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Financial Highlights <br /> Year-Ending Rate Net Income <br /> Stabilization Balance in thousands of dollars <br /> in thousands of dollars <br /> 35,000 _ 8,000 <br /> 30,000 ___ 7,000 — $7,434 <br /> $30,450 6,000 <br /> 25,000 -- $29,300 <br /> $6,062 <br /> 5,000 <br /> 20,000 — $5,200 <br /> $21,500 4,000 <br /> 15,000 <br /> 3,000 <br /> 10,000 — i <br /> 2,000 <br /> 5,000 — <br /> 1,000 <br /> 0 — 0 <br /> 2012 2013 2014 2012 2013 2014 <br /> Rate Stabilization Fund Debt Refunding <br /> At the end of 2014, MMPA had $30.5 million The Agency completed two debt refundings <br /> in its rate stabilization fund. This fund allows in 2014, resulting in a combined present value <br /> the Agency to set stable and predictable savings to MMPA of more than $17 million. <br /> rates to members based on long-term energy These transactions reduce MMPA's interest <br /> price expectations. The goal of MMPA's rate expense over the next twenty years, resulting <br /> stabilization fund is to avoid volatile price in lower rates to members. <br /> changes to members. <br /> Rating Upgrade <br /> Strong Cash Position Moody's upgraded its bond rating of MMPA to <br /> MMPA had more than $39 million of unrestricted A2 from A3 in the summer of 2014, citing MMPA's <br /> cash and cash equivalents at the end of competitive rates, strong financial management <br /> 2014, representing more than four months of and performance, and sound member credit <br /> operating expenses and interest expense. quality. The Agency also maintained its A rating <br /> MMPA also has a $5 million line of credit with from Fitch during the year. <br /> U.S. Bank that provides additional liquidity. <br /> In 2014, Moody's Investors Service upgraded <br /> its rating of MMPA from A3 to A2. <br /> 2014 MMPA Annual Report 7 <br />