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Minnesota Municipal Power Agency
<br /> Statements of Revenues, Expenses,
<br /> and Changes in Net Position Year ended Year ended
<br /> December 31 December 31
<br /> 2014 2013
<br /> Operating revenues:
<br /> Power sales to members $104,722,737 102,076,404
<br /> Power sales to nonmembers 156,123 4,027,415
<br /> Total operating revenues 104,878,860 106,103,819
<br /> Operating expenses:
<br /> Power acquisition expense 44,839,029 48,813,970
<br /> Transmission 10,444,101 10,787,136
<br /> Other operating expenses 21,836,740 19,212,613
<br /> Depreciation 11,576,917 10,149,719
<br /> Total operating expenses 88,696,787 88,963,438
<br /> Operating income 16,182,073 17,140,381
<br /> Nonoperating revenues (expenses):
<br /> Amortization of premium on long-term debt, net 324,833 138,554
<br /> Interest expense (14,422,118) (14,186,323)
<br /> Investment income 980,363 933,084
<br /> Net increase in fair value of investments 1,999,388 —
<br /> Loss on disposition of property — (2,567,317)
<br /> Gain on sale of investments 102,123 —
<br /> Grant revenue — 16,568
<br /> Total nonoperating revenues(expenses), net (11,015,411) (15,665,434)
<br /> Change in net position before
<br /> future recoverable costs 5,166,662 1,474,947
<br /> Future recoverable costs 2,267,338 4,587,328
<br /> Change in net position 7,434,000 6,062,275
<br /> Total net position, beginning of year 41,210,595 35,148,320
<br /> Total net position, end of year $ 48,644,595 41,210,595
<br /> Visit www.mmpa.org to see complete aucitec
<br /> financial statements anc learn more about VMPA,
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<br /> 2014 MMPA Annual Report 23
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