Leander's share of the regional water authority

In short

• Leander, Cedar Park and Round Rock share a water plant group. It is called BCRUA.¹
• Leander owed $178,460,000 of the group’s bonds in Sept. 2025. That is about 46% of them (our math).¹²
• Leander’s share of the group’s net worth was about $40.5 million. It lost $6.4 million in the year. New money put in added $13.5 million.¹

Related: water and sewer · water and sewer fund health · city debt explained

Numbers marked “our math” are our estimates, not official figures. The notes show the inputs and the steps.

How it works

• The three cities formed the authority to provide water. The city counts its part as a “joint venture.”¹
• The authority sells bonds to build its plant. Each city’s bonds are paid only by that city. No city is responsible for another city’s bonds.¹
• The city reports its share of the authority’s net worth as an investment.³

What the numbers show

Sept. 30, 2025	Whole authority	Leander’s share
Plant and other capital assets	$353,608,375	$161,192,084
Bonds owed	$389,745,000	$178,460,000
Total owed (all liabilities)	$411,705,568	$187,479,829
Net worth (net position)	$110,511,612	$40,473,494

Source: the city’s fiscal 2025 annual financial report, Note 12.¹

• Leander’s share of the bonds is about 46% of the total. Its share of capital assets is also about 46% (our math).¹²
• In fiscal 2025, Leander’s share of operating revenue was $3,513,923. Its share of interest cost was $5,501,198.¹
• Recent bond sales for Leander: a $40,000,000 sale in fiscal 2023 was for Leander alone. A $70,590,000 sale in fiscal 2025 was split between Leander and Round Rock. The report does not give Leander’s part of that sale. By our math it was about $39.1 million (see below).¹⁴
• The money pays for the second phase of the regional water plant. The city lists the Phase 2B plant expansion and a deep water well and pump station as still under construction.¹³

Leander’s part of the November 2024 sale

• Leander owed $146,950,000 to the authority on Sept. 30, 2024.⁵
• A September 2025 bond document lists $186,040,000 still owed as of the start of fiscal 2025. That includes $7,580,000 due during fiscal 2025.⁶
• So Leander’s part of the November 2024 sale was about $39,090,000 (our math). That leaves about $31.5 million for Round Rock (our math).⁴
• The numbers tie out. $146,950,000 plus $39,090,000, minus the $7,580,000 paid in fiscal 2025, equals the $178,460,000 in the 2025 report (our math).⁴¹

Why the 2026 document shows more

• The 2025 report and the September 2025 document agree. Payments due after fiscal 2025 in that document add up to $178,460,000, the same as the report (our math).⁶⁴
• The April 2026 document lists $214,700,000. That is $36,240,000 more (our math).⁷⁴
• The extra amount is new borrowing, not a refinancing or growing interest. Every year from 2026 to 2050 has more principal than before. No year has less. Payments now run one year longer, to 2050.⁷⁶⁴
• The city’s 2027 budget adds two new authority debt lines, labeled 2025 and 2026, with no payments in earlier years.⁸
• The city documents do not say when the new bonds were sold or what they pay for. A state water board document does. In July 2025 the Texas Water Development Board approved two $36,240,000 loans to the authority for Leander. They pay for Leander’s part of growing the shared water plant, from 42 to 64 million gallons a day.⁹
• The first loan, Series 2025, was set to close on Nov. 19, 2025, at a planned rate of 3.95%, with payments through 2050. That matches the extra amount and the one-year-longer schedule in the April 2026 document.⁹⁷
• Round Rock is paying its part in cash. Cedar Park is not taking part in this expansion.⁹

The other side

• The authority’s net worth is positive. Its assets, plus deferred items, were larger than what it owed (our math).¹²
• Leander’s net worth share rose during the year, from $33,431,777 to $40,473,494, because of capital put in.¹
• The state loan is low-rate. The board lists it as a low-interest state water plan loan.⁹
• The bigger 2026 figure is not an error in either document. It covers debt added after the 2025 report. See water and sewer fund health for the 2026 payment schedule.

Questions to ask

• What rate did the first state loan close at, and when did it close?
• What does the city expect to pay the authority each year once the new plant phase is done?

What we still don’t know

• The authority’s own audit. We used only the summary in the city’s report.
• The final closing date and rate of the first state loan. The board’s document shows the plan, not the closing.
• The second $36,240,000 loan (Series 2026) is not yet in any debt table we have saved.
• Leander’s yearly payments to the authority by year. See water and sewer fund health for the offering document’s schedule.

