The Southern Nevada Water Authority's Wholesale Delivery Charge for potable water reached US$382 per acre-foot in FY 2024, up 26.1% from the US$303 it charged from FY 2015 to FY 2018. Over the same decade, pledged revenue debt coverage rose from 3.56 times in FY 2015 to 5.47 times in FY 2024.
Most of the increase came late
The charge rose in small steps at first: US$313 in FY 2019, US$323 in FY 2020, US$332 in FY 2021 and US$337 in FY 2022. The two largest increases followed, to US$360 in FY 2023 and US$382 in FY 2024. The Authority's annual reports attribute revenue growth in both years mainly to the higher rate, offset by lower water sales. Operating revenues rose from US$165.7 million in FY 2023 to US$178.1 million in FY 2024, and reached US$192.1 million in FY 2025.
Less debt, more cover
Total debt was US$2,861.6 million at June 30, 2024, below its FY 2016 peak of US$3,528.5 million and equal to US$1,241.9 per capita. Coverage did not rise every year: it dipped to 2.75 times in FY 2017 before climbing again.
Borrowing returns
That cushion is now being drawn on. The FY 2026-27 tentative budget sets capital sources at US$705.3 million, including a projected US$512.1 million debt issue, and the Horizon Lateral Program is estimated at US$2.0–2.7 billion. In May 2026 the Authority said its capital plan is already built into existing rates. KBRA assigned a AAA rating on October 6, 2026.
What the Authority supplies and to whom, how its treatment plants and network perform, and which dated milestones arrive between 2027 and 2035 are set out in the profile. The full report, Utility Intelligence Profile: Southern Nevada Water Authority, is available for USD 99. For a free overview, read the Southern Nevada Water Authority Utility Snapshot.