Financial Statements
Periodically, the Seattle Public Utilities issues long term debt through competitive or negotiated bond sales. The proceeds from these bonds are used primarily to help finance our Capital Improvement Program.
Statements
Financial Statements
2011 Water Statement (pdf)
2011 Drainage & Wastewater Statement (pdf)
2011 Solid Waste Statement (pdf)
Bond Official Statements
2010 Water Bonds (pdf)
2009 Drainage & Wastewater Bonds (pdf)
2011 Solid Waste Bonds (pdf)
Water Fund Ratings
Moody's (Aa1, stable outlook)
| Strengths: | Challenges: |
|---|---|
| Strong service area | Sizeable capital improvement program |
| Adequate supply of high quality water | High debt ratio |
| Satisfactory financial operations and strong financial policies |
Standard & Poor's (AA+, stable outlook)
| Strengths: | Challenges: |
|---|---|
| Seattle's role as regional water supplier | Declining water consumption |
| Deep and diverse economic base | Substantial capital improvement program |
| Well thought out debt service coverage target | Portion of wholesale contracts due for renewal |
For more information
Contact Regina Carpenter at regina.carpenter@seattle.gov.
Drainage & Wastewater Fund Ratings
Standard & Poor's (AA+, stable outlook)
| Strengths: | Challenges: |
|---|---|
| Continued excellent management of the utility and its capital plan | High rates |
| Continued strong debt service coverage | |
| Deep and diverse economic base |
Moody's (Aa1, stable outlook)
| Strengths: | Challenges: |
|---|---|
| Strong regional economy | Significant portion of wastewater rates driven by increasing treatment charges from King County |
| Well-maintained financial operations | |
| Sound debt service coverage | |
| Capital plan which focuses on important rehabilitation projects |
For more information
Contact Maria Coe at maria.coe@seattle.gov.
Solid Waste Fund Ratings
Moody's (Aa3, stable outlook)
Upgraded from A1 in 1999
| Strengths: | Challenges: |
|---|---|
| Robust service area (City of Seattle) with stable economic indicators | Low standalone liquidity |
| City ordinances establish strong flow control protection and mandate services | Increasing leverage over next few years in order to fund capital expenditures |
| Revenue collection supported by combined billing with water and sewer charges, payments applied to solid waste first | Declines in collected volumes and corresponding cost increases |
| Access to City’s pooled cash reserves | |
| Demonstrated willingness to raise rates | |
| Less operating risk relative to other rated solid waste systems |
Standard & Poor's (AA, stable outlook)
Upgraded from AA- to AA in 2011
Upgraded from A+ to AA- in 2007
| Strengths: | Challenges: |
|---|---|
| A very deep and diverse economic base that consistently endures business cycles | Low standalone liquidity levels, mitigated by access to City’s pooled cash reserves |
| A strong revenue collection mechanism as solid waste charges appear on the water and sewer bills | |
| The continued strength of the system’s financial performance, supported by conservative financial policies | |
| Affordable rates indicating capacity for future increases to accommodate rising costs |
For more information
Contact Deborah Caul at deborah.caul@seattle.gov.