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Statements of Revenues, Expenses and Changes in Net Position. While the Statements of Net Position show the change
<br />in financial assets/deferred outflows and liabilities/deferred inflows, the Statements of Revenues, Expenses and Changes
<br />in Net Position, provide answers as to the nature and source of these changes. As can be seen in Table A-2, revenues in
<br />excess of expenses were the main source of the increase in net position in fiscal 2023. A closer examination of the
<br />individual categories affecting the source of changes in net position is discussed below:
<br />Revenues
<br />Operating
<br />Nonoperating
<br />Total Revenues
<br />Expenses
<br />Operating
<br />Nonoperating
<br />Total Expenses
<br />Table A-2
<br />Condensed Statements of Revenues,
<br />Expenses and Changes in Net Position
<br />2023 2022
<br />$ 47,834,738
<br />1,625,170
<br />49,459,908
<br />45,253,729
<br />847,654
<br />46,101,383
<br />$ 46,811,891
<br />1,174,011
<br />47,985,902
<br />45,579,586
<br />892,147
<br />46,471,733
<br />Increase
<br />(Decrease)
<br />$ 1,022,847
<br />451,159
<br />1,474,006
<br />(325,857)
<br />(44,493)
<br />(370,350)
<br />Income Before Contributions and Operating Transfers
<br />3,358,525
<br />1,514,169
<br />1,844,356
<br />Capital Contributions - Developer Infrastructure and Connection Fees
<br />253,341
<br />2,488,236
<br />(2,234,895)
<br />Contribution from Customers
<br />489,452
<br />298,935
<br />190,517
<br />Transfers from Other City Funds
<br />1,348,943
<br />-
<br />1,348,943
<br />Transfers to Other City Funds
<br />(1,620,378)
<br />(1,531,633)
<br />(88,745)
<br />Change in Net Position
<br />3,829,883
<br />2,769,707
<br />1,060,176
<br />Net Position, January 1
<br />77,871,365
<br />75,101,658
<br />2,769,707
<br />Net Position, December 31
<br />$ 81,701,248 $ 77,871,365 $ 3,829,883
<br />Revenues. Table A-2 shows that operating revenue increased by 2.2 percent in 2023 for the Electric and Water
<br />Departments combined.
<br />Nonoperating revenue is comprised of transmission rebate revenue in the Electric Department, and water tower lease
<br />revenue in the Water Department. Regarding transmission rebates, in 2007 the Electric Department partnered with
<br />Midwest Municipal Transmission Group (MMTG) in order to have our transmission assets recognized in the Midwest
<br />Independent Transmission System Operator (MISO) market. In doing so, our transmission assets generate a revenue
<br />rebate, which in turn helps keep our rates down. In 2023, rebates received from our 2021 filings averaged approximately
<br />$57,600 per month. The Water Department is receiving lease revenue from Sprint and Verizon for antennas on the water
<br />towers. In 2023 this amount was approximately $402,423 and will continue for the duration of the multi -year contracts.
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