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FINANCIAL HIGHLIGHTS
<br /> 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 /> 2016 2015
<br /> Operating revenues:
<br /> Power sales to members $110,109,926 104,806,467
<br /> Power sales to nonmembers 1,175,519 577,120
<br /> Total operating revenues 111,285,445 105,383,587
<br /> Operating expenses:
<br /> Power acquisition expense 37,571,000 42,466,770
<br /> Transmission 19,104,903 11,125,853
<br /> Other operating expenses 23,843,957 23,597,219
<br /> Depreciation 11,937,749 11,834,346
<br /> Total operating expenses 92,457,609 89,024,188
<br /> Operating income 18,827,836 16,359,399
<br /> Nonoperating revenues(expenses):
<br /> Amortization of premium on long-term debt, net 887,638 782,146
<br /> Interest expense (12,434,525) (13,403,391)
<br /> Investment income 816,422 1,402,545
<br /> Net (decrease) increase in fair value of investments 73,150 (680,102)
<br /> Gain on extinguishment of debt — 378,022
<br /> Total nonoperating revenues(expenses), net (10,657,315) (11,520,780)
<br /> Change in net position before
<br /> future recoverable costs 8,170,521 4,838,619
<br /> Future recoverable costs 3,515,629 4,626,165
<br /> Change in net position 11,686,150 9,464,784
<br /> Total net position, beginning of year 58,109,379 48,644,595
<br /> Total net position,end of year $ 69,795,529 58,109,379
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<br /> 28 2016 MMPA Annual Report
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