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Minnesota Municipal Power Agency
<br /> Statements of Net Position
<br /> December 31 December 31
<br /> Assets 2014 2013
<br /> Current assets:
<br /> Cash and cash equivalents $ 39,090,296 41,035,465
<br /> Restricted cash and cash equivalents 4,299,485 5,633,179
<br /> Short-term investments 2,999,556 —
<br /> Accrued interest receivable 68,420 216,141
<br /> Power sales receivables 8,519,502 8,327,246
<br /> Other receivable 458,169 2,081,549
<br /> Fuel inventory 1,501,063 935,017
<br /> Plant inventory—spares 1,843,544 1,610,280
<br /> Prepaid expenses 472,878 564,324
<br /> Total current assets 59,252,913 60,403,201
<br /> Noncurrent assets:
<br /> Capital assets:
<br /> Equipment 962,290 765,116
<br /> Capital lease asset 29,080,531 29,080,531
<br /> Land 4,222,351 1,132,083
<br /> Electric plant 310,305,095 303,409,822
<br /> Rotable combustion turbine parts 9,844,205 6,063,531
<br /> Less accumulated depreciation (75,612,012) (64,035,094)
<br /> Property and equipment, net 278,802,460 276,415,989
<br /> Construction in progress 471,219 4,598,781
<br /> Total capital assets, net 279,273,679 281,014,770
<br /> Investments 2,000,000 —
<br /> Restricted cash and cash equivalents 441,405 283,156
<br /> Restricted investments 22,206,743 22,072,759
<br /> Prepaid expenses 561,243 591,948
<br /> Future recoverable costs 32,605,392 30,425,628
<br /> Total noncurrent assets 337,088,462 334,388,261
<br /> Total assets 396,341,375 394,791,462
<br /> Deferred Outflows
<br /> Deferred outflows of resources 1,788,969 —
<br /> Total assets and deferred outflows of resources $398,130,344 394,791,462
<br /> Liabilities
<br /> Liabilities:
<br /> Current liabilities:
<br /> Accounts payable and accrued liabilities $ 11,985,661 14,033,294
<br /> Retainage payable 338,934 1,147,679
<br /> Accrued interest payable 2,386,016 3,380,575
<br /> Long-term debt due within one year 8,813,334 8,058,334
<br /> Capital lease liability due within one year 816,798 770,782
<br /> Derivative instruments—futures 81,900 —
<br /> Total current liabilities 24,422,643 27,390,664
<br /> Long-term debt, net 266,657,458 269,381,358
<br /> Capital lease liability 20,776,057 21,592,855
<br /> Total noncurrent liabilities 287,433,515 290,974,213
<br /> Total liabilities 311,856,158 318,364,877
<br /> Deferred Inflows
<br /> Deferred inflows of resources—rate stabilization 30,450,000 29,300,000
<br /> Deferred inflows of resources—other 7,179,591 5,915,990
<br /> Total liabilities and deferred inflows of resources 349,485,749 353,580,867
<br /> Net Position
<br /> Net position:
<br /> Net investment in capital assets 9,508,833 9,719,015
<br /> Restricted for debt service 6,298,873 5,733,585
<br /> Unrestricted 32,836,889 25,757,995
<br /> Total net position 48,644,595 41,210,595
<br /> Total liabilities and deferred inflows of resources
<br /> and net position $398,130,344 394,791,462
<br /> 22 2014 MMPA Annual Report
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