Charleston Water System operations are funded by revenue from charged for water and wastewater service, interest-bearing investments, and revenue bond proceeds. and charged for new connections to our water and sewer systems are an important source of revenue that can only be used for capital improvements related to growth.
We do not receive tax revenue.
Our fiscal year is January 1 – December 31, and the annual budget is approved by our Board of Commissioners. Net balances from operations are held in cash reserves to reduce the amount of future borrowing for capital improvements. View our.
Debt and Bond Ordinance Requirements
We periodically issue revenue bonds to fund capital improvement projects. Bond issues must be approved by Charleston City Council, and the ordinances that govern the borrowing terms require us to maintain net earnings equal to at least 120% of the annual principal and interest requirement in each fiscal year.
Annual Financial Report
This report is prepared in conformance with generally accepted accounting principles (GAAP) and includes audited financial statements. Each year's report is completed in June of the following year. Please note that Annual Financial Reports are not updated for developments subsequent to the date of the independent auditor’s report. These reports are dated information and should be used for historical reference only. Published annually in June.
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Popular Annual Financial Report (PAFR)
This is an unaudited summary of our financial activities that is derived from the CAFR, but is presented in a less technical, abbreviated format. Published annually in June.
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Monthly Financial Reports
For questions about rates, fees, budget, or to request a copy of a financial report, contact our Finance department at (843) 727-6922 or email us.