Paradoks Arus Kas dan Nilai Publik pada BUMD Air Minum
DOI:
https://doi.org/10.47065/arbitrase.v7i1.3334Keywords:
cash flow; public value; non-revenue water; BUMD; governanceAbstract
Perumdam Tirta Khatulistiwa of Pontianak City recorded solid financial performance during 2022–2024, with net operating cash flow growing from IDR 34.86 billion to IDR 50.62 billion (CAGR +20.50%) and net profit from IDR 23.02 billion to IDR 32.66 billion. However, service quality simultaneously deteriorated: the non-revenue water rate rose from 29.96% to 32.56%, exceeding the national standard of 20%, while adequate water pressure coverage plummeted from 41.84% to 14.71% (CAGR ?40.8%). This study aims to analyze cash allocation patterns and measure their conversion efficiency into public service value using a Critical Case Study approach based on audited financial statements. The analysis shows the Cash Reinvestment Ratio ranged only 4.30%–5.58%, below the 7–11% reference range, while capital expenditure declined (CAGR ?8%) amid strong operating cash growth, indicating that cash surpluses have not been optimally converted into infrastructure investment supporting public service value. These findings confirm that prevailing BUMD performance assessment frameworks ("Healthy"/"Good" ratings) tend to emphasize financial dimensions and have not yet fully incorporated substantive public value indicators. This study contributes by proposing the addition of non-financial indicators, based on cash flow ratios and service quality, into the performance evaluation framework for water utility BUMDs, so that corporate health assessments are no longer biased toward financial aspects alone.
Downloads
References
Angraini, A. Sri, & Suhanda, S. (2023). Tata Kelola Perusahaan Daerah Air Minum (Pdam) Kabupaten Lima Puluh Kota. Owner, 7(2), 1720–1731. Https://Doi.Org/10.33395/Owner.V7i2.1305
Damodaran Aswath. (2012). Investment_Valuation_-_Aswath_Damodaran. Second Edition, John Wiley & Sons, New York.
Ekonomi, E. J. (2025). Modeling Risk-Based Stock Portfolio?: Evidence From. 28(2), 174–200. Https://Doi.Org/10.34209/Equ.V28i2.11110
Funck, E. K., & Karlsson, T. S. (2024). Governance Innovation As Social Imaginaries: Challenges Of Post-Npm. Public Management Review, 26(9), 2680–2699. Https://Doi.Org/10.1080/14719037.2023.2281981
García-López, M., López-Ruiz, S., & Cuadrado-Quesada, G. (2026). Does Economic Growth Drive Equitable Water And Sanitation Access? Assessing Inequality Reduction Across 64 Nations. Sustainable Development, 1–20. Https://Doi.Org/10.1002/Sd.70894
Grossi, G., & Argento, D. (2022). The Fate Of Accounting For Public Governance Development. Accounting, Auditing And Accountability Journal, 35(9), 272–303. Https://Doi.Org/10.1108/Aaaj-11-2020-5001
Hasanah, U. M., & Setyowati, H. (2025). Analisis Efektivitas Pengelolaan Kas Daerah: Peningkatan Pendapatan Asli Daerah Melalui Pemanfaatan Idle Cash. Ummagelang Conference Series, (Bigg 2002), 514–536.
Kementerian Pu Ri. (2006). Permen Pu No 20 Tahun 2006. 2006(1), 1–14.
