The Puerto Rico Aqueduct and Sewer Authority ended fiscal year 2015 more than twice as strong as budgeted.
According to PRASA's "Accountability Report 2015" preliminary financial figures showed the authority ended with a net operating result after debt service of $110.5 million, compared with a budgeted $51.2 million. The actual result was 10.2% of revenues, compared with the planned 4.6% of revenues.
In fiscal year 2015 revenues came in $41.9 million short of budget. However, expenses came in $45.7 million below budget. Further, debt service was $55.4 million below projections.
Revenues came in $41.9 million short of budget, primarily because of the mandated reduction of water consumption in Puerto Rico's drought and a delay in invoicing in June, according to the report.
To compensate for the revenue reduction, PRASA reduced costs in several areas, with most of the saving coming in maintenance and electricity.
The $55.4 million in debt service savings was the result of rescheduling future borrowings and reducing expenditures related to the Capital Improvement Program, the report stated.
PRASA unsuccessfully tried to sell a $750 million bond in August. According to Bloomberg, the authority plans to remarket the bond in the next few weeks.
