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ELK RIVER MUNICIPAL UTILITIES
<br /> ELECTRIC INCOME STATEMENT PROJECTIONS
<br /> A I B I E I F I G I H I I I J I K I L I M I N I 0 I P I R I S
<br /> 1 DESCRIPTION 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
<br /> 2
<br /> 3 GENELRAL ASSUMPTIONS
<br /> 4 KWH SOLD 211,298,866 241,837,173 250,649,694 274,675,031 299,790,987 322,471,175 341,439,103 357,145,302 373,573,986 390,758,389 408,733,275 427,535,005
<br /> 5 INCREASE IN METERS 364 258 300 300 300 300 300 300 300 300 300 300
<br /> 6 #METERS 8,945 9,203 9,486 9,786 10,086 10,386 10,686 10,986 11,286 11,586 11,886 12,186
<br /> 7 CONNECT FEE RES. 150,000 125,000 100,000 175,000 175,000 175,000 175,000 175,000 175,000 175,000 175,000 175,000
<br /> 8 CONNECT FEE COMM/IND 218,182 175,769 150,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000
<br /> 9
<br /> 10 OPERATIONS
<br /> 11 REVENUE 0.085200 0.090610 0.091615 0.090200 0.089670 0.089270 0.088900 0.088900 0.088900 0.088900 0.088900 0.088900
<br /> 12 FROM SALES 18,190,757 21,310,737 22,517,388 24,775,688 26,882,258 28,787,002 30,353,936 31,750,217 33,210,727 34,738,421 36,336,388 38,007,862
<br /> 13 RATE CHANGE (512,159) (535,718) (672,433) (703,365) (1,021,833) (1,068,838)
<br /> 14 CONNECTION FEES 368,182 300,769 250,000 375,000 375,000 375,000 375,000 375,000 375,000 375,000 375,000 375,000
<br /> 15 GENERATION CREDIT 306,023 222,584 350,000 350,000 350,000 350,000 350,000 350,000 350,000 350,000 350,000 350,000
<br /> 16 LFG PROJECT 974,040 993,257 1,000,000 1,003,000 1,005,630 1,021,569 1,038,013 1,054,740 1,071,914 1,089,370 1,089,370 1,089,370
<br /> 17 OTHER 849,860 697,891 502,600 502,600 502,600 502,600 502,600 '502,600 502,600 502,600 502,600 502,600
<br /> 18 TOTAL REV 20,688,862 23,525,238 24,619,988 27,006,288 29,115,488 31,036,171 32,107,391 33,496,839 34,837,808 36,352,026 37,631,525 39,255,994
<br /> 19
<br /> 20 EXPENSE
<br /> 21 Unit Cost 0.05426 0.05866 0.06582 0.05869 0.05869 0.05869 0.05869 0.05869 0.05869 0.05869 0.05869 0.05869,
<br /> 22 PURCH POWER 12,175,911 14,778,270 16,079,258 17,732,745 18,685,606 20,099,235 21,281,483 22,260,431 23,284,411 24,355,494 25,475,846 26,647,735
<br /> 23 LFG EXPENSE 550,062 638,556 634,000 500,376 506,621 516,175 522,648 532,432 542,336 552,360 552,361 552,362
<br /> 24 PRODUCTION 200,607 247,959 275,250 283,508 292,013 300,773 309,796 319,090 328,663 338,523 348,678 359,139
<br /> 25 TRANS/DIST 155,337 183,220 181,250 190,313 199,828 209,820 220,311 231,326 242,892 255,037 267,789 281,178
<br /> 26 MTCE 923,965 1,089,904 1,027,100 1,073,320 1,121,619 1,172,092 1,224,836 1,279,953 1,337,551 1,397,741 1,460,640 1,526,368
<br /> 27 DEPRECIATION 1,920,798 2,057,851 2,060,000 2,163,000 2,271,150 2,384,708 2,503,943 2,629,140 2,760,597 2,898,627 3,043,558 3,195,736
<br /> 28 INTEREST BONDS 296,136 314,775 307,058 292,098 272,763 252,237 230,805 208,179 184,253 116,042 116,043 116,044
