MESSAGE FROM THE EXECUTIVE DIRECTOR
Introduction
I am pleased to present the annual operating budget for the fiscal year ending June 30, 2024 (the “FYE 2024 Budget”). The budget provides a plan to achieve NCWSA’s initiatives, including water quality, financial viability, water resource sustainability, reliability, and workforce development.
The ensuing financial budget allows NCWSA to remain committed to the ratepayers it is responsible for serving. The FYE 2024 Budget was developed because the customer deserves the highest quality water and wastewater services delivered professionally, courteously, and efficiently. Further, the Authority is devoted to improving and enhancing services for all its customers. The FYE 2024 Budget places the Authority on the right path to achieve the goals outlined in the following pages.
Background
Each year we confront a significant challenge. The upcoming year will be no different, with high inflation and rising mortgage interest rates replacing the recent global pandemic. While inflation has eased slightly in the first half of 2023, mortgage interest rates remain at forty-year highs. These two factors have slowed the new housing starts, with a recession projected for the last two quarters of 2023 occurring within the first two-quarters of the FYE 2024 Budget cycle. While significant challenges are demanding, great opportunities will always reveal themselves if we persevere to stay the course. Regardless of ongoing events, our community is always foremost in our efforts, as the Authority performs its budget development process carefully and diligently.
In the near term, and based on what we are discovering, the FYE 2024 Budget will focus on four (4) key
Strategic Plan priorities:
Investment in Infrastructure
Enhanced and Effective Maintenance
Innovative Customer Service
Workforce Protection and Development
There is also a shared understanding that to maintain financial stability, the Authority must establish the budget on prudent projections of water demand, wastewater treatment, housing, and economic growth with sound financial policy to maintain debt service coverage.
NCWSA – 2021 Budget Doc – Final
NCWSA – Budget & Financial Plan FYE 2023 – Final
NCWSA – Budget & Financial Plan FYE 2024 – Final
Our mission is to provide the Authority’s customers with reliable, safe drinking water and to provide sewer services in an environmentally responsible and fiscally sound manner while focusing on cost efficiency and value-oriented service. Providing the best possible services will always be the number one priority for the Newton County Water & Sewerage Authority.
NCWSA Financial Staff