municipal Water District
Oak View, California
Report on the Audit of the Financial Statements
Opinion
We have audited the accompanying financial statements of Casitas Municipal Water District (the
District), as of and for the years ended June 30, 2025 and 2024, and the related notes to the financial
statements, which collectively comprise the District’s basic financial statements as listed in the table of
contents.
In our opinion, the financial statements referred to above present fairly, in all material respects, the
financial position of the District, as of June 30, 2025 and 2024, and the changes in financial position
and its cash flows for the years then ended in accordance with accounting principles generally
accepted in the United States of America.
Basis for Opinion
We conducted our audits in accordance with auditing standards generally accepted in the United States
of America (GAAS) and the standards applicable to financial audits contained in Government Auditing
Standards, issued by the Comptroller General of the United States. Our responsibilities under those
standards are further described in the Auditors’ Responsibilities for the Audit of the Financial
Statements section of our report. We are required to be independent of the District and to meet our
other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinion.
Emphasis of Matter – Change in Accounting Principle
As described in Note 18 to the financial statements, in 2025, the District adopted new accounting
guidance, GASB Statement No. 101, Compensated Absences, which resulted in restatements. Our
opinion is not modified with respect to this matter.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in
accordance with accounting principles generally accepted in the United States of America, and for the
design, implementation, and maintenance of internal control relevant to the preparation and fair
presentation of financial statements that are free from material misstatement, whether due to fraud or
error.
Board of Directors
Casitas Municipal Water District
(12)
In preparing the financial statements, management is required to evaluate whether there are conditions
or events, considered in the aggregate, that raise substantial doubt about the District’s ability to
continue as a going concern for twelve months beyond the financial statement date, including any
currently known information that may raise substantial doubt shortly thereafter.
Auditors’ Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that
includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance
and therefore is not a guarantee that an audit conducted in accordance with GAAS and Government
Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Misstatements are considered material if there is a substantial likelihood that, individually or in the
aggregate, they would influence the judgment made by a reasonable user based on the financial
statements.
In performing an audit in accordance with GAAS and Government Auditing Standards, we:
Exercise professional judgment and maintain professional skepticism throughout the audit.
Identify and assess the risks of material misstatement of the financial statements, whether due
to fraud or error, and design and perform audit procedures responsive to those risks. Such
procedures include examining, on a test basis, evidence regarding the amounts and disclosures
in the financial statements.
Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the District’s internal control. Accordingly, no such opinion is
expressed.
Evaluate the appropriateness of accounting policies used and the reasonableness of significant
accounting estimates made by management, as well as evaluate the overall presentation of the
financial statements.
Conclude whether, in our judgment, there are conditions or events, considered in the aggregate,
that raise substantial doubt about the District’s ability to continue as a going concern for a
reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters,
the planned scope and timing of the audit, significant audit findings, and certain internal control related
matters that we identified during the audit.
Board of Directors
Casitas Municipal Water District
(13)
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the
management’s discussion and analysis, schedule of the proportionate share of the net pension liability,
schedule of the contributions to the pension plan, schedule of changes in the net OPEB liability and
related ratios, and schedule of contributions to the OPEB plan be presented to supplement the basic
financial statements. Such information is the responsibility of management and, although not a part of
the basic financial statements, is required by the Governmental Accounting Standards Board who
considers it to be an essential part of financial reporting for placing the basic financial statements in an
appropriate operational, economic, or historical context. We have applied certain limited procedures to
the required supplementary information in accordance with GAAS, which consisted of inquiries of
management about the methods of preparing the information and comparing the information for
consistency with management’s responses to our inquiries, the basic financial statements, and other
knowledge we obtained during our audits of the basic financial statements. We do not express an
opinion or provide any assurance on the information because the limited procedures do not provide us
with sufficient evidence to express an opinion or provide any assurance.
Supplementary Information
Our audits were conducted for the purpose of forming an opinion on the financial statements that
collectively comprise the District’s basic financial statements. The schedule of revenues, expenses, and
changes in net position – budget to actual, combining balance sheets, combining schedule of revenues
and expenses and changes in net position, detail schedule of operating expenses – utility department,
detail schedule of operating revenues and expenses – recreation department, and detail schedule of
operating revenues and expenses – adjudication fund (the supplementary information) are presented
for purposes of additional analysis and are not a required part of the basic financial statements. Such
information is the responsibility of management and was derived from and relates directly to the
underlying accounting and other records used to prepare the basic financial statements. The
information has been subjected to the auditing procedures applied in the audits of the basic financial
statements and certain additional procedures, including comparing and reconciling such information
directly to the underlying accounting and other records used to prepare the basic financial statements
or to the basic financial statements themselves, and other additional procedures in accordance with
GAAS. In our opinion, the supplementary information is fairly stated, in all material respects, in relation
to the basic financial statements as a whole.
Other Information
Management is responsible for the other information included in the annual report. The other
information comprises the introductory and statistical sections but does not include the basic financial
statements and our auditors’ report thereon. Our opinion on the basic financial statements does not
cover the other information, and we do not express an opinion or any form of assurance thereon.
In connection with our audits of the basic financial statements, our responsibility is to read the other
information and consider whether a material inconsistency exists between the other information and the
basic financial statements, or the other information otherwise appears to be materially misstated. If,
based on the work performed, we conclude that an uncorrected material misstatement of the other
information exists, we are required to describe it in our report.
Board of Directors
Casitas Municipal Water District
(14)
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated
November 21, 2025, on our consideration of the District’s internal control over financial reporting and on
our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements
and other matters. The purpose of that report is solely to describe the scope of our testing of internal
control over financial reporting and compliance and the results of that testing, and not to provide an
opinion on the effectiveness of the District’s internal control over financial reporting or on compliance.
That report is an integral part of an audit performed in accordance with Government Auditing Standards
in considering the District’s internal control over financial reporting and compliance.
CliftonLarsonAllen LLP
Irvine California
November 21 2025
CASITAS MUNICIPAL WATER DISTRICT
MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED)
YEARS ENDED JUNE 30, 2025 AND 2024
(15)
Management’s Discussion and Analysis (MD&A) offers readers of Casitas Municipal Water District’s financial
statements a narrative overview of the District’s financial activities for the year ended June 30, 2025 and 2024.
This MD&A presents financial highlights, an overview of the accompanying financial statements, an analysis of
net position and results of operation, a current-to prior year analysis for the past three years, a discussion on
restrictions, commitments and limitations, and a discussion of significant activity involving capital assets and
long-term debt. Please read in conjunction with the financial statements which follow this section.
FINANCIAL HIGHLIGHTS
In fiscal year 2025, the District’s net position increased 8.4%, or $3,713,112 from the prior year’s net
position of $44,271,923 to $47,985,035, as a result of that year’s operations.
In fiscal year 2024, the District’s net position increased 3.95%, or $2,044,899 from the prior year’s net
position of $42,589,533 to $44,271,923, as a result of this year’s operations.
In fiscal year 2025, operating revenues increased by 34.6% or $6,248,344 from $18,068,550 to
$24,316,894 from the prior year, due to increased water consumption.
In fiscal year 2024, operating revenues increased by 1.9% or $333,157 from $17,735,393 to $18,068,550
from the prior year, primarily due to recreation activities.
In fiscal year 2025, operating expenses before depreciation and change in water-in-storage inventory,
increased by 4.69% or $1,150,989 from $24,561,440 to $25,712,429, from the prior year, primarily due
to increased operational costs.
In fiscal year 2024, operating expenses before depreciation and change in water-in-storage inventory,
increased by 1.34% or $323,689 from $24,237,751 to $24,561,440, from the prior year, primarily due to
increased operational costs.
REQUIRED FINANCIAL STATEMENTS
This annual report consists of a series of financial statements. The Balance Sheets, Statements of Revenues,
Expenses and Changes in Net Position, and Statements of Cash Flows provide information about the activities
and performance of the District using accounting methods similar to those used by private sector companies.
The Balance Sheets includes all of the District’s investments in resources (assets), deferred outflows of
resources, the obligations to creditors (liabilities), and deferred inflows of resources. It also provides the basis
for computing a rate of return, evaluating the capital structure of the District and assessing the liquidity and
financial flexibility of the District. All of the current year’s revenue and expenses are accounted for in the
Statement of Revenues, Expenses, and Changes in Net Position. This statement measures the success of the
District’s operations over the past two years and can be used to determine if the District has successfully
recovered all of its costs through it rates and other charges. This statement can also be used to evaluate
profitability and creditworthiness. The final required financial statement is the Statement of Cash Flows, which
provides information about the District’s cash receipts and cash payments during the reporting periods. The
Statements of Cash Flows reports cash receipts, cash payments and net changes in cash resulting from
operations, investing, non-capital financing, and capital and related financing activities and provides answers to
such questions as where did cash come from, what was cash used for, and what was the change in cash balance
during the reporting period.
CASITAS MUNICIPAL WATER DISTRICT
MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED)
YEARS ENDED JUNE 30, 2025 AND 2024
(16)
FINANCIAL ANALYSIS OF THE DISTRICT
One of the most important questions about the District’s finances is, “Is the District better off or worse as a result
of this year’s activities?” The Balance Sheets and Statements of Revenues, Expenses, and Changes in Net
Position report information about the District in a way that helps answer this question.
These statements include all assets, deferred outflows of resources, liabilities, and deferred inflows of resources
using the accrual basis of accounting, which is similar to the accounting method used by most private sector
companies. All of the current year’s revenues and expenses are taken into account regardless of when the cash
is received or paid.
These two statements report the District’s net position and changes in them. You can think of the District’s net
position – the difference between assets, deferred outflows of resources, liabilities and deferred inflows of
resources – as one way to measure the District’s financial health, or financial position. Over time, increases or
decreases in the District’s net position are one indicator of whether its financial health is improving or
deteriorating. However, one will need to consider other non-financial factors such as changes in economic
conditions, population growth, zoning, and new or changed government legislation.
Condensed Balance Sheets
June 30, 2025 June 30, 2024 Change June 30, 2023 Change
Assets:
Current assets $26,855,095 $20,388,311 $6,466,784 $19,623,226 $765,085
Non-current assets 14,473,794 15,333,929 (860,135) 12,554,696 2,779,233
Capital assets, net 95,382,511 95,391,879 (9,368) 96,050,014 (658,135)
Total assets 136,711,400 131,114,119 5,597,281 128,227,936 2,886,183
Deferred outflows of resources 10,517,045 12,465,345 (1,948,300) 14,219,391 (1,754,046)
Total assets and deferred outflows of
resources $147,228,445 $143,579,464 $3,648,981 $142,447,327 $1,132,137
Liabilities:
Current liabilities $6,915,871 $5,131,535 $1,784,336 $4,530,803 $600,732
Non-current liabilities 83,096,968 83,638,505 (541,537) 83,455,442 183,063
Total liabilities 90,012,839 88,770,040 1,242,799 87,986,245 783,795
Deferred inflows of resources 9,230,571 10,537,501 (1,306,930) 11,871,549 (1,334,048)
Net position:
Net Investment in capital assets 38,624,685 37,576,774 1,047,911 39,209,965 (1,633,191)
Restricted 931,086 1,112,722 (181,636) 685,776 426,946
Unrestricted 8,429,264 5,582,427 2,846,837 2,693,792 2,888,635
Total net position 47,985,035 44,271,923 3,713,112 42,589,533 1,682,390
Total liabilities, deferred inflows of
resources, and net position $147,228,445 $143,579,464 $3,648,981 $142,447,327 $1,132,137
CASITAS MUNICIPAL WATER DISTRICT
MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED)
YEARS ENDED JUNE 30, 2025 AND 2024
(17)
As noted earlier, net position may serve over time as a useful indicator of a government’s financial position. In
the case of the District, assets and deferred outflows of resources of the District exceeded liabilities and deferred
inflows of resources by $47,985,035, $44,271,923, and $42,589,533 as of June 30, 2025, 2024, and 2023,
respectively.
By far the largest portion of the District’s net position (80% as of June 30, 2025, 85% as of June 30, 2024, and
92% as of June 30, 2023) reflects the District’s net investment in capital assets (net depreciation) less any related
debt used to acquire those assets that is still outstanding. The District uses these capital assets to provide
services to its customers; consequently, these assets are not available for future spending.
At the end of years 2025, 2024, and 2023, the District showed a positive balance in its unrestricted net position
of $8,429,264, $5,582,427, and $2,693,792 respectively, which may be utilized in future years.
Condensed Statements of Revenues, Expenses, and Changes in Net Position
The statement of revenues, expenses and changes in net position shows how the District’s net position changed
during the fiscal years. In the case of the District, the District’s net position increased by $3,713,112 and
$2,044,899 for the years ended June 30, 2025 and 2024 respectively and decreased by $3,486,316 for the years
ended June 30, 2023.
June 30, 2025 June 30, 2024 Change June 30, 2023 Change
Operating revenues $24,316,894 $18,068,550 $6,248,344 $17,735,393 $333,157
Operating expenses (26,442,329) (19,609,647) (6,832,682) (22,238,226) 2,628,579
Operating income before depreciation (2,125,435) (1,541,097) (584,338) (4,502,833) 2,961,736
Depreciation expense (4,322,963) (4,229,659) (93,304) (4,143,938) (85,721)
Operating income (loss) (6,448,398) (5,770,756) (677,642) (8,646,771) 2,876,015
Non-operating revenues (expenses), net 8,685,362 6,793,120 1,892,242 4,970,292 1,822,828
Net loss before capital contributions 2,236,964 1,022,364 1,214,600 (3,676,479) 4,698,843
Capital contributions 1,476,148 1,022,535 453,613 190,163 832,372
Change in net position 3,713,112 2,044,899 1,668,213 (3,486,316) 5,531,215
Net position:
Beginning of year 44,640,407 42,589,533 2,050,874 46,075,849 (3,486,316)
Prior period adjustment (368,484) (362,509) (5,975) - (362,509)
End of year $47,985,035 $44,271,923 $3,713,112 $42,589,533 $1,682,390
CASITAS MUNICIPAL WATER DISTRICT
MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED)
YEARS ENDED JUNE 30, 2025 AND 2024
(18)
Total Revenues
In fiscal year 2025, operating revenues increased by 34.6% or $6,248,344 from $18,068,550 to $24,316,894
from the prior year. Water consumption along with the rate increases is the main driver in the year over year
increase.
In fiscal year 2024, operating revenues slightly increased by 1.9% or $333,157 from $17,735,393 to $18,068,550
from the prior year. With the lake being about 100% full along with the new aquatic play structure increased the
amount of traffic and revenue that was generated by recreation activities.
In fiscal year 2023, operating revenues decreased by 15.9% or $3,363,451 from $21,098,844 to $17,735,393
from the prior year. The decrease in revenues is primarily due to historically low water consumption as a result
of the winter storms.
June 30, 2025 June 30, 2024
Increase
(Decrease) June 30, 2023
Increase
(Decrease)
Operating revenues:
Retail water consumption $8,033,874 $4,978,739 $3,055,135 $5,226,167 ($247,428)
Wholesale water sales 2,574,516 1,349,832 1,224,684 1,357,651 (7,819)
Monthly water service charge 6,570,736 6,008,900 561,836 5,669,871 339,029
Recreation revenue 6,628,905 5,460,240 1,168,665 4,703,998 756,242
Other water charges and services 508,863 270,839 238,024 777,706 (506,867)
Total operating revenues 24,316,894 18,068,550 6,248,344 17,735,393 333,157
Non-operating:
Property taxes- ad valorem 3,340,319 3,150,716 189,603 2,973,364 177,352
Pass-through property tax increment 490,947 415,409 75,538 414,840 569
Property tax assessment for SWP 1,395,222 1,195,624 199,598 1,447,573 (251,949)
State water project water sales to other agencies 1,000,000 1,375,000 (375,000) 175,000 1,200,000
CFD 2013-1 assessment 3,057,126 2,963,060 94,066 2,929,902 33,158
Mira Monte assessment - 65 (65) 165 (100)
Investment earnings 512,245 525,613 (13,368) 155,531 370,082
Adjudication 566,470 571,394 (4,924) 576,003 (4,609)
Other non-operating revenues/ (expenses), net 2,343,665 249,608 2,094,057 176,270 73,338
Total non-operating 12,705,994 10,446,489 2,259,505 8,848,648 1,597,841
Total revenues $37,022,888 $28,515,039 $8,507,849 $26,584,041 $1,930,998
CASITAS MUNICIPAL WATER DISTRICT
MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED)
YEARS ENDED JUNE 30, 2025 AND 2024
(19)
Total Expenses
In fiscal year 2025, operating expenses before depreciation and change in water-in-storage inventory, increased
by 4.69% or $1,150,989 from $24,561,440 to $25,712,429. The engineering department saw a significant
decrease in expenses from the prior year primarily due no longer absorbing expenses relating to the January
2023 storms. All the other departments increased year over year can be attributed to general operational
increases.
In fiscal year 2024, operating expenses before depreciation and change in water-in-storage inventory, slightly
increased by 1.341% or $323,689 from $24,237,751 to $24,561,440, from the prior year, which can be attributed
to general operational increases.
In fiscal year 2023, operating expenses before depreciation and change in water-in-storage inventory, increased
by 3.62% or $847,151 from $23,390,600 to $24,237,751, from the prior year, primarily due to expenses related
to the damages sustained from the January 2023 storms.
June 30, 2025 June 30, 2024
Increase
(Decrease) June 30, 2023
Increase
(Decrease)
Operating expenses:
Fisheries $773,393 $755,804 $17,589 $543,410 $212,394
Engineering 2,442,981 2,904,477 (461,496) 4,050,866 (1,146,389)
Water Treatment 2,652,983 2,487,997 164,986 2,393,601 94,396
Water Quality 1,039,295 846,449 192,846 897,299 (50,850)
Utilities Maintenance 1,210,114 1,089,643 120,471 1,086,579 3,064
Electrical Mechanical 3,137,716 2,855,417 282,299 2,908,210 (52,793)
Pipeline 1,788,539 1,666,320 122,219 1,680,785 (14,465)
Recreation expenses 5,999,660 5,478,328 521,332 4,772,978 705,350
Operations Maintenance & Management 1,687,881 1,588,634 99,247 1,493,084 95,550
General and administrative 4,979,867 4,888,371 91,496 4,410,939 477,432
Change in water-in-storage inventory 729,900 (4,951,793) 5,681,693 (1,999,525) (2,952,268)
Operating expenses before depreciation 26,442,329 19,609,647 6,832,682 22,238,226 (2,628,579)
Depreciation 4,322,963 4,229,659 93,304 4,143,938 85,721
Total operating expenses 30,765,292 23,839,306 6,925,986 26,382,164 (2,542,858)
Non-operating:
State water project expense 779,259 979,475 (200,216) 1,119,365 (139,890)
Tax collection expense 56,546 56,101 445 47,388 8,713
Interest expense- Long-term debt 2,375,477 2,415,549 (40,072) 2,458,630 (43,081)
Amortization of Bond Insurance on CFD 2013-1 20,241 20,241 - 20,241 -
Adjudication 748,068 144,448 603,620 147,680 (3,232)
Bond and Administrative Fees 36,501 30,767 5,734 34,552 (3,785)
Cost of debt issuance - - - 50,500 (50,500)
Loss on Disposition of Capital Asset 4,540 6,788 (2,248) - 6,788
Total non-operating 4,020,632 3,653,369 367,263 3,878,356 (224,987)
Total expenses $34,785,924 $27,492,675 $7,293,249 $30,260,520 ($2,767,845)
CASITAS MUNICIPAL WATER DISTRICT
MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED)
YEARS ENDED JUNE 30, 2025 AND 2024
(20)
Capital Assets
At the end of year 2025, 2024, and 2023 the District’s investment in capital assets amounted to $95,382,511,
$95,391,879, and $96,050,014 (net of accumulated depreciation), respectively. Capital asset additions
amounted to $4,340,571 for various projects primarily related to the Ventura County-Santa Barbara Intertie
projects, Rincon backup generator, DBP reduction project, and the Marion Walker treatment plant generator.
See Note 6 for further information.
Debt Administration
The long-term debt of the District is summarized below:
Long term debt decreased by $1,295,201 for the year ended June 30, 2025, due to principal payments along
with premium amortization of the long term debt. Debt increased for the year ended June 30, 2023, due to the
replacement of the aquatic play structure at Lake Casitas. See Notes 8, 9, and 10 for further information.
Balance Balance Balance
June 30, 2025 June 30, 2024 June 30, 2023
Capital assets:
Non-depreciable assets $15,688,125 $13,514,383 $17,878,979
Depreciable assets 174,700,725 173,140,646 165,651,742
Accumulated depreciation (95,862,624) (92,238,384) (88,454,753)
Lease Asset 852,970 649,433 520,882
Amortization Lease Asset (349,975) (202,217) (76,073)
SBITA 1,017,155 940,523 758,670
Amortization SBITA (663,865) (412,505) (229,433)
Total capital assets, net $95,382,511 $95,391,879 $96,050,014
Balance Balance Balance
June 30, 2025 June 30, 2024 June 30, 2023
Long-term debt:
Reimbursement agreement $2,085,160 $2,162,388 $2,239,616
Loans payable 2,148,737 2,396,878 2,636,911
Notes Payable 136,310 199,319 251,255
Lease Payable 483,911 399,271 381,659
SBITA 316,641 491,677 468,132
Special tax bonds 53,779,964 54,596,391 55,332,818
Total Long Term Debt $58,950,723 $60,245,924 $61,310,391
CASITAS MUNICIPAL WATER DISTRICT
MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED)
YEARS ENDED JUNE 30, 2025 AND 2024
(21)
NOTES TO THE BASIC FINANCIAL STATEMENTS
The notes provide additional information that is essential to a full understanding of the data provided in the
basic financial statements.
CONDITIONS AFFECTING CURRENT FINANCIAL POSITION
With the lake being 93.7% full along with the exceptional job District customers have done over the years in
regard to conservation efforts has resulted in lower water consumption. Although the District saw a significant
increase in demand compared to the prior year balancing operational expenses, maintaining a capital
replacement program, and replenishing reserves continues to be challenging for the District. The full magnitude
decreased demand will have on the District’s financial condition, liquidity and future continues to remain
uncertain.
CONTACTING THE DISTRICT’S FINANCIAL MANAGEMENT
This financial report is designed to provide the District’s funding sources, customers, stakeholders, and other
interested parties with an overview of the District’s financial operations and financial condition. Should the reader
have questions regarding the information included in this report or wish to request additional financial information,
please contact the District’s Chief Financial Officer at 1055 Ventura Avenue, Oak View, California 93022 or (805)
649-2251 x 103.
CASITAS MUNICIPAL WATER DISTRICT
BALANCE SHEETS
JUNE 30, 2025 AND 2024
See accompanying Notes to Basic Financial Statements.
(22)
2025 2024
ASSETS AND DEFERRED OUTFLOWS OF RESOURCES
CURRENT ASSETS
Cash and Cash Equivalents 8,638,320$ 6,312,473$
Investments 11,023,796 9,684,841
Accrued Interest Receivable 72,962 54,533
Accounts Receivable, Net 6,358,610 3,308,978
Materials and Supplies Inventory 44,237 56,722
Prepaid Expenses 717,170 970,764
Total Current Assets 26,855,095 20,388,311
NONCURRENT ASSETS
Restricted - Cash and Cash Equivalents 4,787 135,021
Water-in-Storage Inventory 14,469,007 15,198,908
Capital Assets - Not Being Depreciated 15,688,125 13,514,383
Capital Assets - Being Depreciated, Net 78,838,101 80,902,262
Capital Assets, Intangible Asset - Right-to-Use Leased Asset, Net 502,995 447,216
Capital Assets, Intangible Asset - SBITA, Net 353,290 528,018
Total Noncurrent Assets 109,856,305 110,725,808
Total Assets 136,711,400 131,114,119
DEFERRED OUTFLOWS OF RESOURCES
Deferred Loss on CFD 2013-1 2,453,301 2,659,172
OPEB Related Deferred Outflows of Resources 3,920,574 4,611,611
Pension Related Deferred Outflows of Resources 4,143,170 5,194,562
Total Deferred Outflows of Resources 10,517,045 12,465,345
Total Assets and Deferred Outflows of Resources 147,228,445$ 143,579,464$
CASITAS MUNICIPAL WATER DISTRICT
BALANCE SHEETS (CONTINUED)
JUNE 30, 2025 AND 2024
See accompanying Notes to Basic Financial Statements.
(23)
2025 2024
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES, AND NET POSITION
CURRENT LIABILITIES
Accounts Payable and Accrued Expenses 1,873,497$ 1,211,499$
Deposits 1,066,672 106,286
Accrued Interest Payable 796,454 820,177
Unearned Revenue 758,148 683,425
Long-Term Liabilities - Due Within One Year:
Compensated Absences 716,117 679,447
Claims Liability 224,575 288,397
Lease Liability 148,273 104,802
SBITA Liability 239,250 234,125
Long-Term Debt 1,092,885 1,003,377
Total Current Liabilities 6,915,871 5,131,535
NONCURRENT LIABILITIES
Long-Term Liabilities - Due in More Than One Year:
Compensated Absences 1,074,173 1,019,167
Claims Liability 56,610 85,463
Lease Liability 335,638 294,469
SBITA Liability 77,391 257,552
Long-Term Debt 57,057,286 58,351,599
Net OPEB Liability 12,063,469 11,176,458
Net Pension Liability 12,432,401 12,453,797
Total Noncurrent Liabilities 83,096,968 83,638,505
Total Liabilities 90,012,839 88,770,040
DEFERRED INFLOWS OF RESOURCES
OPEB Related Deferred Inflows of Resources 9,188,629 10,428,644
Pension Related Deferred Inflows of Resources 41,942 108,857
Total Deferred Inflows of Resources 9,230,571 10,537,501
NET POSITION
Net Investment in Capital Assets 38,624,685 37,576,774
Restricted for Adjudication 931,086 1,112,722
Unrestricted 8,429,264 5,582,427
Total Net Position 47,985,035 44,271,923
Total Liabilities, Deferred Inflows of Resources,
and Net Position 147,228,445$ 143,579,464$
CASITAS MUNICIPAL WATER DISTRICT
STATEMENTS OF REVENUE, EXPENSES, AND CHANGES IN NET POSITION
YEARS ENDED JUNE 30, 2025 AND 2024
See accompanying Notes to Basic Financial Statements.
(24)
2025 2024
OPERATING REVENUES
Retail Water Consumption 8,033,874$ 4,978,739$
Wholesale Water Sales 2,574,516 1,349,832
Monthly Water Service Charge 6,570,736 6,008,900
Recreation Revenue 6,628,905 5,460,240
Other Water Charges and Services 508,863 270,839
Total Operating Revenues 24,316,894 18,068,550
OPERATING EXPENSES
Fisheries 773,393 755,804
Engineering 2,442,981 2,904,477
Water Treatment 2,652,983 2,487,997
Water Quality 1,039,295 846,449
Utilities Maintenance 1,210,114 1,089,643
Electrical Mechanical 3,137,716 2,855,417
Pipeline 1,788,539 1,666,320
Recreation Expenses 5,999,660 5,478,328
Operations Maintenance and Management 1,687,881 1,588,634
General and Administrative 4,979,867 4,888,371
Change in Water-in-Storage Inventory 729,900 (4,951,793)
Total Operating Expenses 26,442,329 19,609,647
OPERATING LOSS BEFORE DEPRECIATION (2,125,435) (1,541,097)
DEPRECIATION AND AMORTIZATION
Depreciation (3,925,908) (3,879,138)
Right-to-Use Leased Asset Amortization (147,758) (126,144)
SBITA Amortization (249,297) (224,377)
Total Depreciation and Amortization (4,322,963) (4,229,659)
OPERATING LOSS (6,448,398) (5,770,756)
NONOPERATING REVENUES (EXPENSES)
Property Taxes - Ad Valorem 3,340,319 3,150,716
Pass-Through Property Tax Increment 490,947 415,409
Property Tax Assessment for State Water Project 1,395,222 1,195,624
State Water Project Water Sales to Other Agencies 1,000,000 1,375,000
State Water Project Expense (779,259) (979,475)
CFD 2013-1 Assessment 3,057,126 2,963,060
Mira Monte Assessment - 65
Tax Collection Expense (56,546) (56,101)
Investment Earnings 512,245 525,613
Interest Expense - Long-Term Debt (2,375,477) (2,415,549)
Amortization of Bond Insurance on CFD 2013-1 (20,241) (20,241)
Bond and Administrative Fees (36,501) (30,767)
Adjudication Charge 566,470 571,394
Adjudication Costs (748,068) (144,448)
Loss on Disposition of Capital Assets (4,540) (6,788)
Other, Net 2,343,665 249,608
Total Nonoperating Revenues (Expenses), Net 8,685,362 6,793,120
NET INCOME (LOSS) BEFORE CAPITAL CONTRIBUTIONS 2,236,964 1,022,364
CAPITAL CONTRIBUTIONS
Federal, State, and Local Grants 1,476,148 1,022,535
Total Capital Contributions 1,476,148 1,022,535
CHANGE IN NET POSITION 3,713,112 2,044,899
Net Position - Be innin of Year, As Previousl Presented 44,271,923 42,589,533
Restatement - 362,509
Net Position - Beginning of Year, As Restated 44,271,923 42,227,024
NET POSITION - END OF YEAR 47,985,035$ 44,271,923$
CASITAS MUNICIPAL WATER DISTRICT
STATEMENTS OF CASH FLOWS
YEARS ENDED JUNE 30, 2025 AND 2024
See accompanying Notes to Basic Financial Statements.
