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The Metropolitan Water District of Southern California
Financial Information

The Office of the Chief Financial Officer is responsible for providing strategic, innovative and proactive financial guidance to support the financial policies of Metropolitan's Board, management and staff. 

The Finance Department:

  • manages Metropolitan's financial resources in an efficient manner;
  • works to achieve low, stable water rates and charges by maintaining Metropolitan's strong financial position; and
  • ensures that adequate financial controls are in place to accurately communicate financial results and protect Metropolitan's assets.

 Metropolitan's principal revenue source is water sales, which includes all revenues received by Metropolitan from charges for the sale and availability of water, including Metropolitan's water rates, readiness-to-serve charges, a capacity charge and wheeling/exchange transactions.

Major financial activities and accomplishments can be found in the most recent Annual Report


Adopted Biennial Budget, Rates and Charges
Review of AV Tax Limit
Current AV Tax Rate
Current Biennial Budget, Rates and Charges
Current Biennial Budget – Fiscal years 2020/21 and 2021/22
Current Cost of Service – Fiscal years 2020/21 and 2021/22
Metropolitan: A Tradition of Sound Spending

Note:  All information contained in the Financial Information pages is obtained from sources believed to be accurate and reliable. While all information presented is believed to be accurate and reliable, it is prepared without audit unless otherwise identified as audited financial information. Due to the possibility of human or mechanical error and other factors, this information is provided as is without warranty of any kind and MWD makes no representation, express or implied, as to the accuracy, reliability, completeness or timeliness of this information, and is not responsible for any loss or damage incurred by any party using this information. The information contained at this Web site has been included for general informational purposes only and no person should make any investment decision in reliance upon the information contained herein. This Web site and the information contained herein do not constitute an offer to sell or the solicitation of an offer to buy any securities.

FY 2020-21 an FY 2021-22 Budget and CY 2021-2022 Rates and Charges

Metropolitan sets its water rates every other year to recover the cost of providing water service to its customers in an open and transparent public process, concurrent with the biennial budget review process. The current pricing system which itemizes various costs associated with water delivery was established in 2003. The following table summarizes rate components for treated and untreated water:

Water Rate Table

 Effective January 1st 2020 2021 2022
 Tier 1 Supply Rate ($/AF) $208 $243 $243
 Tier 2 Supply Rate ($/AF) $295 $285 $285
 System Access Rate ($/AF) $346 $373 $389
 Water Stewardship Rate ($/AF) $65  -  -
 System Power Rate ($/AF) $136 $161 $167

 Full Service Untreated Volumetric Cost  

   Tier 1 $755 $777 $799
   Tier 2  $842 $819 $841
 Treatment Surcharge ($/AF) $323 $327 $344
 Full Service Treated Volumetric Cost ($/AF)    
   Tier 1 $1,078 $1,104 $1,143
   Tier 2 $1,165 $1,146 $1,185
 Readiness-to-Serve Charge ($M) $136 $130 $140
 Capacity Charge ($/cfs) $8,800 $10,700 $12,200


Tier 1 Supply Rate - recovers the cost of developing and maintaining a reliable water supply.

Tier 2 Supply Rate - set at Metropolitan's cost of purchasing water transfers north of the Delta.  The Tier 2 Supply Rate encourages the maintenance of existing local supplies and the development of cost-effective local supply resources and conservation.

System Access Rate – recovers costs associated with the interconnected regional delivery network necessary to deliver water to meet member agencies' average annual demands.  Included are the costs of conveyance and distribution facilities.

System Power Rate – recovers Metropolitan's power costs for pumping supplies to Southern California.

Water Stewardship Rate – recovers the costs of providing financial incentives for existing and future investments in local resources including conservation, recycled water, and groundwater recovery.

Treatment Surcharge – recovers the costs of treating imported water.

Readiness-to-Serve Charge - a fixed charge that recovers the costs of providing emergency service and available capacity to meet outages, emergencies and hydrologic variability.

Capacity Charge – the Capacity Charge recovers the cost of providing peaking capacity within the distribution system which Metropolitan owns or has the right to use.

Historical Water Rates

Click here for our historical water rates.
Financial Documents Treasurer's Monthly Reports  

Quarterly Interest Rate Swap Reports   

Investor Information and Related Reports       

Revenue Bond Official Statement

This is an electronic, digital copy of the Official Statement for the bonds referenced therein. This electronic Official Statement has been posted for informational purposes only and is not an offer to sell or a solicitation of an offer to buy any securities. The information and expressions of opinion in the Official Statement are subject to change without notice, and the provision of electronic access to the Official Statement shall not create any implication that there has been no change since the date thereof. This Official Statement will not be updated after the dated date thereof and information in the Official Statement may cease to be accurate after such date. 

MWD currently anticipates that the disclosure documents prepared from time to time in connection with the offering and sale of securities by MWD may contain information updating or supplementing the information presented at this Web site. In addition, certain financial information and operating data, and information regarding certain material developments respecting MWD and securities from time to time issued by it, will be filed with the Municipal Securities Rulemaking Board's Electronic Municipal Market Access (EMMA) System from time to time. MWD in its discretion will determine whether to include such updated information on its website or to otherwise supplement, update or modify the information at this website. Furthermore, the information in each document or file is dated as of the date or dates indicated, and MWD disclaims any duty or obligation either to update the information contained at this website or to maintain the availability of such information. Reference should be made to those other sources to obtain such supplemental, updated or modified information.

