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PROFIT AND LOSS NARRATIVE <br /> May 2012 <br /> Electric P&L <br /> May Operating Revenue of$2,019,655 is up from budgeted numbers by 4%and up from the prior <br /> year by 8%. Within the revenue categories, Residential usage is decreased 5%, Small Commercial <br /> usage is increased 4%, and Large Commercial usage is increased 12% from the prior year. Other <br /> Operating Revenue is up 7%, and includes a catch-up adjustment to Interest/Dividend Income for <br /> our investments at Smith Barney. They have changed their statements and monthly earnings <br /> detail is now provided(previously we were limited to end of year earnings adjustments). Going <br /> forward these earnings adjustments will be made monthly, as our other investments are. <br /> Connection Fees continue to be up over budget and the prior year. <br /> Purchased Power of$1,287,933 is over budgeted numbers by 3%, over last year by 9%, and <br /> consistent with sales. There was a PCA the prior year of approximately$17,000, and this year is <br /> was $20,000. For other expenses,most items are consistent with prior year. Customer Accounts <br /> Expense is increased over the prior year. We do have more recurring monthly expenses this year <br /> with the after-hours call center support, the online billing options, and credit card use. There <br /> were also envelopes and statements purchased for$7,000 this month which did not occur the <br /> prior year and is not a regular monthly recurring item. <br /> For May,the Electric Department has a Net Profit of$270,693 compared to last year's Net Profit <br /> of$218,773, and is ahead of the prior year to date by$364,275. <br /> Water P&L <br /> Water Operating Revenues are up from last year by 20%, and up from budget by 12%. We <br /> pumped 25 million gallons, and sold 7 million gallons of water more than last year. <br /> Other Revenue is up this month from last year in all categories except Connect Fees. The <br /> Connect Fees from the prior year included Spectrum's building, and it was a significant amount <br /> approximating$100,000. <br /> Total Expenses are increased slightly compared to last year by 2%. Customer Accounts Expense <br /> is increased over the prior year due to the same items noted above for the electric department. <br /> For May, the Water Department has a Net Loss of($50,427) compared to last year's Net Profit of <br /> $8,808 (a profit due to the high connection fees), and is behind the prior year to date by$73,047. <br /> • <br /> L <br />