(25)
2025 2024
CASH FLOWS FROM OPERATING ACTIVITIES
Cash Receipts from Customers and Others 26,134,074$ 20,481,880$
Cash Paid to Employees for Salaries and Benefits (15,336,285) (14,592,500)
Cash Paid to Vendors and Suppliers for Materials and Services (9,043,083) (8,910,751)
Net Cash Provided (Used) by Operating Activities 1,754,706 (3,021,371)
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES
Proceeds from Property Taxes and Assessments 8,285,154 7,699,181
Tax Collection Expense (56,546) (56,101)
Net Cash Provided by Noncapital Financing Activities 8,228,608 7,643,080
CASH FLOWS FROM CAPITAL AND RELATED FINANCING
ACTIVITIES
Acquisition and Construction of Capital Assets (4,630,515) (4,154,562)
Proceeds from Capital Grants 1,476,148 1,022,535
Principal Paid on Long-Term Debt (1,003,378) (953,949)
Interest and Fees Paid on Long-Term Debt (2,399,382) (2,420,871)
Lease payments (118,897) (94,903)
SBITA payments (268,716) (232,570)
Net Cash Used by Capital and Related Financing
Activities (6,944,740) (6,834,320)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from the Sale or Maturity of Investments - 1,139,924
Purchases of Investments (1,119,221) -
Investment Earnings 276,260 329,878
Net Cash Provided (Used) by Investing Activities (842,961) 1,469,802
NET CHANGE IN CASH AND CASH EQUIVALENTS 2,195,613 (742,809)
Cash and Cash Equivalents - Beginning of Year 6,447,494 7,190,303
CASH AND CASH EQUIVALENTS - END OF YEAR 8,643,107$ 6,447,494$
RECONCILIATION OF CASH AND CASH EQUIVALENTS
TO THE BALANCE SHEET
Cash and Cash Equivalents 8,638,320$ 6,312,473$
Restricted - Cash and Cash Equivalents 4,787 135,021
Total Cash and Cash Equivalents 8,643,107$ 6,447,494$
CASITAS MUNICIPAL WATER DISTRICT
STATEMENTS OF CASH FLOWS (CONTINUED)
YEARS ENDED JUNE 30, 2025 AND 2024
See accompanying Notes to Basic Financial Statements.
(26)
2025 2024
RECONCILIATION OF OPERATING LOSS TO NET CASH
PROVIDED USED BY OPERATING ACTIVITIES
Operating Loss (6,448,398)$ (5,770,756)$
Adjustments to Reconcile Operating Loss to Net Cash
Provided (Used) by Operating Activities:
Depreciation and Amortization 4,322,963 4,229,659
State Water Project Water Sales to Other Agencies 1,000,000 1,375,000
State Water Project Expense (779,259) (979,475)
Bond and Administrative Fees (36,501) (30,767)
Adjudication Charges 566,470 571,394
Adjudication Costs (748,068) (144,448)
Other, Net 2,343,665 249,608
Cancelled Prior Year Construction in Progress Balances 509,235 994,630
Change in Assets - (Increase) Decrease:
Accounts Receivable (3,051,172) (229,427)
Materials and Supplies Inventory 12,485 3,897
Prepaid Expenses 253,594 (32,926)
Water-in-Storage Inventory 729,901 (4,951,793)
Change in Deferred Outflows of Resources - (Increase) Decrease:
OPEB Related Deferred Outflows of Resources 691,037 1,649,152
Pension Related Deferred Outflows of Resources 1,051,392 (100,977)
Change in Liabilities - Increase (Decrease):
Accounts Payable and Accrued Expenses 821,459 (444,216)
Deposits 883,494 (234,883)
Unearned Revenue 74,723 683,425
Compensated Absences 91,676 53,961
Claims Liability (92,675) 207,212
Net OPEB Liability 887,011 284,551
Net Pension Liabilities (21,396) 929,856
Change in Deferred Inflows of Resources - Increase (Decrease):
OPEB Related Deferred Inflows of Resources (1,240,015) (1,263,220)
Pension Related Deferred Inflows of Resources (66,915) (70,828)
Total Adjustments 8,203,104 2,749,385
Net Cash Provided (Used) by Operating Activities 1,754,706$ (3,021,371)$
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING,
CAPITAL, AND FINANCING ACTIVITY
Change in Fair-Value of Investments 217,554$ 203,241$
Loss on Disposition of Capital Assets (4,540)$ (33,084)$
Capital Asset Purchases in Accounts Payable and Deposits 265,191$ 363,374$
Issuance of Notes Payable for Capital Asset Purchases -$ 49,752$
Issuance of Leases 203,537$ 112,515$
Issuance of SBITAs 93,680$ 256,115$
CASITAS MUNICIPAL WATER DISTRICT
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2025 AND 2024
(27)
NOTE 1 DESCRIPTION OF ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
A. Description of the Organization
Established in 1952, the Casitas Municipal Water District (the District) provides domestic
and agricultural water to the western portion of Ventura County. The District is governed
by a five-member board of directors who serve overlapping four-year terms.
The District is the primary governmental unit based on the foundation of a separately
elected governing board that is elected by the citizens in a general popular election.
Component units are legally separate organizations for which the elected officials of the
primary government are financially accountable. The District is financially accountable if
it appoints a voting majority of the organization’s governing body and: 1) it is able to
impose its will on that organization, or 2) there is a potential for the organization to
provide specific financial benefits to, or impose specific financial burdens on, the primary
government, or 3) the primary government holds a majority equity interest of an
organization. The District has no component units.
B. Basis of Presentation, Measurement Focus, and Basis of Accounting
The District reports its activities as an enterprise fund, which is used to account for
operations that are financed and operated in a manner similar to a private business
enterprise, where the intent of the District is that the costs (including depreciation) of
providing goods or services to the general public on a continuing basis be financed or
recovered primarily through user charges.
Measurement focus is a term used to describe which transactions are recorded within
the various financial statements. Basis of accounting refers to when transactions are
recorded regardless of the measurement focus applied. The accompanying financial
statements are reported using the economic resources measurement focus and the
accrual basis of accounting. Under the economic measurement focus all assets,
deferred outflows of resources, liabilities, and deferred inflows of resources (whether
current or noncurrent) associated with these activities are included in the statement of
net position. The statement of revenues, expenses, and changes in net position present
increases (revenues) and decreases (expenses) in total net position. Under the accrual
basis of accounting, revenues are recorded when earned and expenses are recorded at
the time liabilities are incurred, regardless of when the related cash flows take place.
Nonexchange transactions, in which the District gives (or receives) value without directly
receiving (or giving) equal value in exchange, include property taxes, grants,
entitlements, and donations. Revenue from grants, entitlements, and donations is
recognized in the year in which all eligibility requirements have been satisfied.
CASITAS MUNICIPAL WATER DISTRICT
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2025 AND 2024
(28)
NOTE 1 DESCRIPTION OF ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (CONTINUED)
B. Basis of Presentation, Measurement Focus, and Basis of Accounting (Continued)
The District reports a measure of operations by presenting the change in net position
from operations as operating income in the statement of revenues, expenses, and
changes in net position. Operating revenues, such as charges for services (retail water
sales, wholesale water sales, monthly water charge, recreation revenue, and other water
charges and services), result from exchange transactions associated with the principal
activity of the District. Nonoperating revenues, such as property taxes, assessments,
investment earnings, adjudication charges, and other such items, result from
nonexchange activities in which the District receives value without directly giving equal
value in exchange. Operating expenses include the costs of providing water and related
services (fisheries, engineering, water treatment, water quality, utilities maintenance,
electrical mechanical, pipeline, operations maintenance and management, and change
in water-in-storage inventory), general and administrative expenses, recreation
expenses, depreciation on capital assets, and amortization on right-to-use leased assets
and SBITAs. All expenses not meeting this definition are reported as nonoperating
expenses.
C. Assets, Deferred Outflows of Resources, Liabilities, Deferred Inflows of
Resources, and Net Position
1. Cash and Cash Equivalents
For purposes of the statement of cash flows, the District considers all highly liquid
investments with a maturity of 90 days or less, when purchased, to be cash
equivalents.
2. Investments
Investments are reported at fair value, which is the price that would be received to
sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. Investments in governmental investment pools
are reported at fair value based on the fair value per share of the pool’s underlying
portfolio (in relation to the amortized cost of that portfolio). Changes in fair value that
occur during a fiscal year are recognized as investment earnings reported for that
fiscal year. Investment earnings includes interest earnings, changes in fair value, and
any gains or losses realized upon the liquidation or sale of investments.
In accordance with fair value measurements, the District categorizes its assets and
liabilities measured at fair value into a three-level hierarchy based on the priority of
the inputs to the valuation technique used to determine fair value. The fair value
hierarchy gives the highest priority to quoted prices in active markets for identical
assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).
If the inputs used in the determination of the fair value measurement fall within
different levels of the hierarchy, the categorization is based on the lowest level input
that is significant to the fair value measurement.
CASITAS MUNICIPAL WATER DISTRICT
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2025 AND 2024
(29)
NOTE 1 DESCRIPTION OF ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (CONTINUED)
C. Assets, Deferred Outflows of Resources, Liabilities, Deferred Inflows of
Resources, and Net Position (Continued)
2. Investments (Continued)
Financial assets and liabilities recorded on the balance sheet are categorized based
on the inputs to the valuation techniques as follows:
Level 1 – Inputs that reflect unadjusted quoted prices in active markets for
identical investments, such as stocks, corporate and government bonds. The
District has the ability to access the holding and quoted prices as of the
measurement date.
Level 2 – Inputs, other than quoted prices, that are observable for the asset or
liability, either directly or indirectly, including inputs from markets that are not
considered to be active.
Level 3 – Inputs that are unobservable. Unobservable inputs reflect the District’s
own assumptions about the factors market participants would use in pricing an
investment and is based on the best information available in the circumstances.
3. Receivables and Allowance for Doubtful Accounts
Customer accounts receivable consist of amounts owed by private individuals and
organizations for services rendered in the regular course of business operations.
Receivables are shown net of allowances for doubtful accounts. Uncollectable
accounts are based on prior experience and management’s assessment of the
collectability of existing accounts. If balances are determined to be uncollectible, they
are written off as bad debt expense.
4. Prepaids
Certain payments of vendors reflect costs applicable to future accounting periods
and are recorded as prepaid items.
5. Customer Deposits
Based on a customer’s creditworthiness, the District may require a deposit deemed
reasonable by the District. These deposits are held to pay-off close out bills or to
cover delinquent payments.
CASITAS MUNICIPAL WATER DISTRICT
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2025 AND 2024
(30)
NOTE 1 DESCRIPTION OF ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (CONTINUED)
C. Assets, Deferred Outflows of Resources, Liabilities, Deferred Inflows of
Resources, and Net Position (Continued)
6. Materials and Supplies Inventory
Inventory consists primarily of materials and supplies used in the construction and
maintenance of the water system and is stated at cost on a first-in, first-out basis.
7. Water-in-Storage Inventory
Water-in-storage inventory consists of the water in Lake Casitas that flows from
streams, rainfall, and diverted water. The value of water inventory is determined
based upon the quantity of water in storage in Lake Casitas and the costs to divert
the water into the lake on a first-in, first-out basis using the consumption method. A
base year of June 30, 2011 was determined to have lake levels that equaled full
capacity. In years when the lake level decreases, a reduction is made to inventory
equal to the acre-foot reduction as a pro-rata portion of the base year inventory
balance. In years when the lake level increases, the diversion costs are capitalized
into inventory and tracked as additional values that can be used to relieve inventory
once the base year costs have been exhausted.
8. Capital Assets
Capital assets acquired and/or constructed are capitalized at historical cost.
Contributed assets are recorded at acquisition value at date of donation. It is the
District’s policy to capitalize assets costing over $5,000 and a useful life of more than
one year. The District also records the value of the intangible right-to-use assets and
subscription-based information technology arrangements (SBITA) based on the
underlying leased asset and SBITA guidance in accordance with Governmental
Accounting Standards Board (GASB) Statements No. 87, Leases, and No. 96,
SBITAs. The right to use the intangible asset and SBITA are amortized over the
lesser of term or useful life of the underlying asset. The provision for depreciation is
computed using the straight-line method over the estimated service lives of the
capital assets. Estimated service lives for the District’s classes of assets are as
follows:
Description Estimated Lives
State Water Project Entitlement 72 Years
Transmission and Distribution System 50 to 100 Years
Pumping Plant 10 to 30 Years
Water Treatment Plant 10 to 30 Years
Buildings and Structures 10 to 30 Years
Equipment 5 to 20 Years
Fish Ladder 25 to 50 Years
Recreation Assets 25 to 50 Years
Alternate Swimming Facility 25 Years
CASITAS MUNICIPAL WATER DISTRICT
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2025 AND 2024
(31)
NOTE 1 DESCRIPTION OF ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (CONTINUED)
C. Assets, Deferred Outflows of Resources, Liabilities, Deferred Inflows of
Resources, and Net Position (Continued)
9. Deferred Outflows/Inflows of Resources
In addition to assets, the balance sheets reports a separate section for deferred
outflows of resources. This separate financial statement element, deferred outflows
of resources, represents a consumption of net assets that applies to future periods
and so will not be recognized as an outflow of resources (expense) until that time.
The category of deferred outflow of resources reported in the balance sheets is
related to a loss on refunding, pension, and other postemployment benefits. A
deferred loss on refunding results from the difference in the carrying value of the
refunded debt and its reacquisition price. This amount is deferred and amortized over
the shorter of the life of the refunded or refunding debt. Deferred outflows on other
postemployment benefits and pension are more fully discussed in Notes 11 and 12,
respectively.
In addition to liabilities, the balance sheets reports a separate section for deferred
inflows of resources. This separate financial statement element, deferred inflows of
resources, represents an acquisition of net assets that applies to future periods and
will not be recognized as an inflow of resources (revenue) until that time. The
District’s deferred inflows of resources reported on the balance sheets relate to other
postemployment benefits and pension, which are more fully discussed in Notes 11
and 12, respectively.
10. Compensated Absences
The District’s personnel policies provide for accumulation of vacation and sick leave
(employee benefits). The liability for compensated absences consists of leave that
has not been used that is attributable to services already rendered, accumulates and
is more likely than not to be used for time off or otherwise paid in cash or settled
through noncash means. The liability also includes amounts for leave that has been
used for time off but has not yet been paid in cash or settled through noncash means
and certain other types of leave.
CASITAS MUNICIPAL WATER DISTRICT
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2025 AND 2024
(32)
NOTE 1 DESCRIPTION OF ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (CONTINUED)
C. Assets, Deferred Outflows of Resources, Liabilities, Deferred Inflows of
Resources, and Net Position (Continued)
11. Pensions
For purposes of measuring the net pension liability and deferred outflows/inflows of
resources related to pensions, and pension expense, information about the fiduciary
net position of the District’s California Public Employees’ Retirement System
(CalPERS) plans and addition to/deductions from the Plans’ fiduciary net position
have been determined on the same basis as they are reported by CalPERS. For this
purpose, benefit payments (including refunds of employee contributions) are
recognized when due and payable in accordance with the benefit terms. Investments
are reported at fair value.
12. Postemployment Benefits Other Than Pensions (OPEB)
For purposes of measuring the net OPEB liability, deferred outflows/inflows of
resources related to OPEB, and OPEB expense, information about the fiduciary net
position of the District’s OPEB plan and additions to/deductions from the plan’s
fiduciary net position have been determined on the same basis as they are reported
by the plan. For this purpose, the plan recognizes benefit payments when due and
payable in accordance with the benefit terms. Investments are reported at fair value,
except for money market investments and participating interest-earning investment
contracts that have a maturity at the time of purchase of one year or less, which are
reported at cost.
13. Net Position
Net position is classified into three components: net investment in capital assets;
restricted; and unrestricted. These classifications are defined as follows:
Net Investment in Capital Assets – This component of net position consists of
capital assets, net of accumulated depreciation, capital assets, intangible
assets – right to use leased assets and intangible assets – SBITAs, net of
accumulated amortization and reduced by the outstanding balances of any
bonds, mortgages, notes, leases payable, or other borrowings or payables that
are attributable to the acquisition, construction, or improvement of those assets.
If there are significant unspent related debt proceeds at year-end, the portion of
the debt attributable to the unspent proceeds are not included in the calculation
of net investment in capital assets. Rather, that portion of the debt is included in
the same net position component as the unspent proceeds.
Restricted – This component of net position consists of constraints placed on
net position use through external constraints imposed by creditors (such as
through debt covenants), grantors, contributors, or laws or regulations of other
governments or constraints imposed by law through constitutional provisions or
enabling legislation.
CASITAS MUNICIPAL WATER DISTRICT
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2025 AND 2024
(33)
NOTE 1 DESCRIPTION OF ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (CONTINUED)
C. Assets, Deferred Outflows of Resources, Liabilities, Deferred Inflows of
Resources, and Net Position (Continued)
13. Net Position (Continued)
Unrestricted – This component of net position consists of net position that does
not meet the definition of “net investment in capital assets” or :restricted”.
When both restricted and unrestricted resources are available for use, it is the
District’s policy to use restricted resources first, then unrestricted resources as they
are needed.
D. Property Taxes and Assessments
Property taxes are levied based on a fiscal year (July 1 – June 30) each year. The
property tax assessments are formally due on November 1 and February 1, and become
delinquent after December 10 and April 10, respectively. Taxes become a lien on the
property effective January 1 of the preceding year.
E. Capital Contributions
Capital contributions represent federal, state, and local grants received for the
construction of capital projects.
F. Use of Estimates
The preparation of financial statements in conformity with accounting principles generally
accepted in the United States of America requires management to make estimates and
assumptions that affect the reported amounts of assets, deferred outflows of resources,
liabilities, and deferred inflows of resources and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amounts of revenues
and expenditures during the reported period. Actual results could differ from those
estimates.
G. State Water Project Participation Rights
The District participates in the State Water Project (Project) entitling it to certain water
rights. The District’s participation in the Project is through cash payments. Monies used
for the construction of capital assets, such as pipelines, pumping facilities, storage
facilities, etc., are recorded as State Water Project entitlement rights and amortized over
the life of the agreements within capital assets. Certain projects also require payments
for on-going maintenance; those payments are charged to expenses as incurred.
CASITAS MUNICIPAL WATER DISTRICT
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2025 AND 2024
(34)
NOTE 2 CASH AND INVESTMENTS
Cash and investments were classified in the accompanying financial statements as follows:
Description 2025 2024
Cash and Cash Equivalents 8,638,320$ 6,312,473$
Investments 11,023,796 9,684,841
Restricted - Cash and Cash Equivalents 4,787 135,021
Total 19,666,903$ 16,132,335$
June 30,
Cash and investments consisted of the following:
Description 2025 2024
Cash on Hand 6,800$ 6,800$
Demand Deposits Held in Financial Institutions 8,620,422 6,178,779
Other Cash and Cash Equivalents:
Deposits in Money-Market Funds 7,123 123,091
Deposits in the Local Agency Investment Fund (LAIF) 540 516
Deposits in the Ventura County Pooled Investment
Fund 3,435 3,287
Subtotal Cash and Cash Equivalents 8,638,320 6,312,473
Investments 11,023,796 9,684,841
Restricted - Investments with Fiscal Agent 4,787 135,021
Total 19,666,903$ 16,132,335$
June 30,
Custodial Credit Risk – Deposits
Custodial credit risk is the risk that in the event of a bank failure, the District’s deposits may
not be returned to it. The District does not have a policy for custodial credit risk for deposits.
Cash balances held in banks are insured up to $250,000 by the Federal Depository
Insurance Corporation (FDIC) and are collateralized by the respective financial institutions.
In addition, the California Government Code requires that a financial institution secure
deposits made by state or local governmental units by pledging securities in an undivided
collateral pool held by a depository regulated under state law (unless so waived by the
governmental unit). The market value of the pledged securities in the collateral pool must
equal at least 110% of the total amount deposited by the public agencies. California law also
allows financial institutions to secure public deposits by pledging first trust deed mortgage
notes having a value of 150% of the secured public deposits. At June 30, 2025 and 2024, all
of the District’s deposits with financial institutions were covered by federal depository
insurance limits or were held in collateralized accounts.
CASITAS MUNICIPAL WATER DISTRICT
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2025 AND 2024
(35)
NOTE 2 CASH AND INVESTMENTS (CONTINUED)
Authorized Investments and Investment Policy
The table below identifies the investment types that are authorized for the District by the
California Government Code (or District’s investment policy, where more restrictive). The
table also identifies certain provisions of the California Government Code (or the District’s
investment policy, where more restrictive) that address interest rate risk, credit risk, and
concentration of credit risk.
This table does not address the investments of debt proceeds held by bond trustees that are
governed by the provisions of debt agreements of the District, rather than the general
provisions of the California Government Code or the District’s investment policy. This table
also does not address investments of the employer contributions to the OPEB trusts that are
governed by the agreement between the District and the trustees, rather than the general
provisions of the California Government Code or the District’s investment policy.
Maximum Maximum
Authorized Maximum Percentage Investment
Investment Type Maturity of Portfolio in One Issuer
U.S. Treasury Obligations 5-Years* None None
Government Sponsored Entities Securities 5-Years* None None
Non-Negotiable Certificates of Deposit 5-Years* 30% 10%
Medium Term Notes 5-Years 30% 10%
Money Market Mutual Funds 5-Years 20% 10%
Municipal Bonds 5-Years None 10%
Commercial Paper 270 days** 25%** 10%
Bankers Acceptances 180 days** 40%** 10%
Repurchase Agreements 1-Year** None 10%
County Pooled Investment Funds None None None
California Local Agency Investment Fund (LAIF) None 95% None
Bonds Issued by the District 5-Years 95% None
* The District’s investment policy for the fiscal year ended June 30, 2025 allows for a
maximum maturity of five years. However, a previous investment policy allowed for a
maximum maturity of ten years. The California Government Code limits the maturity to five
years but allows the board express authority to make investments either specifically or as
a part of an investment program approved by the board that exceeds this five-year
maturity limit. Such approval must be issued no less than three months prior to the
purchase of any security exceeding the five-year maturity limit. Some investments with a
maturity in excess of five years were purchased under the previous investment policy and
have not yet liquidated.
** The California Government Code is more restrictive than the District’s policy and is
reflected in these line items.
CASITAS MUNICIPAL WATER DISTRICT
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2025 AND 2024
(36)
NOTE 2 CASH AND INVESTMENTS (CONTINUED)
Money-Market Mutual Funds
Money-market mutual funds are an investment whose objective is to earn modest
investment earnings while maintaining a net asset value (NAV) of $1 per share (which is the
funds main goal – preservation of principal). A money-market mutual fund’s portfolio is
typically comprised of short-term, or less than one year, securities representing high-quality,
liquid debt and monetary instruments with minimal credit risk. Money-market mutual funds
are not subject to the fair value hierarchy. For financial reporting purposes, the District
considers money market funds a cash equivalent due to their highly liquid nature and NAV
of $1 per share.
Ventura County Pooled Investment Fund (VCPIF)
The District is a voluntary participant in the Ventura County Pooled Investment Fund
(VCPIF) pursuant to Government Code Section 53694. The cash flow needs of participants
are monitored daily to ensure that sufficient liquidity is maintained to meet the needs of
those participants. At the time deposits are made, the Ventura County Treasurer may
require the depositing entity to provide annual cash flow projections or an anticipated
withdrawal schedule for deposits in excess of $1 million. Projections are performed no less
than semi-annually. In accordance with Government Code Section 27136, all request for
withdrawal of funds for the purpose of investing or deposits the funds elsewhere shall be
evaluated to ensure the proposed withdrawal will not adversely affect the principal deposits
of the other participants. Pool detail may be obtained from the County of Ventura
Treasurer’s Office – 800 S. Victoria Ave., Ventura, California 93009 or the Treasurer and
Tax Collector’s office website at www.ventura.org/ttc.
VCPIF is not subject to the fair value hierarchy established by accounting principles
generally accepted in the United States of America as it is held at an amortized cost basis,
and it is not rated under the current credit risk ratings format. For financial reporting
purposes, the District considers the VCPIF a cash equivalent due to its highly liquid nature
and dollar-in dollar-out amortized cost methodology.
Local Agency Investment Fund (LAIF)
The California State Treasurer, through the Pooled Money Investment Account (PMIA),
invests taxpayers’ money to manage the state’s cash flow and strengthen the financial
security of local governmental entities. PMIA policy sets as primary investment objectives
safety, liquidity, and yield. Through the PMIA, the Investment Division manages the Local
Agency Investment Fund (LAIF). The LAIF allows cities, counties, and special districts to
place money in a major portfolio and, at no additional costs to taxpayers, use the expertise
of Investment Division staff. Participating agencies can withdraw their funds from the LAIF at
any time as LAIF is highly liquid and carries a dollar-in dollar-out amortized cost
methodology.
CASITAS MUNICIPAL WATER DISTRICT
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2025 AND 2024
(37)
NOTE 2 CASH AND INVESTMENTS (CONTINUED)
Local Agency Investment Fund (LAIF) (Continued)
The District is a voluntary participant in LAIF. The fair value of the District’s investment in
this pool is reported at an amount based upon the District’s pro-rata share of the fair value
provided by LAIF for the entire LAIF portfolio (in relation to the amortized cost of the of that
portfolio). The balance available for withdrawal is based on the accounting records
maintained by LAIF. LAIF is not subject to the fair value hierarchy established by accounting
principles generally accepted in the United States of America as it is held at an amortized
cost basis, and it is Not Rated under the current credit risk ratings format. For financial
reporting purposes, the District considers LAIF a cash equivalent due to its highly liquid
nature and dollar-in dollar-out amortized cost methodology.
Interest Rate Risk
Interest rate risk is the risk that changes in market interest rates will adversely affect the fair
value of an investment. Generally, the fair values of investments with longer maturities have
greater sensitivity to changes in market interest rates. One of the ways the District manages
its exposure to interest rate risk is by purchasing a combination of shorter-term and longer-
term investments and by timing cash flows from maturities to that a portion of the portfolio is
maturing or coming close to maturity as necessary to provide the cash flow and liquidity
needed for operations.
The District has elected to use the segmented time distribution method of disclosure for the
maturities of its investments as related to interest rate risk. Information about the sensitivity
of the fair values of the District’s investments (including investments held by bond trustee) to
market interest rate fluctuations is provided by the following tables that show the distribution
of the District’s investments by maturity.
The District’s investments as of June 30, 2025 were as follows:
Measurement Credit 12 Months or 13 to 24 25 to 120
Type of Investments Input Rating Fair Value Less Months Months
U.S. Treasury Obligations Level 2 AA 5,034,628$ 3,574,293$ 1,460,335$ -$
Government Sponsored
Agency Securities Level 2 AA 5,989,171 4,182,043 861,076 946,052
Local Agency Investment Fund (LAIF) N/A N/A 540 540 - -
Ventura County Pooled
Investment Fund (VCPIF) N/A N/A 3,435 3,435 - -
Money Market Mutual Funds N/A Not Rated 7,123 7,123 - -
Restricted - Investments with
Fiscal Agent:
Money Market Mutual Funds N/A AAA 4,787 4,787 - -
Total 11,039,684$ 7,772,221$ 2,321,411$ 946,052$
CASITAS MUNICIPAL WATER DISTRICT
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2025 AND 2024
(38)
NOTE 2 CASH AND INVESTMENTS (CONTINUED)
Interest Rate Risk (Continued)
The District’s investments as of June 30, 2024 were as follows:
Measurement Credit 12 Months or 13 to 24 25 to 120
Type of Investments Input Rating Fair Value Less Months Months
U.S. Treasury Obligations Level 2 AA 2,446,474$ 2,446,474$ -$ -$
Government Sponsored
Agency Securities Level 2 AA 7,238,367 1,387,634 4,084,973 1,765,760
Local Agency Investment Fund (LAIF) N/A N/A 516 516 - -
Ventura County Pooled
Investment Fund (VCPIF) N/A N/A 3,287 3,287 - -
Money Market Mutual Funds N/A Not Rated 123,091 123,091 - -
Restricted - Investments with
Fiscal Agent:
Money Market Mutual Funds N/A AAA 135,021 135,021 - -
Total 9,946,756$ 4,096,023$ 4,084,973$ 1,765,760$
Fair Value Measurement Input
The District categorizes its fair value measurement inputs within the fair value hierarchy
established by accounting principles generally accepted in the United States of America.
The District has presented its measurement inputs as noted in the previous table. U.S.
treasury obligations and government sponsored agency securities are classified in Level 2
of the fair value hierarchy and are valued using a matrix pricing technique. Matrix pricing is
used to value securities based on the securities’ relationship to benchmark quoted prices.
Custodial Credit Risk – Investments
The custodial credit risk for investments is the risk that, in the event of the failure of the
counterparty (e.g., broker-dealer) to a transaction, a government will not be able to recover
the value of its investment or collateral securities that are in the possession of another party.
The Code and the District’s investment policy contain legal and policy requirements that
would limit the exposure to custodial credit risk for investments. With respect to investments,
custodial credit risk generally applies only to direct investments in marketable securities.
Custodial credit risk does not apply to a local government’s indirect investment in securities
through the use of mutual funds or government investment pools (such as LAIF and VCPIF).
Credit Risk – Investments
Credit risk is the risk that an issuer of an investment will not fulfill its obligation to the holder
of the investment. This is measured by the assignment of a rating by a nationally recognized
statistical rating organization. The District’s investments in U.S. Treasury obligations and
government sponsored agency securities are rated AA by Standard & Poor’s as of
June 30, 2025 and 2024.
CASITAS MUNICIPAL WATER DISTRICT
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2025 AND 2024
(39)
NOTE 2 CASH AND INVESTMENTS (CONTINUED)
Concentration of Credit Risk
The District’s investment policy contains no limitations on the amount that can be invested in
any one governmental agency or nongovernmental issuer beyond that stipulated by the
California Government Code. The following investments in any one governmental or
nongovernmental issuer represented 5% or more of the District’s total investments:
Description Percentage Balance
U.S. Treasury Obligations 46 % 5,034,628$
Government Sponsored Agency Securities:
Federal Agricultural Mortgage Corporation (FAMC) 4 487,535
Federal Home Loan Banks (FHLB) 9 999,590
Federal National Mortgage Association (FNMA) 22 2,460,875
Federal Farm Credit Bank (FFCB) 18 2,041,171
June 30, 2025
Description Percentage Balance
U.S. Treasury Obligations 25 % 2,446,474$
Government Sponsored Agency Securities:
Federal Agricultural Mortgage Corporation (FAMC) 5 473,040
Federal Home Loan Banks (FHLB) 10 977,670
Federal National Mortgage Association (FNMA) 38 3,773,359
Federal Farm Credit Bank (FFCB) 21 2,014,298
June 30, 2024
NOTE 3 RESTRICTED ASSETS
Restricted assets (restricted for debt service) as of June 30, were classified on the balance
sheets as follows:
Description 2025 2024
Restricted - Cash and Cash Equivalents 4,787$ 135,021$
CASITAS MUNICIPAL WATER DISTRICT
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2025 AND 2024
(40)
NOTE 4 ACCOUNTS RECEIVABLE
The balance at June 30, consists of the following:
Description 2025 2024
Accounts Receivable - Customers 3,409,839$ 2,618,413$
Allowance for Doubtful Accounts (83,421) (121,045)
Accounts Receivable - Others 2,805,363 546,028
Accounts Receivable - Property Taxes 133,008 134,548
Accounts Receivable - CFD 2013-1 Assessment 93,821 131,034
Total 6,358,610$ 3,308,978$
NOTE 5 WATER-IN-STORAGE INVENTORY
The following schedule notes the change in the cost of the water held-in storage in Casitas
Lake. The increase or decrease in the water storage valuation balance denotes a way of
accounting for water diversion expenses as explained in Note 1 in future years when the
water in the lake is transmitted to the District’s customers.