Water Revenue Bonds

Final Official Statement
Water Revenue Refunding Bonds, 2021 Series B
June 23, 2021
(4 MB)

Final Official Statement
Variable Rate Subordinate Water Revenue Refunding Bonds, 2021 Series A(Federally Taxable)
June 15, 2021
(9.26 MB)

Supplement to the Remarketing Statement, Dated May 12, 2021
Subordinate Water Revenue and Water Revenue Refunding Bonds, 2017 Series C, D, and E
May 18, 2021
(5.21 MB PDF)*

General Obligation Bonds
Final Official Statement
Waterworks General Obligation Refunding Bonds
2020 Series A
Aug. 13, 2020
(1.25 Mb PDF)*

Credit Rating Agency Reports

Peer survey: Revenue Structure of Various Wholesale Water Agencies  

Board Documents and Policies

Quarterly Investment Reports

Links to Rating Agencies      

MWD offers these rating agency links because the rating agencies provide information and additional perspectives relating to financial matters. MWD makes no representation or warranty of any kind with respect to these Web sites or their content and does not maintain, operate or take responsibility for what appears on these Web sites.

MWD does not endorse any opinion, report; product or service described in them and is not responsible for the accuracy, completeness or reliability of their content or information. Any use thereof is solely at the user's own risk.

Financial Archives

Click here to search for past reports. In the subject line, for example, search for "swap monthly," "treasurer's monthly" or "executive financial."

Rates Policy Library Documents

  • Board Letter (Dec 1952) – Adopted MWD role as regional provider, and opinion against overlapping and parallel facilities (Laguna Declaration)
  • Resolution 5821 (Sep 1960) – Determines that at least 50% of capital plus O&M should be collected via sales revenues; credits annexation revenues to bond obligations; sets water rate formula
  • Board Letter (Dec 1969) – Synopsis of the Water Pricing Policy Study by Brown & Caldwell and R.
  • Board Letter (Apr 1970 ) – Summary of Water Pricing Policy Study by Brown & Caldwell and R. Skinner
  • Board Letter (Jan 1991) - Provides information regarding the water/tax compromise embodied in section 124.5 of the MWD Act
  • Board Letter (Feb 1991) – Discusses the proportionate use formula and prospective tax revenues, and amends Adm. Code with minimum property tax revenues at the 1990-91 levels
  • Board Letter (Jan 1992) - Addition of new district policies to the Administrative Code, Mission Statement, and water transfer policy
  • Board Letter (July 1992) – Information letter to the Board regarding the Revenue Design Study by Black & Veatch
  • Board Letter (Oct 1992) - Describes 1993-94 cost and revenue alternatives and presents required cost reductions and rate increases
  • Board Letter (Dec 1992) - Presents an action plan to consider the recommendations contained in the revenue design study prepared by Black & Veatch
  • Board Letter (Nov 1992 ) - Discusses determination of firm revenue source, and presents three alternatives of imposing a water standby charge on parcels within Metropolitan's service area
  • Board Letter (Mar 1993) – Develops water rate structure objectives
  • Board Letter (June 1993) - Provides information about the status of current law regarding connection fees and capacity charges and related charges
  • Board Letter (Dec 1993) - Presents the recommended new rate structure and new revenue sources from New Demand Charge, RTS, Treated Water Peaking Charge, and Connection Maintenance Charge
  • Board Letter (Feb 1994) – Discusses the exclusion of long-term storage from the RTS charge
  • Board Report (Sep 1994) - Nexus study in support of Metropolitan's New Demand Charges; establishes the connection between the new demand charge and the costs for new facilities to serve new demands
  • Board Letter (July 1996) - Rate Refinement Process summary; recommends approval of the rate action, suspension of New Demand Charge, completion of phase 2 and 3 of the rate refinement process
  • Strategic Plan Policy Principles (Dec 1999) – Developed and adopted by the Board to guide staff and the member agencies in developing a revised rate structure.
  • Board Letter (Oct 2001) – Adopts rate structure proposal and implements new rates and charges for 2003
  • Board Report (June 2002) – Detailed FY2002-03 Cost of Service report and FAQ regarding the new rate structure
  • Board Letter (Apr 2009) – Adopts rates and charges for 2009/10
Rate Structure Topics Wheeling Policy Library  
Financial Archives
Click here to to search for past reports. In the subject line, for example, search for “swap monthly,” “treasurer’s monthly” or "executive financial."
Key Contacts

Assistant General Manager/Chief Financial Officer
Katano Kasaine

(213) 217-7121

Bernadette Robertson

(213) 217-7547

Lisa St Regis

(213) 217-7533

Debt Administration
Eric Goldstein

(213) 217-5746

Rates and Charges
Arnout Van den Berg

(213) 217-5771

Contact Us

Physical Address
Parking Map
700 North Alameda Street
Los Angeles, CA 90012-2944


Mailing Address
P.O. Box 54153
Los Angeles, CA