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Total Expenses
<br /> In reviewing total expenses in Table A-2 you will notice that there was an increase of 3.5 percent overall. Purchased Power(the
<br /> amount the Utilities pays for the power distributed) increased 4.5 percent and Customer Accounts Expense increased 35 percent,
<br /> however, other expense categories were down marginally to offset this increase. The Customer Accounts Expense increased due
<br /> to the customer service focus and implementing improvements such as online billing and a phone messaging application.
<br /> CAPITAL ASSETS
<br /> The Utilities' investment in capital assets for its business-type activities as of December 31, 2012 amounts to $47,780,955 (net of
<br /> accumulated depreciation). This investment in capital assets includes land, buildings and improvements and equipment. A table
<br /> summarizing the balances by fund follows:
<br /> Increase
<br /> 2012 2011 (Decrease)
<br /> Land $ 321,637 $ 281,775 $ 39,862
<br /> Land improvements 16,372 18,898 (2,526)
<br /> Buildings 2,207,303 2,177,370 29,933
<br /> Equipment and machinery 1,148,591 1,198,402 (49,811)
<br /> Infrastructure 43,802,051 45,369,066 (1,567,015)
<br /> Construction in progress 285,001 205,726 79,275
<br /> Total $ 47,780,955 $ 49,251,237 $ (1,470,282)
<br /> The total decrease in the Utilities' investment in capital assets for the current fiscal year was 3 percent.
<br /> Major capital asset events during the current fiscal year included the following:
<br /> • Again this year, the depreciation increase offset the smaller increase in assets,resulting in an actual decrease in capital
<br /> assets.
<br /> • The decrease in capital projects completed resulted in fewer assets being added, only$1.5 million.
<br /> • Accumulated depreciation for the year increased$3 million from prior year's asset additions.
<br /> Additional information on the Utilities' capital assets can be found in Note 2B starting on page 39 of this report.
<br /> LONG-TERM DEBT
<br /> At year end, the Utilities had $11,457,123 in long-term debt down from$12,690,846 in fiscal 2011. More detailed information
<br /> about the Utilities' long-term liabilities is presented in the Notes to the Financial Statements on pages 41 -44 and below:
<br /> Increase
<br /> 2012 2011 (Decrease)
<br /> G.O.revenue bonds $ 4,015,000 $ 4,570,000 $ (555,000)
<br /> Revenue bonds 5,085,000 5,580,000 (495,000)
<br /> Unamortized premium on bonds 41,567 45,656 (4,089)
<br /> Promissory note 1,975,812 2,162,882 (187,070)
<br /> Compensated absences payable 299,384 296,549 2,835
<br /> OPEB liability 40,360 35,759 4,601
<br /> Total $ 11,457,123 $ 12 690,846 $ (1,233,723)
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