Changes in water-in-storage inventory for the years ended June 30, were as follows:
Description 2025 2024
Beginning Balance - Water-in-Storage 15,198,908$ 10,247,115$
Current Year Change in Water-in-Storage (729,901) 4,951,793
Ending Balance - Water-in-Storage 14,469,007$ 15,198,908$
CASITAS MUNICIPAL WATER DISTRICT
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2025 AND 2024
(41)
NOTE 6 CAPITAL ASSETS AND DEPRECIATION
Changes in capital assets for the fiscal year ended June 30, 2025 were as follows:
Balance
Description July 1, 2024 Additions Transfers Transfers June 30, 2025
Nondepreciable Assets:
Land 7,797,935$ -$ -$ -$ 7,797,935$
Easements 393,408 - - - 393,408
Construction-in-Process 5,323,040 2,978,755 (313,192) (491,821) 7,496,782
Total Nondepreciable Assets 13,514,383 2,978,755 (313,192) (491,821) 15,688,125
Depreciable Assets:
State Water Project Entitlement 3,662,964 132,518 - - 3,795,482
Transmission and Distribution System 74,566,136 503,061 285,173 - 75,354,370
Pumping Plant 24,409,553 - - - 24,409,553
Water Treatment Plant 30,198,141 56,604 16,109 (16,541) 30,254,313
Buildings and Structures 8,692,893 - - - 8,692,893
Equipment 8,290,814 561,982 11,910 (285,127) 8,579,579
Fish Ladder 9,417,731 - - - 9,417,731
Recreation Assets 8,987,241 294,390 - - 9,281,631
Alternate Swimming Facility 4,915,173 - - - 4,915,173
Total Depreciable Assets 173,140,646 1,548,555 313,192 (301,668) 174,700,725
Accumulated Depreciation:
State Water Project Entitlement (2,601,478) (106,870) - - (2,708,348)
Transmission and Distribution System (25,159,262) (882,518) - - (26,041,780)
Pumping Plant (12,600,061) (641,689) - - (13,241,750)
Water Treatment Plant (24,908,491) (784,748) - 16,541 (25,676,698)
Buildings and Structures (2,636,749) (278,331) - - (2,915,080)
Equipment (7,736,058) (416,106) - 285,127 (7,867,037)
Fish Ladder (8,072,585) (337,433) - - (8,410,018)
Recreation Assets (6,390,302) (233,111) - - (6,623,413)
Alternate Swimming Facility (2,133,398) (245,102) - - (2,378,500)
Total Accumulated Depreciation (92,238,384) (3,925,908) - 301,668 (95,862,624)
Total Depreciable Assets, Net 80,902,262 (2,377,353) 313,192 - 78,838,101
Amortized Assets:
Intangible Asset - Right-to-Use:
Lease Asset - Vehicles 649,433 203,537 - - 852,970
SBITA 940,523 101,545 - (24,913) 1,017,155
Total Amortized Assets 1,589,956 305,082 - (24,913) 1,870,125
Accumulated Amortization:
Intangible Asset - Right-to-Use:
Lease Asset - Vehicles (202,217) (147,758) - - (349,975)
SBITA (412,505) (254,319) - 2,959 (663,865)
Total Accumulated Amortization (614,722) (402,077) - 2,959 (1,013,840)
Total Amortized Assets, Net 975,234 (96,995) - (21,954) 856,285
Total Capital Assets, Net 95,391,879$ 504,407$ -$ (513,775)$ 95,382,511$
CASITAS MUNICIPAL WATER DISTRICT
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2025 AND 2024
(42)
NOTE 6 CAPITAL ASSETS AND DEPRECIATION (CONTINUED)
Changes in capital assets for the fiscal year ended June 30, 2024 were as follows:
Balance Deletions/ Deletions/ Balance
Description July 1, 2023 Additions Transfers Transfers June 30, 2024
Nondepreciable Assets:
Land 7,797,935$ -$ -$ -$ 7,797,935$
Easements 393,408 - - - 393,408
Construction-in-Process 9,687,636 1,925,587 (5,328,637) (961,546) 5,323,040
Total Nondepreciable Assets 17,878,979 1,925,587 (5,328,637) (961,546) 13,514,383
Depreciable Assets:
State Water Project Entitlement 3,549,740 113,224 - - 3,662,964
Transmission and Distribution System 69,215,712 1,670,967 3,679,457 - 74,566,136
Pumping Plant 24,241,457 20,077 148,019 - 24,409,553
Water Treatment Plant 30,198,141 - - - 30,198,141
Buildings and Structures 7,182,156 24,646 1,486,091 - 8,692,893
Equipment 8,226,110 145,141 15,070 (95,507) 8,290,814
Fish Ladder 9,417,731 - - - 9,417,731
Recreation Assets 8,772,980 214,261 - - 8,987,241
Alternate Swimming Facility 4,847,715 67,458 - - 4,915,173
Total Depreciable Assets 165,651,742 2,255,774 5,328,637 (95,507) 173,140,646
Accumulated Depreciation:
State Water Project Entitlement (2,506,820) (94,658) - - (2,601,478)
Transmission and Distribution System (24,284,625) (874,637) - - (25,159,262)
Pumping Plant (11,954,591) (645,470) - - (12,600,061)
Water Treatment Plant (24,118,897) (789,594) - - (24,908,491)
Buildings and Structures (2,357,445) (279,304) - - (2,636,749)
Equipment (7,412,859) (418,706) - 95,507 (7,736,058)
Fish Ladder (7,735,152) (337,433) - - (8,072,585)
Recreation Assets (6,196,068) (194,234) - - (6,390,302)
Alternate Swimming Facility (1,888,296) (245,102) - - (2,133,398)
Total Accumulated Depreciation (88,454,753) (3,879,138) - 95,507 (92,238,384)
Total Depreciable Assets, Net 77,196,989 (1,623,364) 5,328,637 - 80,902,262
Amortized Assets:
Intangible Asset - Right-to-Use:
Lease Asset - Vehicles 520,882 128,551 - - 649,433
SBITA 758,670 263,030 - (81,177) 940,523
Total Amortized Assets 1,279,552 391,581 - (81,177) 1,589,956
Accumulated Amortization:
Intangible Asset - Right-to-Use:
Lease Asset - Vehicles (76,073) (126,144) - - (202,217)
SBITA (229,433) (224,377) - 41,305 (412,505)
Total Accumulated Amortization (305,506) (350,521) - 41,305 (614,722)
Total Amortized Assets, Net 974,046 41,060 - (39,872) 975,234
Total Capital Assets, Net 96,050,014$ 343,283$ -$ (1,001,418)$ 95,391,879$
CASITAS MUNICIPAL WATER DISTRICT
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2025 AND 2024
(43)
NOTE 6 CAPITAL ASSETS AND DEPRECIATION (CONTINUED)
State Water Project Entitlement
In 1963, the Ventura County Flood Control District contracted with the state of California
(State) for 20,000 acre-feet per year of water from the State Water Project (SWP). The SWP
conveys water from Northern California to Southern California through a system of
reservoirs, canals, pump stations, and power generation facilities. In 1971, the
administration of the State Water Contract with the state was assigned to the District. Of the
20,000 acre-feet per year contracted, the District is assigned 5,000 acre-feet per year.
United Water Conservation District is assigned 5,000 acre-feet per year, and the City of
Ventura is assigned 10,000 acre-feet per year. Currently, only United Water Conservation
District is receiving water from the SWP.
The District is one of many participants contracting with the state of California for a system
to provide water throughout California. Under the terms of the State Water Contract, as
amended, the District is obliged to pay allocable portions of the cost of construction of the
system and ongoing operations and maintenance costs through at least the year 2035,
regardless of the quantities of water available from the project. The District and the other
contractors may also be responsible to the state for certain obligations by any contractor
who defaults on its payments to the state.
The District exercised its option to extend the contractual period to 2085 under substantially
comparable terms. This corresponds to an estimated 80-year service life for the original
facilities. The state is obligated to provide specific quantities of water throughout the life of
the contract, subject to certain conditions.
In addition to system on-aqueduct power facilities, the state has, either on its own or through
joint venture, financed certain off-aqueduct power facilities (OAPF). The power generated is
utilized by the system for water transportation purposes. Power generated in excess of
system needs is marketed to various utilities and California’s power market. The District is
entitled to a proportionate share of the revenues resulting from sales of excess power. The
District and the other water contractors are responsible for repaying the capital and
operating costs of the OAPF regardless of the amount of power generated.
The District capitalized its share of system construction costs as participation rights in state
water facilities when such costs are billed by the state. Unamortized participation rights
essentially represent a prepayment for future water deliveries through the state system. The
District’s share of system operations and maintenance costs is charged to expense.
The District amortizes a portion of capitalized participation rights each year using a formula
that considers the total estimated cost of the project, estimated useful life and estimated
production capacity of the assets based upon information provided by the state of California.
CASITAS MUNICIPAL WATER DISTRICT
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2025 AND 2024
(44)
NOTE 7 COMPENSATED ABSENCES
Summary changes to compensated absences balances for the year ended June 30, 2025
were as follows:
Balance Balance Due Within Due in More
July 1, 2024 Additions Deletions June 30, 2025 One Year Than One Year
1,698,614$ 91,676$ (2) -$ 1,790,290$ 716,117$ 1,074,173$
Summary changes to compensated absences balances for the year ended June 30, 2024
were as follows:
Balance Balance Due Within Due in More
July 1, 2023 (1) Additions Deletions June 30, 2024 One Year Than One Year
1,664,648$ 33,966$ (2) -$ 1,698,614$ 679,447$ 1,019,167$
(1) The beginning balance was restated due to the implementation of GASB Statement No. 101, See
Note 18.
(2) The change in the compensated absence liability is presented as a net change.
NOTE 8 LEASES
The District leases equipment (vehicles) under long-term noncancelable lease agreements.
The leases expire at various times through 2030 and do not provide for renewal options.
The interest rates range from 4.48% to 8.35% and there are no variable payments. The
following are the lease liabilities as of June 30, 2025 and 2024:
Balance Balance Due Within Due in More
July 1, 2024 Additions Deletions June 30, 2025 One Year Than One Year
399,271$ 203,537$ (118,897)$ 483,911$ 148,273$ 335,638$
Balance Balance Due Within Due in More
July 1, 2023 Additions Deletions June 30, 2024 One Year Than One Year
381,659$ 112,515$ (94,903)$ 399,271$ 104,802$ 294,469$
Total future principal and interest payments under lease agreements are as follows:
Fiscal Year Ending June 30,Principal Interest
2026 148,273$ 31,397$
2027 156,921 20,222
2028 99,739 9,863
2029 50,940 4,224
2030 28,038 736
Total 483,911$ 66,442$
CASITAS MUNICIPAL WATER DISTRICT
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2025 AND 2024
(45)
NOTE 9 SUBSCRIPTION-BASED INFORMATION TECHNOLOGY ARRANGEMENTS
The District has entered into subscription based-information technology arrangements
(SBITAs) for various software, cloud services, and online system subscriptions. The SBITA
arrangements expire at various dates through 2029, are calculated at interest rates of
3.21%, and provide for renewal options. The following are the SBITA liabilities as of
June 30, 2025 and 2024:
Balance Balance Due Within Due in More
July 1, 2024 Additions Deletions June 30, 2025 One Year Than One Year
491,677$ 93,680$ (268,716)$ 316,641$ 239,250$ 77,391$
Balance Balance Due Within Due in More
July 1, 2023 Additions Deletions June 30, 2024 One Year Than One Year
468,132$ 256,115$ (232,570)$ 491,677$ 234,125$ 257,552$
SBITA assets and the related accumulated amortization totaled $353,290 and $528,018, for
the fiscal years ended June 30, 2025 and 2024, respectively. See more details of these
balances in Note 6, Capital Assets and Depreciation.
The future principal and interest payments under SBITA agreements are as follows:
Fiscal Year Ending June 30,Principal Interest
2026 239,250$ 9,031$
2027 38,594 2,173
2028 25,657 943
2029 13,140 160
Total 316,641$ 12,398$
CASITAS MUNICIPAL WATER DISTRICT
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2025 AND 2024
(46)
NOTE 10 LONG-TERM DEBT
Changes in long-term debt for the year ended June 30, 2025 were as follows:
Balance Balance Due Within Due in More
Long-Term Debt July 1, 2024 Additions Deletions June 30, 2025 One Year Than One Year
Direct Borrowing:
Loans Payable 2,396,878$ -$ (248,141)$ 2,148,737$ 256,523$ 1,892,214$
Notes Payable 199,319 - (63,009) 136,310 64,134 72,176
Other Debt:
Special Tax Bonds:
2017 Series B 38,220,000 - (455,000) 37,765,000 520,000 37,245,000
2017 Series B Premium 3,237,439 - (139,746) 3,097,693 - 3,097,693
2019 Series C 11,710,000 - (160,000) 11,550,000 175,000 11,375,000
2019 Series C Premium 1,428,952 - (61,681) 1,367,271 - 1,367,271
Reimbursement
Agreement 2,162,388 - (77,228) 2,085,160 77,228 2,007,932
Total Long-Term Debt 59,354,976$ -$ (1,204,805)$ 58,150,171$ 1,092,885$ 57,057,286$
Changes in long-term debt for the year ended June 30, 2024 were as follows:
Balance Balance Due Within Due in More
Long-Term Debt July 1, 2023 Additions Deletions June 30, 2024 One Year Than One Year
Direct Borrowing:
Loans Payable 2,636,911$ -$ (240,033)$ 2,396,878$ 248,141$ 2,148,737$
Notes Payable 251,255 49,752 (101,688) 199,319 63,008 136,311
Other Debt:
Special Tax Bonds:
2017 Series B 38,615,000 - (395,000) 38,220,000 455,000 37,765,000
2017 Series B Premium 3,377,184 - (139,745) 3,237,439 - 3,237,439
2019 Series C 11,850,000 - (140,000) 11,710,000 160,000 11,550,000
2019 Series C Premium 1,490,634 - (61,682) 1,428,952 - 1,428,952
Reimbursement
Agreement 2,239,616 - (77,228) 2,162,388 77,228 2,085,160
Total Long-Term Debt 60,460,600$ 49,752$ (1,155,376)$ 59,354,976$ 1,003,377$ 58,351,599$
A. Loans Payable
2022 Loan Payable
On July 20, 2022, the District obtained financing in the amount of $2,751,200 that
matures on August 1, 2032. The loan was issued for the replacement of the aquatic play
structure and regenerative media filtration system for the Casitas Water Adventure at the
Lake Casitas Recreation Area. Interest Is calculated at 3.35% per annum and annual
payments equal $326,375. The District shall fix, prescribe, and collect rates, fees, and
charges during each fiscal year which are sufficient to yield net revenues and taxes
which are at least equal to 110% of the aggregate amount of the installment payments
and debt service on all parity obligations coming due and payable in such fiscal year.
The District is in compliance with this requirement for the fiscal year ended June 30,
2025. The District's net revenues and taxes are pledged and assigned to repayment of
the note. See additional details in Note 10F.
CASITAS MUNICIPAL WATER DISTRICT
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2025 AND 2024
(47)
NOTE 10 LONG-TERM DEBT (CONTINUED)
A. Loans Payable (Continued)
2022 Loan Payable (Continued)
Annual debt service requirements are as follows:
Fiscal Year Ending June 30,Principal Interest Total
2026 256,523$ 69,852$ 326,375$
2027 265,189 61,187 326,376
2028 274,147 52,228 326,375
2029 283,408 42,968 326,376
2030 292,982 33,394 326,376
2031-2033 776,488 39,451 815,939
Total 2,148,737$ 299,080$ 2,447,817$
B. Notes Payable
The District has financed the purchase of certain equipment for various terms under
long-term financing agreements, which expire at various dates through 2028. Interest
rates range from 3.35% to 3.75%. Annual debt service requirements are as follows:
Fiscal Year Ending June 30,Principal Interest Total
2026 64,134$ 7,240$ 71,374$
2027 36,381 3,855 40,236
2028 24,379 1,759 26,138
2029 11,416 624 12,040
Total 136,310$ 13,478$ 149,788$
C. 2017 Special Tax Bonds
In 2013, registered voters within Community Facilities District 2013-1 authorized the
District to incur bonded indebtedness in the aggregate principal amount not to exceed
$60,000,000. In April 2017, the District issued $39,910,000 in 2017 Special Tax Bonds-
Series A and B for the purchase of the Ojai water facilities in Community Facilities
District 2013-1 (CFD 2013-1) for $34.4 million and capital improvements needed to
upgrade the water facilities. The Special Tax Bonds were issued by the District under the
provisions of the Mello-Roos Community Facilities Act of 1982, as amended. A special
assessment is levied annually on the property owners of the CFD 2013-1 service area to
repay their portion of the annual debt service for the acquisition of the water facilities.
CASITAS MUNICIPAL WATER DISTRICT
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2025 AND 2024
(48)
NOTE 10 LONG-TERM DEBT (CONTINUED)
C. 2017 Special Tax Bonds (Continued)
The acquisition of CFD 2013-1 water facilities for $34.4 million included capital assets of
$25.9 million and various other assets, liabilities, and expenses totaling $4.4 million
leaving $4,100,000 as a deferred loss on the acquisition of CFD 2013-1 that is being
amortized over 30 years. The balance of this deferred loss, net of accumulated
amortization is $2,453,301 and $2,659,172 as of June 30, 2025 and 2024, respectively.
The 2017 Special Tax Bonds are secured by a pledge and lien of the special taxes levy
on the taxable property within the District. See Note 10 F. for details.
The special tax bonds are scheduled to mature on September 1, 2047 with annual
principal and interest payments due September 1 and March 1. Annual interest rates
range between 2.0% and 5.25%. The special tax bonds were issued with a $4,227,203
bond premium and a prepaid Build America Mutual municipal bond insurance policy with
a cost of $472,314, both of which will be amortized over the remaining years of debt
service life. Annual debt service requirements on the special tax bonds are as follows:
Fiscal Year Ending June 30,Principal Interest Total
2026 520,000$ 1,757,888$ 2,277,888$
2027 585,000 1,735,788 2,320,788
2028 655,000 1,707,713 2,362,713
2029 735,000 1,672,963 2,407,963
2030 820,000 1,634,088 2,454,088
2031-2035 5,460,000 7,585,200 13,045,200
2036-2040 7,955,000 6,394,981 14,349,981
2041-2045 11,670,000 4,058,106 15,728,106
2046-2048 9,365,000 759,281 10,124,281
Total 37,765,000$ 27,306,008$ 65,071,008$
D. 2019 Special Tax Bonds
In October 2019, the District issued $12,265,000 in Special Tax Bonds for capital
improvements to the Ojai water facilities serving property within Community Facilities
District 2013-1 (CFD 2013-1). The Special Tax Bonds are being issued by the District
under the provisions of the Mello-Roos Community Facilities Act of 1982, as amended. A
special assessment will be levied annually on the property owners of the CFD 2013-1
service area to repay their portion of the annual debt service for the acquisition of the
water facilities.
The 2019 Special Tax Bonds are secured by a pledge and lien of the special taxes levy
on the taxable property within the District. See Note 10F for details.
CASITAS MUNICIPAL WATER DISTRICT
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2025 AND 2024
(49)
NOTE 10 LONG-TERM DEBT (CONTINUED)
D. 2019 Special Tax Bonds (Continued)
The Special Tax Bonds are scheduled to mature on September 1, 2047 with annual
principal and interest payments due September 1 and March 1. Annual interest rates
range between 3.0% and 5.0%. The Special Tax Bonds were issued with a $1,711,659
bond premium and a prepaid Build America Mutual municipal bond insurance policy for
$128,405 both of which will be amortized over the remaining years of debt service life.
The cost of debt issuance was $323,870 and was expensed as incurred. Annual debt
service requirements on the special tax bonds are as follows:
Fiscal Year Ending June 30,Principal Interest Total
2026 175,000$ 472,325$ 647,325$
2027 195,000 465,800 660,800
2028 215,000 457,600 672,600
2029 235,000 447,425 682,425
2030 260,000 435,050 695,050
2031-2035 1,715,000 1,980,225 3,695,225
2036-2040 2,500,000 1,565,000 4,065,000
2041-2045 3,510,000 967,800 4,477,800
2046-2048 2,745,000 186,400 2,931,400
Total 11,550,000$ 6,977,625$ 18,527,625$
E. Casitas Dam Project-Seismic Safety of Casitas Dam Reimbursement Agreement
The United States Bureau of Reclamation (USBR) has undertaken and completed a
project to strengthen Casitas Dam to better withstand seismic activity. Under federal law,
the District is required to pay 15% of those costs. The District and the USBR have
completed negotiations on the District’s share of the cost of the project which is
$3,011,898. The District is to reimburse the USBR $77,228 each February 1 until
February 1, 2052 as follows:
Fiscal Year Ending June 30,Amount
2026 77,228$
2027 77,228
2028 77,228
2029 77,228
2030 77,228
2031-2035 386,140
2036-2040 386,140
2041-2045 386,140
2046-2050 386,140
2051-2052 154,460
Total 2,085,160
Less: Current Portion (77,228)
Total Noncurrent 2,007,932$
CASITAS MUNICIPAL WATER DISTRICT
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2025 AND 2024
(50)
NOTE 10 LONG-TERM DEBT (CONTINUED)
F. Pledged Revenue
The 2017 and 2019 Special Tax Bonds are secured by a pledge and lien of the special
taxes levy on the taxable property within the District. The special taxes collected, debt
services payments, and percentage of revenue collected over debt services payments
for the years ended June 30, 2025 and 2024 are as follows:
2025 2024
CFD 2013-1 Assessment Revenue 3,057,126$ 2,963,060$
Special Tax Bonds - 2017 Series B Debt Service
Payment 2,232,388$ 2,189,388$
Special Tax Bonds - 2019 Series C Debt Service
Payment 637,350 621,850
Total Debt Service Payments Supported
by Assessment 2,869,738$ 2,811,238$
Percentage of Revenue Collected Over Debt
Service Payments 107% 105%
The 2022 loan payable is secured by a pledge and lien of all net revenues and taxes of
the District. The amounts pledged are as follows:
2025 2024
Net Water Revenues 3,090,647$ 4,059,918$
Taxes - -
Total Pledged Net Revenues 3,090,647$ 4,059,918$
Total Debt Service Payments Supported by
Net Revenues 326,376$ 326,376$
Percentage of Revenue Collected Over Debt
Service Payments 947% 1244%
NOTE 11 NET OTHER POSTEMPLOYMENT BENEFITS (OPEB) LIABILITY
Summary
The following balances on the balance sheets will be addressed in this footnote as follows:
Description 2025 2024
OPEB Related Deferred Outflows of Resources 3,920,574$ 4,611,611$
Net OPEB Liability 12,063,469 11,176,458
OPEB Related Deferred Inflows of Resources 9,188,629 10,428,644
CASITAS MUNICIPAL WATER DISTRICT
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2025 AND 2024
(51)
NOTE 11 NET OTHER POSTEMPLOYMENT BENEFITS (OPEB) LIABILITY (CONTINUED)
Plan Description – Eligibility
The District, through an agent multiemployer defined benefit plan (the Plan), provides
postemployment healthcare benefits to retirees managed through California Employers’
Retiree Benefit Trust (CERBT). The following requirements must be satisfied in order to be
eligible for postemployment medical benefits: (1) Attainment of age 60, and 20 years of full-
time service, and (2) retirement from the District (the District must be the last employer prior
to retirement).
Plan Description – Benefits
The District offers postemployment medical benefits to retired employees who satisfy the
eligibility rules. Retirees may enroll in any plan available through the ACWA-JPIA medical
program. The benefits provided and contribution requirements of plan members and the
District are established and may be amended by the board of directors. The following is a
description of the current retiree benefit plan:
Description Participants
Benefit Types Provided Secondary to Medicare - Medical, Dental, and Vision
Benefit Types not Covered Medicare Part B
Duration of Benefits Lifetime
Required Service 20 Years Service
Minimum Age 60 Years Old and CalPERS Retirement from District
Dependent Coverage Surviving Spouse may Participate
District Contribution 100% of the Least Cost of Plans That are Offered to
District employees
Employees Covered by Benefit Terms
At June 30, 2024 and 2023 (measurement dates), the following employees were covered by
the benefit terms:
Description 2024 2023
Inactive Plan Members or Beneficiaries Currently
Receiving Benefit Payments 35 35
Active Plan Members 75 76
Total 110 111
CASITAS MUNICIPAL WATER DISTRICT
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2025 AND 2024
(52)
NOTE 11 NET OTHER POSTEMPLOYMENT BENEFITS (OPEB) LIABILITY (CONTINUED)
Contributions
Contribution requirements are established by District policy and may be amended by the
board of directors. The annual contribution is based on the actuarially determined
contribution; however, the District typically contributes based on the pay-as-you-go costs.
For the fiscal year ended June 30, 2025, the District made no contributions to the OPEB
trust, made payments totaling $384,893 for retiree health care insurance, made no
payments for administrative expenses paid outside of the trust, and the implied subsidy was
$226,071, resulting in payments of $610,964. For the fiscal year ended June 30, 2024, the
District made no contributions to the OPEB trust, made payments totaling $355,493 for
retiree health care insurance benefits of which $294,486 was reimbursed by the OPEB trust,
made no payments for administrative expenses paid outside of the trust, and the implied
subsidy was $163,110, resulting in payments of $224,117.
A. Net OPEB Liability
The District’s net OPEB liability for the fiscal year ended June 30, 2025, was measured
as of June 30, 2024 (measurement date), and the total OPEB liability used to calculate
the net OPEB liability was determined by an actuarial valuation as of June 30, 2024.
The District’s net OPEB liability for the fiscal year ended June 30, 2024, was measured
as of June 30, 2023 (measurement date), and the total OPEB liability used to calculate
the net OPEB liability was determined by an actuarial valuation as of June 30, 2022
rolled forward to June 30, 2023, using standard update procedures.
Actuarial Assumptions and Other Inputs
The total net OPEB liability in the June 30, 2024 and 2023 (measurement dates)
actuarial valuation was determined using the following actuarial assumptions and other
inputs, applied to all periods included in the measurement, unless otherwise specified:
June 30, June 30,
Measurement Date 2024 2023
Discount Rate 4.27 % 4.22 %
Inflation 2.50 2.50
Salary Increases 2.75 2.75
Investment Rate of Return 5.25 5.25
Healthcare Cost Trend Rates (1) (2)
Mortality, Retirement, Disability, and Termination (3) (3)
Mortality Improvement (4) (4)
(1) Non-Medicare: 7.9% for 2026 Decreasing to 3.45% in 2076;
Medicare (Kaiser): 5.65% for 2026 Decreasing to 3.45% in 2076
Medicare (Other): 6.90% for 2026 Decreasing to 3.45% in 2076
(2) Non-Medicare: 8.5% for 2024 Decreasing to 3.45% in 2076;
Medicare (Kaiser): 7.5% for 2024 Decreasing to 3.45% in 2076
Medicare (Other): 6.25% for 2024 Decreasing to 3.45% in 2076
(3) Based on CalPERS 2000-2019 Experience Study.
(4) Postretirement Mortality Projected Fully Generational With Scale MP-20201
CASITAS MUNICIPAL WATER DISTRICT
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2025 AND 2024
(53)
NOTE 11 NET OTHER POSTEMPLOYMENT BENEFITS (OPEB) LIABILITY (CONTINUED)
A. Net OPEB Liability (Continued)
Long-Term Expected Rate of Return
The long-term expected rate of return was determined using a building-block method in
which best-estimate ranges of expected future real rates of return (expected returns, net
of OPEB plan investment expense and inflation) are developed for each major asset
class. These ranges are combined to produce the long-term expected rate of return by
weighting the expected future real rates of return by the target asset allocation
percentage and by adding expected inflation. Best estimates of arithmetic real rates of
return for each major asset class included in the OPEB plan’s target asset allocations
with CERBT as of June 30, 2024 and 2023 measurement dates are summarized in the
following tables:
Measurement period ended June 30, 2024:
Target
Allocation
CERBT - Expected Real
Strategy 3 Rate of Return
Global Equity 23.00 % 4.56 %
Fixed Income 51.00 1.56
TIPS 9.00 (0.08)
Commodities 3.00 1.22
REITS 14.00 4.06
Assumed Long-Term Rate of Inflation 2.50
Expected Long-Term Net Rate of Return, Rounded 5.25
Measurement period ended June 30, 2023:
Target
Allocation
CERBT - Expected Real
Strategy 3 Rate of Return
Global Equity 23.00 % 4.56 %
Fixed Income 51.00 1.56
TIPS 9.00 (0.08)
Commodities 3.00 1.22
REITS 14.00 4.06
Assumed Long-Term Rate of Inflation 2.50
Expected Long-Term Net Rate of Return, Rounded 5.25
Discount Rate
GASB 75 requires a discount rate that reflects the following:
a) The long-term expected rate of return on OPEB plan investments—to the extent that
the OPEB plan’s fiduciary net position is projected to be sufficient to make projected
benefit payments and assets are expected to be invested using a strategy to achieve
that return;
b) A yield or index rate for 20-year, tax-exempt general obligation municipal bonds with
an average rating of AA/Aa or higher—to the extent that the conditions in (a) are not
met.
CASITAS MUNICIPAL WATER DISTRICT
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2025 AND 2024
(54)
NOTE 11 NET OTHER POSTEMPLOYMENT BENEFITS (OPEB) LIABILITY (CONTINUED)
A. Net OPEB Liability (Continued)
Discount Rate – Measurement Period Ended June 30, 2024
The blended discount rate used to measure the total OPEB liability was 4.27% as of the
measurement period ended June 30, 2024. The projection of cash flows used to
determine the discount rate assumed that the District would make contributions based
on expected pay-go costs less normal costs for future new members and that additional
contributions to the trust were unlikely. Based on those assumptions, the plan’s fiduciary
net position was projected to be available to make all projected OPEB payments for
current active and inactive employees and beneficiaries through 2045, the crossover
date. At the crossover date of 2045, the plan’s fiduciary net position is not projected to
be available to make required payments and, therefore, the Bond Buyer 20-Bond GO
Index rate of 3.93% was applied from this date forward.
