65B - PROPOSED WATER AND SEWER RATE ADJ

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City of Santa Ana, CA .`. agencies must exercise judgment to align rates and charges with local conditions and requirements, as well as applicable state law. Black & Veatch has used the guidelines contained in the AWWA and WEF documents and followed the applicable State law, including Proposition 218, to conduct the analyses contained herein. DISCLAIMER In conducting our study, we reviewed the books, records, agreements, and customer sales and financial projections of the Water Enterprise as we deemed necessary to express our opinion of the operating results and projections. While we consider such books, records, documents, and projections to be reliable, Black & Veatch has not verified the accuracy of these documents. The projections set forth in this report below are intended as "forward- looking statements ". In formulating these projections, Black & Veatch has made certain assumptions with respect to conditions, events, and circumstances that may occur in the future. The methodology utilized in performing the analyses follows generally accepted practices for such projections. Such assumptions and methodologies are reasonable and appropriate for the purpose for which they are used. While we believe the assumptions are reasonable and the projection methodology valid, actual results may differ materially from those projected, as influenced by the conditions, events, and circumstances that actually occur. Such factors may include the City's ability to execute the capital improvement program as scheduled and within budget, regional climate and weather conditions affecting the demand for water, and adverse legislative, regulatory or legal decisions (including environmental laws and regulations) affecting the ability of any of the enterprise's ability to manage the system and meet water quality, waste discharge, and /or other regulatory or environmental requirements. BLACK & VEATCH I Introdurt,?, [INTENTIONALLY LEFT BLANK] 65B -29