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Elk River Municipal Utilities - Reserves Policy 6/2013 <br />ERMU Electric Fund - 61 <br />Description Annual Average Monthly <br />2013 Budgeted Expenditures 30,381,914$ 2,531,826$ <br />2013 Budgeted Interest Expense 217,661$ 18,138$ <br />2013 Budgeted Depreciation 2,154,900$ 179,575$ <br />2013 Budgeted Purchased Power Cost 21,658,688$ 1,804,891$ <br />2014 Budgeted Pricipal and Interest 813,179$ n/a <br />2012 Peak Monthly Purchased Power Cost 2,564,677$ 1,708,314$ <br />2013 Reserves 2012 Reserves <br />2012 Audited Cash Balances 11,370,664$ 9,104,896$ <br />Unrestricted <br />Designated 2013 Calculated Reserves 5,793,402$ 5,407,463$ <br />Restricted for <br />Debt Service 2013 Calculated Reserves 724,500$ 724,500$ <br />Unrestricted 2013 Calculated Reserves 4,852,762$ 2,972,933$ <br />2013 Calculated Required Reserves, per Policy 6,517,902$ <br />Per discussion at 6/11/2013 Commission Meeting, Calculated Reserves will remain as per policy for total noted above, <br />of $6,517,902 as Designated and Restricted. <br />The Unrestricted amount of $4,852,762 shall be allocated for Working Capital with $1,000,000 to be used for the <br />North Substation as per budget approval for 2013, up to $500,000 for potential Power Cost Adjustment offset, and the <br />remainder for future territory and power contract funding. <br />39