Discount Rate – Measurement Period Ended June 30, 2023
The blended discount rate used to measure the total OPEB liability was 4.22% as of the
measurement period ended June 30, 2023. The projection of cash flows used to
determine the discount rate assumed that the District would make contributions based
on expected pay-go costs less normal costs for future new members and that additional
contributions to the trust were unlikely. Based on those assumptions, the plan’s fiduciary
net position was projected to be available to make all projected OPEB payments for
current active and inactive employees and beneficiaries through 2051, the crossover
date. At the crossover date of 2051, the plan’s fiduciary net position is not projected to
be available to make required payments and, therefore, the Bond Buyer 20-Bond GO
Index rate of 3.65% was applied from this date forward.
Changes of Assumptions
The following changes in assumptions were noted from the measurement period ended
June 30, 2023 to June 30, 2024:
The discount rate was updated from 4.22% to 4.27%.
The following changes in assumptions were noted from the measurement period ended
June 30, 2021 to June 30, 2022:
The discount rate was updated from 4.19% to 4.22%.
CASITAS MUNICIPAL WATER DISTRICT
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2025 AND 2024
(55)
NOTE 11 NET OTHER POSTEMPLOYMENT BENEFITS (OPEB) LIABILITY (CONTINUED)
A. Net OPEB Liability (Continued)
Changes of Benefit Terms
There were no changes of benefit terms.
B. Changes in the Net OPEB Liability
The changes in the net OPEB liability are as follows for the June 30, 2024 measurement
date:
Total Plan Fiduciary Net
OPEB Liability Net Position OPEB Liability
Balance at June 30, 2023 (Measurement Date) 12,637,985$ 1,461,527$ 11,176,458$
Changes for the Year:
Service Cost 343,541 - 343,541
Interest on the Net OPEB Liability 537,004 - 537,004
Changes in Assumptions (82,052) - (82,052)
Differences Between Actual and
Expected Experience 398,667 - 398,667
Employer Contributions - 224,117 (224,117)
Net Investment Income - 86,485 (86,485)
Administrative Expenses - (453) 453
Benefit Payments (515,603) (515,603) -
Net Changes 681,557 (205,454) 887,011
Balance at June 30, 2024 (Measurement Date) 13,319,542$ 1,256,073$ 12,063,469$
The changes in the net OPEB liability are as follows for the June 30, 2023 measurement
date:
Total Plan Fiduciary Net
OPEB Liability Net Position OPEB Liability
Balance at June 30, 2022 (Measurement Date) 12,331,104$ 1,439,197$ 10,891,907$
Changes for the Year:
Service Cost 337,135 - 337,135
Interest on the Net OPEB Liability 520,467 - 520,467
Changes in Assumptions (51,523) - (51,523)
Differences Between Actual and
Expected Experience - - -
Employer Contributions - 499,198 (499,198)
Net Investment Income - 22,740 (22,740)
Administrative Expenses - (410) 410
Benefit Payments (499,198) (499,198) -
Net Changes 306,881 22,330 284,551
Balance at June 30, 2023 (Measurement Date) 12,637,985$ 1,461,527$ 11,176,458$
CASITAS MUNICIPAL WATER DISTRICT
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2025 AND 2024
(56)
NOTE 11 NET OTHER POSTEMPLOYMENT BENEFITS (OPEB) LIABILITY (CONTINUED)
B. Changes in the Net OPEB Liability (Continued)
Sensitivity of the Net OPEB Liability to Changes in the Discount Rate
The following presents the net OPEB liability of the District, as well as what the District’s
net OPEB liability would be if it were calculated using a discount rate that is
1-percentage-point lower or 1-percentage-point higher than the current discount rate for
the measurement dates ended June 30, 2024 and 2023:
1% Decrease Discount Rate 1% Increase
3.27% 4.27% 5.27%
June 30, 2024 (Measurement Date) 13,863,830$ 12,063,469$ 10,573,390$
1% Decrease Discount Rate 1% Increase
3.22% 4.22% 5.22%
June 30, 2023 (Measurement Date) 13,074,640$ 11,176,458$ 9,622,960$
Sensitivity of the Net OPEB Liability to Changes in the Healthcare Cost Trend Rates
The following presents the net OPEB liability of the District, as well as what the District’s
net OPEB liability would be if it were calculated using healthcare cost trend rates that are
1-percentage-point lower or 1-percentage-point higher than the current healthcare cost
trend rates for the measurement dates ended June 30, 2024 and 2023:
Healthcare Cost
1% Decrease Trend Rates 1% Increase
(1) (2) (3)
June 30, 2024 (Measurement Date) 10,428,898$ 12,063,469$ 14,104,633$
June 30, 2023 (Measurement Date) 9,325,162$ 11,176,458$ 13,560,193$
June 30, 2024 and 2023 (Measurement Date):
(1) Non-Medicare: 7.50% for 2024 Decreasing to 2.45% in 2076;
Medicare (Kaiser): 6.50% for 2024 Decreasing to 2.45% in 2076;
Medicare (Other): 5.25% for 2024 Decreasing to 2.45% in 2076.
(2) Non-Medicare: 8.50% for 2024 Decreasing to 3.45% in 2076;
Medicare (Kaiser): 7.50% for 2024 Decreasing to 3.45% in 2076;
Medicare (Other): 6.25% for 2024 Decreasing to 3.45% in 2076.
(3) Non-Medicare: 9.50% for 2024 Decreasing to 4.45% in 2076;
Medicare (Kaiser): 8.50% for 2024 Decreasing to 4.45% in 2076;
Medicare (Other): 7.25% for 2024 Decreasing to 4.45% in 2076.
CASITAS MUNICIPAL WATER DISTRICT
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2025 AND 2024
(57)
NOTE 11 NET OTHER POSTEMPLOYMENT BENEFITS (OPEB) LIABILITY (CONTINUED)
C. OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of
Resources Related to OPEB
For the fiscal years ended June 30, 2025 and 2024, the District recognized OPEB
expense of $948,890 and $894,600, respectively.
As of the fiscal year ended June 30, 2025, the District reported deferred outflows and
deferred inflows of resources related to the net OPEB liability from the following sources:
Deferred Deferred
Outflows of Inflows of
Description Resources Resources
OPEB Contributions Subsequent to the
Measurement Date 610,964$ -$
Changes in Assumptions 2,847,095 (3,168,288)
Differences Between Expected and Actual
Experience 363,072 (6,020,341)
Net Differences Between Projected and
Actual Earnings on OPEB Plan Investments 99,443 -
Total Deferred Outflows (Inflows) of Resources 3,920,574$ (9,188,629)$
At June 30, 2025, the District reported $610,694 of deferred outflows of resources for
employer contributions made subsequent to the measurement date which will be used to
reduce the net OPEB liability balance in the fiscal year ending June 30, 2026 calculation.
Other amounts reported as deferred outflows (inflows) of resources related to the net
OPEB liability will be recognized in OPEB expense as follows:
Fiscal Year Ending June 30,Amount
2026 144,627$
2027 (429,016)
2028 (914,305)
2029 (965,881)
2030 (971,148)
Thereafter (2,743,296)
Total (5,879,019)$
CASITAS MUNICIPAL WATER DISTRICT
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2025 AND 2024
(58)
NOTE 11 NET OTHER POSTEMPLOYMENT BENEFITS (OPEB) LIABILITY (CONTINUED)
C. OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of
Resources Related to OPEB (Continued)
As of the fiscal year ended June 30, 2024, the District reported deferred outflows and
deferred inflows of resources related to the net OPEB liability from the following sources:
Deferred Deferred
Outflows of Inflows of
Description Resources Resources
OPEB Contributions Subsequent to the
Measurement Date 224,117$ -$
Changes in Assumptions 4,242,834 (3,486,870)
Differences Between Expected and Actual
Experience - (6,941,774)
Net Differences Between Projected and
Actual Earnings on OPEB Plan Investments 144,660 -
Total Deferred Outflows (Inflows) of Resources 4,611,611$ (10,428,644)$
At June 30, 2024, the District reported $224,117 of deferred outflows of resources for
employer contributions made subsequent to the measurement date which were used to
reduce the net OPEB liability balance in the fiscal year ended June 30, 2025 calculation.
D. Payable to the OPEB Plan
At June 30, 2025, the District had no outstanding amount of contributions to the OPEB
plan.
NOTE 12 PENSION PLAN
Summary
The following balances on the balance sheet will be addressed in this footnote as follows:
Description June 30, 2025 June 30, 2024
Pension Related Deferred Outflows of Resources 4,143,170$ 5,194,562$
Net Pension Liability 12,432,401 12,453,797
Pension Related Deferred Inflows of Resources 41,942 108,857
Qualified employees are covered under a cost-sharing, multiemployer defined benefit
pension plan maintained by agencies of the state of California known as the California
Public Employees’ Retirement System (CalPERS), or (the Plan).
CASITAS MUNICIPAL WATER DISTRICT
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2025 AND 2024
(59)
NOTE 12 PENSION PLAN (CONTINUED)
A. General Information about the Pension Plan
Plan Description
All qualified full-time permanent and probationary employees are eligible to participate in
the District’s Miscellaneous Employee Pension Plans (Plans), which are cost-sharing,
multiemployer defined benefit pension plans administered by CalPERS. Benefit
provisions under these plans are established by state statute and District resolution.
CalPERS acts as a common investment and administrative agent for participating public
entities within the state of California. A full description of the pension plan, benefit
provisions, assumptions (for funding, but not accounting purposes), and membership
information are listed in the June 30, 2023 and 2022 Annual Actuarial Valuation Reports.
This report and CalPERS’ audited financial statements are publicly available reports that
can be obtained at CalPERS’ website under Forms and Publications.
Benefits Provided
The Plans’ provisions and benefits in effect at the fiscal years ended June 30, 2025 and
2024 are summarized as follows:
Classic PEPRA
Tier 1 Tier 2
Prior to On or after
Hire Date January 1, 2013 January 1, 2013
Benefit Formula 2.0% @ 60 2.0% @ 62
Benefit Vesting Schedule 5-Years of Service 5-Years of Service
Benefit Payments Monthly for Life Monthly for Life
Retirement Age 50 - 67 & up 52 - 67 & up
Monthly Benefits, as a % of Eligible Compensation 1.092% to 2.418% 1.0% to 2.5%
Required Member Contribution Rates 6.918% 6.750%
Required Member Contribution Rates - 2024:
Normal Cost Rate 10.710% 7.870%
Payment of Unfunded Liability 977,751$ 14,602$
Required Member Contribution Rates - 2023:
Normal Cost Rate 10.660% 7.680%
Payment of Unfunded Liability 816,945$ -$
Miscellaneous Plans
CalPERS provides retirement and disability benefits, annual cost-of-living adjustments,
and death benefits to plan members and beneficiaries. A Classic CalPERS
Miscellaneous member becomes eligible for service retirement upon attainment of
age 55 with at least five years of credited service. Public Employees’ Pension Reform
Act (PEPRA) Miscellaneous members become eligible for service retirement upon
attainment of age 62 with at least five years of service. The service retirement benefit is
a monthly allowance equal to the product of the benefit factor, years of service, and final
compensation. The final compensation based on a retirement formula using the local
service credit, age at retirement, and highest average annual compensation during any
consecutive 12- or 36-month period throughout the employees’ CalPERS career.
CASITAS MUNICIPAL WATER DISTRICT
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2025 AND 2024
(60)
NOTE 12 PENSION PLAN (CONTINUED)
A. General Information about the Pension Plan (Continued)
Benefits Provided (Continued)
Participant members are eligible for nonindustrial disability retirement if they become
disabled and have at least five years of credited service. There is no special age
requirement. The standard nonindustrial disability retirement benefit is a monthly
allowance equal to 1.8% of final compensation, multiplied by service. Industrial disability
benefits are not offered to miscellaneous employees.
A member’s beneficiary may receive the basic death benefit if the member dies while
actively employed. The member must be actively employed with the District to be eligible
for this benefit. A member's survivor who is eligible for any other pre-retirement death
benefit may choose to receive that death benefit instead of this basic death benefit. The
basic death benefit is a lump sum in the amount of the members’ accumulated
contributions, where interest is currently credited at 7.15% per year, plus a lump-sum in
the amount of one month’s salary for each completed year of current service, up to a
maximum of six months’ salary. For purposes of this benefit, one month’s salary is
defined as the member’s average monthly full- time rate of compensation during the
12 months preceding death.
Upon the death of a retiree, a one-time lump-sum payment of $500 will be made to the
retiree’s designated survivor(s), or to the retiree’s estate. Benefit terms provide for
annual cost-of-living adjustments to each member’s retirement allowance. Beginning the
second calendar year after the year of retirement, retirement and survivor allowances
will be annually adjusted on a compound basis by 3%.
Contributions
Section 20814(c) of the California Public Employees’ Retirement Law (PERL) requires
that the employer contribution rates for all public employers will be determined on an
annual basis by the actuary and shall be effective on July 1 following notice of a change
in the rate. The total plan contributions are determined through CalPERS’ annual
actuarial valuation process. The public agency cost-sharing plans covered by the
Miscellaneous risk pool, the Plan’s actuarially determined rate is based on the estimated
amount necessary to pay the Plan’s allocated share of the risk pool’s costs of benefits
earned by employees during the year, and any unfunded accrued liability. The employer
is required to contribute the difference between the actuarially determined rate and the
contribution rate of members. For the measurement periods ending June 30, 2024 and
2023 (measurement dates), the active member contribution rate for the Classic
Miscellaneous Plan and the PEPRA Miscellaneous Plan are included in the above
benefits schedule.
CASITAS MUNICIPAL WATER DISTRICT
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2025 AND 2024
(61)
NOTE 12 PENSION PLAN (CONTINUED)
A. General Information about the Pension Plan (Continued)
Contributions (Continued)
Contributions for the fiscal years ended June 30, 2025 and 2024, were as follows:
Classic
Employer Contributions by Fiscal Year Tier 1 PEPRA Total
Contributions - Employer - June 30, 2025 1,348,459$ 411,741$ 1,760,200$
Contributions - Employer - June 30, 2024 1,180,482$ 370,984$ 1,551,466$
Miscellaneous Plans
B. Pension Liabilities, Pension Expenses, and Deferred Outflows/Inflows of
Resources Related to Pensions
Proportionate Share of Net Pension Liability and Pension Expense
The following table shows the District’s proportionate share of the risk pool collective net
pension liability over the measurement periods for the Miscellaneous Plan for the fiscal
years ended June 30, 2025 and 2024:
Plan Total Plan Fiduciary Change in Plan Net
Plan Type and Balance Descriptions Pension liability Net Position Pension Liability
CalPERS - Miscellaneous Plans:
Balance as of June 30, 2023 (Measurement Date) 45,084,803$ 32,631,006$ 12,453,797$
Balance as of June 30, 2024 (Measurement Date) 47,705,512 35,273,111 12,432,401
Change 2,620,709$ 2,642,105$ (21,396)$
Plan Total Plan Fiduciary Change in Plan Net
Plan Type and Balance Descriptions Pension liability Net Position Pension Liability
CalPERS - Miscellaneous Plans:
Balance as of June 30, 2022 (Measurement Date) 42,824,722$ 31,300,781$ 11,523,941$
Balance as of June 30, 2023 (Measurement Date) 45,084,803 32,631,006 12,453,797
Change 2,260,081$ 1,330,225$ 929,856$
The following is the approach established by the plan actuary to allocate the net pension
liability and pension expense to the individual employers within the risk pool.
(1) In determining a cost-sharing plan’s proportionate share, total amounts of liabilities
and assets are first calculated for the risk pool as a whole on the valuation date
(June 30, 2023 and 2022). The risk pool’s fiduciary net position (FNP) subtracted
from its total pension liability (TPL) determines the net pension liability (NPL) at the
valuation date.
CASITAS MUNICIPAL WATER DISTRICT
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2025 AND 2024
(62)
NOTE 12 PENSION PLAN (CONTINUED)
B. Pension Liabilities, Pension Expenses, and Deferred Outflows/Inflows of
Resources Related to Pensions (Continued)
Proportionate Share of Net Pension Liability and Pension Expense (Continued)
(2) Using standard actuarial roll forward methods, the risk pool TPL is then computed at
the measurement date (June 30, 2024 and 2023). Risk pool FNP at the
measurement date is then subtracted from this number to compute the NPL for the
risk pool at the measurement date. For purposes of FNP in this step and any later
reference thereto, the risk pool’s FNP at the measurement date denotes the
aggregate risk pool’s FNP at June 30, 2024 and 2023 less the sum of all additional
side fund (or unfunded liability) contributions made by all employers during the
measurement period (2024 fiscal year and the 2023 fiscal year).
(3) The individual plan’s TPL, FNP and NPL are also calculated at the valuation date.
(4) Two ratios are created by dividing the plan’s individual TPL and FNP as of the
valuation date from (3) by the amounts in step (1), the risk pool’s total TPL and FNP,
respectively.
(5) The plan’s TPL as of the Measurement Date is equal to the risk pool TPL generated
in (2) multiplied by the TPL ratio generated in (4). The plan’s FNP as of the
Measurement Date is equal to the FNP generated in (2) multiplied by the FNP ratio
generated in (4) plus any additional side fund (or unfunded liability) contributions
made by the employer on behalf of the plan during the measurement period.
(6) The plan’s NPL at the Measurement Date is the difference between the TPL and
FNP calculated in (5).
The District’s net pension liability for the Plan is measured as the proportionate share of
the net pension liability. The net pension liability of the Plan is measured as of June 30,
2024 and 2023, and the total pension liability for the Plan used to calculate the net
pension liability was determined by an actuarial valuation as of June 30, 2023 and 2022
rolled forward to June 30, 2024 and 2023, respectively, using standard update
procedures. The District’s proportion of the net pension liability was based on a
projection of the District’s long-term share of contributions to the pension plan relative to
the projected contributions of all participating employers, actuarially determined.
CASITAS MUNICIPAL WATER DISTRICT
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2025 AND 2024
(63)
NOTE 12 PENSION PLAN (CONTINUED)
B. Pension Liabilities, Pension Expenses, and Deferred Outflows/Inflows of
Resources Related to Pensions (Continued)
Proportionate Share of Net Pension Liability and Pension Expense (Continued)
The District’s proportionate share percentage of the net pension liability for the June 30,
2024, measurement date was as follows:
Fiscal Year Fiscal Year Change
Ended Ended Increase
June 30, 2025 June 30, 2024 (Decrease)
Measurement Date June 30, 2024 June 30, 2023
Percentage of Risk Pool Net Pension Liability 0.257050% 0.249060% 0.007990%
Percentage of Plan (PERF C) Net Pension Liability 0.102510% 0.099827% 0.002683%
Percentage Share of Risk Pool
The District’s proportionate share percentage of the net pension liability for the June 30,
2023, measurement date was as follows:
Fiscal Year Fiscal Year Change
Ended Ended Increase
June 30, 2024 June 30, 2023 (Decrease)
Measurement Date June 30, 2023 June 30, 2022
Percentage of Risk Pool Net Pension Liability 0.249060% 0.246280% 0.002780%
Percentage of Plan (PERF C) Net Pension Liability 0.099827% 0.099770% 0.000057%
Percentage Share of Risk Pool
For the fiscal years ended June 30, 2025 and 2024, the District recognized pension
expense in the amounts of $2,723,286 and $2,309,517, respectively, for the CalPERS
Miscellaneous Plan.
At June 30, 2025, the District reported deferred outflows of resources and deferred
inflows of resources related to pensions from the following sources:
Deferred Deferred
Outflows of Inflows of
Description Resources Resources
Pension Contributions Subsequent to the
Measurement Date 1,760,200$ -$
Differences Between Expected and Actual
Experience 1,074,894 (41,942)
Changes in Assumptions 319,538 -
Changes in Employer's Proportion and Differences
Between the Employer's Contributions and the
Employer's Proportionate Share of Contributions 272,815 -
Net Differences Between Projected and Actual
Earnings on Pension Plan Investments 715,723 -
Total Deferred Outflows (Inflows) of Resources 4,143,170$ (41,942)$
CASITAS MUNICIPAL WATER DISTRICT
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2025 AND 2024
(64)
NOTE 12 PENSION PLAN (CONTINUED)
B. Pension Liabilities, Pension Expenses, and Deferred Outflows/Inflows of
Resources Related to Pensions (Continued)
Proportionate Share of Net Pension Liability and Pension Expense (Continued)
The District will recognize $1,760,200 reported as deferred outflows of resources related
to pensions resulting from the District’s contributions subsequent to the measurement
date as a reduction of the net pension liability in the fiscal year ending June 30, 2026.
The deferred outflows/(inflows) of resources related to the net differences between
projected and actual earnings on pension plan investments will be amortized over a
closed five-year period. The deferred outflows/(inflows) of resources related to the
differences between expected and actual experience, changes of assumptions, and
changes in employer’s proportion and differences between the employer’s contributions
and the employer’s proportionate share of contributions, will be amortized over the
Expected Average Remaining Service Life (EARSL) of all members that are provided
benefits (active, inactive, and retirees) as of the beginning of the measurement period.
The EARSL for the measurement period is 3.8 years.
Amounts reported as deferred outflows of resources and deferred inflows of resources
related to pensions will be recognized in pension expense as follows:
Amortization Period
Fiscal Year Ending June 30,Amount
2026 851,886$
2027 1,681,963
2028 52,443
2029 (245,264)
Total 2,341,028$
At June 30, 2024, the District reported deferred outflows of resources and deferred
inflows of resources related to pensions from the following sources:
Deferred Deferred
Outflows of Inflows of
Description Resources Resources
Pension Contributions Subsequent to the
Measurement Date 1,551,466$ -$
Differences Between Expected and Actual
Experience 636,207 (98,691)
Changes in Assumptions 751,892 -
Changes in Employer's Proportion and Differences
Between the Employer's Contributions and the
Employer's Proportionate Share of Contributions 238,615 (10,166)
Net Differences Between Projected and Actual
Earnings on Pension Plan Investments 2,016,382 -
Total Deferred Outflows (Inflows) of Resources 5,194,562$ (108,857)$
CASITAS MUNICIPAL WATER DISTRICT
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2025 AND 2024
(65)
NOTE 12 PENSION PLAN (CONTINUED)
B. Pension Liabilities, Pension Expenses, and Deferred Outflows/Inflows of
Resources Related to Pensions (Continued)
Proportionate Share of Net Pension Liability and Pension Expense (Continued)
The District recognized $1,551,466 reported as deferred outflows of resources related to
pensions resulting from the District’s contributions subsequent to the measurement date
as a reduction of the net pension liability in the fiscal year ended June 30, 2025.
The deferred outflows/(inflows) of resources related to the difference between projected
and actual earnings on pension plan investments will be amortized over a closed five-
year period. The deferred outflows/(inflows) of resources related to the net change in
proportionate share of net pension liability, changes of assumptions, and differences
between expected and actual experience in the measurement of the total pension
liability will be amortized over the Expected Average Remaining Service Life (EARSL) of
all members that are provided benefits (active, inactive, and retirees) as of the beginning
of the measurement period. The EARSL for the measurement period is 3.8 years.
Amounts reported as deferred outflows of resources and deferred inflows of resources
related to pensions will be recognized in pension expense as follows:
Amortization Period
Fiscal Year Ending June 30,Amount
2025 1,118,007$
2026 777,500
2027 1,580,872
2028 57,860
Total 3,534,239$
Actuarial Methods and Assumptions Used to Determine Total Pension Liability
For the measurement periods ending June 30, 2024 and 2023 (the measurement dates),
the total pension liabilities were based on the following actuarial methods and
assumptions:
Measurement Measurement
Date Date
June 30, 2024 June 30, 2023
Actuarial Cost Method Entry Age Normal Entry Age Normal
Actuarial Assumptions:
Discount Rate 6.90 % 6.90 %
Inflation 2.30 2.30
Salary Increases (1) (1)
Mortality Rate Table (2) (2)
Post Retirement Benefit Increase (3) (3)
CASITAS MUNICIPAL WATER DISTRICT
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2025 AND 2024
(66)
NOTE 12 PENSION PLAN (CONTINUED)
B. Pension Liabilities, Pension Expenses, and Deferred Outflows/Inflows of
Resources Related to Pensions (Continued)
Actuarial Methods and Assumptions Used to Determine Total Pension Liability
(Continued)
(1) Varies by entry age and service.
(2) The mortality table used was developed based on CalPERS-specific data. The
probabilities of mortality are based on the 2021 CalPERS Experience Study for the
period from 2001 to 2019. Pre-retirement and Post-retirement mortality rates include
generational mortality improvement using 80% of Scale MP-2020 published by the
Society of Actuaries. For more details on this table, please refer to the CalPERS
Experience Study and Review of Actuarial Assumptions report from November 2021
that can be found on the CalPERS website.
(3) The less of contract COLA or 2.30% until Purchasing Power Protection Allowance
Floor on purchasing power applies, 2.30% thereafter.
Long-Term Expected Rate of Return
The long-term expected rate of return on pension plan investments was determined
using a building-block method in which best estimate ranges of expected future real
rates of return (expected returns, net of pension plan investment expense and inflation)
are developed for each major asset class.
In determining the long-term expected rate of return, CalPERS took into account both
short-term and long-term market return expectations. Using historical returns all of the
funds’ asset classes, expected compound (geometric) returns were calculated over the
next 20 years using a building-block approach. The expected rate of return was then
adjusted to account for assumed administrative expenses of 10 Basis points.
The expected real rates of return by asset class are as follows for the measurement
period ended June 30, 2024:
Assumed Asset Real Return
Asset Class Allocation (a) (b)
Global Equity - Cap-weighted 30.00 % 4.54 %
Global Equity - Non-Cap-weighted 12.00 3.84
Private Equity 13.00 7.28
Treasury 5.00 0.27
Mortgage-Backed Securities 5.00 0.50
Investment Grade Corporates 10.00 1.56
High Yield 5.00 2.27
Emerging Market Debt 5.00 2.48
Private Debt 5.00 3.57
Real Assets 15.00 3.21
Leverage (5.00) (0.59)
Total 100.00 %
(a) An expected inflation of 2.3% is used for this period.
(b) Figures are based on the 2021 Asset Liability Management study.
CASITAS MUNICIPAL WATER DISTRICT
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2025 AND 2024
(67)
NOTE 12 PENSION PLAN (CONTINUED)
B. Pension Liabilities, Pension Expenses, and Deferred Outflows/Inflows of
Resources Related to Pensions (Continued)
Discount Rate
The discount rate used to measure the total pension liability was 6.90% for the
measurement periods ending June 30, 2024 and 2023, respectively. The projection of
cash flows used to determine the discount rate assumed that contributions from plan
members will be made at the current member contribution rates and that contributions
from employers will be made at statutorily required rates, actuarially determined. Based
on those assumptions, the Plan’s fiduciary net position was projected to be available to
make all projected future benefit payments of current plan members. Therefore, the
long-term expected rate of return on plan investments was applied to all periods of
projected benefit payments to determine the total pension liability.
Sensitivity of the Net Pension Liability to Changes in the Discount Rate
The following presents the District’s proportionate share of the net pension liability for
the Plans, as of the measurement dates, calculated using the discount rate for each
plan, as well as what the District’s proportionate share of the net pension liability would
be if it were calculated using a discount rate that is 1-percentage-point lower or
1-percentage-point higher than the current rate:
1% Decrease Discount Rate 1% Increase
5.90% 6.90% 7.90%
June 30, 2024 (Measurement Date) 18,869,801$ 12,432,401$ 7,133,473$
1% Decrease Discount Rate 1% Increase
5.90% 6.90% 7.90%
June 30, 2023 (Measurement Date) 18,551,325$ 12,453,797$ 7,435,008$
Pension Plan Fiduciary Net Position
Detailed information about the pension plan’s fiduciary net position is available in the
separately issued CalPERS financial report and can be obtained from CalPERS’ website
under Forms and Publications.
Payable to Pension Plans
At June 30, 2025 and 2024, the District had no outstanding amount of contributions to
the pension plans.
CASITAS MUNICIPAL WATER DISTRICT
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2025 AND 2024
(68)
NOTE 13 NET INVESTMENT IN CAPITAL ASSETS
Net investment in capital assets consisted of the following as of June 30:
Description 2025 2024
Noncurrent Portion of Assets:
Capital Assets - Not Being Depreciated 15,688,125$ 13,514,383$
Capital Assets - Being Depreciated, Net 78,838,101 80,902,262
Capital Assets, Intangible Asset - Right-to-Use
Leased Asset, Net 502,995 447,216
Capital Assets, Intangible Asset - SBITAs 353,290 528,018
Deferred Outflows of Resources:
Deferred Loss on CFD 2013-1 2,453,301 2,659,172
Current Portion of Liabilities:
Lease Liability (148,273) (104,802)
SBITA Liability (239,250) (234,125)
Long-Term Debt (1,092,885) (1,003,377)
Noncurrent Portion of Liabilities:
Lease Liability (335,638) (294,469)
SBITA Liability (77,391) (257,552)
Long-Term Debt Used for Capital Asset Purchases (57,052,499) (58,216,578)
Current Liabilities:
Accounts Payable and Accrued Expenses:
Capital Related (145,721) (320,796)
Retentions Payable (119,470) (42,578)
Total Net Investment in Capital Assets 38,624,685$ 37,576,774$
NOTE 14 RESTRICTED NET POSITION
Restricted net position consisted of the following as of June 30:
Description 2025 2024
djudication Fund 931,086$ 1,112,722$
NOTE 15 DEFERRED COMPENSATION SAVINGS PLAN
For the benefit of its employees, the District participates in two defined contribution 457
Deferred Compensation Programs (Programs). The purpose of these Programs is to provide
deferred compensation for public employees that elect to participate in the Programs.
Generally, eligible employees may defer receipt of a portion of their salary until termination,
retirement, death, or unforeseeable emergency. Until the funds are paid or otherwise made
available to the employee, the employee is not obligated to report the deferred salary for
income tax purposes.
