|
Management's Discussion and Analysis
<br />This discussion and analysis of Minnesota Municipal Power Agency's (the Agency) financial performance
<br />provides an overview of the Agency's activities for the fiscal years ended December 31, 2022 and 2021. The
<br />information presented should be read in conjunction with the basic financial statements and the accompanying
<br />notes to the basic financial statements.
<br />Minnesota Municipal Power Agency is a municipal corporation and a political subdivision of the State of
<br />Minnesota whose purpose is to secure an adequate, economical, and reliable supply of electric energy for its
<br />member municipalities. The Agency currently comprises 12 Minnesota municipalities.
<br />Financial Statements Overview
<br />The Agency follows the Uniform System of Accounts prescribed by the Federal Energy Regulatory
<br />Commission (FERC). The basic financial statements are prepared on the accrual basis of accounting in
<br />accordance with U.S. generally accepted accounting principles. The Agency's basic financial statements
<br />include the statements of net position, the statements of revenues, expenses, and changes in net position, the
<br />statements of cash flows, and notes to the basic financial statements.
<br />The statements of net position provide information about the nature and amount of assets and deferred outflows
<br />of resources, and obligations (liabilities) and deferred inflows of resources of the Agency as of the end of each
<br />year reported. The statements of revenues, expenses, and changes in net position report revenues and expenses.
<br />The statements of cash flows report cash receipts, cash payments, and net changes in cash resulting from
<br />operating, noncapital financing, capital and related financing activities, and investing activities.
<br />Financial Highlights
<br />Comparison of 2022 with 2021
<br />The following table summarizes the financial position of the Agency as of December 31:
<br />Capital and lease assets, net
<br />Current assets
<br />Other noncurrent assets
<br />Total assets
<br />Deferred outflows of resources
<br />Condensed Statements of Net Position
<br />Dollar Percentage
<br />2022 2021 Change Change
<br />(Restated)
<br />S 271,838,721 S 276,717,878
<br />108,893,016 93,507,067
<br />46,323,695 53,383,628
<br />427,055,432
<br />2,535,719
<br />Total assets and deferred outflows S 429,591,151
<br />423,608,573
<br />1,081,069
<br />S 424,689,642
<br />S (4,879,157)
<br />(1.8)%
<br />15,385,949
<br />16.5
<br />(7,059,933)
<br />(13.2)
<br />3,446,859
<br />0.8
<br />1,454,650
<br />134.6
<br />4,901,509 1.2
<br />142
<br />4
<br />
|