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Projected Operating Results Existing Rates <br />ERMU has annual depreciation costs based on its system investments. Depreciation <br />during the Study Period is based on budgeted ERMU amounts and future capital <br />improvements. Depreciation is a funded non-cash expense that generates monies <br />available for annual capital improvements and reserves. <br />-operating revenue is primarily associated with investment income and <br />miscellaneous revenues. Non-operating expenses are related to interest expense for <br />existing debt and the planned 2021bonding. <br />assumed to be 4% of electric retail sales revenuefor sales in Elk River. <br />ERMU makes annual normal capital investments in its electric system. Annual electric <br />capital improvements for the Study Period, as budgeted by ERMU, are shown in Table 2- <br />2 below. <br /> <br /> <br />Capital Item20202021202220232024 <br />Electric Capital <br />$4,540,700 $15,105,500 $3,406,750 $2,854,000 $3,332,200 <br />-5- <br />149 <br />