Cheaper household water bills have resulted in lower profits for the ACT's monopoly water supplier.
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But Icon Water's revenue is likely to surge again this financial year, with homeowners set to pay an extra $22 for water and sewerage services in 2019-20.
The ACT government-owned corporation's annual report also reaffirmed previous warnings that Canberrans could face water restrictions by the end of next year if the current dry spell continues.
Icon Water recorded a net profit of $87.1 million in 2018-19, according to the annual report.
That was $10.3 million above its forecast result, but still $20.6 million below its 2017-18 profit taking.
As a consequence, the dividend paid to the ACT government also decreased, falling from $93.9 million in 2017-18 to $71.3 million in 2018-19.
The key factor behind the result was a decline in profits from water and sewerage services.
Water revenue dropped by $14.1 million on the previous year, according to the report.
An average Canberra household paid $43 - or 3.5 per cent - less on their water and sewerage bills last financial year, after Icon Water adjusted their prices following the release of the Independent Competition and Regulatory Commission's most recent five-year price direction in May 2018.
But Icon has increased prices for 2019-20, with the average household, which are those which consume 200 kilolitres of water a year, set to pay an extra $22 for their water and sewerage services this financial year.
Icon Water's managing director, Ray Hezkial, said in June that the new prices factored in the changing cost of delivering water and treating sewerage in the region, as well as planned infrastructure upgrades.
It has budgeted $10 million to upgrade the filters and disinfection system at Canberra's main sewerage treatment plant, as well as $16 million to replace ageing pipes.
The annual report highlighted the affect that months of below-average rainfall have had on water levels at Canberra's four dams.
The territory's four dams - Corin, Bendora, Cotter and Googong - were at 56.5 per cent of their combined storage capacity as of June 30.
They had sunk to 54 per cent on Monday.
Corin Dam had dipped below 20 per cent of its capacity.
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Icon's annual report noted that water "inflows" in the past financial year had been the lowest on record.
The past two years marked the second worst 24-month stretch, behind a period during the millennium drought.
The report predicted that if inflows did not increase in 2020, the "current drought could develop into a worse drought than the millennium drought".
If that was to occur, Canberrans could face water restrictions by the end of next year, the report noted.
Icon Water officials have previously said water restrictions would only be required if the dams dropped to 35-40 per cent of their combined capacity.
The annual reported stated that but for the expanded Cotter Dam, water restrictions might already have been imposed.
Mr Coe has been critical of Icon, particularly the salaries of its senior executives.
The annual report showed Mr Hezkial received a salary package of $613,458 in 2018-19, although he was only permanently promoted to the managing director's role in November.
He was previously Icon's infrastructure services general manager.
His predecessor, John Knox, was on an annual salary package of $764,197 before he resigned on November 11.