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Management's Discussion and Analysis-Continued
<br /> March 19,2004
<br /> NET ASSETS
<br /> To begin our analysis,a summary of the Utilities' Statement of Net Assets is presented in Table A-1. As can be seen from the
<br /> Table,net assets increased$373 thousand to 3.7 million in fiscal 2003 up from 3.3 million in fiscal 2002.
<br /> TABLE A-7
<br /> Condensed Statement of Net Assets
<br /> (In thousands of dollars)
<br /> Fiscal Fiscal Total
<br /> Year Year Dollar Percent
<br /> 2002 2003 Change Change
<br /> Current and other assets $ 6,121 $ 7,307 $ 1,186 19.4%
<br /> Capital assets 28,074 41,878 13,804 49.2
<br /> Total assets 34,195 49,185 14,990 43.8
<br /> Long-term debt outstanding 8,749 10,793 2,044 23.4
<br /> Other liabilities 1,942 3,337 1,395 71.8
<br /> Total liabilities 10,691 14,130 3,439 32.2
<br /> Invested in capital assets,net of related debt 21,824 29,442 7,618 34.9
<br /> Unrestricted 1,680 5,613 3,933 234.1
<br /> Total net assets �_�3, � 35 OSS $ 11.551 49 1%
<br /> Looking at Table A-I, you can see that most of the change in net assets was realized in the capital assets,which increased
<br /> $13,804 thousand in fiscal 2003. This increase reflects the addition of infrastructure added from prior years.
<br /> Water and Electric Rates
<br /> Water-The Utilities' latest increase in residential and commercial rates were effective the first billing of 2003. The monthly base
<br /> charge for residential is$5.00 per month. In addition to the base charge,the Utilities currently charges its residential customers
<br /> $1.20 per 1,000 gallons and$1,50 over 8,000 gallons of usage. Commercial base charges are based upon meter size, from$7.00
<br /> to$85.00 with cost per thousand gallons the same as the residential rate.
<br /> Electric-The latest increase in the Utilities' electric rates was effective January 2003. The monthly base charges are based upon
<br /> the type of service. The monthly charges are$7.00 for residential,$15.00 for commercial and$35.00 for industrial. In addition
<br /> to the base charges, the residential rate is$.0825/KWh for May-September usage,$.0653/KWh for October-April, non-demand
<br /> rate is$.0795/KWh for May-September usage,$.556/KWh for October-April usage,demand rate$.038/KWh energy charge,
<br /> demand charge$11.26 KW May-September and$8.50/KW for October-April.
<br /> The Utilities has,however,approved an electric rate increase to be effective January 1,2004. The base charge remains the same
<br /> as 2003. The residential rate will be$.0865/KWh May-September and$0.717/KWh October-April,commercial rate
<br /> $.0835/KWh May-September and$.0616/KWh October-April,demand rate$.0408/KWh energy charge and the KW charge to
<br /> stay the same as 2003.
<br /> The Utility has also approved a water rate increase to be effective January 1,2004. The residential base charge will be$5.50 in
<br /> addition to$1.25 per 1,000 gallons to 8,000 gallons and$2.00 over 8,000 gallons of usage. Commercial customers'base charges
<br /> will be from$8.00 to$90.00 based on meter size with usage rates the same as residential.
<br /> Certain other rates may be offered for conservation incentive purposes.
<br /> The Utilities requires payment of all utility bills to be paid by the due date stated on the monthly bill. A 10 percent penalty is
<br /> assessed for payments not received by the due date. The Utilities may discontinue service of a customer not complying with the
<br /> disconnect policy of the utility after receiving a written disconnect notice. Customers that have their service discontinued will be
<br /> charged a minimum of$20.00 to have their service reconnected. The Utilities abides by the Cold Weather Rules.
<br /> -Il-
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