CVWD Board Chooses Audit Firm, Staff Works to Refinance Bonds

On Tuesday night the Crescenta Valley Water District board of directors held its regularly scheduled board meeting.

During that meeting the board approved a three-year contract to engage CliftonLarsonAllen LLP to provide audit services for FY 2020-2022. Additionally, there was discussion regarding the long-term infrastructure reliability and funding roadmap as well as discussion on the FY 2020-2021 water and wastewater budgets.

As decided in the last board meeting on April 28, staff is working towards the refinancing of the 2007 bonds and raising additional proceeds in a total amount not to exceed $5 million to be used for CIP projects.

Staff estimates that this process will take until approximately August 2020. At that time, the board will need to vote to approve the refinance and issuance of the new bonds.

At the next board meeting, scheduled for May 26, staff will be presenting two budgets to the board. The first will be with no rate increase and no bond issuance and the second will be with no rate increase and a $5 million bond issuance.

The public is welcome and encouraged to attend CVWD board meetings. Pursuant to the provisions of Executive Order N-29-20 issued by Governor Gavin Newsom on March 18, the public may not attend the meeting in person. Any member of the public may participate using a touchtone phone or by utilizing Zoom teleconferencing. All information for board meetings can be found on the District’s website

Submitted by Christy COLBY