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ELK RIVER MUNICIPAL UTILITIES
<br /> ELK RIVER,MINNESOTA
<br /> STATEMENT OF REVENUES,EXPENSES AND CHANGES IN NET POSITION
<br /> FOR THE YEAR ENDED DECEMBER 31,2014
<br /> Electric Water Total
<br /> OPERATING REVENUES
<br /> Charges for services $ 30,411,069 $ 2,103,508 $ 32,514,577
<br /> Security systems 241,919 - 241,919
<br /> LFG project 1,103,177 - 1,103,177
<br /> Generation credit (784,248) - (784,248)
<br /> Connection maintenance 149,911 23,262 173,173
<br /> Customer penalties 244,857 21,557 266,414
<br /> TOTAL OPERATING REVENUES 31,366,685 2,148,327 33,515,012
<br /> OPERATING EXPENSES
<br /> Purchased power 21,994,652 - 21,994,652
<br /> Production 878,578 443,118 1,321,696
<br /> Distribution 1,282,774 207,359 1,490,133
<br /> Depreciation 1,914,062 1,083,770 2,997,832
<br /> Customer accounts 824,886 70,511 895,397
<br /> General and administrative 2,497,171 546,031 3,043,202
<br /> TOTAL OPERATING EXPENSES 29,392,123 2,350,789 31,742,912
<br /> OPERATING INCOME(LOSS) 1,974,562 (202,462) 1,772,100
<br /> NONOPERATING REVENUES(EXPENSES)
<br /> Interest income 98,442 23,984 122,426
<br /> Miscellaneous revenue 229,532 142,497 372,029
<br /> Interest expense (160,274) (72,646) (232,920)
<br /> Gain(loss)on sale of capital assets 29,525 (35,884) (6,359)
<br /> Bond issuance costs (44,850) - (44,850)
<br /> TOTAL NONOPERATING REVENUES(EXPENSES) 152,375 57,951 210,326
<br /> INCOME(LOSS)BEFORE CONTRIBUTIONS AND TRANSFERS 2,126,937 (144,511) 1,982,426
<br /> CAPITAL CONTRIBUTIONS-
<br /> DEVELOPER INFRASTRUCTURE AND CONNECTION FEES - 375,329 375,329
<br /> CONTRIBUTION OF ASSETS FROM CITY - 175,091 175,091
<br /> TRANSFERS FROM OTHER CITY FUNDS - 329,490 329,490
<br /> TRANSFERS TO OTHER CITY FUNDS (797,835) (25,000) (822,835)
<br /> CHANGE IN NET POSITION 1,329,102 710,399 2,039,501
<br /> NET POSITION,JANUARY 1 31,639,951 22,376,137 54,016,088
<br /> NET POSITION,DECEMBER 31 $ 32,969,053 $ 23,086,536 $ 56,055,589
<br /> The notes to the financial statements are an integral part of this statement.
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