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Statements of Revenues, Expenses and Changes in Net Position. While the Statements of Net Position shows the change
<br />in financial assets/deferred outflows and liabilities/deferred inflows, the Statements of Revenues, Expenses and Changes
<br />in Net Position, provides answers as to the nature and source of these changes. As can be seen in Table A-2, revenues in
<br />excess of expenses was the main source of the increase in net position of $3,446,286 in fiscal 2021. A closer examination
<br />of the individual categories affecting the source of changes in net position is discussed below:
<br />
<br />TABLE A-2
<br />Condensed Statements of Revenues,
<br />Expenses and Changes in Net Position
<br />
<br />Increase
<br />20212020(Decrease)
<br />Revenues
<br />Operating$ 43,881,604$ 40,597,051$ 3,284,553
<br />Nonoperating 959,409 1,004,012 (44,603)
<br />Total Revenues 44,841,013 41,601,063 3,239,950
<br />Expenses
<br />Operating 40,770,940 36,632,689 4,138,251
<br />Nonoperating 901,770 629,829 271,941
<br />Total Expenses 41,672,710 37,262,518 4,410,192
<br />Income Before Contributions and Operating Transfers 3,168,303 4,338,545 (1,170,242)
<br />Capital Contributions - Developer Infrastructure and Connection Fees 1,101,868 1,072,676 29,192
<br />Grants 3,288 - 3,288
<br />Contribution from Customers 385,316 174,557 210,759
<br />Transfers from Other City Funds 195,245 - 195,245
<br />Transfers to Other City Funds (1,407,734) (1,340,218) (67,516)
<br />Change in Net Position 3,446,286 4,245,560 (799,274)
<br />Net Position, January 1 71,655,372 67,409,812 4,245,560
<br />Net Position, December 31$ 75,101,658$ 71,655,372$ 3,446,286
<br />
<br />Revenues. Table A-2 shows that operating revenue increased by 8.1 percent in 2021 for the Electric and Water
<br />Departments combined.
<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 Department partnered with
<br />Midwest Municipal Transmission Group (MMTG) in order to have our transmission assets recognized in the Midwest
<br />Independent Transmission System Operator (MISO) market. In doing so, our transmission assets generate a revenue
<br />rebate, which in turn helps keep our rates down. In 2021, rebates received from our 2019 filings averaged approximately
<br />$42,000 per month. The Water Department is receiving lease revenue from Sprint and Verizon for antennas on the water
<br />towers. In 2021 this amount was approximately $276,000 and will continue for the duration of the multi-year contracts.
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<br />18
<br />90
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