CASITAS MUNICIPAL WATER DISTRICT
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2025 AND 2024
(69)
NOTE 15 DEFERRED COMPENSATION SAVINGS PLAN (CONTINUED)
Federal law requires deferred compensation assets to be held in trust for the exclusive
benefit of the participants. Accordingly, the District is in compliance with this legislation.
Therefore, these assets are not the legal property of the District and are not subject to
claims of the District’s general creditors. Since the District has little administrative
involvement and does not perform the investing function for this plan, the assets and related
liabilities are not shown on the accompanying financial statements. The District makes no
contributions to these plans.
NOTE 16 RISK MANAGEMENT
The District is exposed to various risks of loss related to torts, theft of, damage to, and
destruction of assets; errors and omissions; injuries to employees; natural disasters; and
terrorism. The District is self-insured for the first $25,000 of general and auto liabilities for
each occurrence, and the excess (up to $10,000,000) per occurrence and in the aggregate)
is covered through the purchase of an insurance policy. Employment practices liability
coverage is self-insured for the $25,000, and the excess (up to $5,000,000 per occurrence
and in the aggregate) is covered through the insurance policy.
The District is a member Public Risk Innovation Solutions and Management Agency
(PRISM, formally CSAC Excess Insurance Authority) (Agency) for its workers’ compensation
coverage. The District is self-insured for the first $125,000 of each occurrence, and the
Authority finances $5,000,000 per occurrence. The District purchased additional excess
coverage layers of $95 million which increases the limits set forth by the Agency.
Settled claims have not exceeded any of the coverage amounts in any of the last three fiscal
years and there were no reductions in the District’s insurance coverage during the years
ended June 30, 2025, 2024, and 2023. Liabilities are recorded when it is probable that a
loss has been incurred and the amount of the loss can be reasonably estimated net of the
respective insurance coverage. Liabilities include an amount for claims that have been
incurred but not reported (IBNR). The estimate of claims for the year ended June 30, 2025
include an estimate of claims that have been incurred but not reported (IBNR). The following
is the claims liability as of June 30, 2025 and 2024:
Balance Chan e in Balance Due Within Due in More
Lon -Term Debt Jul 1, 2023 Estimate Deletions June 30, 2024 One Yea Than One Yea
Claims Liability 373,860$ (28,048)$ (64,627)$ 281,185$ 224,575$ 56,610$
Balance Chan e in Balance Due Within Due in More
Lon -Term Debt Jul 1, 2023 Estimate Deletions June 30, 2024 One Yea Than One Yea
Claims Liability 166,648$ 357,245$ (150,033)$ 373,860$ 288,397$ 85,463$
CASITAS MUNICIPAL WATER DISTRICT
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2025 AND 2024
(70)
NOTE 17 COMMITMENTS AND CONTINGENCIES
State Water Contract
Estimates of the District’s share of the project fixed costs of the State Water Project (SWP)
are provided annually by the state. The estimates are subject to future increases or
decreases resulting from changes in planned facilities, refinements in cost estimates, and
inflation.
During the next five years, payments under the State Water Contract, exclusive of variable
power costs, are currently estimated by the state to be as follows:
Fiscal Year Ending June 30,Amount
2026 1,354,850$
2027 1,252,767
2028 1,235,013
2029 1,259,537
2030 1,250,244
Total 6,352,411$
As of June 30, 2025, the District has expended $31.7 million since the District started
participating in the State Water Contract.
According to the state’s latest estimates, the District’s long-term obligations (25% share)
under the contract, for capital and minimum operations and maintenance costs, including
interest to the year 2069, are as follows:
State Water
Contract
Long-Term
Obligations
Transportation Facilities 13,004,265$
Conservation Facilities 8,035,052
Off-Aqueduct Power Facilities 1,480,056
Revenue Bond Surcharge 529
Total Long-Term SWP Contract Obligations 22,519,902$
The amounts shown above do not contain any escalation or inflation and are subject to
significant variation over time because the amounts are based on a number of assumptions
and are contingent on future events. Accordingly, none of the estimated long-term
obligations are recorded as liabilities in the accompanying basic financial statements.
There are other pending actions that may adversely impact the District’s ability to control the
sale of water transported through the SWP into its service area. The impact on future
revenues of such actions cannot be determined.
CASITAS MUNICIPAL WATER DISTRICT
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2025 AND 2024
(71)
NOTE 17 COMMITMENTS AND CONTINGENCIES (CONTINUED)
Grant Awards
Grant funds received by the District are subject to audit by the grantor agencies. Such audit
could lead to requests for reimbursements to the grantor agencies for expenditures
disallowed under terms of the grant. Management of the District believes that such
disallowances, if any, would not be significant.
Litigation
In the ordinary course of operations, the District is subject to claims and litigation from
outside parties. After consultation with legal counsel, the District believes the ultimate
outcome of such matters, if any, will not materially affect its financial condition.
NOTE 18 RESTATEMENT OF NET POSITION
Change in Accounting Principle
Effective July 1, 2023, the District implemented GASB Statement No. 101, Compensated
Absences. This statement updated the recognition and measurement guidance for
compensated absences and associated salary-related payments and amended certain
previously required disclosures. As a result of the implementation of this standard, the
compensated absences liability as of July 1, 2023 was increased by $368,484. The effect of
the implementation of this standard is shown in the table below.
2024
Net Position as of July 1, as Previously Reported 42,589,533$
Change in accounting principle (362,509)
Net Position as of July 1, as Restated 42,227,024$
2024
Change in Net Position for the Fiscal Year Ended
June 30, 2024, as Previously Reported 2,050,874$
Restatement for the Implementation of GASB 101 (5,975)
Change in Net Position for the Fiscal Year Ended
June 30, 2024, as Restated 2,044,899$
(72)
REQUIRED SUPPLEMENTARY INFORMATION
CASITAS MUNICIPAL WATER DISTRICT
SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY
LAST TEN FISCAL YEARS
(73)
Fiscal Year Ended June 30, 2025 June 30, 2024 June 30, 2023 June 30, 2022 June 30, 2021
Measurement Period June 30, 2024 June 30, 2023 June 30, 2022 June 30, 2021 June 30, 2020
District's Proportion of the Net Pension
Liability 0.257050% 0.099827% 0.099770% 0.098320% 0.088110%
District's Proportionate Share of the
Net Pension Liability 12,432,401$ 12,453,797$ 11,523,941$ 5,317,540$ 9,586,888$
District's Covered Payroll 8,434,548$ 7,944,664$ 7,471,589$ 6,796,786$ 5,955,380$
District's Proportionate Share of the
Net Pension Liability as a Percentage
of its Covered Payroll 147.40% 156.76% 154.24% 78.24% 160.98%
District's Proportionate Share of Fiduciary
Net Position as a Percentage of the
Plan's Total Pension Liability 73.94% 72.38% 73.09% 87.25% 76.08%
Notes to Schedule:
Benefit Changes:
There were no changes in benefits.
Changes in Assumptions:
From fiscal year June 30, 2016 to June 30, 2017:
GASB 68, paragraph 68 states that the long-term expected rate of return should be determined net of pension plan
investment expense but without reduction for pension plan administrative expense. The discount rate of 7.65% used for
the June 30, 2015 measurement date was net of administrative expenses. The discount rate of 7.65% used for the
June 30, 2016 measurement date is without reduction of pension plan administrative expense.
From fiscal year June 30, 2017 to June 30, 2018:
The discount rate was reduced from 7.65% to 7.15%.
From fiscal year June 30, 2018 to June 30, 2022:
There were no significant changes in assumptions.
From fiscal year June 30, 2022 to June 30, 2023:
The discount rate and long-term rate of return decreased from 7.15% to 6.90% and the inflation rate decreased from
2.50% to 2.30%.
From fiscal year June 30, 2023 to June 30, 2024:
There were no significant changes in assumptions.
From fiscal year June 30, 2024 to June 30, 2025:
There were no significant changes in assumptions.
CASITAS MUNICIPAL WATER DISTRICT
SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY (CONTINUED)
LAST TEN FISCAL YEARS
(74)
Fiscal Year Ended June 30, 2020 June 30, 2019 June 30, 2018 June 30, 2017 June 30, 2016
Measurement Period June 30, 2019 June 30, 2018 June 30, 2017 June 30, 2016 June 30, 2015
District's Proportion of the Net Pension
Liability 0.084990% 0.081300% 0.080015% 0.077286% 0.067262%
District's Proportionate Share of the
Net Pension Liability 8,708,942$ 7,834,700$ 7,935,268$ 6,687,600$ 4,616,826$
District's Covered Payroll 5,931,424$ 5,467,811$ 4,602,594$ 4,334,649$ 4,123,809$
District's Proportionate Share of the
Net Pension Liability as a Percentage
of its Covered Payroll 146.83% 143.29% 172.41% 154.28% 111.96%
District's Proportionate Share of Fiduciary
Net Position as a Percentage of the
Plan's Total Pension Liability 75.26% 78.45% 77.91% 80.01% 85.60%
Notes to Schedule:
Benefit Changes:
There were no changes in benefits.
Changes in Assumptions:
From fiscal year June 30, 2016 to June 30, 2017:
GASB 68, paragraph 68 states that the long-term expected rate of return should be determined net of pension plan
investment expense but without reduction for pension plan administrative expense. The discount rate of 7.65% used for
the June 30, 2015 measurement date was net of administrative expenses. The discount rate of 7.65% used for the
June 30, 2016 measurement date is without reduction of pension plan administrative expense.
From fiscal year June 30, 2017 to June 30, 2018:
The discount rate was reduced from 7.65% to 7.15%.
From fiscal year June 30, 2018 to June 30, 2022:
There were no significant changes in assumptions.
From fiscal year June 30, 2022 to June 30, 2023:
The discount rate and long-term rate of return decreased from 7.15% to 6.90% and the inflation rate decreased from
2.50% to 2.30%.
From fiscal year June 30, 2023 to June 30, 2024:
There were no significant changes in assumptions.
From fiscal year June 30, 2024 to June 30, 2025:
There were no significant changes in assumptions.
CASITAS MUNICIPAL WATER DISTRICT
SCHEDULE OF CONTRIBUTIONS TO THE PENSION PLAN
LAST TEN FISCAL YEARS
(75)
Fiscal Year Ended June 30, 2025 June 30, 2024 June 30, 2023 June 30, 2022 June 30, 2021
Contractually Required Contribution
(Actuarially Determined) 1,760,200$ 1,551,466$ 1,511,285$ 1,362,418$ 1,218,701$
Contributions in Relation to the Actuarially
Determined Contributions (1,760,200) (1,551,466) (1,511,285) (1,362,418) (1,218,701)
Contribution Deficiency (Excess) -$ -$ -$ -$ -$
Covered Payroll 8,949,716$ 8,434,548$ 7,944,664$ 7,471,589$ 6,796,786$
Contributions as a Percentage of
Covered Payroll 19.67% 18.39% 19.02% 18.23% 17.93%
Notes to Schedule:
Valuation Date 6/30/2022 6/30/2021 6/30/2020 6/30/2019 6/30/2018
Methods and Assumptions Used to
Determine Contribution Rates:
Actuarial Cost Method Entry Age Entry Age Entry Age Entry Age Entry Age
Amortization Method (1) (1) (1) (1) (1)
Asset Valuation Method Fair Value Fair Value Fair Value Fair Value Fair Value
Inflation 2.300% 2.300% 2.300% 2.500% 2.500%
Salary Increases (2) (2) (2) (2) (2)
Investment Rate of Return 6.90% (3) 6.90% (3) 6.90% (3) 7.00% (3) 7.00% (3)
Retirement Age (4) (4) (4) (4) (4)
Mortality (5) (5) (5) (5) (5)
(1) Level percentage of payroll, closed
(2) Depending on age, service, and type of employment
(3) Net of pension plan investment expense, including inflation
(4)50 for all plans with the exception of 52 for Miscellaneous PEPRA 2%@62
(5) Mortality assumptions are based on mortality rates resulting from the most recent CalPERS Experience Study
adopted by the CalPERS Board.
CASITAS MUNICIPAL WATER DISTRICT
SCHEDULE OF CONTRIBUTIONS TO THE PENSION PLAN (CONTINUED)
LAST TEN FISCAL YEARS
(76)
Fiscal Year Ended June 30, 2020 June 30, 2019 June 30, 2018 June 30, 2017 June 30, 2016
Contractually Required Contribution
(Actuarially Determined) 1,021,010$ 829,079$ 689,022$ 555,953$ 465,843$
Contributions in Relation to the Actuarially
Determined Contributions (1,021,010) (829,079) (689,022) (555,953) (465,843)
Contribution Deficiency (Excess) -$ -$ -$ -$ -$
Covered Payroll 5,955,380$ 5,931,424$ 5,467,811$ 4,602,594$ 4,334,649$
Contributions as a Percentage of
Covered Payroll 17.14% 13.98% 12.60% 12.08% 10.75%
Notes to Schedule:
Valuation Date 6/30/2017 6/30/2016 6/30/2015 6/30/2014 6/30/2013
Methods and Assumptions Used to
Determine Contribution Rates:
Actuarial Cost Method Entry Age Entry Age Entry Age Entry Age Entry Age
Amortization Method (1) (1) (1) (1) (1)
Asset Valuation Method Fair Value Fair Value Fair Value Fair Value Fair Value
Inflation 2.625% 2.75% 2.75% 2.75% 2.75%
Salary Increases (2) (2) (2) (2) (2)
Investment Rate of Return 7.25% (3) 7.375% (3) 7.50% (3) 7.50% (3) 7.50% (3)
Retirement Age (4) (4) (4) (4) (4)
Mortality (5) (5) (5) (5) (5)
(1) Level percentage of payroll, closed
(2) Depending on age, service, and type of employment
(3) Net of pension plan investment expense, including inflation
(4)50 for all plans with the exception of 52 for Miscellaneous PEPRA 2%@62
(5) Mortality assumptions are based on mortality rates resulting from the most recent CalPERS Experience Study
adopted by the CalPERS Board.
CASITAS MUNICIPAL WATER DISTRICT
SCHEDULE OF CHANGES IN THE NET OPEB LIABILITY AND RELATED RATIOS
LAST TEN FISCAL YEARS*
(77)
Fiscal Year Ended June 30, 2025 June 30, 2024 June 30, 2023
Measurement Period June 30, 2024 June 30, 2024 June 30, 2022
Total OPEB Liability:
Service cost 343,541$ 337,135$ 778,485$
Interest on Total OPEB Liability 537,004 520,467 531,877
Changes of Assumptions (82,052) (51,523) (4,105,231)
Differences Between Expected
and Actual Experience 398,667 - (6,627,466)
Benefit Payments, Including Refunds and
the Implied Subsidy Benefit Payments (515,603) (499,198) (584,787)
Net Change in Total OPEB Liability 681,557 306,881 (10,007,122)
Total OPEB Liability - Beginning of Year 12,640,985 12,334,104 22,341,226
Total OPEB Liability - End of Year (a) 13,322,542 12,640,985 12,334,104
Plan Fiduciary Net Position:
Contributions - Employer 224,117 499,198 584,787
Net Investment Income 86,485 22,740 (173,976)
Administrative Expenses (453) (410) (411)
Benefit Payments, Including Refunds and
the Implied Subsidy Benefit Payments (515,603) (499,198) (584,787)
Net Change in Plan Fiduciary Net Position (205,454) 22,330 (174,387)
Plan Fiduciary Net Position - Beginning of Year 1,464,527 1,442,197 1,616,584
Plan Fiduciary Net Position - End of Year (b) 1,259,073 1,464,527 1,442,197
Net OPEB Liability - Ending (a)-(b) 12,063,469$ 11,176,458$ 10,891,907$
Plan Fiduciary Net Position as a Percentage
of the Total OPEB Liability 9.45% 11.59% 11.69%
Covered Employee Payroll 8,844,384$ 8,859,433$ 8,469,356$
Net OPEB Liability as Percentage of
Covered Employee Payroll 136.40% 126.15% 128.60%
Notes to Schedule:
Benefit Changes:
There were no changes in benefits.
Changes in Assumptions:
Discount rate was updated 4.27% 4.22% 4.19%
Removed the liability for Affordable Care Act excise tax due to repeal in December 2019 from fiscal year June 30, 2020
to June 30, 2021.
Mortality improvement scale was updated from Scale MP-2018 to Scale MP-2020 from fiscal year June 30, 2020 to
June 30, 2021.
Kaiser Senior Advantage plan medical trend was decreased from 6.5% for 2020 for the fiscal year ended June 30, 2020 to
5.0% for 2022 for the fiscal year ended June 30, 2021.
For the fiscal year ended June 30, 2022 to June 30, 2023, the medical trend rates were updated, the experience study was
updated to 2000-2019, and the mortality improvement scale was updated to MP-2021.
* Fiscal year 2018 was the first year of implementation; therefore, only eight years are shown.
CASITAS MUNICIPAL WATER DISTRICT
SCHEDULE OF CHANGES IN THE NET OPEB LIABILITY AND RELATED RATIOS (CONTINUED)
LAST TEN FISCAL YEARS*
(78)
Fiscal Year Ended June 30, 2022 June 30, 2021 June 30, 2020 June 30, 2019 June 30, 2018
Measurement Period June 30, 2021 June 30, 2020 June 30, 2019 June 30, 2018 June 30, 2017
Total OPEB Liability:
Service cost 764,771$ 594,473$ 417,772$ 232,654$ 226,427$
Interest on Total OPEB Liability 562,642 781,245 841,909 683,863 657,817
Changes of Assumptions (124,456) 2,676,738 3,319,650 5,629,147 -
Differences Between Expected
and Actual Experience - (2,588,440) - (259,672) -
Benefit Payments, Including Refunds and
the Implied Subsidy Benefit Payments (671,482) (694,250) (677,053) (626,696) (518,711)
Net Change in Total OPEB Liability 531,475 769,766 3,902,278 5,659,296 365,533
Total OPEB Liability - Beginning of Year 21,809,751 21,039,985 17,137,707 11,478,411 11,112,878
Total OPEB Liability - End of Year (a) 22,341,226 21,809,751 21,039,985 17,137,707 11,478,411
Plan Fiduciary Net Position:
Contributions - Employer 671,482 696,270 679,073 626,696 1,714,977
Net Investment Income 193,129 84,839 89,988 55,999 -
Administrative Expenses (503) (2,685) (2,289) (2,200) -
Benefit Payments, Including Refunds and
the Implied Subsidy Benefit Payments (671,482) (694,250) (677,053) (626,696) (518,711)
Net Change in Plan Fiduciary Net Position 192,626 84,174 89,719 53,799 1,196,266
Plan Fiduciary Net Position - Beginning of Year 1,423,958 1,339,784 1,250,065 1,196,266 -
Plan Fiduciary Net Position - End of Year (b) 1,616,584 1,423,958 1,339,784 1,250,065 1,196,266
Net OPEB Liability - Ending (a)-(b) 20,724,642$ 20,385,793$ 19,700,201$ 15,887,642$ 10,282,145$
Plan Fiduciary Net Position as a Percentage
of the Total OPEB Liability 7.24% 6.53% 6.37% 7.29% 10.42%
Covered Employee Payroll 7,801,655$ 5,955,380$ 5,931,424$ 5,467,811$ 4,602,594$
Net OPEB Liability as Percentage of
Covered Employee Payroll 265.64% 342.31% 332.13% 290.57% 223.40%
Notes to Schedule:
Benefit Changes:
There were no changes in benefits.
Changes in Assumptions:
Discount rate was updated 2.33% 2.53% 3.67% 4.89% 6.00%
Removed the liability for Affordable Care Act excise tax due to repeal in December 2019 from fiscal year June 30, 2020
to June 30, 2021.
Mortality improvement scale was updated from Scale MP-2018 to Scale MP-2020 from fiscal year June 30, 2020 to
June 30, 2021.
Kaiser Senior Advantage plan medical trend was decreased from 6.5% for 2020 for the fiscal year ended June 30, 2020 to
5.0% for 2022 for the fiscal year ended June 30, 2021.
For the fiscal year ended June 30, 2022 to June 30, 2023, the medical trend rates were updated, the experience study was
updated to 2000-2019, and the mortality improvement scale was updated to MP-2021.
* Fiscal year 2018 was the first year of implementation; therefore, only eight years are shown.
CASITAS MUNICIPAL WATER DISTRICT
SCHEDULE OF CONTRIBUTIONS TO THE OPEB PLAN
LAST TEN FISCAL YEARS*
(79)
Fiscal Year Ended June 30, 2025 June 30, 2024 June 30, 2023
Actuarially Determined Contribution 1,201,881$ 1,020,833$ 993,254$
Contributions in Relation to the Actuarially
Determined Contributions (610,964) (224,117) (499,198)
Contribution Deficiency (Excess) 590,917$ 796,716$ 494,056$
Covered Employee Payroll 9,116,250$ 8,844,384$ 8,859,433$
Contributions as a Percentage of
Covered Employee Payroll 6.70% 2.53% 5.63%
Notes to Schedule:
Valuation Date 6/30/2024 6/30/2022 6/30/2022
Methods and Assumptions Used to Determine
Contributions Rates:
Actuarial Cost Method Entry Age Entry Age Entry Age
Amortization Method (1) (1) (1)
Asset Valuation Method Fair Value Fair Value Fair Value
Discount Rate 5.25% 5.25% 5.25%
Inflation 2.50% 2.50% 2.50%
Salary Increases 2.75% 2.75% 2.75%
Investment Rate of Return 5.25% 5.25% 5.25%
Medical Trend (8) (8) (8)
Mortality (9) (9) (9)
Mortality Improvement (10) (10) (10)
(1) Level percentage of payroll, closed
(2) Non-Medicare: 7.5% for 2020, decreasing to an ultimate rate of 4.0% in 2076
Medicare: 6.5% for 2020, decreasing to an ultimate rate of 4.0% in 2076
(3) CalPERS 1997-2015 experience study
(4) Postretirement mortality projected fully generational with Scale MP-2018
(5) Non-Medicare: 7.5% for 2022, decreasing to an ultimate rate of 4.0% in 2076
Medicare (Kaiser): 5.0% for 2022, decreasing to an ultimate rate of 4.0% in 2076
Medicare (Other): 6.1% for 2022, decreasing to an ultimate rate of 4.0% in 2076
(6) Postretirement mortality projected fully generational with Scale MP-2020
(7) Non-Medicare: 7.0% for 2022, decreasing to an ultimate rate of 4.0% in 2076
Medicare (Kaiser): 5.0% for 2022, decreasing to an ultimate rate of 4.0% in 2076
Medicare (Other): 6.1% for 2022, decreasing to an ultimate rate of 4.0% in 2076
(8) Non-Medicare: 8.5% for 2024, decreasing to an ultimate rate of 3.45% in 2076
Medicare (Kaiser): 7.5% for 2024, decreasing to an ultimate rate of 3.45% in 2076
Medicare (Other): 6.25% for 2024, decreasing to an ultimate rate of 3.45% in 2076
(9) CalPERS 2000-2019 experience study
(10) Postretirement mortality projected fully generational with Scale MP-2021
* - Fiscal year 2018 was the first year of implementation; therefore, only seven years are shown.
CASITAS MUNICIPAL WATER DISTRICT
SCHEDULE OF CONTRIBUTIONS TO THE OPEB PLAN (CONTINUED)
LAST TEN FISCAL YEARS*
(80)
Fiscal Year Ended June 30, 2022 June 30, 2021 June 30, 2020 June 30, 2019 June 30, 2018
Actuarially Determined Contribution 1,311,681$ 1,273,193$ 1,372,064$ 1,331,790$ 1,714,977$
Contributions in Relation to the Actuarially
Determined Contributions (584,787) (671,482) (696,270) (679,073) (884,244)
Contribution Deficiency (Excess) 726,894$ 601,711$ 675,794$ 652,717$ 830,733$
Covered Employee Payroll 8,469,356$ 7,801,655$ 5,955,380$ 5,931,424$ 5,467,811$
Contributions as a Percentage of
Covered Employee Payroll 6.90% 8.61% 11.69% 11.45% 16.17%
Notes to Schedule:
Valuation Date 6/30/2020 6/30/2020 6/30/2018 6/30/2018 6/30/2017
Methods and Assumptions Used to Determine
Contributions Rates:
Actuarial Cost Method Entry Age Entry Age Entry Age Entry Age Entry Age
Amortization Method (1) (1) (1) (1) (1)
Asset Valuation Method Fair Value Fair Value Fair Value Fair Value Fair Value
Discount Rate 5.50% 5.50% 5.50% 5.50% 5.50%
Inflation 2.75% 2.75% 2.75% 2.75% 2.75%
Salary Increases 3.00% 3.00% 3.00% 3.00% 2.75%
Investment Rate of Return 5.50% 5.50% 5.50% 5.50% 5.50%
Medical Trend (7) (5) (2) (2) (2)
Mortality (3) (3) (3) (3) (3)
Mortality Improvement (6) (6) (4) (4) (4)
(1) Level percentage of payroll, closed
(2) Non-Medicare: 7.5% for 2020, decreasing to an ultimate rate of 4.0% in 2076
Medicare: 6.5% for 2020, decreasing to an ultimate rate of 4.0% in 2076
(3) CalPERS 1997-2015 experience study
(4) Postretirement mortality projected fully generational with Scale MP-2018
(5) Non-Medicare: 7.5% for 2022, decreasing to an ultimate rate of 4.0% in 2076
Medicare (Kaiser): 5.0% for 2022, decreasing to an ultimate rate of 4.0% in 2076
Medicare (Other): 6.1% for 2022, decreasing to an ultimate rate of 4.0% in 2076
(6) Postretirement mortality projected fully generational with Scale MP-2020
(7) Non-Medicare: 7.0% for 2022, decreasing to an ultimate rate of 4.0% in 2076
Medicare (Kaiser): 5.0% for 2022, decreasing to an ultimate rate of 4.0% in 2076
Medicare (Other): 6.1% for 2022, decreasing to an ultimate rate of 4.0% in 2076
(8) Non-Medicare: 8.5% for 2024, decreasing to an ultimate rate of 3.45% in 2076
Medicare (Kaiser): 7.5% for 2024, decreasing to an ultimate rate of 3.45% in 2076
Medicare (Other): 6.25% for 2024, decreasing to an ultimate rate of 3.45% in 2076
(9) CalPERS 2000-2019 experience study
(10) Postretirement mortality projected fully generational with Scale MP-2021
* - Fiscal year 2018 was the first year of implementation; therefore, only seven years are shown.
(81)
This page intentionally left blank.
