Power for Progress…
A weekly column from the Grand River Dam Authority
In a span of about a week in March, the Grand River Dam Authority received a couple of pieces of pretty good news.
First came the news that Moody’s Investor Service was affirming GRDA’s A2 credit rating while also moving the rating’s outlook from “stable” to “positive.” A few days later, GRDA also learned it was receiving the Government Finance Officer’s Association’s (GFOA) highest recognition in the form of a “certification of excellence for achievement in financial reporting.”
Both bits of news helped make for a pretty good March. In its release, Moody’s stated GRDA’s changing outlook really reflected “a number of improvements to credit quality including the stronger financial performance achieved over the last three years.” Meanwhile, the GFOA award recognized GRDA for the way it reported its financial performance and other information in the 2011 comprehensive annual financial report (CAFR).
This most recent GFOA award makes it an even dozen for GRDA; every one of the Authority’s last 12 CAFRs has received the same recognition for meeting the highest reporting standards. Entitled Grand Expectations: Soaring To New Heights the 2011 report was built around a key GRDA message: to follow through with a new commitment to communication and compliance. It detailed a year in which GRDA underwent a performance audit that revealed both weaknesses and strengths across our broad organization. Since then, those audit findings have been used as a benchmarking tool for the organization as it moves to fulfill those “grand expectations” for the future.
The recent credit outlook news is also part of a tradition. Over the last several years, GRDA’s employees and the board of directors have worked hard and made many key decisions that have helped to improve its financial position. In fact, previous columns in this space have detailed much of their efforts. Today, the recent positive rating outlook serves as more validation of the work that has been done.
Yet there is always more to do. While the recognition is good, the task at hand is really about providing reliable electricity, serving as an economic development engine and caring for the natural resources of the Grand River system .. and it’s about doing all this in a way that always benefits Oklahoma.
Sure, March was a month of good news, but GRDA is still looking for ways to improve upon yesterday, so that there can be even better news to share tomorrow.
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