City of Calgary

Calgary, Alberta, Canada

Raftelis conducted a comprehensive financial review of the water, wastewater, and stormwater utilities operated by the City of Calgary’s Utilities and Environmental Protection Department (UEP). The objective of the financial review was to assess UEP’s current and projected levels of financial risk and to make recommendations regarding how to mitigate these risks by modifying UEP’s financial policies, financial management practices, governance structure, and financial management organizational structure.  

The project included: conducting detailed interviews with UEP senior executives and high-level management personnel; reviewing UEP financial, engineering, and planning documents; analyzing the assumptions used in UEP’s long-range financial planning models; and comparing UEP financial and managerial performance to the benchmarks used by U.S. credit ratings agencies to assess the default risk of water and wastewater utility debt.