History Timeline

1993

1993 - Founding

After leaving his position as Director of Ernst & Young’s National Environmental Consulting Practice, George Raftelis, CPA founds RFC in Charlotte, NC under the name Raftelis Environmental Consulting Group, Inc.

1996

1996 - RFC Conducts Water and WasteWater Rate Survey

RFC begins conducting the Water and Wastewater Rate Survey, which was previously conducted by Arthur Young and then Ernst & Young. The biennial Survey provides the industry with rate, financial, and demographic data for over 200 water and wastewater utilities. RFC still conducts and publishes the Survey, which we now co-publish with AWWA.

2000

2000 - Staff Expansion with Award of US Navy Contract

After being awarded a multi-year engagement with the US Navy to provide services associated with the Utilities Privatization initiative, RFC hires 4 new consultants bringing our staff to a total of 14 personnel. Each of the consultants hired for the Navy project are still with RFC today.

2002

2002 - Opening of Kansas City Office

With the addition of Bill Stannard, PE as a VP, RFC opens our Kansas City office. Bill is currently RFC’s Chairman of the Board, and continues to oversee our Kansas City office.

2003

2003 - RFC partners with AWWA for the Water and Wastewater Rate Survey

RFC agrees to partner with AWWA on the Water and Wastewater Rate Survey, and the 2004 Rate Survey is the first edition that is co-published. RFC continues to conduct and co-publish the Rate Survey with AWWA.

2004

2004 - Diversification of Firm Ownership

The firm takes the first step in succession planning with George Raftelis selling a portion of his ownership interest to 4 employees. Following the sale, the firm’s name is changed to Raftelis Financial Consultants, Inc.

2004

2004 - Opening of Pasadena Office

With the addition of Sudhir Pardiwala, PE as a VP, RFC opens our Pasadena office. This office has helped us provide more efficient services to our west coast clients. Sudhir still oversees our Pasadena office and our West Region practice.

2005

2005 - Publishing of 2005 California Water and Wastewater Rate Survey

In collaboration with the California/Nevada Section of AWWA, RFC conducted the 2005 California Water and Wastewater Rate Survey. In 2007, utilities in the State of Nevada were added to the survey, and we have since conducted this survey in 2009, 2011, 2013, and 2015.

2005

2005 - Publishing of Water and Wastewater Finance and Pricing, 3rd Edition

George Raftelis, with input from a number of RFC consultants, authors the 3rd Edition of his book Water and Wastewater Finance and Pricing: A Comprehensive Guide. This book has become an industry standard in the field of utility rate setting and has also been used as a textbook in a college course on environmental finance.

2007

2007 - 20 employees

We continue our growth and reach the 20 employee mark.

2009

2009 - Leadership Evolution

George Raftelis retains his position as Chief Executive Officer and Chairman of the Board of RFC. Bill Stannard and Peiffer Brandt become the President and Chief Operating Officer of RFC, respectively.

2010

2010 - Opening of Orlando Office

With the addition of Mike Rocca as our Director of Florida Operations, RFC opens our Orlando office to further expand our capabilities to serve Florida utilities.

2010

2010 - 30 employees

RFC grows to 30 employees.

2010

2010 - Creation of Management Consulting Division

To further strengthen our management consulting services, RFC creates a new division to provide management consulting services to the utility industry.

2011

2011 - Creation of Stormwater Management Consulting Division and Opening of Raleigh Office

With the addition of Keith Readling, PE and several other stormwater consultants, RFC expands its service offerings for stormwater utilities. RFC also opens a Raleigh Office to house this new division.

2011

2011 - Writing of Water and Wastewater Finance and Pricing, 4th Edition Begins

RFC, led by George Raftelis, began work on the 4th Edition of Water and Wastewater Finance and Pricing: A Comprehensive Guide, which will integrate contemporary financial, pricing, and management issues confronting our industry.

2012

2012 - 40 Employees

RFC continues to grow and reaches the 40-employee mark.

2012

2012 - Opening of Austin Office

RFC opens an Austin Office to provide more efficient services to utilities in Texas.

2012

2012 - Publishing of 2012 Florida Water and Wastewater Rate Survey

RFC conducted the 2016 Florida Water and Wastewater Rate Survey, which provides insight into water and wastewater practices utilized by over 170 utilities in Florida. RFC also conducted this survey in 2014 and 2016.

2012

2012 - Change in Leadership Roles

RFC’s leadership roles evolve as William Stannard is elected to the position of President and CEO and George Raftelis transitions to Chairman of the Board.

2013

2013 - RFC Continues Expansion

RFC opens the Denver Metro, Greensboro, and Inland Empire Offices, and also reaches 50 employees.

2013

2013 - RFC's 20th Anniversary

RFC celebrates the 20th anniversary of the firm's founding.

2014

2014 - Publishing of Fourth Edition of Water and Wastewater Finance and Pricing

The Fourth Edition of the guide book, Water and Wastewater Finance and Pricing: The Changing Landscape is published. The Fourth Edition is authored by many RFC staff members along with other industry experts. This book has become an industry standard in the field of utility rate setting and is also used as a textbook in college courses on environmental finance.

2014

2014 - Publishing of 2016 Washington/Oregon Water and Wastewater Rate Survey

RFC conducted the 2016 Washington/Oregon Water and Wastewater Rate Survey, which provides insight into water and wastewater practices utilized by more than 120 utilities in Washington and Oregon. RFC also conducted this survey in 2016.

2014

2014 - RFC Opens New Offices

RFC opens offices in Cincinnati and Sarasota.

2015

2015 - Opening of Los Angeles and New England Offices

RFC opens offices in downtown Los Angeles and central Massachusetts.

2015

2015 - Relocation of Charlotte Headquarters and Denver Metro Office

RFC’s Charlotte Headquarters moved to Uptown Charlotte to provide the necessary space for our growing team. The Denver Metro Office moved to a new location with a bigger and better equipped office to better serve our clients.

2015

2015 - 50 Employees

RFC grows to 50 employees

2016

2016 - 70 Employees

RFC grows rapidly reaching the 70-employee mark.

2016

2016 - Evolution of Service Offerings

With the hiring of new personnel, RFC expands to offer asset management-related services.

2016

2016 - RFC Opens New Offices

RFC opens offices in Seattle (WA), Memphis (TN), Oakland (CA), and Bellingham (WA).