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Minnesota Municipal Power Agency
<br />Statements of Cash Flows
<br />Years Ended December 31, 2022 and 2021
<br />2022
<br />2021
<br />(Restated)
<br />Cash Flows from Operating Activities
<br />Receipts from power sales
<br />$ 181,766,271
<br />$ 155,855,648
<br />Payments for power acquisition/production and operating expenses
<br />(138,650,041)
<br />(116,121,534)
<br />Net cash provided by operating activities
<br />43,116,230
<br />39,734,114
<br />Cash Flows from Noncapital Financing Activities
<br />Other nonoperating receipts
<br />-
<br />63,000
<br />Net cash provided by noncapital financing activities
<br />-
<br />63,000
<br />Cash Flows from Capital and Related Financing Activities
<br />Construction of capital assets
<br />(11,423,575)
<br />(3,678,388)
<br />Principal payments on electric revenue bonds
<br />(8,613,334)
<br />(8,268,333)
<br />Principal payments on lease
<br />(1,274,618)
<br />(1,205,524)
<br />Payment of interest
<br />(8,071,828)
<br />(8,494,587)
<br />Net cash used in capital and related financing activities
<br />(29,383,355)
<br />(21,646,832)
<br />Cash Flows from Investing Activities
<br />Proceeds from sales of investments
<br />13,740,255
<br />11,640,636
<br />Purchase of investments
<br />(11,640,256)
<br />(11,640,636)
<br />Interest received
<br />1,602,537
<br />477,646
<br />Net cash provided by investing activities
<br />3,702,536
<br />477,646
<br />Net change in cash and cash equivalents
<br />17,435,411
<br />18,627,928
<br />Cash and cash equivalents, beginning of year
<br />73,269,678
<br />54,641,750
<br />Cash and cash equivalents, end of year
<br />$
<br />90,705,089
<br />$
<br />73,269,678
<br />Composition of Cash and Cash Equivalents
<br />Cash and cash equivalents
<br />$
<br />84,540,189
<br />$
<br />69,052,676
<br />Restricted cash and cash equivalents
<br />6,164,900
<br />4,217,002
<br />Cash and cash equivalents, end of year
<br />$
<br />90,705,089
<br />$
<br />73,269,678
<br />Reconciliation of Operating Income to Net Cash Provided by
<br />Operating Activities
<br />Operating income
<br />$
<br />19,653,644
<br />$
<br />26,582,463
<br />Adjustments to reconcile operating income to net cash
<br />provided by operating activities:
<br />Depreciation and amortization
<br />16,603,917
<br />16,456,202
<br />Change in deferred inflows of resources — rate stabilization
<br />-
<br />(4,400,000)
<br />Change in deferred inflows of resources — other
<br />7,914,945
<br />865,459
<br />Changes in current assets and liabilities
<br />Power sales and other receivables
<br />523,574
<br />(3,780,453)
<br />Fuel inventory
<br />(276,463)
<br />89,990
<br />Plant inventory — spares
<br />(416,790)
<br />8,977
<br />Prepaid expenses
<br />(137,002)
<br />(34,730)
<br />Accounts payable and accrued liabilities
<br />(749,595)
<br />3,946,206
<br />Total adjustments
<br />23,462,586
<br />13,151,651
<br />Net cash provided by operating activities
<br />$
<br />43,116,230
<br />$
<br />39,734,114
<br />Supplemental Cash Flows Information
<br />Amortization of premium on electric revenue bonds
<br />$
<br />1,145,619
<br />$
<br />1,145,619
<br />Capital and lease assets in accounts payable and accrued liabilities
<br />424,900
<br />129,394
<br />Change in fair value of investments
<br />(765,617)
<br />(241,505)
<br />See Notes to Financial Statements
<br />150
<br />12
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