<![CDATA[This study aims to evaluate the operational cost performance of a regional water utility enterprise, using PERUMDA Air Minum Tirta Karajae Kota Parepare as a case study, through the Value for Money (VfM) approach for the 2021-2025 period, covering the level of economy, efficiency, and effectiveness. This research applies a quantitative descriptive method using secondary data in the form of income statements, budget reports, customer data, and water production and distribution reports. Data were analyzed by calculating the economy, efficiency, and effectiveness ratios based on the realization and budget of operational costs and operating revenue. The results show that the economy ratio averaged 98.23%, categorized as very economical, although a deviation occurred in 2023. The efficiency ratio averaged 106.18%, indicating that operational costs generally exceeded operating revenue. The effectiveness ratio averaged 93.21%, indicating that revenue realization has not yet reached the budgeted target, despite improvements in non-financial indicators such as customer growth and reduced non-revenue water. Overall, the performance of the regional water utility has not fully achieved the ideal 3E condition (Economy, Efficiency, Effectiveness), indicating the need for stronger operational cost control and more realistic revenue target setting.]]>
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