3.1.C. ERMUSR FINANCIALS 01-11-2011

Home Browse Search

PROFIT AND LOSS NARRATIVE November 2010 Electric P&L Electric Operating Revenue is up $66,350 or 4% from last year, and just missed the budgeted amount by .2%. Other Revenue is consistent with the prior year, however below budget by l0%. MISO transmission revenue received this month was $4,681 and is posted as Miscellaneous Revenue. For Operating Expenses, purchased power is also up 4%, at $43,055. The operating margins are widening now through the end of the year. Remaining expenses are pretty consistent with last year. Landfill Gas shows a higher expense and is a result of ongoing issues dealing with the high sulfur content in the gas. Administrative and General Expenses are significantly higher than last year, and slightly ahead of budget. There are a few big items that explain this disparity. This month has a large general liability insurance premium payment that accounts for an additional $20,000 compared to last year. Also, last year we had a $24,000 credit in CIP from rebates reimbursement, and there was no health insurance premium posted (of approximately $30,000) because it had been prepaid. We have a net profit this month of $183,461 and ayear-to-date net profit of $815,394, which puts us $427,374 ahead of the year-end budget goal. Last year there was a net profit for the month of $245,619 and ayear-to-date net profit of 5762,745. Looking at [he cash projections, we should be pretty close to the target increase in cash balances of $339, 597 (the projection is $284,502.) Water P&L Water Operating Revenue is up this month by $4,707 or 5% compared to last year and up 10% from the budgeted amount. Other Operatiug Revenue is consistent with the prior year, but 144% ahead of the budgeted amount. This is due to the Sprint water tower lease revenue being collected (the $ L 1,500 in Miscellaneous Revenue.) All Expenses are also consistent with the prior year. Year-to-date expenses as a whole are down from the prior year, and budget. This is attributable to the expense sharing change of 75/25% to 80120%, the maturing of the bond escrow account which had larger related interest expenses for 2009, and trying to work with one less water operator. We have a net loss for the month of $3Q512 with a year to date net profit of $ L27,6~7, as compared to last year with a net loss for the month of $61,793 and a year to date net profit of $ 82,177.