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Statements of revenues,expenses and changes in net position. While the Statements of Net Position shows the change in financial
<br /> assets and liabilities,the Statements of Revenues,Expenses and Changes in Net Position,provides answers as to the nature and source
<br /> of these changes. As can be seen in Table A-2,revenues in excess of expenses was the main source of the increase in net position of
<br /> $2,039,501 in fiscal 2014. A closer examination of the individual categories affecting the source of changes in net position is
<br /> discussed below:
<br /> TABLE A-2
<br /> Condensed Statements of Revenues,
<br /> Expenses and Changes in Net Position
<br /> Increase
<br /> 2014 2013 (Decrease)
<br /> Revenues
<br /> Operating $ 33,515,012 $ 33,124,503 $ 390,509
<br /> Nonoperating 494,455 388,535 105,920
<br /> Total revenues 34,009,467 33,513,038 496,429
<br /> Expenses
<br /> Operating 31,742,912 30,371,131 1,371,781
<br /> Nonoperating 284,129 382,736 (98,607)
<br /> Total expenses 32,027,041 30,753,867 1,273,174
<br /> Income before contributions and operating transfers 1,982,426 2,759,171 (776,745)
<br /> Capital contributions-developer infrastructure and connection fees 375,329 295,549 79,780
<br /> Capital contributions of asset from City 175,091 121,172 53,919
<br /> Transfers from other City funds 329,490 40,000 289,490
<br /> Transfers to other City funds (822,835) (806,162) (16,673)
<br /> Change in net position 2,039,501 2,409,730 (370,229)
<br /> Net position,January 1 54,016,088 51,606,358 2,409,730
<br /> Net position,December 31 $ 56,055,589 $ 54,016,088 $ 2,039,501
<br /> Revenues. Table A-2 shows that operating revenue increased by 1.18 percent in 2014 for the Electric and Water Departments
<br /> combined.
<br /> Nonoperating revenue is comprised of transmission rebate revenue in the Electric Department,and water tower lease revenue in the
<br /> Water Department,as well as connection fees in both departments. Regarding transmission rebates,in 2007 the Electric Utility
<br /> partnered with Midwest Municipal Transmission Group(MMTG)in order to have our transmission assets recognized in the Midwest
<br /> Independent Transmission System Operator(MISO)market. In doing so,our transmission assets generate a revenue rebate,which in
<br /> turn helps keep our rates down. In 2014,rebates received from our 2012 filings were approximately$5,500 per month. The Water
<br /> Department is receiving lease revenue from Sprint for antennas on the water towers. In 2014 this amount was approximately
<br /> $125,000,and will continue for the duration of the multi-year contract.
<br /> Water Connection Fees increased approximately$80,000,and Electric Connection Fees increased approximately$40,000.The
<br /> increase in Connection Fees was largely impacted by the resurgence in new construction as the economy has begun rebounding.
<br /> Total expenses. In reviewing total expenses in Table A-2 you will notice that there was an increase of 4.1 percent overall. Purchased
<br /> Power(the amount the Utilities pays for the power distributed)increased 3.5 percent.
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