The Finance Department is responsible for managing financial resources and implementing fiscal policies that ensure a sound financial structure designed to provide the lowest possible cost of water to our customers. It also determines rates and establishes a billing methodology that is fair and equitable to all rate payers.
The Finance Department consists of the following functional areas:
Accounting establishes and maintains financial records, which includes controlling and disbursing funds for approved payables and payroll, taking inventory of assets of utility plant and equipment and controlling and verifying receivables. This area prepares periodic financial statements, reports and year-end financial statements subject to the audit and verification of an independent accounting firm.
Budgeting is responsible for long-range financial plans, development and administration of the annual budget and performance measures.
Regulatory and Rate Administration is responsible for fulfilling periodic reporting requirements and data requests with the Public Utilities Commission (PUC) and other regulatory agencies. This area is also responsible for the planning, development and administration of water rate determination functions, including revenue requirements, costs of service and the design of water rates in support of Providence Water’s proposed plans for financing system operations and plant expansion. This is accomplished through periodic rate filings to the PUC.
Providence water was granted a rate increase of approximate 8.35% in February 2017 by the Public Utility Commission. The last rate increase was December 2013. Even with this increase, Providence Water continues to have the lowest rates of the regulated water utilities in the state of Rhode Island.