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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, 2017
<br /> Electric Water Total
<br /> Operating Revenues
<br /> Charges for services $ 35,373,472 $ 2,252,751 $ 37,626,223
<br /> LFG project 1,084,589 - 1,084,589
<br /> Generation credit (814,341) - (814,341)
<br /> Connection maintenance 234,365 54,231 288,596
<br /> Customer penalties 242,739 19,263 262,002
<br /> Total Operating Revenues 36,120,824 2,326,245 38,447,069
<br /> Operating Expenses
<br /> Purchased power 25,402,576 - 25,402,576
<br /> Production 873,651 500,390 1,374,041
<br /> Distribution 1,511,612 154,675 1,666,287
<br /> Depreciation 2,046,935 1,191,894 3,238,829
<br /> Customer accounts 469,412 62,690 532,102
<br /> General and administrative 3,090,285 896,340 3,986,625
<br /> Total Operating Expenses 33,394,471 2,805,989 36,200,460
<br /> Operating Income (Loss) 2,726,353 (479,744) 2,246,609
<br /> Nonoperating Revenues (Expenses)
<br /> Interest income 79,543 31,314 110,857
<br /> Miscellaneous revenue 344,558 227,406 571,964
<br /> Interest expense and other (294,219) (50,354) (344,573)
<br /> Gain on sale of capital assets 15,152 2,348 17,500
<br /> Total Nonoperating Revenues (Expenses) 145,034 210,714 355,748
<br /> Income (Loss) before Contributions and Transfers 2,871,387 (269,030) 2,602,357
<br /> Capital Contributions-
<br /> Connection Fees - 799,223 799,223
<br /> Grants 40,000 - 40,000
<br /> Contribution of Assets from City 169,051 - 169,051
<br /> Transfers to Other City Funds (1,113,264) - (1,113,264)
<br /> Total Contributions and Transfers (904,213) 799,223 (104,990)
<br /> Change in Net Position 1,967,174 530,193 2,497,367
<br /> Net Position, January 1 34,524,100 23,670,858 58,194,958
<br /> Net Position, December 31 $ 36,491,274 $ 24,201,051 $ 60,692,325
<br /> The notes to the financial statements are an integral part of this statement.
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