Kementerian Pupr Ri. (2021). Buku Kinerja Bumd Air Minum. Pekerjaan Umum Dan Perumahan Rakyat, Kementerian 79. Https://Airminum.Ciptakarya.Pu.Go.Id/Morphling//Uploads/Dokumentasi/Kategori_4/Kategori_4_20220325093143.Pdf_20211201121014.Pdf
Kosoe, E., Osumanu, I., & Ogwu, M. (2025). Reimagining Rural And Small-Town Water Supply In Ghana Through Inclusive Governance And Sustainable Models. Journal Of Sustainability, 1(2), 1–22. Https://Doi.Org/10.55845/Jos-2025-1234
Lazuardi, A. H., & Wahidahwati, W. (2022). Paradigma New Public Management (Npm) Sebagai Kerangka Reformasi Birokrasi Untuk Good Governance Di Indonesia. Fokus Bisnis Media Pengkajian Manajemen Dan Akuntansi, 21(2), 209–218. Https://Doi.Org/10.32639/Fokbis.V21i2.43
Mahajan, R., Lim, W. M., Sareen, M., Kumar, S., & Panwar, R. (2023). Stakeholder Theory. Journal Of Business Research, 166(December 2022), 114104. Https://Doi.Org/10.1016/J.Jbusres.2023.114104
Miranti, S. (2022). The Measuring The Efficiency And Productivity Of Regional Water Utility Company (Pdam) In Indonesia From 2012 To 2016. Jurnal Perencanaan Pembangunan: The Indonesian Journal Of Development Planning, 6(1), 81–105. Https://Doi.Org/10.36574/Jpp.V6i1.278
Ogata, R., Tsutsui, N., Bahige, J. B., & Murakami, S. (2024). Cost-Effective Non-Revenue Water Reduction: Analysis Through Pilot Activities In Kigali City, Rwanda. Water Practice And Technology, 19(11), 4328–4337. Https://Doi.Org/10.2166/Wpt.2024.263
Peng, X., Khan, A., Su, Y., Bai, Y., Tang, Q., & Li, J. (2025). Determinants, Interests And Potential Risks: A Systematic Review Of Corporate Water Responsibility Management. Journal Of Business Ethics, 202(3), 519–542. Https://Doi.Org/10.1007/S10551-025-06013-W
Roberto, F., Grossi, G., Guthrie, J., & Mattei, G. (2025). The Development Of New Public Financial Management Scholarship: From Global Warning To Emerging Warnings. Journal Of Public Budgeting, Accounting And Financial Management, 37(6), 49–76. Https://Doi.Org/10.1108/Jpbafm-01-2025-0021
Salomonsen, H. H., Schillemans, T., & Brummel, L. (2024). Aligning The Steering Of Governmental Organizations A Comparative Mixed-Methods Study In Denmark Using Stewardship Theory. Public Management Review, 26(11), 3320–3341. Https://Doi.Org/10.1080/14719037.2024.2332778
Sarturi, G., Barakat, S. R., & Gomes, R. C. (2025). Stakeholder Theory In The Public Sector Domain: A Bibliometric Analysis And Future Research Agenda. Review Of Policy Research, 42(3), 736–756. Https://Doi.Org/10.1111/Ropr.12560
Shahnaaz, P. P., Sani, A., Si, M., Good, P. P., Governance, C., Pt, D. I., Jateng, D., Diy, D. A. N., & Yogyakarta, A. (2024). Implementation Of Good Corporate Governance Principles In Pt . 1138–1153. Https://Doi.Org/10.23920/Jphp.V1i2.292.1
Sicilia, M., Steccolini, I., Mauro, S. G., Barbera, C., & Grossi, G. (2025). Half A Century Of Public Sector Accounting Research Through Bibliometric Analysis: Looking Back To Move Forward. Financial Accountability And Management, 41(3), 583–601. Https://Doi.Org/10.1111/Faam.12432
Syahbandi, S., & Indah, D. P. (2023). Analisis Laporan Keuangan Dan Proyeksi Arus Kas Pdam Kota Pontianak Tahun 2020-2023. Jaakfe Untan (Jurnal Audit Dan Akuntansi Fakultas Ekonomi Universitas Tanjungpura), 12(1), 90. Https://Doi.Org/10.26418/Jaakfe.V12i1.62962
Thaliana Raditya, Nanda, & Utami, W. (2021). The Effect Of Current Earnings, Operating Cash Flows And Accrual Quality On Future Earnings (Empirical Study On Manufacturing Companies Listed On The Indonesia Stock Exchange Year 2016 – 2018). Saudi Journal Of Business And Management Studies, 6(4), 125–134. Https://Doi.Org/10.36348/Sjbms.2021.V06i04.003
Utami, K., Amyulianthy, R., & Astuti, T. (2022). Pelaporan Yang Terintegrasi Di Rev. 4.0: Siapkah Bumn Di Indonesia? Jurnal Reviu Akuntansi Dan Keuangan, 12(2), 292–309. Https://Doi.Org/10.22219/Jrak.V12i2.21444
Virtanen, P., & Jalonen, H. (2024). Public Value Creation Mechanisms In The Context Of Public Service Logic: An Integrated Conceptual Framework. Public Management Review, 26(8), 2331–2354. Https://Doi.Org/10.1080/14719037.2023.2268111
Bila bermanfaat silahkan share artikel ini
Berikan Komentar Anda terhadap artikel Paradoks Arus Kas dan Nilai Publik pada BUMD Air Minum
ARTICLE HISTORY
How to Cite
Issue
Section
Copyright (c) 2026 Dominggo Calvino Role Gulu, Syarbini Ikhsan, Gita Desyana
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under Creative Commons Attribution 4.0 International License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (Refer to The Effect of Open Access).
