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PROFIT AND LOSS NARRATIVE <br /> May 2014 <br /> Electric P&L <br /> May's electric kwh sales (for April usage)are down .1%overall from the prior year; <br /> Residential usage is down 6.5%, Small Commercial usage is down 5%, and Large <br /> Commercial usage is up 3% from the prior year. May Operating Revenue is over the <br /> prior year by 5%, and over budgeted numbers by 1%. The Operating Revenue includes <br /> $130,131 in PCAs (6 mils) collected. <br /> Remember that the financials are reflecting the transfer from reserves of$500,000 to <br /> offset the PCAs that we are absorbing. This is shown, on a proforma basis, as a transfer <br /> to Revenue and distribution from Equity, to represent in the financials the reserve <br /> allocation that normally occurs at the end of the year. <br /> Other Operating Revenue is up 45% from the budgeted numbers, and up from the prior <br /> year 37%. The biggest impact here is the May 2014 Connection Fees of$32,000 versus <br /> the May 2013 $8,776. The remaining components of Other Revenue are consistent with <br /> the prior year. <br /> Overall, Revenues are ahead of budget by 3%and the prior year by 7%, and year to date <br /> are ahead by 9%. <br /> The total purchased power cost of$1,513,354 is up from budgeted numbers 4%, and up <br /> from last year 10%, reflecting the PCA as well as the increased wholesale cost and usage. <br /> The PCA included this month is $93,829, for a year-to-date accumulated PCA of <br /> $703,331. As mentioned above, we charged our customers a PCA of 6 mils in May. We <br /> will also be charging a PCA of 6 mils in June. <br /> For other expenses,they are in line (and slightly under by 1%) with budget, and over the <br /> prior year by 10%. <br /> For May, the Electric Depaituient has a Net Profit of$300,458 (which includes the <br /> proforma adjustment of the $500,000 for reserve allocation of PCAs), compared to a <br /> budget of$267,314, and the prior year of$319,944. Year to date we are at a net loss of <br /> ($39,836) compared to the prior year net profit of$722,527. As we charge back some of <br /> the PCAs, we should see this year to date gap narrow in subsequent months. <br /> 25 <br />