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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, 2019
<br />ElectricWaterTotal
<br />Operating Revenues
<br />Charges for services$36,538,150$2,235,222$38,773,372
<br />LFG project1,102,835 -1,102,835
<br />Substation credit4,800 -4,800
<br />Connection maintenance 194,29550,583244,878
<br />Customer penalties254,55317,865272,418
<br />Total Operating Revenues38,094,6332,303,67040,398,303
<br />Operating Expenses
<br />Purchased power24,851,301 -24,851,301
<br />Production1,020,807516,4441,537,251
<br />Distribution1,525,827223,5471,749,374
<br />Depreciation2,856,2581,147,1494,003,407
<br />Customer accounts528,74363,382592,125
<br />General and administrative3,772,150719,9294,492,079
<br />Total Operating Expenses34,555,0862,670,45137,225,537
<br />Operating Income (Loss)3,539,547(366,781)3,172,766
<br />Nonoperating Revenues (Expenses)
<br />Interest income159,01438,097197,111
<br />Miscellaneous revenue568,635248,960817,595
<br />Interest expense and other(643,159)(32,939)(676,098)
<br />Gain/(Loss) on sale of capital assets(2,050) -(2,050)
<br />Total Nonoperating Revenues 82,440254,118336,558
<br />Income (loss) before Contributions and Transfers3,621,987(112,663)3,509,324
<br />Capital Contributions -
<br />Connection Fees -428,662428,662
<br />Grants10,000 -10,000
<br />Contribution from Customers125,764 -125,764
<br />Transfers to Other City Funds(1,157,445) -(1,157,445)
<br />Total Contributions and Transfers(1,021,681)428,662(593,019)
<br />Change in Net Position2,600,306315,9992,916,305
<br />Net Position, January 139,451,79925,041,70864,493,507
<br />Net Position, December 31$42,052,105$25,357,707$67,409,812
<br />The notes to the financial statements are an integral part of this statement.
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