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ELK RIVER MUNICIPAL UTILITIES
<br /> ELK RIVER,MINNESOTA
<br /> SUPPLEMENTAL INFORMATION
<br /> SCHEDULE OF OPERATING REVENUE AND EXPENSES-CONTINUED
<br /> YEARS ENDED DECEMBER 31,2003 AND 2002
<br /> 2003
<br /> Electric Water Total
<br /> OPERATING EXPENSES -CONTINUED
<br /> General and administrative
<br /> Salaries $ 279,063 $ 16,933 $ 295,996
<br /> Employee pensions and benefits 545,646 107,766 653,412
<br /> Dues 28,199 5,892 34,091
<br /> Office supplies and billing expense 49,354 16,315 65,669
<br /> Office utilities and maintenance 123,122 17,669 140,791
<br /> Consulting fees 33,096 23,324 56,420
<br /> Legal and audit 14,907 5,863 20,770
<br /> Environmental compliance 31,998 - 31,998
<br /> Landfill gas project 17,980 826 18,806
<br /> Insurance 114,309 39,330 153,639
<br /> Telephone 12,649 4,380 17,029
<br /> Advertising 14,282 5,327 19,609
<br /> Education and meetings 67,175 9,376 76,551
<br /> Miscellaneous 29,708 9,635 39,343
<br /> Total 1,361,488 262,636 1,624,124
<br /> TOTAL OPERATING EXPENSES 11,863,350 1,435,031 13,298,381
<br /> OPERATING INCOME(LOSS) 1,133,603 (387,470) 746,133
<br /> NONOPERATING REVENUE(EXPENSE)
<br /> Interest income 54,707 22,079 76,786
<br /> Connection charges 581,105 750,434 1,331,539
<br /> Customer penalties 131,953 6,339 138,292
<br /> Miscellaneous revenue 64,766 3,000 67,766
<br /> Interest expense (47,653) (268,835) (316,488)
<br /> Amortization of bond discount - (9,351) (9,351)
<br /> Miscellaneous expense (18,593) - (18,593)
<br /> TOTAL NONOPERATING
<br /> REVENUE(EXPENSE) 766,285 503,666 1,269,951
<br /> INCOME BEFORE OPERATING TRANSFERS 1,899,888 116,196 2,016,084
<br /> OPERATING TRANSFERS FROM OTHER FUNDS - - -
<br /> OPERATING TRANSFERS TO OTHER FUNDS (317,918) (28,361) (346,279)
<br /> NET INCOME 1,581,970 87,835 1,669,805
<br /> NET ASSETS,JANUARY 1 17,878,208 5,625,722 23,503,930
<br /> PRIOR PERIOD ADJUSTMENTS (495,081) 10,376,644 9,881,563
<br /> NET ASSETS,RESTATED,JANUARY 1 17,383,127 16,002,366 33,385,493
<br /> NET ASSETS,DECEMBER 31 $ 18,965,097 $ 16,090,201 $ 35,055,298
<br /> -25-
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