(82)
SUPPLEMENTARY INFORMATION
CASITAS MUNICIPAL WATER DISTRICT
SCHEDULE OF REVENUE, EXPENSES, AND CHANGES IN NET POSITION
BUDGET TO ACTUAL
YEAR ENDED JUNE 30, 2025
(83)
Variance
Final Positive/
Bud et Actual Ne ative
OPERATING REVENUES
Retail Water Consumption 7,071,265$ 8,033,874$ 962,609$
Wholesale Water Sales 2,492,650 2,574,516 81,866
Monthl Water Service Char e 6,565,471 6,570,736 5,265
Recreation Revenue 6,157,366 6,628,905 471,539
Other water char es and services 244,256 508,863 264,607
Total Operatin Revenues 22,531,008 24,316,894 1,785,886
OPERATING EXPENSES
Fisheries 744,625 773,393 28,768
En ineerin 3,869,136 2,442,981 1,426,155
Water Treatment 2,757,794 2,652,983 104,811
Water Qualit 1,703,822 1,039,295 664,527
Utilities Maintenance 1,048,683 1,210,114 161,431
Electrical Mechanical 3,314,889 3,137,716 177,173
Pipeline 2,074,664 1,788,539 286,125
Recreation Ex enses 5,878,438 5,999,660 121,222
Operations Maintenance and Mana ement 1,566,104 1,687,881 121,777
General and Administrative 5,311,490 4,979,867 331,623
Chan e in Water-in-Stora e Inventor - 729,900 729,900
Total Operatin Expenses 28,269,645 26,442,329 3,287,116
OPERATING LOSS BEFORE DEPRECIATION (5,738,637 2,125,435 1,501,230
DEPRECIATION AND AMORTIZATION
Depreciation - 3,925,908 3,925,908
Ri ht-to-Use Leased Asset Amortization - 147,758 147,758
SBITA Amortization - 249,297 249,297
Total Depreciation and Amortization - 4,322,963 4,322,963
OPERATING LOSS (5,738,637 6,448,398 2,821,733
NONOPERATING REVENUES EXPENSES
Propert Taxes - Ad Valorem 2,970,549 3,340,319 369,770
Pass-Throu h Propert Tax Increment 342,373 490,947 148,574
Pro ert Tax Assessment for State Water Pro ect 1,277,767 1,395,222 117,455
State Water Pro ect Water Sales to Other A encies 1,000,000 1,000,000 -
State Water Pro ect Expense 1,273,229 779,259 493,970
CFD 2013-1 Assessment 3,011,314 3,057,126 45,812
Mira Monte Assessment - - -
Tax Collection Expense 37,735 56,546 18,811
Investment Earnin s 142,960 512,245 369,285
Interest Expense - Lon -Term Debt 3,196,114 2,375,477 820,637
Amortization of Bond Insurance on CFD 2013-1 - 20,241 20,241
Bond and Administrative Fees 34,775 36,501 1,726
Ad udication Char e 572,857 566,470 6,387
Ad udication Costs - 748,068 748,068
Loss on Disposition of Capital Assets - 4,540 4,540
Other, Net 41,420 2,343,665 2,302,245
Total Nonoperatin Revenues Expenses , Net 4,817,387 8,685,362 3,867,975
NET INCOME LOSS BEFORE CAPITAL CONTRIBUTIONS (921,250 2,236,964 6,689,708
CAPITAL CONTRIBUTIONS
Federal, State, and Local Grants 1,004,472 1,476,148 471,676
Total Capital Contributions 1,004,472 1,476,148 471,676
CHANGE IN NET POSITION 83,222$ 3,713,112 7,161,384$
Net Position - Be innin of Year as Previousl Presented 44,640,407
Restatement 368,484
Net Position - Be innin of Year, as Restated 44,271,923
NET POSITION - END OF YEAR 47,985,035$
CASITAS MUNICIPAL WATER DISTRICT
SCHEDULE OF REVENUE, EXPENSES, AND CHANGES IN NET POSITION
BUDGET TO ACTUAL
YEAR ENDED JUNE 30, 2024
(84)
Variance
Final Positive/
Bud et Actual Ne ative
OPERATING REVENUES
Retail Water Consumption 7,079,353$ 4,978,739$ 2,100,614$
Wholesale Water Sales 2,205,987 1,349,832 856,155
Monthl Water Service Char e 6,278,140 6,008,900 269,240
Recreation Revenue 6,079,050 5,460,240 618,810
Other Water Char es and Services 190,673 270,839 80,166
Total Operatin Revenues 21,833,203 18,068,550 3,764,653
OPERATING EXPENSES
Fisheries 707,807 755,804 47,997
En ineerin 10,858,895 2,904,477 7,954,418
Water Treatment 2,782,993 2,487,997 294,996
Water Qualit 1,467,126 846,449 620,677
Utilities Maintenance 1,036,230 1,089,643 53,413
Electrical Mechanical 3,130,850 2,855,417 275,433
Pipeline 1,969,706 1,666,320 303,386
Recreation Ex enses 5,795,396 5,478,328 317,068
Operations Maintenance and Mana ement 1,455,661 1,588,634 132,973
General and Administrative 5,628,235 4,888,371 739,864
Chan e in Water-in-Stora e Inventor - 4,951,793 4,951,793
Total O eratin Ex enses 34,832,899 19,609,647 5,319,666
OPERATING LOSS BEFORE DEPRECIATION (12,999,696 1,541,097 9,084,319
DEPRECIATION AND AMORTIZATION
De reciation - 3,879,138 3,879,138
Ri ht-to-Use Leased Asset Amortization - 126,144 126,144
SBITA Amortization - 224,377 224,377
Total Depreciation and Amortization - 4,229,659 4,229,659
OPERATING LOSS (12,999,696 5,770,756 4,854,660
NONOPERATING REVENUES EXPENSES
Propert Taxes - Ad Valorem 2,897,274 3,150,716 253,442
Pass-Throu h Propert Tax Increment 342,373 415,409 73,036
Pro ert Tax Assessment for State Water Pro ect 1,167,681 1,195,624 27,943
State Water Pro ect Water Sales to Other A encies 1,375,000 1,375,000 -
State Water Pro ect Expense 1,163,828 979,475 184,353
CFD 2013-1 Assessment 2,950,230 2,963,060 12,830
Mira Monte Assessment - 65 65
Tax Collection Expense 44,300 56,101 11,801
Investment Earnin s 246,677 525,613 278,936
Interest Expense - Lon -Term Debt 3,137,614 2,415,549 722,065
Amortization of Bond Insurance on CFD 2013-1 - 20,241 20,241
Cost of Debt Issuance - - -
Bond and Administrative Fees 39,775 30,767 9,008
Ad udication Char e 574,516 571,394 3,122
Ad udication Costs 574,516 144,448 430,068
Loss on Disposition of Capital Assets - 6,788 6,788
Other, Net 1,892,125 249,608 1,642,517
Total Nonoperatin Revenues Expenses , Net 6,485,843 6,793,120 307,277
NET LOSS BEFORE CAPITAL CONTRIBUTIONS (6,513,853 1,022,364 4,547,383
CAPITAL CONTRIBUTIONS
Federal, State, and Local Grants 2,291,972 1,022,535 1,269,437
Total Capital Contributions 2,291,972 1,022,535 1,269,437
CHANGE IN NET POSITION (4,221,881$ 2,044,899 5,816,820$
Net Position - Be innin of Year as Previousl Presented 42,589,533
Restated 362,509
Net Position - Be innin of Yea 42,227,024
NET POSITION - END OF YEAR 44,271,923$
CASITAS MUNICIPAL WATER DISTRICT
COMBINING BALANCE SHEET
JUNE 30, 2025
(85)
Improvement
Operatin Financin Assessment
Fund Fund Fund
ASSETS AND DEFERRED OUTFLOWS OF RESOURCES
CURRENT ASSETS
Cash and Cash Equivalents 7,830,664$ -$ -$
Investments 11,023,796 - -
Accrued Interest Receivable 72,962 - -
Accounts Receivable, Net 6,240,578 - -
Due from Other Funds - 14,226,045 1,893,688
Materials and Su lies Inventor 44,237 - -
Prepaid expenses 717,170 - -
Total Current Assets 25,929,407 14,226,045 1,893,688
NONCURRENT ASSETS
Restricted - Cash and Cash Equivalents 4,787 - -
Water-in-stora e Inventor 14,469,007 - -
Capital Assets - Not Bein Depreciated 15,688,125 - -
Capital Assets - Bein Depreciated, Net 78,838,101 - -
Capital Assets, Intan ible Asset - Ri ht-to-Use Leased Asset, Net 502,995 - -
Ca ital Assets, Intan ible Asset - SBITA, Net 353,290 - -
Total Noncurrent Assets 109,856,305 - -
Total Assets 135,785,712 14,226,045 1,893,688
DEFERRED OUTFLOWS OF RESOURCES
Deferred Loss on CFD 2013-1 2,453,301 - -
OPEB Related Deferred Outflows of Resources 3,920,574 - -
Pension Related Deferred Outflows of Resources 4,143,170 - -
Total Deferred Outflows of Resources 10,517,045 - -
Total Assets and Deferred Outflows of Resources 146,302,757$ 14,226,045$ 1,893,688$
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES, AND NET POSITION
CURRENT LIABILITIES
Accounts Pa able and Accrued Expenses 1,828,671$ -$ -$
De osits 1,066,672 - -
Accrued Interest Pa able 796,454 - -
Unearned Revenue 758,148 - -
Due to Other Funds 16,169,957 - -
Lon -Term Liabilities - Due Within One Year:
Compensated Absences 716,117 - -
Claims Liabilit 224,575 - -
Lease Liabilit 148,273 - -
SBITA Liabilit 239,250 - -
Lon -Term Debt 1,092,885 - -
Total Current Liabilities 23,041,002 - -
NONCURRENT LIABILITIES
Lon -Term Liabilities - Due in More Than One Year:
Com ensated Absences 1,074,173 - -
Claims Liabilit 56,610 - -
Lease Liabilit 335,638 - -
SBITA Liabilit 77,391 - -
Lon -Term Debt 57,057,286 - -
Net OPEB Liabilit 12,063,469 - -
Net Pension Liabilit 12,432,401 - -
Total Noncurrent Liabilities 83,096,968 - -
Total Liabilities 106,137,970 - -
DEFERRED INFLOWS OF RESOURCES
OPEB Related Deferred Inflows of Resources 9,188,629 - -
Pension Related Deferred Inflows of Resources 41,942 - -
Total Deferred Inflows of Resources 9,230,571 - -
NET POSITION
Net Investment in Capital Assets 38,624,685 - -
Restricted for Ad udication - - -
Unrestricted 7,690,469 14,226,045 1,893,688
Total Net Position 30,934,216 14,226,045 1,893,688
Total Liabilities, Deferred Inflows of Resources, and Net Position 146,302,757$ 14,226,045$ 1,893,688$
CASITAS MUNICIPAL WATER DISTRICT
COMBINING BALANCE SHEET (CONTINUED)
JUNE 30, 2025
(86)
Elimination
Ad udication for Financial
Fund Re ortin Total
ASSETS AND DEFERRED OUTFLOWS OF RESOURCES
CURRENT ASSETS
Cash and Cash Equivalents 807,656$ -$ 8,638,320$
Investments - - 11,023,796
Accrued Interest Receivable - - 72,962
Accounts Receivable, Net 118,032 - 6,358,610
Due from Other Funds 50,224 16,169,957 -
Materials and Su lies Inventor - - 44,237
Prepaid expenses - - 717,170
Total Current Assets 975,912 16,169,957 26,855,095
NONCURRENT ASSETS
Restricted - Cash and Cash Equivalents - - 4,787
Water-in-stora e Inventor - - 14,469,007
Capital Assets - Not Bein Depreciated - - 15,688,125
Capital Assets - Bein Depreciated, Net - - 78,838,101
Capital Assets, Intan ible Asset - Ri ht-to-Use Leased Asset, Net - - 502,995
Ca ital Assets, Intan ible Asset - SBITA, Net - - 353,290
Total Noncurrent Assets - - 109,856,305
Total Assets 975,912 16,169,957 136,711,400
DEFERRED OUTFLOWS OF RESOURCES
Deferred Loss on CFD 2013-1 - - 2,453,301
OPEB Related Deferred Outflows of Resources - - 3,920,574
Pension Related Deferred Outflows of Resources - - 4,143,170
Total Deferred Outflows of Resources - - 10,517,045
Total Assets and Deferred Outflows of Resources 975,912$ 16,169,957$ 147,228,445$
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES, AND NET POSITION
CURRENT LIABILITIES
Accounts Pa able and Accrued Expenses 44,826$ -$ 1,873,497$
De osits and Unearned Revenue - - 1,066,672
Accrued Interest Pa able - - 796,454
Accrued Interest Pa able - - 758,148
Due to Other Funds - 16,169,957 -
Lon -Term Liabilities - Due Within One Year:
Compensated Absences - - 716,117
Assessment Bonds Pa able - - 224,575
Lease Liabilit - - 148,273
SBITA Liabilit - - 239,250
Lon -Term Debt - - 1,092,885
Total Current Liabilities 44,826 16,169,957 6,915,871
NONCURRENT LIABILITIES
Lon -Term Liabilities - Due in More Than One Year:
Com ensated Absences - - 1,074,173
Claims Liabilit - - 56,610
Lease Liabilit - - 335,638
SBITA Liabilit - - 77,391
Lon -Term Debt - - 57,057,286
Net OPEB Liabilit - - 12,063,469
Net Pension Liabilit - - 12,432,401
Total Noncurrent Liabilities - - 83,096,968
Total Liabilities 44,826 16,169,957 90,012,839
DEFERRED INFLOWS OF RESOURCES
OPEB Related Deferred Inflows of Resources - - 9,188,629
Pension Related Deferred Inflows of Resources - - 41,942
Total Deferred Inflows of Resources - - 9,230,571
NET POSITION
Net Investment in Capital Assets - - 38,624,685
Restricted for Ad udication 931,086 - 931,086
Unrestricted - - 8,429,264
Total Net Position 931,086 - 47,985,035
Total Liabilities, Deferred Inflows of Resources, and Net Position 975,912$ 16,169,957$ 147,228,445$
CASITAS MUNICIPAL WATER DISTRICT
COMBINING BALANCE SHEET
JUNE 30, 2024
(87)
Improvement
Operatin Financin Assessment
Fund Fund Fund
ASSETS AND DEFERRED OUTFLOWS OF RESOURCES
CURRENT ASSETS
Cash and Cash Equivalents 5,345,709$ -$ -$
Investments 9,684,841 - -
Accrued Interest Receivable 54,533 - -
Accounts Receivable, Net 3,174,287 - -
Due from Other Funds - 12,952,339 2,466,339
Materials and Supplies Inventor 56,722 - -
Prepaid Expenses 970,764 - -
Total Current Assets 19,286,856 12,952,339 2,466,339
NONCURRENT ASSETS
Restricted - Cash and Cash Equivalents 135,021 - -
Water-in-Stora e Inventor 15,198,908 - -
Capital Assets - Not Bein Depreciated 13,514,383 - -
Capital Assets - Bein Depreciated, Net 80,902,262 - -
Capital Assets, Intan ible Asset - Ri ht-to-Use Leased Asset, Net 447,216 - -
Capital Assets, Intan ible Asset - SBITA, Net 528,018 - -
Total Noncurrent Assets 110,725,808 - -
Total Assets 130,012,664 12,952,339 2,466,339
DEFERRED OUTFLOWS OF RESOURCES
Deferred Loss on CFD 2013-1 2,659,172 - -
OPEB Related Deferred Outflows of Resources 4,611,611 - -
Pension Related Deferred Outflows of Resources 5,194,562 - -
Total Deferred Outflows of Resources 12,465,345 - -
Total Assets and Deferred Outflows of Resources 142,478,009$ 12,952,339$ 2,466,339$
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES, AND NET POSITION
CURRENT LIABILITIES
Accounts Pa able and Accrued Expenses 1,141,037$ -$ -$
Deposits 106,286 - -
Accrued Interest Pa able 820,177 - -
Unearned Revenue 683 425 - -
Due to Other Funds 15,500,407 - -
Lon -Term Liabilities - Due Within One Year:
Compensated Absences 679,447 - -
Reimbursement Agreement 288,397 - -
Lease Liabilit 104,802 - -
SBITA Liabilit 234,125 - -
Lon -Term Debt 1,003,377 - -
Total Current Liabilities 20,561,480 - -
NONCURRENT LIABILITIES
Lon -Term Liabilities - Due in More Than One Year:
Compensated Absences 1,019,167 - -
Claims Liabilit 85,463 - -
Lease Liabilit 294,469 - -
SBITA Liabilit 257,552 - -
Lon -Term Debt 58,351,599 - -
Net OPEB Liabilit 11,176,458 - -
Net Pension Liabilit 12,453,797 - -
Total Noncurrent Liabilities 83,638,505 - -
Total Liabilities 104,199,985 - -
DEFERRED INFLOWS OF RESOURCES
OPEB Related Deferred Inflows of Resources 10,428,644 - -
Pension Related Deferred Inflows of Resources 108,857 - -
Total Deferred Inflows of Resources 10,537,501 - -
NET POSITION
Net Investment in Capital Assets 37,576,774 - -
Restricted for Improvement Assessment - - -
Restricted for Ad udication - - -
Unrestricted 9,836,251 12,952,339 2,466,339
Total Net Position 27,740,523 12,952,339 2,466,339
Total Liabilities, Deferred Inflows of Resources, and Net Position 142,478,009$ 12,952,339$ 2,466,339$
CASITAS MUNICIPAL WATER DISTRICT
COMBINING BALANCE SHEET (CONTINUED)
JUNE 30, 2024
(88)
Elimination
Ad udication for Financial
Fund Reportin Total
ASSETS AND DEFERRED OUTFLOWS OF RESOURCES
CURRENT ASSETS
Cash and Cash Equivalents 966,764$ -$ 6,312,473$
Investments - - 9,684,841
Accrued Interest Receivable - - 54,533
Accounts Receivable, Net 134,691 - 3,308,978
Due from Other Funds 81,729 15,500,407 -
Materials and Supplies Inventor - - 56,722
Prepaid Expenses - - 970,764
Total Current Assets 1,183,184 15,500,407 20,388,311
NONCURRENT ASSETS
Restricted - Cash and Cash Equivalents - - 135,021
Water-in-Stora e Inventor - - 15,198,908
Capital Assets - Not Bein Depreciated - - 13,514,383
Capital Assets - Bein Depreciated, Net - - 80,902,262
Capital Assets, Intan ible Asset - Ri ht-to-Use Leased Asset, Net - - 447,216
Capital Assets, Intan ible Asset - SBITA, Net - - 528,018
Total Noncurrent Assets - - 110,725,808
Total Assets 1,183,184 15,500,407 131,114,119
DEFERRED OUTFLOWS OF RESOURCES
Deferred Loss on CFD 2013-1 - - 2,659,172
OPEB Related Deferred Outflows of Resources - - 4,611,611
Pension Related Deferred Outflows of Resources - - 5,194,562
Total Deferred Outflows of Resources - - 12,465,345
Total Assets and Deferred Outflows of Resources 1,183,184$ 15,500,407$ 143,579,464$
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES, AND NET POSITION
CURRENT LIABILITIES
Accounts Pa able and Accrued Expenses 70,462$ -$ 1,211,499$
Deposits and Unearned Revenue - - 106,286
Accrued Interest Pa able - - 820,177
Accrued Interest Pa able - - 683 425
Due to Other Funds - 15,500,407 -
Lon -Term Liabilities - Due Within One Year:
Compensated Absences - - 679,447
Reimbursement Agreement - - 288,397
Lease Liabilit - - 104,802
SBITA Liabilit - - 234,125
Lon -Term Debt - - 1,003,377
Total Current Liabilities 70,462 15,500,407 5,131,535
NONCURRENT LIABILITIES
Lon -Term Liabilities - Due in More Than One Year:
Compensated Absences - - 1,019,167
Reimbursement A reement - - 85,463
Lease Liabilit - - 294,469
SBITA Liabilit - - 257,552
Lon -Term Debt - - 58,351,599
Net OPEB Liabilit - - 11,176,458
Net Pension Liabilit - - 12,453,797
Total Noncurrent Liabilities - - 83,638,505
Total Liabilities 70,462 15,500,407 88,770,040
DEFERRED INFLOWS OF RESOURCES
OPEB Related Deferred Inflows of Resources - - 10,428,644
Pension Related Deferred Inflows of Resources - - 108,857
Total Deferred Inflows of Resources - - 10,537,501
NET POSITION
Net Investment in Capital Assets - - 37,576,774
Restricted for Improvement Assessment - - -
Restricted for Ad udication 1,112,722 - 1,112,722
Unrestricted - - 5,582,427
Total Net Position 1,112,722 - 44,271,923
Total Liabilities, Deferred Inflows of Resources, and Net Position 1,183,184$ 15,500,407$ 143,579,464$
CASITAS MUNICIPAL WATER DISTRICT
COMBINING SCHEDULE OF REVENUE, EXPENSES, AND CHANGES IN NET POSITION
YEAR ENDED JUNE 30, 2025
(89)
Water Recreation Adjudication
Fund Fund Fund Total
OPERATING REVENUES
Retail Water Consumption 8,033,874$ -$ -$ 8,033,874$
Wholesale Water Sales 2,574,516 - - 2,574,516
Monthly Water Service charge 6,570,736 - - 6,570,736
Recreation Revenue - 6,628,905 - 6,628,905
Other Water Charges and Services 508,863 - - 508,863
Total Operating Revenues 17,687,989 6,628,905 - 24,316,894
OPERATING EXPENSES
Fisheries 773,393 - - 773,393
Engineering 2,442,981 - - 2,442,981
Water Treatment 2,652,983 - - 2,652,983
Water Quality 1,039,295 - - 1,039,295
Utilities Maintenance 1,210,114 - - 1,210,114
Electrical Mechanical 3,137,716 - - 3,137,716
Pipeline 1,788,539 - - 1,788,539
Recreation Expenses - 5,999,660 - 5,999,660
Operations Maintenance and Management 1,687,881 - - 1,687,881
General and Administrative 4,979,867 - - 4,979,867
Change in Water-in-Storage Inventory 729,900 - - 729,900
Total Operating Expenses 20,442,669 5,999,660 - 26,442,329
OPERATING LOSS BEFORE DEPRECIATION (2,754,680) 629,245 - (2,125,435)
DEPRECIATION AND AMORTIZATION
Depreciation (3,443,851) (482,057) - (3,925,908)
Right-to-Use Lease Asset Amortization (124,612) (23,146) - (147,758)
SBITA Amortization (220,327) (28,970) - (249,297)
Total Depreciation and Amortization (3,788,790) (534,173) - (4,322,963)
OPERATING LOSS (6,543,470) 95,072 - (6,448,398)
NONOPERATING REVENUES (EXPENSES)
Property Taxes - Ad Valorem 3,340,319 - - 3,340,319
Pass-Through Property Tax Increment 490,947 - - 490,947
Property Tax Assessment for State Water Project 1,395,222 - - 1,395,222
State Water Project Water Sales to Other Agencies 1,000,000 - - 1,000,000
State Water Project Expense (779,259) - - (779,259)
CFD 2013-1 Assessment 3,057,126 - - 3,057,126
Tax Collection Expense (56,546) - - (56,546)
Investment Earnings 512,245 - - 512,245
Interest Expense - Long-Term Debt (2,375,477) - - (2,375,477)
Amortization of Bond Insurance on CFD 2013-1 (20,241) - - (20,241)
Bond and Administrative Fees (36,501) - - (36,501)
Adjudication Charge - - 566,470 566,470
Adjudication Costs - - (748,068) (748,068)
Loss on Disposition of Capital Assets (4,540) - - (4,540)
Other, Net 2,343,665 - - 2,343,665
Total Nonoperating Revenues (Expenses), Net 8,866,960 - (181,598) 8,685,362
NET INCOME (LOSS) BEFORE CAPITAL
CONTRIBUTIONS 2,323,490 95,072 (181,598) 2,236,964
CAPITAL CONTRIBUTIONS
Federal, State, and Local Grants 1,367,111 109,037 - 1,476,148
Total Capital Contributions 1,367,111 109,037 - 1,476,148
CHANGE IN NET POSITION 3,690,601$ 204,109$ (181,598)$ 3,713,112$
CASITAS MUNICIPAL WATER DISTRICT
COMBINING SCHEDULE OF REVENUE, EXPENSES, AND CHANGES IN NET POSITION
YEAR ENDED JUNE 30, 2024
(90)
Water Recreation Adjudication
Fund Fund Fund Total
OPERATING REVENUES
Retail Water Consumption 4,978,739$ -$ -$ 4,978,739$
Wholesale Water Sales 1,349,832 - - 1,349,832
Monthly Water Service Charge 6,008,900 - - 6,008,900
Recreation Revenue - 5,460,240 - 5,460,240
Other Water Charges and Services 270,839 - - 270,839
Total Operating Revenues 12,608,310 5,460,240 - 18,068,550
OPERATING EXPENSES
Fisheries 755,804 - - 755,804
Engineering 2,904,477 - - 2,904,477
Water Treatment 2,487,997 - - 2,487,997
Water Quality 846,449 - - 846,449
Utilities Maintenance 1,089,643 - - 1,089,643
Electrical Mechanical 2,855,417 - - 2,855,417
Pipeline 1,666,320 - - 1,666,320
Recreation Expenses - 5,478,328 - 5,478,328
Operations Maintenance and Management 1,588,634 - - 1,588,634
General and Administrative 4,888,371 - - 4,888,371
Change in Water-in-Storage Inventory (4,951,793) - - (4,951,793)
Total Operating Expenses 14,131,319 5,478,328 - 19,609,647
OPERATING LOSS BEFORE DEPRECIATION (1,523,009) (18,088) - (1,541,097)
DEPRECIATION AND AMORTIZATION
Depreciation (3,435,958) (443,180) - (3,879,138)
Right-to-Use Leased Asset Amortization (105,573) (20,571) - (126,144)
SBITA Amortization (199,249) (25,128) - (224,377)
Total Depreciation and Amortization (3,740,780) (488,879) - (4,229,659)
OPERATING LOSS (5,263,789) (506,967) - (5,770,756)
NONOPERATING REVENUES (EXPENSES)
Property Taxes - Ad Valorem 3,150,716 - - 3,150,716
Pass-Through Property Tax Increment 415,409 - - 415,409
Property Tax Assessment for State Water Project 1,195,624 - - 1,195,624
State Water Project Water Sales to Other Agencies 1,375,000 - - 1,375,000
State Water Project Expense (979,475) - - (979,475)
CFD 2013-1 Assessment 2,963,060 - - 2,963,060
Mira Monte Assessment 65 - - 65
Tax Collection Expense (56,101) - - (56,101)
Investment Earnings 525,613 - - 525,613
Interest expense - Long-Term Debt (2,415,549) - - (2,415,549)
Amortization of Bond Insurance on CFD 2013-1 (20,241) - - (20,241)
Bond and Administrative Fees (30,767) - - (30,767)
Adjudication Charge - - 571,394 571,394
Adjudication Costs - - (144,448) (144,448)
Other, Net 249,608 - - 249,608
Total Nonoperating Revenues (Expenses), Net 6,366,174 - 426,946 6,793,120
NET INCOME (LOSS) BEFORE CAPITAL
CONTRIBUTIONS 1,102,385 (506,967) 426,946 1,022,364
CAPITAL CONTRIBUTIONS
Federal, State, and Local Grants 933,287 89,248 - 1,022,535
Total Capital Contributions 933,287 89,248 - 1,022,535
CHANGE IN NET POSITION 2,035,672$ (417,719)$ 426,946$ 2,044,899$
CASITAS MUNICIPAL WATER DISTRICT
DETAIL SCHEDULES OF OPERATING EXPENSES
UTILITY DEPARTMENT
YEARS ENDED JUNE 30, 2025 AND 2024
(91)
2025 2024
FISHERIES
Clothin and Personal Supplies 544$ 676$
Communications 2,876 3,370
Computer Up rades - Hardware and Software 601 476
District E ui ment 8,413 4,599
Education and Trainin 2,554 3,000
Insurance 119 119
Memberships and Dues 125 125
OPEB and Pension 80,536 62,929
Outside Contracts 31 20,000
Posta e 156 -
Salaries and Benefits 654,384 640,462
Services and Su lies 22,506 9,299
Travel 548 10,749
Total Fisheries 773,393 755,804
ENGINEERING
Advertisin and Le al Notices 443 -
Books and Publications 320 -
Clothin and Personal Supplies 1,233 1,663
Communications 5,172 4,834
Computer Up rades - Hardware and Software 33,384 17,584
Education and Trainin 2,100 3,893
District Equipment 6,147 5,160
Gau in Stations 14,528 17,860
Januar 2023 Storms 3,696 850,419
Insurance 228 227
Licenses and Permits 58,021 61,433
Membershi Dues 300 1,355
OPEB and Pension 111,194 88,264
Other Professional Fees - 688
Outside Contracts 475,367 180,616
Posta e 62 2
Pre-Emplo ment Screenin - 50
Private Vehicle Milea e 365 685
Salaries and Benefits 1,146,542 1,192,145
Service and Supplies/Outside Contracts 583,829 477,448
Small Tools 50 -
Travel - 151
Total En ineerin 2,442,981 2,904,477
CASITAS MUNICIPAL WATER DISTRICT
DETAIL SCHEDULES OF OPERATING EXPENSES (CONTINUED)
UTILITY DEPARTMENT
YEARS ENDED JUNE 30, 2025 AND 2024
(92)
2025 2024
WATER TREATMENT
Ammonia 36,812$ 23,103$
Caustics 74,284 35,241
Chlorine 167,677 126,458
Clothin and Personal Su lies 9,256 6,883
Communications 34,484 32,230
Computer Up rades - Hardware and Software 1,242 -
District Equipment 28,762 20,796
Education and Trainin 1,009 1,219
Ferric 15,665 8,244
Insurance 205 260
Licenses and Permits 12,411 11,962
Liquid Ox en 170,073 205,560
OPEB and Pension 112,130 115,157
Outside Contracts 144,060 76,411
Pol mer 27,514 25,325
Posta e 248 166
Pre-Emplo ment Screenin 32 -
Salaries and Benefits 1,263,344 1,240,310
Service and Su lies 343,316 296,688
Small Tools 7,769 8,520
Travel 384 75
Uninsured Losses - In uries 55,575 8,700
Utilities 221,299 161,424
Workers' Compensation 36,582 100,665
Total Water Treatment 2,652,983 2,487,997
WATER QUALITY
Advertisin and Le al Notices 217 199
Books and Publications - -
Clothin and Personal Su lies 1,490 1,953
Communications 1,757 1,746
Computer Up rades - Hardware and Software 1,587 -
District Equipment 13,205 6,444
Education and Trainin 3,005 115
Insurance 168 191
Licenses and Permits 63,762 52,970
OPEB and Pension 58,699 51,814
Outside Contracts 129,208 101,848
Posta e 707 823
Printin and Bindin 212 313
Salaries and Benefits 654,252 584,072
Service and Supplies 110,367 43,931
Small Tools 147 -
Travel 512 30
Total Water Qualit 1,039,295 846,449
CASITAS MUNICIPAL WATER DISTRICT
DETAIL SCHEDULES OF OPERATING EXPENSES (CONTINUED)
UTILITY DEPARTMENT
YEARS ENDED JUNE 30, 2025 AND 2024
(93)
2025 2024
UTILITIES MAINTENANCE
Clothin and Personal Supplies 8,549$ 6,828$
Communications 4,134 3,529
Computer Up rades - Hardware and Software 1,171 1,039
District E ui ment 54,792 66,957
Education and Trainin 3,128 2,909
Insurance 321 309
Licenses and Permits 652 267
OPEB and Pension 62,925 56,925
Outside Contracts 7,105 -
Pre-Emplo ment Screenin - 25
Posta e - -
Private Vehicle Milea e 265 -
Salaries and Benefits 770,251 726,942
Service and Supplies 290,505 216,006
Small Tools 6,215 6,402
Travel 101 1,505
Utilities - -
Total Utilities Maintenance 1,210,114 1,089,643
ELECTRICAL MECHANICAL
Clothin and Personal Supplies 4,240 9,149
Communications 19,264 19,865
Computer Up rades - Hardware and Software 431 1,103
District Equipment 44,857 39,617
Education and Trainin 2,867 1,535
Insurance 168 157
Licenses and Permits 256,379 167,872
OPEB and Pension 40,969 49,638
Outside Contracts 201,377 113,322
Posta e 119 -
Power Purchased 1,737,945 1,434,028
Pre-Emplo ment Screenin - 184
Private Vehicle Milea e - 133
Salaries and Benefits 743,508 679,310
Service and Supplies 44,840 129,562
Small Tools 5,718 5,974
Travel - 888
Uninsured Losses - In uries 2,005 131,933
Utilities 29,442 28,644
Workers' Compensation 7,597 42,503
Total Electrical Mechanical 3,137,716 2,855,417
CASITAS MUNICIPAL WATER DISTRICT
DETAIL SCHEDULES OF OPERATING EXPENSES (CONTINUED)
UTILITY DEPARTMENT
YEARS ENDED JUNE 30, 2025 AND 2024
(94)
2025 2024
OPERATIONS MAINTENANCE AND MANAGEMENT
Clothin and Personal Supplies 7,630$ 8,189$
Communications 4,797 5,089
Computer Up rades - Hardware and Software 7,596 585
District E ui ment 48,156 48,063
Education and Trainin 1,853 6,775
Insurance 257 244
Licenses and Permits 937 830
Office Su lies 310 325
OPEB and Pension 146,717 133,554
Outside Contracts 127,886 110,105
Salaries and Benefits 1,263,052 1,189,581
Service and Su lies 70,542 69,794
Small Tools 8,148 15,500
Total Operations Maintenance and Mana ement 1,687,881 1,588,634
PIPELINE
Clothin and Personal Supplies 10,259 4,982
Communications 3,446 4,050
Computer Up rades - Hardware and Software 2,560 2,205
Education and Trainin 3,308 8,790
District Equipment 136,998 71,738
Insurance 179 179
Workers' Com ensation 5,250 98,686
Licenses and Permits 674 928
OPEB and Pension 79,159 65,193
Outside Contracts 131,348 99,954
Pre-Em lo ment Screenin - -
Propert Losses for Operation 32,261 24,897
Salaries and Benefits 955,362 891,723
Service and Supplies 414,120 332,114
Small Tools 3,576 1,881
Travel 4,674 3,585
Uninsured Losses - In uries 1,352 47,107
Utilities 6,717 8,308
Total Pi eline 1,788,539 1,666,320
CASITAS MUNICIPAL WATER DISTRICT
DETAIL SCHEDULES OF OPERATING EXPENSES (CONTINUED)
UTILITY DEPARTMENT
YEARS ENDED JUNE 30, 2025 AND 2024
(95)
2025 2024
GENERAL AND ADMINISTRATIVE
Advertisin and Le al Notices 4,901$ 8,840$
Bad Debt Provision 13,284 19,670
Bank Char es/Credit Card Fees 55,491 68,967
Books and Publications 72 167
Clothin and Personal Supplies 1,326 1,418
Communications 45,636 52,774
Computer Up rades - Hardware and Software 50,145 40,755
Directors Election Fees 9,308 -
District Equipment 8,776 763
Education and Trainin 3,538 5,598
Gains/losses on Inventor 2,827 1,995
Insurance 966 1,552
Insurance - Liabilit 101,977 94,007
Workers' Compensation 261,485 237,441
Licenses and Permits 4,489 5,036
Memberships and Dues 81,603 78,351
Office Equipment Maintenance 21,595 6,028
Office Supplies 10,101 3,624
OPEB and Pension 387,901 315,150
Other Professional Services 153,221 197,998
Outside Contracts 95,227 112,893
Posta e 4,401 12,644
Pre-Emplo ment Screenin 32 -
Printin and Bindin 6,080 10,428
Private Vehicle Milea e 21 86
Purchased Wate 3,573 1,643
Safet Pro ram 50 -
Salaries and Benefits 4,104,965 4,024,679
Service and Supplies 41,380 67,721
Small Tools 77 79
Travel 1,246 4,389
Uninsured Losses - In uries 1,517 32,613
Utilities 74,646 61,240
Vehicle Costs Direct - 2,683
Workers Compensation 1,626 3,208
Administrative Overhead Burden 544,014 542,739
Total General and Administrative 4,979,867 4,888,371
CHANGE IN WATER-IN-STORAGE INVENTORY
Chan e in Water-in-Stora e Inventor 729,900 4,951,793
Total Chan e in Water-in-Stora e Inventor 729,900 4,951,793
DEPRECIATION AND AMORTIZATION EXPENSE
De reciation - Water De artment 3,443,851 3,435,958
Ri ht-to-Use Lease Asset Amortization - Water Department 124,612 105,573
SBITA Amortization - Water Department 220,327 199,249
Total Depreciation and Amortization Expense 3,788,790 3,740,780
Total Operatin Expenses - Water Department 24,231,459$ 17,872,099$
CASITAS MUNICIPAL WATER DISTRICT
DETAIL SCHEDULES OF OPERATING REVENUES AND EXPENSES
RECREATION DEPARTMENT
YEARS ENDED JUNE 30, 2025 AND 2024
(96)
2025 2024
RECREATION REVENUE
Animal Permit 8,764$ 24,940$
Boat Fees - Annual 52,860 39,488
Boat Fees - Dail 22,590 13,800
Boat Fees - Overni ht 685 475
Boat Inspection Fees - Qua a 15,737 8,065
Boat Lock Revenue - Qua a 250 1,500
Boat Rental - Concession 118,751 108,725
Café - Concession 98,572 83,198
Campin Fees 2,818,103 2,141,360
Commercials 10,500 3,500
Event Reimbursement - 1,185
Events 53,764 40,524
Gift Cards and Certificates 5,595 766
Ka ak and Canoes Annual 3,319 1,957
Ka ak and Canoes Dail 152 145
Miscellaneous Revenue 3,000 4,063
Over/Short - Recreation 4,471 716
Park Store 87,505 84,606
Reservations 264,960 261,097
Shower Facilit Fees 48,233 43,185
Trailer Stora e Fees 343,158 329,499
Vehicle Fees - Dail 784,719 680,710
Violation Ordinance Fees 4,900 3,261
Visitor Cards 260,315 230,869
Water Park - Group Pass Fees 42,321 108
Water Park - Life uard Trainin 3,780 3,120
Water Park - Reservation Fee 107,244 20,785
Water Park - Season Pass Fee 23,630 6,300
Water Park - Shade Rental Fee 26,675 20,100
Water Park - Sin le S lash Fee 1,381,298 1,280,475
Water Park - Water Fitness Fee 11,455 6,212
Water Park - Snack Ba 21,599 15,722
Total Recreation Revenue 6,628,905 5,460,240
CASITAS MUNICIPAL WATER DISTRICT
DETAIL SCHEDULES OF OPERATING REVENUES AND EXPENSES (CONTINUED)
RECREATION DEPARTMENT
YEARS ENDED JUNE 30, 2025 AND 2024
(97)
2025 2024
RECREATION EXPENSES
Administrative Overhead Burden 544,014$ 542,739$
Advertisin and Le al Notices 21,879 834
Bad Debt Provision 4,516 13,918
Chemicals - Water Pla round 68,506 63,064
Chlorine - -
Clothin and Personal Supplies 17,630 22,717
Communications 49,542 49,062
Com uter U rades - Hardware and Software 32,333 23,259
Credit Card Fees 110,477 170,616
District Equipment 312,090 97,896
Education and Trainin 3,785 6,811
Insurance 561 560
Workers' Compensation 10,176 28,512
Licenses and Permits 11,342 9,977
Membershi s and Dues 10,489 1,481
Office Supplies 2,530 1,360
OPEB and Pension 220,882 195,415
Other Professional Services - 9,458
Outside Contracts 435,131 350,321
Posta e 133 139
Pre-Emplo ment Screenin 8,157 16,678
Printin and Bindin 1,821 6,687
Public Information Pro ram 375 -
Purchased Wate 85,065 75,221
Safet Pro ram 1,978 3,697
Salaries and Benefits 3,618,315 3,400,707
Service and Supplies 84,505 142,266
Small Tools 4,977 2,039
Travel 127 1,065
Uninsured Losses - In uries 27,943 478
Utilities 362,470 240,010
Vehicle Costs Direct - 1,341
Total Recreation Ex enses 5,999,660 5,478,328
RECREATION OPERATING LOSS BEFORE DEPRECIATION 629,245 18,088
DEPRECIATION AND AMORTIZATION EXPENSE
Depreciation - Recreation Department 482,057 443,180
Ri ht-to-Use Lease Asset Amortization - Recreation Department 23,146 20,571
SBITA Amortization - Recreation De artment 28,970 25,128
Total Depreciation and Amortization Expense 534,173 488,879
Recreation Operatin Loss 147,188$ 461,268$
CASITAS MUNICIPAL WATER DISTRICT
DETAIL SCHEDULES OF OPERATING REVENUES AND EXPENSES
ADJUDICATION FUND
YEARS ENDED JUNE 30, 2025 AND 2024
(98)
2025 2024
OPERATING REVENUES -$ -$
OPERATING EXPENSES - -
OPERATING INCOME LOSS - -
NONOPERATING REVENUES EXPENSES
Ad udication Char e 566,470 571,394
Ad udication Costs 748,068 144,448
Total Nonoperatin Revenues Expenses , Net 181,598 426,946
CHANGE IN NET POSITION (181,598$ 426,946$
(99)
This page intentionally left blank.
