A long history…

Purpose

The purpose of the Central Valley Project (CVP) Water Association’s (CVPWA) Financial Affairs Committee (FAC) is to:

• Support the CVPWA Board of Directors in making sound business decisions on CVP financial matters
• Conduct Studies and other financial analyses pertaining to the CVP including, but not limited to, review of capital and O&M expenditures (budgeted and actual) allocable to CVP water contractors for repayment, and examination of the nature and reasonableness of the allocation methodologies employed in allocating these costs among the project functions.
• Provide information and understanding to CVPWA Board of Directors and members of existing and proposed Bureau of Reclamation (Reclamation) (and other associated agencies) financing policies and procedures related to the CVP.

Objectives

• Review the annual CVP contractor accountings in order to determine that annual water delivery, revenue, and expenditure data, and their underlying allocation, appear reasonable and appropriate in accordance with Reclamation law, policy, and general business practice.
• Review and participate in the CVP budgeting process for any and all costs for which CVP water contractors are responsible for repayment.
• Review additions, deletions and modifications to the CVP plant-in-service and O&M cost allocations that affect the amount and/or allocation of costs for which CVP water contractors are responsible for repayment.
• Monitor and participate in the development and implementation of policies and procedures for Central Valley Project Improvement Act (CVPIA) capital and O&M expenditures in order to ensure costs allocated to CVP contractors for repayment are properly determined, and that credits and offsets for Restoration Fund and other similar pre-payments are properly applied against these allocated costs in determining the net obligation, if any.
• Monitor CVPIA programs for progress toward achieving stated goals under the Act in order to determine the propriety of continued collections of Restoration Fund charges from CVP contractors.
• Host a monthly FAC meeting. Alternate bi-monthly meetings will be with Reclamation (and associated agencies) and CVP member contractors only. The purpose of the monthly meetings will be to provide a forum for CVP contractors and the Bureau (and associated agencies) to communicate on issues and exchange financial information related to the CVP