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Strategic financial planning allows periodic reevaluation of all financing alternatives to meet short- and long-term goals for publicly owned municipal water utilities. The authors recommend that reliable and adequate cost-of-service revenue stream is necessary for a utility to base its integrity in financial markets. Traditional and nontraditional opportunities for obtaining capital funding at the most advantageous costs are discussed in this paper, along with suggestions for acquiring capital contributions from private investors and embarking on joint ventures with nearby water suppliers. Includes 1 reference, figures.