(100)
STATISTICAL SECTION
(101)
This page intentionally left blank.
CASITAS MUNICIPAL WATER DISTRICT
OVERVIEW OF STATISTICAL INFORMATION
PRESENTED IN FIVE CATEGORIES
(102)
Overview of Statistical Information Presented in Five Categories
Financial Trend Information – Intended to assist users in understanding and assessing how a District’s
financial position has changed over time.
Revenue Capacity Information – Intended to assist users in understanding and assessing the factors
affecting a District’s ability to generate own revenue.
Debt Capacity Information – Intended to assist users in understanding and assessing a District’s debt
burden and its ability to issue additional debt.
Demographic and Economic Information – Intended to assist users in understanding the socioeconomic
environment within which a District operates and to provide information that facilitates comparison of
financial statement information over time and among agencies.
Operating Information – Intended to provide information about a District’s operations and resources in
order to assist readers in using financial statement information to understand and assess an agencies
economic condition.
CASITAS MUNICIPAL WATER DISTRICT
CHANGES IN NET POSITION BY COMPONENT
LAST TEN FISCAL YEARS
(103)
2016 2017 2018 2019
Changes in net position:
Operating revenues 12,869,735$ 12,758,081$ 14,829,805$ 14,622,822$
Operating expenses (15,125,091) (12,752,327) (17,651,671) (15,204,627)
Depreciation and amortization (3,174,681) (3,736,067) (4,195,538) (4,116,269)
Operating Income (loss) (5,430,037)$ (3,730,313)$ (7,017,404)$ (4,698,074)$
Non-operating revenues (expenses)
Property taxes 2,292,477 2,258,529 2,408,940 2,549,312
State Water Property Tax Assessment 730,400 151,501 369,167 728,773
CFD 2013-1 assessment 454,543 601,938 2,592,342 2,653,389
Bond and Administrative Fees - - - -
Mira Monte assessment 19,049 19,280 19,012 19,159
State Water Project Water Sales to other Agencies - - - 749,823
Property tax collection expense (32,050) (27,679) (38,038) (39,366)
Investment income (loss) 718,495 (342,956) (84,090) 1,413,695
State water project expense (183,384) (266,509) (616,152) (716,634)
Interest expense & Amortization of deferred loss and bond insurance (62,438) (187,096) (1,859,860) (1,646,282)
Acquisition expense of CFD 2013-1 - (3,975,600) - -
Cost of debt issuance - (539,160) - -
Adjudication - - - -
Loss on Disposition of Capital Assets - - - -
Other revenue(expense), net 41,386 71,382 42,651 62,385
Total non-operating revenues (expenses),net 3,978,478 (2,236,370) 2,833,972 5,774,254
Net Income Before capital contributions (1,451,559) (5,966,683) (4,183,432) 1,076,180
Capital contributions 844,524 230,644 220,264 537,395
Change in net position (607,035)$ (5,736,039)$ (3,963,168)$ 1,613,575$
Net position by component:
Net investment in capital assets 53,720,578$ 35,176,319$ 34,740,555$ 39,302,535$
Restricted 115,220 8,510,347 5,848,185 19,296
Unrestricted 16,491,138 20,904,213 19,441,172 22,321,656
Total net position 70,326,936$ 64,590,879$ 60,029,912$ 61,643,487$
Notes:
FY2018 the District made a prior period adjustment of $(597,799)
FY2022 Restatement for Subscription Based Information Technology Arrangements (SBITA)
FY2024 Restatement for Compensated Absences
Source: Casitas Municipal Water District Administration Department
Fiscal Yea
-12000000
-10000000
-8000000
-6000000
-4000000
-2000000
0
2000000
4000000
6000000
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Ch
a
n
g
e
i
n
N
e
t
P
o
s
i
t
i
o
n
Fiscal Year
CASITAS MUNICIPAL WATER DISTRICT
CHANGES IN NET POSITION BY COMPONENT (CONTINUED)
LAST TEN FISCAL YEARS
(104)
2020 2021 2022 2023 2024 2025
Changes in net position:
Operating revenues 13,868,822$ 20,530,274$ 21,098,844$ 17,735,393$ 18,068,550$ 24,316,894$
Operating expenses (23,707,662) (23,065,487) (23,814,713) (22,238,226) (19,609,647) (26,442,329)
Depreciation and amortization (4,600,052) (4,673,866) (4,409,404) (4,143,938) (4,229,659) (4,322,963)
Operating Income (loss) (14,438,892)$ (7,209,079)$ (7,125,273)$ (8,646,771)$ (5,770,756)$ (6,448,398)$
Non-operating revenues (expenses)
Property taxes 2,635,316 2,891,281 3,054,398 3,388,204 3,566,125 3,831,266
State Water Property Tax Assessment 780,860 917,616 984,114 1,447,573 1,195,624 1,395,222
CFD 2013-1 assessment 2,703,730 2,810,939 2,843,711 2,929,902 2,963,060 3,057,126
Bond and Administrative Fees (2,750) (5,270) (20,699) (34,552) (30,767) (36,501)
Mira Monte assessment 19,149 19,070 19,575 165 65 -
State Water Project Water Sales to other Agencies 111,449 771,941 - 175,000 1,375,000 1,000,000
Property tax collection expense (42,176) (43,386) (43,305) (47,388) (56,101) (56,546)
Investment income (loss) 1,315,926 (20,657) (577,286) 155,531 525,613 512,245
State water project expense (629,730) (759,852) (875,246) (1,119,365) (979,475) (779,259)
Interest expense & Amortization of deferred loss and bond insurance (2,219,516) (2,371,254) (2,361,334) (2,478,871) (2,435,790) (2,395,718)
Acquisition expense of CFD 2013-1 - - - - - -
Cost of debt issuance (276,062) - - (50,500) - -
Adjudication - 290,203 (32,755) 428,323 426,946 (181,598)
Loss on Disposition of Capital Assets - - - - (6,788) (4,540)
Other revenue(expense), net 88,623 241,447 149,432 176,270 249,608 2,343,665
Total non-operating revenues (expenses),net 4,484,819 4,742,078 3,140,605 4,970,292 6,793,120 8,685,362
Net Income Before capital contributions (9,954,073) (2,467,001) (3,984,668) (3,676,479) 1,022,364 2,236,964
Capital contributions 211,502 69,082 534,212 190,163 1,022,535 1,476,148
Change in net position (9,742,571)$ (2,397,919)$ (3,450,456)$ (3,486,316)$ 2,044,899$ 3,713,112$
Net position by component:
Net investment in capital assets 36,991,071$ 37,569,004$ 39,891,569$ 39,209,965$ 37,576,774$ 38,624,685$
Restricted - 290,903 258,093 685,776 1,112,722 931,086
Unrestricted 14,909,845 11,643,090 5,926,187 2,693,792 5,582,427 8,429,264
Total net position 51,900,916$ 49,502,997$ 46,075,849$ 42,589,533$ 44,271,923$ 47,985,035$
Fiscal Year
$-
$10,000,000
$20,000,000
$30,000,000
$40,000,000
$50,000,000
$60,000,000
$70,000,000
$80,000,000
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Ne
t
P
o
s
i
t
i
o
n
Fiscal Year
Net investment in capital assets Restricted Unrestricted
CASITAS MUNICIPAL WATER DISTRICT
OPERATING REVENUES BY SOURCE
LAST TEN FISCAL YEARS
(105)
Fiscal
Year
Water Sales and
Service
Recreation
Revenue
Other Operating
Revenue
Total Operating
Revenue
2016 8,988,387 3,592,600 288,748 12,869,735
2017 7,542,239 4,027,340 1,188,502 12,758,081
2018 10,053,355 3,906,797 869,653 14,829,805
2019 9,578,074 3,894,552 1,150,196 14,622,822
2020 10,672,937 2,547,147 648,738 13,868,822
2021 14,522,638 3,685,302 2,322,334 20,530,274
2022 15,305,002 4,150,626 1,643,216 21,098,844
2023 12,253,689 4,703,998 777,706 17,735,393
2024 12,337,471 5,460,240 270,839 18,068,550
2025 17,179,126 6,628,905 508,863 24,316,894
Source: Casitas Municipal Water District Administration Department
-
5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
30,000,000
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Re
v
e
n
u
e
Fiscal Year
Water Sales and Service Recreation Revenue
Other Operating Revenue
CASITAS MUNICIPAL WATER DISTRICT
OPERATING REVENUES BY CLASS
LAST TEN FISCAL YEARS
(106)
Fiscal
Yea Standby Residential Business Industrial Agricultural Wholesale Othe Total
2016 2,123,742 685,975 409,263 7,940 3,105,239 2,531,668 124,561 8,988,387
2017 2,151,152 588,488 358,381 8,255 2,521,907 1,659,629 254,427 7,542,239
2018 3,707,098 1,260,163 611,392 9,284 2,890,600 1,364,143 210,676 10,053,355
2019 4,034,503 1,277,485 537,076 14,245 2,196,975 1,357,357 160,432 9,578,074
2020 4,532,973 1,532,865 572,794 16,869 2,600,256 1,189,931 227,249 10,672,937
2021 5,027,142 2,173,794 763,471 20,606 3,737,273 2,462,897 337,455 14,522,638
2022 5,677,364 2,185,415 926,791 16,995 3,624,124 2,493,025 381,288 15,305,002
2023 5,669,871 1,716,501 725,430 15,628 2,487,653 1,357,651 280,955 12,253,689
2024 6,008,900 1,953,244 670,321 20,453 2,112,182 1,349,832 222,539 12,337,471
2025 6,570,736 2,951,045 978,376 24,319 3,727,975 2,574,516 352,159 17,179,126
Notes:
Other classification also includes Fire, Temporary and Interdepartmental.
Source: Casitas Municipal Water District Administration Department
-
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Re
v
e
n
u
e
Fiscal Year
Standby Residential Business Industrial
Agricultural Wholesale Other
CASITAS MUNICIPAL WATER DISTRICT
OPERATING EXPENSES BY ACTIVITY
LAST TEN FISCAL YEARS
(107)
Fiscal
Year Fisheries Engineering
Water
Treatment
Water
Quality
Utilities
Maintenance
Electrical
Mechanical Pipeline
Recreation
Area
Operations
Maintenance
General
Operations &
Maintenance
Management
(3)
General &
Administrative
Change in
Water-in-
Storage
Inventory (1)
Total Operating
Expenses
2016 468,372 894,991 1,998,923 399,504 - 2,029,702 893,950 4,362,941 291,810 2,590,938 1,193,960 15,125,091$
2017 539,967 1,087,229 1,612,303 469,457 466,052 1,875,587 998,872 4,378,097 419,103 3,460,827 (2,555,167) 12,752,327$
2018 430,066 1,134,293 1,844,420 459,489 585,524 2,519,062 1,371,117 5,353,874 306,035 2,368,786 1,279,005 17,651,671$
2019 508,342 2,145,325 1,857,252 605,329 564,996 2,096,916 1,829,649 5,687,798 419,895 2,916,901 (3,427,776) 15,204,627$
2020 643,362 3,760,968 2,159,537 759,507 858,103 2,579,106 1,776,037 4,875,183 602,664 5,553,962 139,233 23,707,662$
2021 611,328 1,705,802 2,055,465 788,802 998,651 3,119,031 1,923,244 4,680,979 681,238 5,638,177 862,770 23,065,487$
2022 (2)638,594 2,048,007 2,557,694 867,408 1,261,659 3,222,294 1,818,823 4,841,352 775,128 5,359,641 424,113 23,814,713$
2023 543,410 4,050,866 2,393,601 897,299 1,086,579 2,908,210 1,680,785 4,772,978 702,724 790,360 4,410,939 (1,999,525) 22,238,226$
2024 (4)755,804 2,904,477 2,487,997 846,449 1,089,618 2,855,417 1,666,345 5,478,328 836,716 751,917 4,888,371 (4,951,793) 19,609,647$
2025 773,393 2,442,981 2,652,983 1,039,295 1,210,114 3,137,716 1,788,539 5,999,660 736,212 951,669 4,979,867 729,900 26,442,329$
Notes:
(1) FY2015 a prior period adjustment in the amount of $3,690,410 was booked to account for the change in water-in-storage for the period July 1, 2011 to June 30, 2014
(2) FY2022 Restatement for Subscription Based Information Technology Arrangements (SBITA)
(3) FY2023 new department created prior years allocated to Water Treatment, Utilities Maintenance, Pipeline, & Electrical Mechanical
(4) FY2024 Restatement for Compensated Absences
Source: Casitas Municipal Water District Administration Department
-
5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
30,000,000
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Ex
p
e
n
s
e
s
Fiscal Year
Fisheries Engineering Water Treatment
Water Quality Utilities Maintenance Electrical Mechanical
Recreation Area General & Administrative Pipeline
Operations Maintenance General Operations & Maintenance Management (3)
CASITAS MUNICIPAL WATER DISTRICT
REVENUE BASE
LAST TEN FISCAL YEARS
(108)
Fiscal
Year
Water Sales
(Acre Feet)
2016 14,342
2017 11,925
2018 12,841
2019 9,892
2020 9,801
2021 13,381
2022 12,067
2023 8,198
2024 6,994
2025 10,835
Source: Casitas Municipal Water District Administration Department
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Ac
r
e
F
e
e
t
Fiscal Year
CASITAS MUNICIPAL WATER DISTRICT
REVENUE RATES
FISCAL YEARS ENDED JUNE 30, 2012 AND 2017
(109)
In fiscal year 2012, the District changed its rate structure as follows:
FY12-13 FY14-17
Rate per Unit** Rate per Unit**
RATE SCHEDULE - CLASS 1 SERVICE GRAVITY PUMPED GRAVITY PUMPED
Residential:
Bi-Monthly Lifeline 0-20 Units 0.584$ 0.856$ 0.602$ 0.882$
Bi-Monthly Lifeline 21-34 Units 1.033$ 1.305$ 1.064$ 1.344$
Bi-Monthly Lifeline 35-100 Units 1.446$ 1.718$ 1.489$ 1.770$
Bi-Monthly Lifeline 101 Units + 2.266$ 2.538$ 2.334$ 2.614$
Business 1.297$ 1.570$ 1.336$ 1.617$
Industrial 1.297$ 1.570$ 1.336$ 1.617$
Resale 0.803$ 1.445$ 0.827$ 1.488$
Other 1.297$ 1.570$ 1.336$ 1.617$
Temporary 1.462$ 1.733$ 1.506$ 1.785$
Recreation 1.297$ 1.570$ 1.336$ 1.617$
Rate per Unit** Rate per Unit**
RATE SCHEDULE - CLASS 3 SERVICE GRAVITY PUMPED GRAVITY PUMPED
Ag-Residential
Monthly Lifeline 0-10 Units 0.584$ 0.856$ 0.602$ 0.882$
Monthly Usage 11-17 Units 1.033$ 1.305$ 1.064$ 1.344$
Monthly Usage 18-50 Units 1.446$ 1.718$ 1.489$ 1.770$
Irrigation (AG) 51 Units + 0.606$ 0.878$ 0.624$ 0.904$
** One unit equals 100 cubic feet (748 gallons)
Cost per AF (example) Irrigation per AF = $0.606 x 435.6 = 263.97$ Gravity
per AF = $0.878 x 435.6 = 382.46$ Pumped
9.3.4 COMBINATION CLASS C SERVICE. Where more than one class of water service or use if rovided
through a single connection, the General Manager shall make an equitable proration of rates and fees, such
proration shall be conclusive unless appealed within 30 days by the customer to the Board, in which case the
determination of the Board shall be conclusive.
METER SIZE 5/8"-3/4" 1" 1-1/2" 2" 2-1/2" 3" 4" 6" Over 6"
MAX CAPACITY GPM 20-30 50 120 160 TEMP 300 320 1000 2000 over 2000
RESIDENTIAL Monthly 23.34$ 34.86$ 63.66$ 98.22$ 150.05$ 207.65$ 368.92$ 812.42$ 2.82751$ per gpm
Bi-Monthly 40.62$ 63.66$ 121.25$ 190.38$ N/A 409.23$ 731.78$ 1,618.76$ 5.65502$ per gpm
BUSINESS Monthly 23.34$ 34.86$ 63.66$ 98.22$ 150.05$ 207.65$ 368.92$ 812.42$ 2.82751$ per gpm
Bi-Monthly 40.62$ 63.66$ 121.25$ 190.38$ N/A 409.23$ 731.78$ 1,618.76$ 5.65502$ per gpm
INDUSTRIAL Monthly 23.34$ 34.86$ 63.66$ 98.22$ 150.05$ 207.65$ 368.92$ 812.42$ 2.82751$ per gpm
Bi-Monthly 40.62$ 63.66$ 121.25$ 190.38$ N/A 409.23$ 731.78$ 1,618.76$ 5.65502$ per gpm
IRRIGATION/ AG Monthly 23.34$ 34.86$ 63.66$ 98.22$ 150.05$ 207.65$ 368.92$ 812.42$ 2.82751$ per gpm
Bi-Monthly 40.62$ 63.66$ 121.25$ 190.38$ N/A 409.23$ 731.78$ 1,618.76$ 5.65502$ per gpm
RESALE(G)Monthly 23.34$ 34.86$ 63.66$ 98.22$ 150.05$ 207.65$ 368.92$ 812.42$ 2.82751$ per gpm
Bi-Monthly 40.62$ 63.66$ 121.25$ 190.38$ N/A 409.23$ 731.78$ 1,618.76$ 5.65502$ per gpm
RESALE(P)Monthly 23.34$ 34.86$ 63.66$ 98.22$ 150.05$ 207.65$ 368.92$ 812.42$ 2.82751$ per gpm
Bi-Monthly 40.62$ 63.66$ 121.25$ 190.38$ N/A 409.23$ 731.78$ 1,618.76$ 5.65502$ per gpm
OTHER Monthly 23.34$ 34.86$ 63.66$ 98.22$ 150.05$ 207.65$ 368.92$ 812.42$ 2.82751$ per gpm
Bi-Monthly 40.62$ 63.66$ 121.25$ 190.38$ N/A 409.23$ 731.78$ 1,618.76$ 5.65502$ per gpm
TEMPORARY Monthly 23.34$ 34.86$ 63.66$ 98.22$ 150.05$ 207.65$ 368.92$ 812.42$ 2.82751$ per gpm
Bi-Monthly 40.62$ 63.66$ 121.25$ 190.38$ N/A 409.23$ 731.78$ 1,618.76$ 5.65502$ per gpm
RECREATION Monthly 23.34$ 34.86$ 63.66$ 98.22$ 150.05$ 207.65$ 368.92$ 812.42$ 2.82751$ per gpm
Bi-Monthly 40.62$ 63.66$ 121.25$ 190.38$ N/A 409.23$ 731.78$ 1,618.76$ 5.65502$ per gpm
Source: Casitas Municipal Water District Administration Department
CASITAS MUNICIPAL WATER DISTRICT
REVENUE RATES
FISCAL YEAR ENDED JUNE 30, 2018
(110)
In fiscal year 2018, the District changed its rate structure as follows:
Rate per Unit**
RATE SCHEDULE - CLASS 1 SERVICE GRAVITY PUMPED
Residential:
Monthly Usage 0-10 Units 0.490$ 0.960$
Monthly Usage 11-50 Units 0.990$ 1.460$
Monthly Usage 50 Units 1.890$ 2.360$
Business 0.990$ 1.460$
Industrial 0.990$ 1.460$
Resale 0.990$ 1.460$
Other 0.990$ 1.460$
Temporary 1.780$ 1.780$
Recreation 0.990$ 1.460$
Rate per Unit**
RATE SCHEDULE - CLASS 3 SERVICE GRAVITY PUMPED
Ag-Residential
Monthly Usage 0-10 Units 0.490$ 0.960$
Monthly Usage 11-17 Units 0.990$ 1.460$
Monthly Usage 18-50 Units 0.620$ 1.090$
Irrigation (AG) 0.620$ 1.090$
** One unit equals 100 cubic feet (748 gallons)
Cost per AF (example) Irrigation per AF = $0.620 x 435.6 = 270.07$ Gravity
per AF = $1.090 x 435.6 = 474.80$ Pumped
9.3.4 COMBINATION CLASS C SERVICE. Where more than one class of water service or use if rovided
through a single connection, the General Manager shall make an equitable proration of rates and fees, such
proration shall be conclusive unless appealed within 30 days by the customer to the Board, in which case the
determination of the Board shall be conclusive.
METER SIZE 5/8"-3/4" 1" 1-1/2" 2" 2-1/2" 3" 4" 6" 12" 18"
MAX CAPACITY GPM 20-30 50 120 160 TEMP 300 320 1000 2000 N/A N/A
RESIDENTIAL Monthly 28.75$ 47.91$ 95.82$ 153.31$ 255.52$ 335.37$ 603.67$ N/N/N/A
BUSINESS Monthly 22.97$ 38.28$ 76.56$ 122.50$ 204.16$ 267.96$ 482.33$ 995.29$ N/N/A
INDUSTRIAL Monthly 20.54$ 34.24$ 68.47$ 109.55$ 182.59$ 239.65$ 431.36$ N/N/N/A
IRRIGATION/ AG Monthly N/A 43.28$ 86.56$ 138.50$ 230.84$ 302.97$ 545.35$ 1,125.33$ N/N/A
AG-DOMESTIC Monthly N/A 34.78$ 69.57$ 111.30$ 185.51$ 243.48$ 438.26$ N/N/N/A
RESALE Monthly 25.27$ 42.12$ 84.24$ 134.78$ 224.63$ 294.83$ 530.70$ 1,095.09$ 6,469.48$ 12,026.38$
OTHER Monthly 20.54$ 34.24$ 68.47$ 109.55$ 182.59$ 239.65$ 431.36$ N/N/N/A
TEMPORARY Monthly N/A N/N/A N/A 150.05$ N/A N/A N/N/N/A
RECREATION Monthly 20.54$ 34.24$ 68.47$ 109.55$ 182.59$ 239.65$ 431.36$ N/N/N/A
Source: Casitas Municipal Water District Administration Department
CASITAS MUNICIPAL WATER DISTRICT
REVENUE RATES
FISCAL YEAR ENDED JUNE 30, 2019
(111)
In fiscal year 2019, the District changed its rate structure as follows:
Rate per Unit**
RATE SCHEDULE - CLASS 1 SERVICE GRAVITY PUMPED
Residential:
Monthly Usage 0-10 Units 0.550$ 1.080$
Monthly Usage 11-50 Units 1.110$ 1.640$
Monthly Usage 50 Units+ 2.120$ 2.640$
Business 1.110$ 1.640$
Industrial 1.110$ 1.640$
Resale 1.110$ 1.640$
Other 1.110$ 1.640$
Temporary 4.000$ 4.000$
Recreation 1.110$ 1.640$
Rate per Unit**
RATE SCHEDULE - CLASS 3 SERVICE GRAVITY PUMPED
Ag-Residential
Monthly Usage 0-10 Units 0.550$ 1.080$
Monthly Usage 11-17 Units 1.110$ 1.640$
Monthly Usage 18-50 Units+ 0.690$ 1.220$
Irrigation (AG) 0.690$ 1.220$
** One unit equals 100 cubic feet (748 gallons)
Cost per AF (example) Irrigation per AF = $0.690 x 435.6 = 300.56$ Gravity
per AF = $1.220 x 435.6 = 531.43$ Pumped
9.3.4 COMBINATION CLASS C SERVICE. Where more than one class of water service or use if rovided
through a single connection, the General Manager shall make an equitable proration of rates and fees, such
proration shall be conclusive unless appealed within 30 days by the customer to the Board, in which case the
determination of the Board shall be conclusive.
