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STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS
<br />While the Statements of Net Assets shows the change in financial position of net assets, the Statements of Revenues, Expenses
<br />and Changes in Net Assets, provides answers as to the nature and source of these changes. As can be seen in Table A-2, the
<br />increase in "Operating Revenues" was the main source of the increase in net assets of $1,218,524 in fiscal 2010. A closer
<br />examination of the individual categories affecting the source of changes in net assets is discussed below:
<br />TABLE A-2
<br />Condensed Statements of Revenues,
<br />Expenses and Changes in Net Assets
<br />Revenues
<br />Operating
<br />Nonoperating
<br />Total revenues
<br />Expenses
<br />Operating
<br />Nonoperating
<br />Total expenses
<br />Income before contributions and operating transfers
<br />Contributions from developers
<br />Transfers from other City funds
<br />Transfers to other City funds
<br />Increase
<br />2010 2009 (Decrease)
<br />$ 28,623,887 $ 26,434,172 $ 2,189,715
<br />456,361 424,659 31,702
<br />
<br />29,080,248 26,858,831 2,221,417
<br />
<br />27,107,250 24,986,189 2,121,061
<br />448,818 632,071 (183,253)
<br />
<br />27,556,068 25,618,260 1,937,808
<br />
<br />1,524,180 1,240,571 283,609
<br />304,775 - 304,775
<br />71,655 - 71,655
<br />(682,086) (605,141) (76,945)
<br />Change in net assets
<br />Ne[ assets, January 1
<br />Ne[ assets, December 31
<br />Reveuues
<br />1,218,524
<br />46,364,560
<br />635,430
<br />45,729,130
<br />583,094
<br />635,430
<br />$ 47,583,084
<br />$ 46,364,560
<br />$ 1,218,524
<br />Table A-2 shows that operating revenue increased by 8 percent in 2010 for the Water and Electric Departments combined. This
<br />increase was a result of increased usage across all electric categories and warmer summer weather in 2010, as discussed
<br />previously. The increase in electric revenues offsets the water revenues being down approximately 6 percent from people
<br />decreasing their lawn watering in the summer, and some general usage decreases throughout the rest of the year.
<br />Nonoperating revenue increased 7 percent as a result of transmission rebate revenue in the Electric Department, and water tower
<br />lease revenue in the Water Department In 2007 the Electric Utility partnered with Midwest Municipal Transmission Group
<br />(MMTG) in order to have our transmission assets recognized in the Midwest Independent Transmission System Operator (MISO)
<br />market. In doing so, our transmission assets generate a revenue rebate, which in turn allows us to help keep our rates down. Our
<br />rebated revenue received in 2010 is a result of the 2008 filing, and began mid-year for a total of approximately $50,000. In 201 I,
<br />we will receive rebates from our 2009 things of approximately $5,000 per month. The Water Department is receiving lease
<br />revenue from Sprint for antennas on the water towers. In 2010 this amount was approximately $36,000, and will continue for the
<br />duration of the multi-year contract.
<br />Between the two departments, Connection Fees increased $76,509; Electric decreased $13,000 and Water increased $90,000 (the
<br />water increase is a result of a new apartment building coming on line.)
<br />16-
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