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$35,000,000 <br />$30,000,000 <br />$25,000,000 <br />$20,000,000 <br />$15,000,000 <br />$10,000,000 <br />$5,000,000 <br />Electric Fund Cash Flow <br />2010 2010 Receipts 2012 2012 Receipts 2013 2013 Receipts 2014 2014 Receipts <br />Disbursements Disbursements Disbursements Disbursements <br />■ Operating costs ■ Debt payments ■ Other (capital, interfund, etc.) ■ Operating receipts ■ Other (interest, interfund, etc.) <br />$14,000,000 <br />$12,000,000 <br />$10,000,000 <br />$ 8,000,000 <br />$6,000,000 <br />$4,000,000 <br />$2,000,000 <br />Electric Fund Cash Balance <br />2010 2012 2013 2014 <br />Unrestricted � Restricted for debt service (bond covenents) (Unrestricted designated reserve* <br />* Unrestricted designated reserve: established to address the short-term financial variability inherent in operations. Potential <br />sources of this variability include risks associated with natural disasters, reduction in overall customer usage, changes in total <br />system usage resulting from the actions of large customers, failure to achieve budgeted levels of net income, changes in interest <br />income, and general operational exposures. <br />The target level for this reserve, included as the red line in the chart above, is the sum of six months operating expenditures less <br />depreciation and less purchase power costs, plus the sum of next year's total principal and interest payments, plus one month <br />budgeted average purchase power cost. The balance above this target level shall be unrestricted. <br />For more information, see separately issued Elk River Municipal Utilities report. People <br />+Process® <br />-16- <br />Gom, g <br />Beyondthe <br />Numbers <br />