METER SIZE 5/8"-3/4" 1" 1-1/2" 2" 2-1/2" 3" 4" 6" 12" 18"
MAX CAPACITY GPM 20-30 50 120 160 TEMP 300 320 1000 2000 N/A N/A
RESIDENTIAL Monthly 32.20$ 53.66$ 107.32$ 171.71$ 286.81$ 375.61$ 676.11$ N/A N/A N/A
BUSINESS Monthly 25.73$ 42.87$ 85.75$ 137.20$ 228.66$ 300.12$ 540.21$ 1,114.72$ N/A N/A
INDUSTRIAL Monthly 23.00$ 38.35$ 76.69$ 122.70$ 204.50$ 268.41$ 483.12$ N/A N/A N/A
IRRIGATION/ AG Monthly N/A 48.47$ 96.95$ 155.12$ 258.54$ 339.33$ 610.79$ 1,260.37$ N/A N/A
AG-DOMESTIC Monthly N/A 38.95$ 77.92$ 124.66$ 207.77$ 272.70$ 490.85$ N/A N/A N/A
RESALE Monthly 28.30$ 47.17$ 94.35$ 150.95$ 251.59$ 330.21$ 594.38$ 1,226.50$ 7,245.82$ 13.469.55
OTHER Monthly 23.00$ 38.35$ 76.69$ 122.70$ 204.50$ 268.41$ 483.12$ N/A N/A N/A
TEMPORARY Monthly N/A N/A N/A N/A 150.00$ N/A N/A N/A N/A N/A
RECREATION Monthly 23.00$ 38.35$ 76.69$ 122.70$ 204.50$ 268.41$ 483.12$ N/A N/A N/A
Source: Casitas Municipal Water District Administration Department
CASITAS MUNICIPAL WATER DISTRICT
REVENUE RATES
FISCAL YEAR ENDED JUNE 30, 2020
(112)
In fiscal year 2020, the District changed its rate structure as follows:
Rate per Unit**
RATE SCHEDULE - CLASS 1 SERVICE GRAVITY PUMPED
Residential:
Monthly Usage 0-10 Units 0.620$ 1.210$
Monthly Usage 11-50 Units 1.240$ 1.840$
Monthly Usage 50 Units+ 2.370$ 2.960$
Business 1.240$ 1.840$
Industrial 1.240$ 1.840$
Resale 1.240$ 1.840$
Other 1.240$ 1.840$
Temporary 4.000$ 4.000$
Recreation 1.240$ 1.840$
Rate per Unit**
RATE SCHEDULE - CLASS 3 SERVICE GRAVITY PUMPED
Ag-Residential
Monthly Usage 0-10 Units 0.620$ 1.210$
Monthly Usage 11-17 Units 1.240$ 1.840$
Monthly Usage 18-50 Units+ 0.770$ 1.370$
Irrigation (AG) 0.770$ 1.370$
** One unit equals 100 cubic feet (748 gallons)
Cost per AF (example) Irrigation per AF = $0.770 x 435.6 = 335.41$ Gravity
per AF = $1.370 x 435.6 = 596.77$ Pumped
9.3.4 COMBINATION CLASS C SERVICE. Where more than one class of water service or use if rovided
through a single connection, the General Manager shall make an equitable proration of rates and fees, such
proration shall be conclusive unless appealed within 30 days by the customer to the Board, in which case the
determination of the Board shall be conclusive.
METER SIZE 5/8"-3/4" 1" 1-1/2" 2" 2-1/2" 3" 4" 6" 12" 18"
MAX CAPACITY GPM 20-30 50 120 160 TEMP 300 320 1000 2000 N/A N/A
RESIDENTIAL Monthly 36.06$ 60.10$ 120.20$ 192.32$ 320.52$ 420.68$ 757.24$ N/A N/A N/A
BUSINESS Monthly 28.82$ 480.10$ 96.04$ 153.66$ 256.10$ 336.13$ 605.04$ 1,248.49$ N/A N/A
INDUSTRIAL Monthly 25.76$ 42.95$ 85.89$ 137.42$ 229.04$ 300.62$ 541.09$ N/A N/A N/A
IRRIGATION/ AG Monthly N/A 54.29$ 108.58$ 173.73$ 289.56$ 380.05$ 684.08$ 1,411.61$ N/A N/A
AG-DOMESTIC Monthly N/A 43.62$ 87.27$ 139.62$ 232.70$ 305.42$ 549.75$ N/A N/A N/A
RESALE Monthly 31.70$ 52.83$ 105.67$ 169.06$ 281.78$ 369.84$ 665.71$ 1,373.68$ 8,115.32$ 15,085.90$
OTHER Monthly 25.76$ 42.95$ 85.89$ 137.42$ 229.04$ 300.62$ 541.09$ N/A N/A N/A
TEMPORARY Monthly N/A N/A N/A N/A 150.00$ N/A N/A N/A N/A N/A
RECREATION Monthly 25.76$ 42.95$ 85.89$ 137.42$ 229.04$ 300.62$ 541.09$ N/A N/A N/A
Source: Casitas Municipal Water District Administration Department
CASITAS MUNICIPAL WATER DISTRICT
REVENUE RATES
FISCAL YEAR ENDED JUNE 30, 2021
(113)
In fiscal year 2021, the District changed its rate structure as follows:
Rate per Unit**
RATE SCHEDULE - CLASS 1 SERVICE GRAVITY PUMPED
Residential:
Monthly Usage 0-10 Units 0.690$ 1.360$
Monthly Usage 11-50 Units 1.390$ 2.060$
Monthly Usage 50 Units+ 2.650$ 3.320$
Business 1.390$ 2.060$
Industrial 1.390$ 2.060$
Resale 1.390$ 2.060$
Other 1.390$ 2.060$
Temporary 4.000$ 4.000$
Recreation 1.390$ 2.060$
Rate per Unit**
RATE SCHEDULE - CLASS 3 SERVICE GRAVITY PUMPED
Ag-Residential
Monthly Usage 0-10 Units 0.690$ 1.360$
Monthly Usage 11-17 Units 1.390$ 2.060$
Monthly Usage 18-50 Units+ 0.860$ 1.530$
Irrigation (AG) 0.860$ 1.530$
** One unit equals 100 cubic feet (748 gallons)
Cost per AF (example) Irrigation per AF = $0.860 x 435.6 = 374.62$ Gravity
per AF = $1.530 x 435.6 = 666.47$ Pumped
9.3.4 COMBINATION CLASS C SERVICE. Where more than one class of water service or use if rovided
through a single connection, the General Manager shall make an equitable proration of rates and fees, such
proration shall be conclusive unless appealed within 30 days by the customer to the Board, in which case the
determination of the Board shall be conclusive.
METER SIZE 5/8"-3/4" 1" 1-1/2" 2" 2-1/2" 3" 4" 6" 12" 18"
MAX CAPACITY GPM 20-30 50 120 160 TEMP 300 320 1000 2000 N/A N/A
RESIDENTIAL Monthly 40.39$ 67.31$ 134.62$ 215.40$ 358.98$ 471.16$ 848.11$ N/A N/A N/A
BUSINESS Monthly 32.28$ 53.77$ 107.56$ 172.10$ 286.83$ 376.47$ 677.64$ 1,398.31$ N/A N/A
INDUSTRIAL Monthly 28.85$ 48.10$ 96.20$ 153.91$ 256.52$ 336.69$ 606.02$ N/A N/A N/A
IRRIGATION/ AG Monthly N/A 60.80$ 121.61$ 194.58$ 324.31$ 425.66$ 766.17$ 1,581.00$ N/A N/A
AG-DOMESTIC Monthly N/A 48.85$ 97.74$ 156.37$ 260.62$ 342.07$ 615.72$ N/A N/A N/A
RESALE Monthly 35.50$ 59.17$ 118.35$ 189.35$ 315.59$ 414.22$ 745.60$ 1,538.52$ 9,089.16$ 16,896.21$
OTHER Monthly 28.85$ 48.10$ 96.20$ 153.91$ 256.52$ 336.69$ 606.02$ N/A N/A N/A
TEMPORARY Monthly N/A N/A N/A N/A 150.00$ N/A N/A N/A N/A N/A
RECREATION Monthly 28.85$ 48.10$ 96.20$ 153.91$ 256.52$ 336.69$ 606.02$ N/A N/A N/A
Source: Casitas Municipal Water District Administration Department
CASITAS MUNICIPAL WATER DISTRICT
REVENUE RATES
FISCAL YEAR ENDED JUNE 30, 2022
(114)
In fiscal year 2022, the District changed its rate structure as follows:
Rate per Unit**
RATE SCHEDULE - CLASS 1 SERVICE GRAVITY PUMPED
Residential:
Monthly Usage 0-10 Units 0.770$ 1.520$
Monthly Usage 11-50 Units 1.560$ 2.310$
Monthly Usage 50 Units+ 2.970$ 3.720$
Business 1.560$ 2.310$
Industrial 1.560$ 2.310$
Resale 1.560$ 2.310$
Other 1.560$ 2.310$
Temporary 4.000$ 4.000$
Recreation 1.560$ 2.310$
Rate per Unit**
RATE SCHEDULE - CLASS 3 SERVICE GRAVITY PUMPED
Ag-Residential
Monthly Usage 0-10 Units 0.770$ 1.520$
Monthly Usage 11-17 Units 1.560$ 2.310$
Monthly Usage 18-50 Units+ 0.960$ 1.710$
Irrigation (AG) 0.960$ 1.710$
** One unit equals 100 cubic feet (748 gallons)
Cost per AF (example) Irrigation per AF = $0.960 x 435.6 = 418.18$ Gravity
per AF = $1.710 x 435.6 = 744.88$ Pumped
9.3.4 COMBINATION CLASS C SERVICE. Where more than one class of water service or use if rovided
through a single connection, the General Manager shall make an equitable proration of rates and fees, such
proration shall be conclusive unless appealed within 30 days by the customer to the Board, in which case the
determination of the Board shall be conclusive.
METER SIZE 5/8"-3/4" 1" 1-1/2" 2" 2-1/2" 3" 4" 6" 12" 18"
MAX CAPACITY GPM 20-30 50 120 160 TEMP 300 320 1000 2000 N/A N/A
RESIDENTIAL Monthly 45.24$ 75.39$ 150.77$ 241.25$ 402.06$ 527.70$ 949.88$ N/A N/A N/A
BUSINESS Monthly 36.15$ 60.22$ 120.47$ 192.75$ 321.25$ 421.65$ 758.96$ 1,566.11$ N/A N/A
INDUSTRIAL Monthly 32.31$ 53.87$ 107.74$ 172.38$ 287.30$ 377.09$ 678.74$ N/A N/A N/A
IRRIGATION/ AG Monthly N/A 68.10$ 136.20$ 217.93$ 363.23$ 476.74$ 858.11$ 1,770.72$ N/A N/A
AG-DOMESTIC Monthly N/A 54.71$ 109.47$ 175.13$ 291.89$ 383.12$ 689.61$ N/A N/A N/A
RESALE Monthly 39.76$ 66.27$ 132.55$ 212.07$ 353.46$ 463.93$ 835.07$ 1,723.14$ 10,179.86$ 18,923.76$
OTHER Monthly 32.31$ 53.87$ 107.74$ 172.38$ 287.30$ 377.09$ 678.74$ N/A N/A N/A
TEMPORARY Monthly N/A N/A N/A N/A 150.00$ N/A N/A N/A N/A N/A
RECREATION Monthly 32.31$ 53.87$ 107.74$ 172.38$ 287.30$ 377.09$ 678.74$ N/A N/A N/A
Source: Casitas Municipal Water District Administration Department
CASITAS MUNICIPAL WATER DISTRICT
REVENUE RATES
FISCAL YEAR ENDED JUNE 30, 2024
(115)
In January of fiscal year 2024, the District changed its rate structure as follows:
Rate per Unit**
RATE SCHEDULE - CLASS 1 SERVICE GRAVIT PUMPED
Residential:
Monthly Usage 0-10 Units 1.070$ 1.900$
Monthly Usage 11-50 Units 1.910$ 2.710$
Monthly Usage 50 Units+ 3.270$ 4.060$
Business 1.950$ 2.750$
Industrial 1.950$ 2.750$
Resale 1.950$ 2.750$
Other 1.950$ 2.750$
Temporary 4.000$ 4.000$
Recreation 1.950$ 2.750$
Rate per Unit**
RATE SCHEDULE - CLASS 3 SERVICE GRAVIT PUMPED
Ag-Residential
Monthly Usage 0-10 Units 1.070$ 1.900$
Monthly Usage 11-17 Units 1.910$ 2.710$
Monthly Usage 18-50 Units+ 1.240$ 2.050$
Irrigation (AG) 1.240$ 2.050$
** One unit equals 100 cubic feet (748 gallons)
Cost per AF (example) Irrigation per AF = $1.240 x 435.6 = 540.14$ Gravity
per AF = $2.050 x 435.6 = 892.98$ Pumped
9.3.4 COMBINATION CLASS C SERVICE. Where more than one class of water service or use if rovided
through a single connection, the General Manager shall make an equitable proration of rates and fees, such
proration shall be conclusive unless appealed within 30 days by the customer to the Board, in which case the
determination of the Board shall be conclusive.
METER SIZE 5/8"-3/4" 1" 1-1/2" 2" 2-1/2" 3" 4" 6" 12" 18"
MAX CAPACITY GPM 20-30 50 120 160 TEMP 300 320 1000 2000 N/A N/A
RESIDENTIAL Monthly 40.77$ 70.40$ 129.27$ 284.47$ N/A 729.51$ 1,511.14$ N/A N/A N/A
BUSINESS Monthly 35.11$ 60.60$ 111.31$ 244.94$ N/A 628.17$ 1,301.18$ 2,359.56$ N/A N/A
INDUSTRIAL Monthly 35.11$ 60.60$ 111.31$ 244.94$ N/A 628.17$ 1,301.18$ 2,359.56$ N/A N/A
IRRIGATION/ AG Monthly N/A 65.78$ 120.80$ 265.83$ N/A 681.75$ 1,412.17$ 2,560.84$ N/A N/A
AG-DOMESTIC Monthly N/A 56.85$ 104.43$ 229.78$ N/A 589.29$ 1,220.66$ 2,213.53$ N/A N/A
RESALE Monthly 37.41$ 64.60$ 118.63$ 261.05$ N/A 669.49$ 1,386.78$ 2,514.76$ 18,778.34$ 28,390.15$
OTHER Monthly 32.58$ 56.26$ 103.32$ 227.36$ N/A 583.09$ 1,207.80$ 2,190.26$ N/A N/A
TEMPORARY Monthly 150.00$ 150.00$ 150.00$ 150.00$ 150.00$ 150.00$ 150.00$ 150.00$ 150.00$ 150.00$
RECREATION Monthly 32.58$ 56.26$ 103.32$ 227.36$ N/A 583.09$ 1,207.80$ 2,190.26$ N/A N/A
Source: Casitas Municipal Water District Administration Department
CASITAS MUNICIPAL WATER DISTRICT
REVENUE RATES
FISCAL YEAR ENDED JUNE 30, 2025
(116)
In January of fiscal year 2025, the District changed its rate structure as follows:
Rate per Unit**
RATE SCHEDULE - CLASS 1 SERVICE GRAVIT PUMPED
Residential:
Monthly Usage 0-10 Units 1.025$ 2.100$
Monthly Usage 11-50 Units 2.090$ 2.910$
Monthly Usage 50 Units+ 3.390$ 4.200$
Business 2.160$ 2.980$
Industrial 2.160$ 2.980$
Resale 2.160$ 2.980$
Other 2.160$ 2.980$
Temporary 4.000$ 4.000$
Recreation 2.160$ 2.980$
Rate per Unit**
RATE SCHEDULE - CLASS 3 SERVICE GRAVIT PUMPED
Ag-Residential
Monthly Usage 0-10 Units 1.250$ 2.100$
Monthly Usage 11-50 Units 2.090$ 2.910$
Monthly Usage 50 Units+ 1.400$ 2.230$
Irrigation (AG) 1.400$ 2.230$
** One unit equals 100 cubic feet (748 gallons)
Cost per AF (example) Irrigation per AF = $1.40 x 435.6 = 609.84$ Gravity
per AF = $2.23 x 435.6 = 971.39$ Pumped
9.3.4 COMBINATION CLASS C SERVICE. Where more than one class of water service or use if rovided
through a single connection, the General Manager shall make an equitable proration of rates and fees, such
proration shall be conclusive unless appealed within 30 days by the customer to the Board, in which case the
determination of the Board shall be conclusive.
METER SIZE 5/8"-3/4" 1" 1-1/2" 2" 2-1/2" 3" 4" 6" 12" 18"
MAX CAPACITY GPM 20-30 50 120 160 TEMP 300 320 1000 2000 N/A N/A
RESIDENTIAL Monthly 38.38$ 67.44$ 118.67$ 306.27$ N/A 850.40$ 1,889.69$ N/A N/A N/A
BUSINESS Monthly 34.31$ 60.28$ 106.08$ 273.75$ N/A 760.16$ 1,689.14$ 2,871.47$ N/A N/A
INDUSTRIAL Monthly 34.31$ 60.28$ 106.08$ 273.75$ N/A 760.16$ 1,689.14$ 2,871.47$ N/A N/A
IRRIGATION/ AG Monthly N/A 64.10$ 112.79$ 291.09$ N/A 808.29$ 1,796.09$ 3,053.29$ N/A N/A
AG-DOMESTIC Monthly N/A 57.45$ 101.12$ 260.94$ N/A 724.60$ 1,610.12$ 2,737.13$ N/A N/A
RESALE Monthly 35.98$ 63.23$ 111.27$ 287.15$ N/A 797.36$ 1,771.81$ 3,011.99$ 25,286.23$ 34,476.00$
OTHER Monthly 34.43$ 57.01$ 100.32$ 258.89$ N/A 718.87$ 1,597.38$ 2,715.53$ N/A N/A
TEMPORARY Monthly 150.00$ 150.00$ 150.00$ 150.00$ 150.00$ 150.00$ 150.00$ 150.00$ 150.00$ 150.00$
RECREATION Monthly 34.43$ 57.01$ 100.32$ 258.89$ N/A 718.87$ 1,597.38$ 2,715.53$ N/A N/A
Source: Casitas Municipal Water District Administration Department
CASITAS MUNICIPAL WATER DISTRICT
CUSTOMER BY TYPE AT FISCAL YEAR-END
LAST TEN FISCAL YEARS
(117)
Fiscal
Year Residential Business Industrial Agricultural Wholesale Other Total
2016 2,711 114 9 248 25 41 3,148
2017 5,224 460 13 249 22 81 6,049
2018 5,292 391 13 251 22 83 6,052
2019 5,281 401 13 251 23 83 6,052
2020 5,296 392 13 249 24 88 6,062
2021 5,299 385 13 252 24 88 6,061
2022 5,309 388 14 250 25 86 6,072
2023 5,315 385 15 250 25 87 6,077
2024 5,307 387 15 251 23 87 6,070
2025 5,309 389 15 252 23 86 6,074
Note: Number of customers as of June 30th of fiscal year
FY2017 purchased Golden State Water
Source: Casitas Municipal Water District Administration Department
Customer Type
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Nu
m
b
e
r
o
f
C
u
s
t
o
m
e
r
s
Fiscal Year
Other
Wholesale
Agricultural
Industrial
Business
Residential
CASITAS MUNICIPAL WATER DISTRICT
RATIOS OF OUTSTANDING DEBT BY TYPE
LAST TEN FISCAL YEARS
(118)
Fiscal
Year
Loans
Payable (1)
Leases
Payable
Notes
Payable SBITA
Reimbursement
Agreement
Assessment
Bond Payable (2)
Special Tax
Bonds Series A-C
(2)&(3)Debt
Per
Capita
As a Share of
Personal Income
2016 1,652,804 - - - 2,780,214 89,500 - 4,522,518 5.34 9.57%
2017 1,398,725 - - - 2,702,986 73,500 44,125,399 48,300,610 56.88 98.99%
2018 1,136,525 - - - 2,625,757 56,500 43,885,662 47,704,444 56.24 94.07%
2019 865,830 - - - 2,548,529 38,500 43,600,925 47,053,784 55.67 88.45%
2020 586,414 - - - 2,471,301 19,500 57,212,099 60,289,314 71.49 105.65%
2021 297,863 - 144,021 - 2,394,073 - 56,595,673 59,431,630 70.80 95.35%
2022 - 25,078 97,670 241,313 2,316,845 - 55,999,245 58,680,151 70.46 95.22%
2023 2,636,911 381,659 251,255 468,132 2,239,616 - 55,332,818 61,310,391 73.90 94.64%
2024 2,396,878 399,271 199,319 491,677 2,162,388 - 54,596,391 60,245,924 72.91 88.46%
2025 2,148,737 483,911 136,310 316,641 2,085,160 - 53,779,964 58,950,723 71.62 82.34%
Note:
(1) In Fiscal Year 2023 took a loan for the Aquatic Play Structure Loan see note 10.
(2) Assessment bonds and special tax bonds are not obligations of the District's operations - Mellos-Roos debt
(3) Special tax Bonds are only applicable to customers who were part of the Golden State Water purchase in 2017
Source: Casitas Municipal Water District Administration Department
Total
0
10,000,000
20,000,000
30,000,000
40,000,000
50,000,000
60,000,000
70,000,000
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Do
l
l
a
r
s
Fiscal Year
Loans Payable (1)Leases Payable Reimbursement Agreement Assessment Bond Special Tax Bonds SBITA Notes Payable
CASITAS MUNICIPAL WATER DISTRICT
DEBT COVERAGE
LAST TEN FISCAL YEARS
(119)
Fiscal Year Net Revenues (1)
Operating
Expenses (2)
Net Available
Revenues Principal (3)Interest (4)Total Coverage Ratio
2016 16,910,651 (15,125,091) 1,785,560 323,116 55,864 378,980 4.71
2017 15,758,515 (12,752,327) 3,006,188 331,306 50,989 382,295 7.86
2018 20,176,194 (17,651,671) 2,524,523 339,428 42,866 382,294 6.60
2019 19,398,037 (15,204,627) 4,193,410 347,923 34,374 382,297 10.97
2020 18,020,136 (23,707,662) (5,687,526) 356,644 25,652 382,296 -14.88
2021 24,414,286 (23,065,487) 1,348,799 365,779 16,516 382,296 3.53
2022 23,722,388 (23,814,713) (92,325) 375,091 7,205 382,296 -0.24
2023 21,630,398 (22,238,226) (607,828) 191,517 48,990 240,507 -2.53
2024 23,784,896 (19,609,647) 4,175,249 317,261 86,343 403,604 10.34
2025 32,004,070 (26,442,329) 5,561,741 325,369 78,235 403,604 13.78
Notes:
(1) Net revenues exclude assessment and special tax bond revenues, interest expense on long term debt, amortization
of bond insurance, state water project, and adjudication.
(2) Operating expenses exclude depreciation expense
(4) Includes the 2022 loan paybale see note 10.
Assessment bonds and special tax bonds are not obligations of the District's operations - Mellos-Roos debt
Source: Casitas Municipal Water District Administration Department
Debt Service
(3) Includes the Casitas Dam Project-Seismic Safety of Casitas Dam loan see note 10 & 2022 loan
paybale see note 10.
CASITAS MUNICIPAL WATER DISTRICT
DEMOGRAPHIC AND ECONOMIC STATISTICS – COUNTY OF VENTURA
LAST TEN FISCAL YEARS
(120)
Year
Unemployment
Rate Population
Personal
Income
(thousands of
dollars)
Personal
Income per
Capita
2016 5.3% 847,646 47,265,014 55,760
2017 4.5% 849,106 48,791,042 57,462
2018 3.9% 848,179 50,711,842 59,789
2019 3.6% 845,277 53,196,126 62,933
2020 11.8% 843,371 57,067,318 67,666
2021 6.9% 839,471 62,332,380 74,252
2022 3.5% 832,871 61,627,308 73,994
2023 4.0% 829,590 64,783,900 78,091
2024 4.5% 826,322 68,102,175 1 82,416 (
2025 5.0% 823,067 71,590,414 1 86,980
Notes:
Only County data is updated annually. Therefore, the District has chose to use
its data since the District believes that the County data is representative of the
conditions and experience of the District.
(1) Estimated using percentage change year of year from 2021 to 2022
Sources: California Department of Finance & Bureau of Economic Analysis
California Labor Market Info as of June 1st
810,000
815,000
820,000
825,000
830,000
835,000
840,000
845,000
850,000
855,000
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Po
p
u
l
a
t
i
o
n
Fiscal Year
0
20,000
40,000
60,000
80,000
100,000
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Pe
r
C
a
p
i
t
a
I
n
c
o
m
e
Fiscal Year
CASITAS MUNICIPAL WATER DISTRICT
OPERATING AND CAPACITY INDICATORS – EMPLOYEES
LAST TEN FISCAL YEARS
(121)
Department 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Management 2 3 3 4 4 4 4 4 4 4
Safety 1 1 1 1 1 1 1 1 1 1
Administration 5 6 6 7 8 8 8 8 8 7
Engineering 5 5 5 6 6 6 6 6 6 6
Water Quality Lab 2 2 2 3 3 3 3 4 4 4
Fisheries 3 2 3 3 3 3 3 4 4 4
Electrical and Mechanical 3 3 4 4 5 6 5 5 5 5
Pipeline 4 4 6 6 6 6 6 6 6 6
Treatment 4 5 6 7 6 6 6 7 6 7
Utilities Maintainenace 2 4 5 5 5 5 5 5 5 5
Operations Maintenance & Mgmt 4 4 4 5 6 6 7 7 7 7
Conservation 3 3 3 4 4 4 3 3 3 3
Information Technology 1 1 1 1 1 2 2 2 2 2
Recreation Operations 9 11 12 12 13 12 12 12 12 11
Recreation Maintenance 4 4 4 4 4 4 4 5 4 4
Total 52 58 65 72 75 76 75 79 77 76
Note: Number of full time employees as of June 30th of fiscal year
Source: Casitas Municipal Water District Administration Department
Full Time Employees
0
10
20
30
40
50
60
70
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Em
p
l
o
y
e
e
s
Fiscal Year
Management Administration Engineering
Water Quality Lab Fisheries Electrical and Mechanical
Pipeline Treatment Information Technology
Recreation Operations Recreation Maintenance Utilities Maintainenace
Operations Maintenance & Mgmt Conservation Safety
CASITAS MUNICIPAL WATER DISTRICT
OPERATING AND CAPACITY INDICATORS – OPERATIONS
LAST TEN FISCAL YEARS
(122)
Fiscal
Year
Miles of
Pipeline
Lake Storage
Capacity (AF)
Lake Level at
Year-End (AF)
Percentage of
Lake Capacity
Daily System
Capacity (MGD)
2015 118 254,000 122,050 48.1% 65
2016 118 254,000 100,696 39.6% 65
2017 163.4 237,761 (1)106,322 44.7% 65
2018 163.4 237,761 80,996 34.1% 65
2019 163.4 237,761 106,552 44.8% 65
2020 163.4 237,761 103,795 43.7% 65
2021 163.4 237,761 86,711 36.5% 65
2022 163.4 237,761 78,313 32.9% 65
2023 163.4 237,761 176,082 74.1% 65
2024 163.4 237,761 237,253 99.8% 65
2025 163.4 237,761 222,800 93.7% 65
AF - Acre Feet
MGD - Millions of Gallons per Day
(1) Lake Storage Capacity Updated in 2017 from a Bathymetric Survey
Source: Casitas Municipal Water District Administration Department
Other Operating and Capacity Indicators
(123)
This page intentionally left blank.
(124)
GOVERNMENT AUDITING STANDARDS REPORT
(125)
This page intentionally left blank.
(126)
INDEPENDENT AUDITORS’ REPORT ON INTERNAL CONTROL OVER
FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS
BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN
ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS
Board of Directors
Casitas Municipal Water District
Oak View, California
We have audited, in accordance with the auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standards
issued by the Comptroller General of the United States, the financial statements of Casitas Municipal
Water District (the District) as of and for the year ended June 30, 2025, and the related notes to the
financial statements, which collectively comprise District’s basic financial statements, and have issued
our report thereon dated November 21, 2025.
Report on Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the District’s internal
control over financial reporting (internal control) as a basis for designing audit procedures that are
appropriate in the circumstances for the purpose of expressing our opinion on the financial statements,
but not for the purpose of expressing an opinion on the effectiveness of the District’s internal control.
Accordingly, we do not express an opinion on the effectiveness of the District’s internal control.
A deficiency in internal control exists when the design or operation of a control does not allow
management or employees, in the normal course of performing their assigned functions, to prevent, or
detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a
combination of deficiencies, in internal control, such that there is a reasonable possibility that a material
misstatement of the entity’s financial statements will not be prevented, or detected and corrected, on a
timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control
that is less severe than a material weakness, yet important enough to merit attention by those charged
with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this
section and was not designed to identify all deficiencies in internal control that might be material
weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any
deficiencies in internal control that we consider to be material weaknesses. However, material
weaknesses or significant deficiencies may exist that were not identified.
CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer.
CliftonLarsonAllen LLP
CLAconnect.com
Board of Directors
Casitas Municipal Water District
(127)
Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the District’s financial statements are free
from material misstatement, we performed tests of its compliance with certain provisions of laws,
regulations, contracts, and grant agreements, noncompliance with which could have a direct and
material effect on the financial statements. However, providing an opinion on compliance with those
provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The
results of our tests disclosed no instances of noncompliance or other matters that are required to be
reported under Government Auditing Standards.
Purpose of This Report
The purpose of this report is solely to describe the scope of our testing of internal control and
compliance and the results of that testing, and not to provide an opinion on the effectiveness of the
entity’s internal control or on compliance. This report is an integral part of an audit performed in
accordance with Government Auditing Standards in considering the entity’s internal control and
compliance. Accordingly, this communication is not suitable for any other purpose.
CliftonLarsonAllen LLP
Irvine, California
November 21, 2025