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The purpose of this paper is to present a theory and model for assessing the financial health of public water systems. Using financial information from 25 water utilities in Georgia, the paper seeks to identify the causal relationships between the financial performance of a water utility and its fiscal position. The need for a theoretical understanding of water utility financial health is the result of the increasingly stringent performance requirements under the Safe Drinking Water Act (SDWA). The issue has become particularly important for small water systems that will be exposed to significant financial demands. A set of financial ratios were developed and tested in a model that was based on liquid asset theory. The model contained five variables designed to account for the size of liquid assets, current debt, cash-flow, and the level of expenses. The variables fit the need of water utilities: to provide an adequate level of operation and maintenance to meet current and future system needs as well as SDWA standards. (KEY TERMS: water management; economics; cash-flow models; ratio analysis.)

A growth equation and a yield relationship were calculated to estimate space requirements and yields of two pecan cultivars (Carya illinoensis (Wangenh.) C. Koch]. The resulting estimates were used with pruning cost estimates in a simulation model to determine the orchard space management practice that maximizes income over time. The income maximizing spacings were 10.7 × 10.7 m and 13.7 × 13.7 m for the precocious ‘Desirable’ and the non-precocious ‘Stuart’, respectively. Annual pruning after the canopy closed produced the highest income for both cultivars.

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