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PROFIT AND LOSS NARRATIVE <br /> December 2014 <br /> December's financials presented here are preliminary, given audit adjustments are still <br /> in process. We do have the majority of the year end journal entries completed, however, <br /> our audit is scheduled for February 26th and 27th and so final pre-audit statements will <br /> not be ready for another two weeks. <br /> Electric P&L <br /> rte,:, <br /> r <br /> December's electric kwh sales are up slightly, 2.1%, overall from the prior year. For <br /> further breakdown: <br /> • Residential usage is up 3.3% 0. <br /> • Small Commercial usage is up 5% <br /> • Large Commercial usage is up 1% x,r <br /> Actual December Operating Revenue is consistent with the prior year, however the <br /> $1,613,760 amount presented includes the reversal of the PCAs absorbed and so is <br /> behind the prior year-24%. (Remember that the financials were reflecting the transfer <br /> from reserves of$500,000 to offset the s that we absorbed. This was shown, on a <br /> pro-forma basis, as a transfer to Revenue and distribution from Equity,to represent in the <br /> financials the reserve allocation that normally occurs at the end of the year. For <br /> comparative purposes with the udit, in December we reversed this distribution and show <br /> the actual difference that will t fer from Equity.) <br /> We ended the year with i total accuMbiated PCA of$680,083. Of this, we passed along <br /> to our customers $333,676 " PCAs(15 mils), and we credited back to customers in <br /> December$107,, 4 in PCA ils), for an absorbed total of$453,562. <br /> Other RevTue is cot-ft-parable this month to the prior year, although the Connection Fees <br /> were muc igher last year, $4,500 in 2014 compared to $72,229 in 2013. Total Other <br /> Revenuewaa$159,924 compared to $225,533 the prior year, however 9.2% above the <br /> annual budgeted amount. <br /> Overall, 1tal Annual Revenues are above the prior year by 1.74%, and behind budget by <br /> 1.8%. <br /> Purchased Power ended the year at just under budget by 2.5%, and over the prior year by <br /> 3.5%. <br /> For other expenses, in total they are over the prior year by 3.63%. Numbers still to be <br /> finalized for the audit are Depreciation for capitalized assets, Landfill expenses, and <br /> Administrative expenses, as well as any invoices that may still be coming. <br /> 28 <br />