<br /> 29 OTHER 965,253 972,554 1,224,200 1,260,926 1,298,754 1,337,716 1,377,848 1,419,183 1,461,759 1,505,612 1,550,780 1,597,303
<br /> 30 CUST EXP 225,034 242,363 244,000 256,200 269,010 282,461 296,584 311,413 326,983 343,333 360,499 378,524
<br /> 31 LFG PROJECT - 40,000 41,000 42,000 42,000 42,000 43,000 43,000 43,001 43,002
<br /> 32 ADM/GENERAL 1,752,939 2,062,824 1,867,428 2,035,497 2,218,691 2,418,373 2,636,027 2,873,269 3,131,864 3,413,731 3,720,967 4,055,854
<br /> 33 TOTAL 19,166,042 22,588,276 23,899,544 25,827,981 27,177,055 29,015,589 30,646,280 32,106,417 33,644,309 35,219,499 36,940,163 38,753,247
<br /> 34
<br /> 35 GROSS MARGIN
<br /> 36 (OPERATION) 1,522,820 936,962 720,444 1,178,307 1,938,433 2,020,582 1,461,111 1,390,423 1,193,499 1,132,527 691,362 502,748
<br /> 37 %REVENUE 7.36% 3.98% 2.93% 4.36% 6.66% 6.51% 4.55% 4.15% 3.43% 3.12% 1.84% 1.28%
<br /> 38
<br /> 39 Bond SUBSTATION 2,828,349
<br /> 40 Bond FEEDERS
<br /> 41 Cmmpa/Mmtg 120,000 150,000 120,000
<br /> 42 Total Bond Principal 430,000 320,000 328,750 512,500 532,500 551,250 580,000 605,000 633,750 537,500 561,250 590,000
<br /> 43 LFG PAYMENTS LFG Sherburne 187,766 177,060 189,351 191,323 197,438 198,440 201,581 209,353 211,511 219,297 220,213 223,255
<br /> 44 LFG Overhaul 110,000 330,000 110,000 330,000
<br /> 45 CAPITAL OPERATIONS 4,114,135 2,056,677 1,754,075 2,305,925 1,835,000 2,305,000 3,820,000 1,915,000 2,320,000 2,320,000 2,600,000 2,900,000
<br /> 46 75%CAPITAL OFFICE 80,000 63,000 58,875 90,000 90,000 95,000 95,000 95,000 100,000 100,000 100,000 100,000
<br /> 47
<br /> 48
<br /> 49 NET MARGIN (460,732) (1,799,775) (1,760,607) (2,041,441) (826,505) (1,129,108) (3,565,470) (1,433,930) (2,071,762) (2,154,270) (2,790,101) (3,640,507)
<br /> 50 %REVENUE -2.23% -7.65% -7.15% -7.56% -2.84% -3.64% -11.10% -4.28% -5.95% -5.93% -7.41% -9.27%
<br /> 51
<br /> 52 INVENTORY&ACC PAYABLE ADJ 38,305 835,299
<br /> 53 DEPRECIATION 1,920,798 2,057,851 2,060,000 2,163,000 2,271,150 2,384,708 2,503,943 2,629,140 2,760,597 2,898,627 3,043,558 3,195,736
<br /> 54 TRANSFER TO RESTRICTED ACCT - - -
<br /> 55 ADDITION TO CASH BALANCE 1,498,371 1,093,375 299,393 121,559 1,444,645 1,255,599 (1,061,527) 1,195,210 688,835 744,357 253,457 (444,771)
<br /> 56 BOND COVERAGE 733,400 724,500 724,500 724,500 724,500 724,500 724,500 724,500 724,500 724,500 724,500 724,500
<br /> 57 RESTRICTED ACCTS 1,214.131 1,332,802 2,758.832 3,149,394 4,232,878 4,391,235 3,595,090 4,091,497 4,408,124 4,966,391 5,056,484 4.522,906$3.5 Million Goal
<br /> 58'UNRESTRICTED ACCTS 116,658 125,558 116,658 116,658 116,658 900,000 900,000 1,300,000 1,500,000 1,500,000 1,600,000 1,800,000
<br /> 59 CASH BALANCE 1,501,039 2,450,192 1,033,062 1,063,452 1,424,613 1,738,513 1,473,131 1,771,933 1,944,142 2,130,231 2,193,596 2,082,403.
<br /> 60 TOTAL CASH BALANCE 3,539,677 4,633,052 4,932,445 5,054,004 6,498,649 7,754,248 6,692,721 7,887,930 8,576,766 9,321,122 9,574,580 9,129,809
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