AWWA JOINT53616

Water and wastewater utilities typically have limited budgets to addresscapital improvement programs. New infrastructure projects frequently take precedence over modifications to existing facilities, resulting in aging or obsolete systems that are inefficient and costly to maintain. Facility planners, because they lack necessary information, often have trouble convincing decision-makers about the poor condition of their existing infrastructure and the crucial need forreplacement funding. A new accounting requirement, Statement No. 34, Basic Financial Statements--and Management's Discussion and Analysis--for State and Local Governments (GASB 34) provides an opportunity for utilities to develop data necessary to comply with GASB 34 that will also help them more accurately plan for long-term capital renewals and replacements. This paper describes several approaches for developing the information necessary to comply with GASB 34 and which will also support the planning of future capital renewal and replacement needs.