3.1.C. ERMUSR Financial Statements 08-10-2010

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PROFIT AND LOSS NARRATIVE June 2010 Electric P&L Electric Operating Revenue is up $340,603 or ]7.9% from last year, and in line with the budgeted amount. The actual increase in kwh usage is 14.5%, and usage is up in all categories. Compared to a year ago, residential usage is up L6%, small commercial usage is up 21%, industrial usage is up 4.7%, and the data centers' usage is up 23%. Of the two data centers, this increase is due to United Healthcare steadily increasing their usage, while Target is slightly below last year's usage. Other Revenue is comparable to last year. The credit in Miscellaneous Revenue is from the controlled air conditioning credit that is given to customers participating in the Cycled AC conservation program. For Operating Expenses, purchased power is up $166,446 or 13%, consistent with the increased usage mentioned above. Distribution and Maintenance expenses are down from last year. Maintenance continues to be under the budgeted amount due to more replacement of old infrastructure rather than maintenance of old infrastructure. Other Operating Expense had a credit item last year properly reflecting the trade-in with the purchase of a new bucket truck. Administrative and General Expenses are increased from last year. A large portion of this is rebates distributed for participation in conservation improvement programs, with approximately $28,000 in commercial rebates distributed. Net profit for the month is $259,585 with a year to date net profit of $396,028. Last year the net profit for the month was $223,942 with a year to date net profit of $174,413. Water P&L Water Operating Revenue is down $48,712 or 16% compared to last year, but up 39% from the budgeted amount. The rain that did not fall in May came in June, and the water sales related to residential irrigation reflect that. Residential usage was down 28%. Commercial usage was up, but only by .7%. Other Operating Revenue is up due to connection fees of approximately $29,000 over last year. There were connection fees for a restaurant and a dawn payment of fees for an apartment building. Pumping Expenses are down from the prior year by 22%, and down 14% from budget. Distribution expense is also down from the prior year, by $4,546 or 35%, and down 58% from budget. Administrative expense is up 7% from last year, and 5.5% from budget with the wellhead protection expenses incurred. Net profit for the month is $112,192 with a year to date net loss of $186,191. Last year net profit for the month was $109,831 with a year to date net lass of $345,536.