Wisconsin · PWS 4230

North Fond Du Lac Water

What North Fond Du Lac Water filed with PSC about the water it produced and the water it billed for, 2016–2025 — and what the filing does and does not let anyone verify.

Non-revenue water, FY2025: 28.7%
Recoverable annually: —
Balance check: inapplicable

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What the record shows

28.7% non-revenue water in FY2025, higher than 81% of the 562 Wisconsin systems that filed that year.

The figure is getting worse across the record.

Debt outstanding, and what covers the interest

$170,961 of long-term debt outstanding at the end of 2025, across 1 bond issue. This is principal outstanding on the water utility's own balance sheet, on the Commission's own test: it files no electric operating report.

Principal outstanding at the end of each year, as filed
Year	Debt outstanding	Issues	Net revenue	Interest	Coverage
2025	$170,961	1	$135,411	$6,150	22.02
2024	$0	0	$247,725	$7,635	32.45
2023	$0	0	$340,646	$9,266	36.76
2022	$0	0	$361,865	$10,216	35.42
2021	$0	0	$394,499	$38,727	10.19
2020	$680,000	1	$313,154	$40,964	7.64
2019	$740,000	2	$349,709	$45,746	7.64
2018	$905,000	2	$415,259	$52,152	7.96
2017	$1.1M	2	$355,411	$51,525	6.90
2016	$1.9M	3	$335,320	$100,414	3.34

22.02 — what North Fond Du Lac Water's net revenue was against its interest in 2025. A figure this large means the utility pays very little interest, not that it is unusually strong — the two figures it is computed from are in the table above.

Net revenue over interest: the Commission's account 400 (operating revenue), less 401–402 (operation and maintenance), less 408 (taxes), divided by 427 plus 430 plus 431 (interest on long-term debt, on municipal advances, and other). Depreciation is filed under 403 and is not deducted, because what pays interest is cash.

This is not a debt service coverage ratio and must not be read as one. Debt service is principal repaid plus interest, and the principal repaid in a year is not filed anywhere in this source. A covenant ratio is defined in the bond documents, which set out their own revenues, their own operating expenses and their own exclusions. Two utilities with identical filed figures can have different covenant ratios.

Figures are as filed with the Commission under Wis. Admin. Code ch. PSC 185 and are not audited as presented. Nothing here is a credit opinion, an implied rating, or a judgement that any figure is sufficient. Source: Public Service Commission of Wisconsin, annual report financial schedules, 2016–2025, retrieved 2026-09-12.

A filed value that cannot be true.

The components PSC publishes for FY2022 do not sum to the system input it publishes for the same filing — a defect in the published export, not in what the utility filed.

Each is reproduced exactly as filed and excluded from every figure computed on this page. A number that contradicts its own audit is a finding about the filing, not a gap in ours.

Water balance, FY2025 · 160.9 MG system input

71%

24%

Billed 114.8 MG Unbilled authorized 7 MG Apparent loss 0.4 MG Real loss 38.8 MG

PSC derives water losses from system input minus authorized consumption, so these parts sum to the whole on every filing. What a filing can get wrong is which of these numbers were measured.

Where these volumes come from

System input 160.9 MG sheet Sheet1, cell H365 · thousands of gallons, declared in the column header, divided by 1,000 · net of water sold to wholesale customers, which is the volume entering this utility's own distribution system
Billed authorized 114.8 MG sheet Sheet1, cell I365 · thousands of gallons, declared in the column header, divided by 1,000
Unbilled authorized 7 MG sheet Sheet1, cell O365 · thousands of gallons, declared in the column header, divided by 1,000
Apparent loss 0.4 MG sheet Sheet1, cell R365 · thousands of gallons, declared in the column header, divided by 1,000
Real loss 38.8 MG sheet Sheet1, cell U365 · thousands of gallons, declared in the column header, divided by 1,000

From data/archive/wi-psc-water-audit/2026-09-08-5ef7d6e2fdbd.csv (SHA-256 5ef7d6e2fdbdac2b), retrieved 2026-09-08 from the published source.

Filed history, 2016–2025
Year	NRW	Input (MG)
2025	28.7%	160.9
2024	28.4%	153.7
2023	27.6%	156.8
2022	35.3%	176.7
2021	26.1%	154.7
2020	27.6%	158.9
2019	28.3%	156.2
2018	26.1%	155
2017	25.3%	151.9
2016	18.6%	148.4

Balance closure is inapplicable on every filed year above, so the column that repeated it is not shown. FY2016, FY2017, FY2018, FY2019, FY2020, FY2021, FY2023, FY2024, FY2025: PSC derives water losses from system input minus authorized consumption, so this decomposition holds by construction. FY2022: The components PSC publishes contradict each other, which is a defect in the export rather than in the filing. This is neither a pass nor a disclosure gap.

Other Wisconsin systems

PSC publishes no county or connection count for these systems, so they cannot be ranked against this one. These are other filers, not comparables.

Where is it going?

This page says how much. It cannot say which accounts, which zones, or which meters. That takes your billing history, your meter reads, and your production data reconciled against each other.

Our Water Loss Recovery Snapshot is three weeks, one flat fee, and the deliverable is a ranked list of specific accounts and zones with dollars and a confidence on each.

See what the Snapshot delivers Email us about North Fond Du Lac Water

Sources and corrections. Every figure above is either filed by the utility or computed from filed figures, and each one says which. If a number here is wrong, it is either wrong in the filing or wrong in our reading of it — tell us which and we will correct the page and say what changed.

Public Service Commission of Wisconsin, municipal annual report Schedule W-15. Retrieved 2026-09-08 from data/archive/wi-psc-water-audit/2026-09-08-5ef7d6e2fdbd.csv. https://apps.psc.wi.gov/ARS/WEGSqueries/default.aspx

What the record shows

Debt outstanding, and what covers the interest

Other Wisconsin systems

Where is it going?

Cite as