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• Current assets increased by approximately $22.5 million from 2020 to 2021. Cash and cash equivalents
<br />increased by $18.6 million, primarily related to the Agency's change in net position during the year, and
<br />lower debt service payments because of the 2010A bond redemption in 2020. Power sales and other
<br />receivables increased by $3.9 million primarily because of higher rates to members in 2021.
<br />• Other noncurrent assets, which include restricted cash, cash equivalents, and investments, prepaid expenses,
<br />and future recoverable costs, decreased by approximately $13.5 million from 2020 to 2021, primarily the
<br />result of the $13.1 million decrease in future recoverable costs related to the levelization of depreciation
<br />and amortization, bond interest, and costs associated with the Agency's generating resources. This includes
<br />the $5.9 million decrease of future recoverable costs for the net lease asset remeasurement of $5.9 million
<br />in 2021 due to the adoption of GASB 87. In 2021, the Agency began amortizing its remaining deferred
<br />cost balance of approximately $50 million over a seven-year period.
<br />• Deferred outflows of resources decreased by $0.1 million from 2020 to 2021, primarily as a result of the
<br />Agency's risk management activities and amortization of the Agency's deferred loss on bond refunding.
<br />• Current liabilities increased by approximately $4.4 million from 2020 to 2021, primarily the result of a $4.1
<br />million increase of accounts payable and accrued liabilities from higher operating expenses at the end of
<br />2021.
<br />• Long-term liabilities decreased by approximately $11.0 million from 2020 to 2021, primarily the result of
<br />the Agency's principal payments on debt.
<br />• Deferred inflows of resources decreased by $3.5 million from 2020 to 2021, primarily the result of a $4.4
<br />million usage of the Agency's rate stabilization fund for the February 2021 extreme cold weather event.
<br />This was partially offset by a net increase of $1.8 million in the Agency's energy adjustment accrual, and
<br />net reduction of $0.9 million to its plant major maintenance accrual.
<br />The following table summarizes the changes in financial position of the Agency for the years ended December
<br />31, 2022 and 2021:
<br />Condensed Statements of Revenues, Expenses, and Changes in Net Position
<br />Dollar
<br />Percentage
<br />2022
<br />2021
<br />Change
<br />Change
<br />Operating revenues, power sales
<br />$ 181,242,697
<br />$ 164,036,101
<br />$ 17,206,596
<br />10.5 %
<br />Other nonoperating revenues
<br />966,885
<br />298,991
<br />667,894
<br />223.4
<br />Total revenues
<br />182,209,582
<br />164,335,092
<br />17,874,490
<br />10.9
<br />Operating expenses
<br />161,589,053
<br />137,453,638
<br />24,135,415
<br />17.6
<br />Other nonoperating expenses
<br />6,921,592
<br />7,350,704
<br />(429,112)
<br />(5.8)
<br />Total expenses
<br />168,510,645
<br />144,804,342
<br />23,706,303
<br />16.4
<br />Future recoverable costs
<br />(6,680,424)
<br />(7,204,535)
<br />524,111
<br />(7.3)
<br />Change in net position
<br />7,018,513
<br />12,326,215
<br />(5,307,702)
<br />(431)
<br />Beginning net position
<br />183,473,001
<br />171,146,786
<br />12,326,215
<br />7.2
<br />Ending net position
<br />$ 190,491,514
<br />$ 183,473,001
<br />$ 7,018,513
<br />3.8
<br />145
<br />
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