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Statements of Revenues, Expenses and Changes in Net Position.While the Statements of Net Position shows the
<br /> change in financial assets/deferred outflows and liabilities/deferred inflows, the Statements of Revenues, Expenses and
<br /> Changes in Net Position, provides answers as to the nature and source of these changes.As can be seen in Table A-2,
<br /> revenues in excess of expenses was the main source of the increase in net position of$3,801,182 in fiscal 2018. A closer
<br /> examination of the individual categories affecting the source of changes in net position is discussed below:
<br /> TABLE A-2
<br /> Condensed Statements of Revenues,
<br /> Expenses and Changes in Net Position
<br /> Increase
<br /> 2018 2017 (Decrease)
<br /> Revenues
<br /> Operating $ 41,295,726 $ 38,447,069 $ 2,848,657
<br /> Nonoperating 971,575 700,321 271,254
<br /> Total Revenues 42,267,301 39,147,390 3,119,911
<br /> Expenses
<br /> Operating 37,825,690 36,200,460 1,625,230
<br /> Nonoperating 520,679 344,573 176,106
<br /> Total Expenses 38,346,369 36,545,033 1,801,336
<br /> Income Before Contributions and Operating Transfers 3,920,932 2,602,357 1,318,575
<br /> Capital Contributions- Developer Infrastructure and Connection Fees 716,810 799,223 (82,413)
<br /> Grants - 40,000 (40,000)
<br /> Contribution from Customers 352,104 169,051 183,053
<br /> Transfers to Other City Funds (1,188,664) (1,113,264) (75,400)
<br /> Change in Net Position 3,801,182 2,497,367 1,303,815
<br /> Net Position, January 1 60,692,325 58,194,958 2,497,367
<br /> Net Position, December 31 $ 64,493,507 $ 60,692,325 $ 3,801,182
<br /> Revenues.Table A-2 shows that operating revenue increased by 7.4 percent in 2018 for the Electric and Water
<br /> Departments combined. The Electric Department operating revenue was impacted partly by the territory acquisition in
<br /> September 2018 adding approximately 330 customers, and also impacted by increased construction activity resulting in
<br /> new customers.
<br /> Nonoperating revenue is comprised of transmission rebate revenue in the Electric Department, and water tower lease
<br /> revenue in the Water Department. Regarding transmission rebates, in 2007 the Electric Utility partnered with Midwest
<br /> Municipal Transmission Group(MMTG) in order to have our transmission assets recognized in the Midwest Independent
<br /> Transmission System Operator(MISO) market. In doing so, our transmission assets generate a revenue rebate, which in
<br /> turn helps keep our rates down. In 2018, rebates received from our 2016 filings averaged approximately$22,000 per
<br /> month. The Water Department is receiving lease revenue from Sprint and Verizon for antennas on the water towers. In
<br /> 2018 this amount was approximately$218,000, and will continue for the duration of the multi-year contracts.
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