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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, 2021
<br />ElectricWaterTotal
<br />Operating Revenues
<br />Charges for services$ 39,473,717 $ 3,049,140$ 4 2,522,857
<br />LFG project 1,019,097 - 1,019,097
<br />Substation credit 4,800 - 4,800
<br />Connection maintenance 263,330 71,520 334,850
<br />Total Operating Revenues 40,760,944 3,120,660 43,881,604
<br />Operating Expenses
<br />Purchased power 28,169,146 - 28,169,146
<br />Production 1,002,631 674,815 1,677,446
<br />Distribution 1,583,165 412,534 1,995,699
<br />Depreciation 2,957,685 1,139,802 4,097,487
<br />Customer accounts 562,574 73,472 636,046
<br />General and administrative 3,350,641 844,475 4,195,116
<br />Total Operating Expenses 37,625,842 3,145,098 40,770,940
<br />Operating Income (Loss) 3,135,102 (24,438) 3,110,664
<br />Nonoperating Revenues (Expenses)
<br />Interest income 52,514 24,677 77,191
<br />Miscellaneous revenue 635,764 292,330 928,094
<br />Interest expense and other (836,474) (65,296) ( 901,770)
<br />Gain/(Loss) on sale of capital assets (45,214) (662) (45,876)
<br />Total Nonoperating Revenues (Expenses) (193,410) 251,049 57,639
<br />Income (loss) before Contributions and Transfers 2,941,692 226,611 3,168,303
<br />Capital Contributions -
<br />Connection Fees - 548,948 548,948
<br />Grants - 3,288 3,288
<br />Contributions from Developers - 552,920 552,920
<br />Contribution from Customers 385,316 - 385,316
<br />Transfers from Other City Funds - 195,245 195,245
<br />Transfers to Other City Funds (1,407,734) - (1,407,734)
<br />Total Contributions and Transfers (1,022,418) 1,300,401 277,983
<br />Change in Net Position 1,919,274 1,527,012 3,446,286
<br />Net Position, January 1 44,948,374 26,706,998 71,655,372
<br />Net Position, December 31$ 46,867,648 $ 28,234,010 $ 7 5,101,658
<br />The notes to the financial statements are an integral part of this statement.
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