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YEAR END NARRATIVE 2013 <br /> Preliminary Financials <br /> These financial statements are year-end unaudited amounts,and so are preliminary and should be <br /> viewed as such. The summary statements include adjustments for year-end accruals of payables, <br /> receivables,and capitalized items, as well as some expense items that are estimated at this time, <br /> but not finalized yet. There are still items to be completed including final work order <br /> adjustments,and due to/from City. The auditors will be here February 27th and 286 to perform <br /> fieldwork on our 2013 year. Preliminary results for the Electric and Water departments are <br /> discussed below. <br /> Electric <br /> Overall,a conservative 2013 budget compares very favorably with the actual 2013 results, and <br /> the prior year.The increase in revenue can be attributed to rebounding growth in the economy. <br /> The electric operating revenues preliminary numbers ended up slightly better than budget by .4% <br /> and up 2.1%from the prior year. By category,Residential sales were up 3%from the prior year, <br /> small commercial sales were up 13%, large commercial sales were down 1%, and the large <br /> industrial sales were up 9%. <br /> Other revenues also ended better than budget by 12%,and up from the prior year by 1.7%. <br /> Connection Fees were up 74%from budget-a result of the economy turning around as noted <br /> above. Interest income is just under budget,by 5%,with investments performing moderately <br /> well against low returns as forecasted. <br /> Purchased power ended up being a total of 73%of the Operating Revenue,consistent with 73% <br /> last year. The purchased power is very close to budget(down by 1.9%), and up from the prior <br /> year by 3.7%. <br /> For other expense items,most were consistent with budget and we ended the year under budget <br /> by 4.1%and over last year by 2.5%. We do have some final audit accruals(mostly payables)yet <br /> to make that will change these numbers,however,we still expect to be very close to budget. <br /> Preliminarily,the electric department ended the year with a profit ahead of budget 400%and <br /> outperformed the prior year as well. We do have more accruals for audit items,as mentioned <br /> above,and so there will be some reduction to these numbers as the final year end statements are <br /> produced. From a cash perspective,we anticipated decreasing the year end reserve balances by <br /> $1,131,502 with the capital projects(largely due to upgrading of the North Substation)but ended <br /> the year with an increase of$690,000. However,we still have the invoice to pay from Waste <br /> Management for the engines that were replaced, and that will utilize a large portion of the surplus, <br /> approximately$625,000,ending the year about even with the prior year and a small increase of <br /> reserves. <br /> 19 <br />