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Minnesota Municipal Power Agency
<br /> Statements of Revenues, Expenses,
<br /> and Changes in Net Position Year ended Year ended
<br /> December 31 December 31
<br /> 2013 2012
<br /> Operating revenues:
<br /> Power sales to members $102,076,404 96,857,967
<br /> Power sales to nonmembers 4,027,415 4,258,371
<br /> Total operating revenues 106,103,819 101,116,338
<br /> Operating expenses:
<br /> Power acquisition expense 48,813,970 49,324,302
<br /> Transmission 10,787,136 9,329,735
<br /> Other operating expenses 19,212,613 17,741,244
<br /> Depreciation 10,149,719 10,399,042
<br /> Total operating expenses 88,963,438 86,794,323
<br /> Operating income 17,140,381 14,322,015
<br /> Nonoperating revenues(expenses):
<br /> Amortization of premium on long-term debt, net 138,554 197,631
<br /> Interest expense (14,186,323) (14,999,756)
<br /> Investment income 933,084 923,752
<br /> Loss on disposition of property (2,567,317) —
<br /> Gain on sale of investments — 317
<br /> Gain on bond retirement — 242,696
<br /> Grant revenue 16,568 25,409
<br /> Total nonoperating revenues(expenses), net (15,665,434) (13,609,951)
<br /> Change in net position before
<br /> future recoverable costs 1,474,947 712,064
<br /> Future recoverable costs 4,587,328 4,487,791
<br /> Change in net position 6,062,275 5,199,855
<br /> Total net position, beginning of year 35,148,320 29,948,465
<br /> Total net position, end of year $41,210,595 35,148,320
<br /> Visit www.mmpa.org to see complete audited
<br /> financial statements and learn more about MMPA,
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<br /> . pop 2013 MMPA Annual Report 23
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