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Financial Analysis of the Utilities
<br />Our analysis of the Utilities begins on page 22 in the Financial Section. One of the most important questions asked about
<br />the Utilities' finances is "Is the Utilities as a whole better off or worse off as a result of this year's activities?" The
<br />Statement of Net Position, and the Statement of Revenues, Expenses and Changes in Net Position report information
<br />about the Utilities' activities in a way that will help answer this question. These two statements report the net position of
<br />the Utilities and changes in the net position. You can think of the Utilities' net position (the difference between assets and
<br />liabilities) as one way to measure financial health or financial position. Over time, increases or decreases in the Utilities'
<br />net position is one indicator of whether its financial health is improving or deteriorating. However, you will need to
<br />consider other non -financial factors such as changes in economic conditions, population growth, zoning, and new or
<br />changed government legislation.
<br />Net Position. To begin our analysis, a summary of the Utilities' Statements of Net Position is presented in Table A-1. As
<br />can be seen from the Table, net position increased in fiscal 2023 from fiscal 2022.
<br />Table A-1
<br />Condensed Statement of Net Position
<br />Increase
<br />2023
<br />2022
<br />(Decrease)
<br />Assets
<br />Current and other
<br />$ 31,866,563
<br />$ 32,660,889
<br />$ (794,326)
<br />Capital and other non -current
<br />96,673,875
<br />94,194,163
<br />2,479,712
<br />Total Assets
<br />128,540,438
<br />126,855,052
<br />1,685,386
<br />Total Deferred Outflows of Resources
<br />816,369
<br />1,414,144
<br />(597,775)
<br />Liabilities
<br />Current
<br />8,837,628
<br />9,803,732
<br />(966,104)
<br />Non -current
<br />33,043,134
<br />35,418,139
<br />(2,375,005)
<br />Total Liabilities
<br />41,880,762
<br />45,221,871
<br />(3,341,109)
<br />Total Deferred Inflows of Resources
<br />5,774,797
<br />5,175,960
<br />598,837
<br />Net Position
<br />Net investment in capital assets
<br />61,103,248
<br />58,323,263
<br />2,779,985
<br />Restricted for debt service
<br />1,779,016
<br />1,779,016
<br />-
<br />Unrestricted
<br />18,818,984
<br />17,769,086
<br />1,049,898
<br />Total Net Position
<br />$ 81,701,248
<br />$ 77,871,365
<br />$ 3,829,883
<br />Net Position as a Percent of Total
<br />Net investment in capital assets 74.8 % 74.9 %
<br />Restricted 2.2 2.3
<br />Unrestricted 23.0 22.8
<br />100.0 % 100.0 %
<br />Electric and Water Rates. Electric - The Utilities' electric rates had a zero -rate increase effective January 2024. The
<br />monthly base charges are based upon the type of service. The monthly charges are $15.00 for residential, $32.00 for non -
<br />demand, $77.00 for demand and $115.00 for large industrial demand customers. In addition to the base charges the
<br />residential rate is $.1373/kWh for June -October usage, and $.1255/kWh for November -May usage; the non -demand rate is
<br />$.1330/kWh for June -October, and $.1114/kWh for November -May; the demand rate is $.0704/kWh energy charge year
<br />round with a demand charge of $16.75/kW June -October, and $11.75/kW for November -May; the large industrial demand
<br />rate is $.0696/kWh energy charge year round with a demand charge of $16.25/kW June -October, and $11.25/kW
<br />November -May.
<br />16
<br />81
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