3.1.C. ERMUSR FINANCIALS 12-14-2010

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PROFIT AND LOSS NARRATIVE October 2010 Electric P&L Electric Operating Revenue is down slightly $8,256 or 2% from last yeaz, but just ahead of the budgeted amount by 1 %. Other Revenue is up slightly by 2% or 3,363, and ahead of budget by 15%. All items aze very similar to the prior year. Operating Expenses are also very similar to the prior yeaz for all categories. We have a net profit this month of $302,372 and ayear-to-date net profit of $632,242, which puts us at 162% of budget. Last year there was a net profit for the month of $379,935 with ayear-to-date net profit of $517,126. While the revenue and expenses are very close to prior year, there is a bigger difference in the cash flow for the month. The cash balances increased 1,010,337 or18.5% after posting decreases for the past five months. The largest factor is the change in accounts receivable of $519,340. The projections for year end contributions to reserves are estimated to be $216, 205, although still under budget projections of $339,597. Water P&L Wa[er Operating Revenue is down again this month by $93,262 or 37% compared to last yeaz and down 10% from the budgeted amount. Other Operating Revenue is also down from the prior year, by $11,561 or 50%, and slightly below the budgeted amount by $3,556 or 29%. All Expenses are down from the prior year, and budget. Year-to-date expenses as a whole are also 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. There is a net loss for the month of $6,913 with a year to date net profit of $164,476, as compared to last year with a ne[ profit for the month of $67,962 and a year to date net profit of $143,970. Even with the loss this year for the month, we are still ahead of last year totals by $20,505. Cash flow projections for water are also positive this month, as in the electric department, although by not as much of a swing. Year end projections for the water are still better than budget and estimated as a positive contribution to reserves of $96,000, rather than a budgeted reduction of $56,000.