At TMWA we consider it a priority that our customers can easily understand how we manage our finances. That’s why we created the Popular Annual Financial Report (PAFR). It is a summarized companion piece to TMWA’s Annual Comprehensive Financial Report (ACFR), which is a mandatory report covering the utility’s financial position for Fiscal Year 2025. The 2025 PAFR condenses this formal report into a clear, transparent summary of how we fund essential services and invest for the future. Throughout the report, customers will find direct links into the more extensive accounting that exists within the ACFR. Both the PAFR and the ACFR are available now at tmwa.com/financial-information.
Where Your Water Dollar Goes
For every dollar TMWA spent last fiscal year, 54 cents was directed to rehabilitative capital spending (i.e., infrastructure projects) and services & supplies. Services & supplies are impacted by costs associated with delivering water, including energy costs and water treatment costs. Prioritizing these types of costs is core to TMWA’s mission—ensuring high-quality drinking water is delivered to approximately 475,000 residents.
Proactively Meeting Debt Obligations
When TMWA formed in 2001, it became responsible for a debt repayment of $452 million for the bonds raised by the City of Reno, City of Sparks and Washoe County to purchase the water system. This critical investment secured permanent local control of our water resources. Over the past decade, TMWA has reduced the outstanding principal of this debt by $201.6 million.
Operating Revenue is Driven by Water Sales
In 2025, TMWA’s operating revenue was $132 million. Water sales accounts for 94% of this amount, or $124 million. This revenue includes flat rates and variable charges, which are based on tiered usage. The remaining 6% of TMWA’s operating revenue was from hydroelectric power and other sales.
Key Operational Investments and Milestones
In addition to easy-to-read financial graphics, the Popular Annual Financial Report features writeups on several significant project milestones and events that have shaped TMWA’s financial standing. These include:
- News on TMWA securing a new hydroelectric sales agreement, generating $100 million in future hydroelectric revenues.
- An overview of how TMWA’s “Rainy Day” fund is structured and the policy that determines what it is used for.
- TMWA’s strategy for ensuring water service during unforeseen emergencies or natural disasters.