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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 31,2015
<br /> Electric Water Total
<br /> OPERATING REVENUES
<br /> Charges for services $ 31,629,131 $ 2,141,096 $ 33,770,227
<br /> Security systems 251,488 - 251,488
<br /> LFG project 1,075,148 - 1,075,148
<br /> Generation credit (805,579) - (805,579)
<br /> Connection maintenance 163,195 42,543 205,738
<br /> Customer penalties 238,339 18,898 257,237
<br /> TOTAL OPERATING REVENUES 32,551,722 2,202,537 34,754,259
<br /> OPERATING EXPENSES
<br /> Purchased power 22,034,307 - 22,034,307
<br /> Production 928,923 465,181 1,394,104
<br /> Distribution 1,402,046 168,132 1,570,178
<br /> Depreciation 1,922,359 1,131,110 3,053,469
<br /> Customer accounts 856,076 67,487 923,563
<br /> General and administrative 2,752,443 582,385 3,334,828
<br /> TOTAL OPERATING EXPENSES 29,896,154 2,414,295 32,310,449
<br /> OPERATING INCOME(LOSS) 2,655,568 (211,758) 2,443,810
<br /> NONOPERATING REVENUES(EXPENSES)
<br /> Interest income 95,533 24,666 120,199
<br /> Miscellaneous revenue 279,487 177,298 456,785
<br /> Interest expense and other (116,676) (65,135) (181,811)
<br /> Gain(loss)on sale of capital assets 8,899 - 8,899
<br /> TOTAL NONOPERATING REVENUES(EXPENSES) 267,243 136,829 404,072
<br /> INCOME(LOSS)BEFORE CONTRIBUTIONS AND TRANSFERS 2,922,811 (74,929) 2,847,882
<br /> CAPITAL CONTRIBUTIONS-
<br /> DEVELOPER INFRASTRUCTURE AND CONNECTION FEES - 253,934 253,934
<br /> CONTRIBUTION OF ASSETS FROM CITY - 189,669 189,669
<br /> TRANSFERS FROM OTHER CITY FUNDS - 94,703 94,703
<br /> TRANSFERS TO OTHER CITY FUNDS (824,743) (30,000) (854,743)
<br /> CHANGE IN NET POSITION 2,098,068 433,377 2,531,445
<br /> NET POSITION,JANUARY 1 AS RESTATED(NOTE 6) 30,537,608 22,816,825 53,354,433
<br /> NET POSITION,DECEMBER 31 $ 32,635,676 $ 23,250,202 $ 55,885,878
<br /> The notes to the financial statements are an integral part of this statement.
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