Changes to this page

• Nov. 4, 2026: Added the state water board’s record of what the new borrowing pays for and when it was set to close.
• Nov. 2, 2026: Rewrote the questions to ask so each is open, neutral and addressed to the public body.
• Nov. 2, 2026: We added Leander’s part of the 2024 bond sale and why a 2026 bond document shows more debt.
• Nov. 2, 2026: New page.

Footnotes

1. City of Leander, Texas, Annual Financial Report for fiscal 2025, Note 12, “Joint Venture,” pp.74-75: partnership with Round Rock and Cedar Park forming BCRUA; condensed statement of net position as of Sept. 30, 2025 (total / city’s interest): capital assets $353,608,375 / $161,192,084; total assets $512,628,035 / $223,581,663; bonds payable $389,745,000 / $178,460,000; total liabilities $411,705,568 / $187,479,829; net position $110,511,612 / $40,473,494. Fiscal 2025 (total / city’s interest): operating revenues $5,768,861 / $3,513,923; interest expense $11,684,702 / $5,501,198; change in net position −$11,333,318 / −$6,419,731; net position Oct. 1, 2024 $88,587,268 / $33,431,777; contributions of capital $33,257,662 / $13,461,448. Bond sales: Nov. 15, 2024, $70,590,000 (two series, Leander and Round Rock); Nov. 29, 2022, $40,000,000 (one series, Leander). Each city solely responsible for its series. Management discussion: $178,460,000 in BCRUA contract revenue bonds outstanding at year-end; Phase 2B expansion and deep water well and pump station under construction. ↩ ↩² ↩³ ↩⁴ ↩⁵ ↩⁶ ↩⁷ ↩⁸ ↩⁹ ↩¹⁰ ↩¹¹ ↩¹² ↩¹³

2. Our math. Bonds: 178,460,000 ÷ 389,745,000 = 45.8%. Capital assets: 161,192,084 ÷ 353,608,375 = 45.6%. Whole authority: assets $512,628,035 + deferred outflows $9,589,145 − liabilities $411,705,568 = $110,511,612, matching the report’s net position. Leander net position change: 33,431,777 − 6,419,731 + 13,461,448 = 40,473,494. ↩ ↩² ↩³

3. Same report, Note 1, “Joint Venture”: the investment is the city’s share of BCRUA net position at year-end. ↩ ↩²

4. Our math. Nov. 2024 share: 186,040,000 − 146,950,000 = 39,090,000; Round Rock 70,590,000 − 39,090,000 = 31,500,000. Tie-out: 146,950,000 + 39,090,000 − 7,580,000 = 178,460,000. Sept. 2025 document, fiscal 2026-2049 principal: 186,040,000 − 7,580,000 = 178,460,000. Difference: 214,700,000 − 178,460,000 = 36,240,000. Year-by-year change in principal, 2026 document minus 2025 document: from +$995,000 (2027) to +$2,195,000 (2050); no year lower. ↩ ↩² ↩³ ↩⁴ ↩⁵ ↩⁶

5. City of Leander, Texas, Annual Financial Report for fiscal 2024, management’s discussion: the city has an outstanding balance of $146,950,000 in BCRUA contract revenue bonds at year-end. ↩

6. City of Leander, Official Statement dated Sept. 18, 2025, Table 11, “Other Obligations”: debt service on all outstanding BCRUA debt issued for the city, fiscal 2025 principal $7,580,000; total principal fiscal 2025-2049 $186,040,000. ↩ ↩² ↩³

7. City of Leander, Preliminary Official Statement dated April 9, 2026, Table 11, “Other Obligations”: debt service on all outstanding BCRUA debt issued for the city, fiscal 2026-2050, total principal $214,700,000. ↩ ↩² ↩³

8. City of Leander FY2027 adopted budget (saved copy), Utility Debt Service: lines “INT - BRUA 2025” and “INT - BRUA 2026,” $0 in all years before FY2027. ↩

9. Texas Water Development Board, board item for July 24, 2025, Brushy Creek Regional Utility Authority (saved copy): request for $72,480,000 multi-year financing, “$36,240,000 Proposed Series 2025” and “$36,240,000 Proposed Series 2026”; Phase 2A expands the plant “from 42 million gallons per day (MGD) to 64 MGD”; “The current request will fund the City of Leander’s portion”; Round Rock “has committed $65,710,000 in local cash funds”; Cedar Park “will not be participating”; Series 2025 dated and delivery date 11/19/2025, rate 3.95%, first principal 8/1/2026, last principal 8/1/2050; program “SWIFT,” financing type “Low-Interest.” https://www.twdb.texas.gov/board/2025/07/Board/Brd11.pdf ↩ ↩² ↩³ ↩⁴