Ben Franklin famously said: “When the well is dry, we know the worth of water.” Today’s Supreme Court decision in Wilde v. Dunsmuir is an important win for public utilities and local governments promising stability in local finance. [Disclosure: I argued the case for five local government associations.]

Specifically, it holds that water rates

The Fall ballot includes Proposition 15, an initiative constitutional amendment proposed by progressive interests to eliminate Proposition 13‘s cap on the assessed value of property for purposes of property taxation as to non-residential and non-agricultural property valued at more than $3 million. Residential and farm property would retain Proposition 13’s cap on assessed