3.1.C. ERMUSR FINANCIALS 11-16-2010

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PROFIT AND LOSS NARRATIVE September ZO] 0 Electric PRL Electric Operating Revenue is up $513,586 or 24% from last year, and just ahead of the budgeted amount by 7"/0. Other Revenue is up slightly by $6,351 or 4%. These Other Revenue categories are pretty consistent with the prior yeas, however ahead of budget by 40%. Connections are up, but the largest contributor to the increase is the four months oIMISO transmission revenues amounting to over $20,000 that we recei~~ed. For Operating Expenses, purchased power is up 5615,277 or 36%. This month again demonstrates the narrower margin we are operating in this year. (Revenue is up 24% and cost for power is up 3G%. October's wider margins are just around the corner.) Remaining expenses are pretty consistent with last year. Administrative and General Expenses are higher than last year, and ahead of budget. The largest contributor here is the Dues and Subscriptions increase related to the various CAPX and MMTG projects, which has been a recurring theme this year. However, it is better to recognize these expenses throughout the year rather than having large accruals at year end. We have a uet loss this month of ~ ] 27,183 and ayear-to-date net profit of $333,752, which puts us at RG°/v of budget Last year there was a net profit for the mouth of X22,744 but only ayear-to- datenet prufit of ~ 137,191. ~i'ater P&L Water Operating Revenue is down again this mouth but only $9,996 or 4% compared to ]astyear and down 27% fiom the budgeted amount. Other Operating Revenue is down from the prior year, but ahead oY the budgeted amount. All Expenses are down from the prior year, again with the exception of Pumping Expense which is up slightly from the prior year. Year-to-date expenses as a whole are down from the prior year, and budget This is largely due to the expense change for 75/25 to 80/20, and the maturing of the bond escrow account which had larger related interest expenses for 2009. Net profit for the month is $68,007 with a year to date net profit of $] 71,450, as compared to last year with a net profit fox the month of $84,A43 but with a year to date net profit of only $76,008.