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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 2024. A closer examination of the
<br />individual categories affecting the source of changes in net position is discussed below:
<br />Table A-2
<br />Condensed Statements of Revenues,
<br />Expenses and Changes in Net Position
<br />Revenues
<br />Operating
<br />Nonoperating
<br />Total Revenues
<br />Expenses
<br />Operating
<br />Nonoperating
<br />Total Expenses
<br />Income Before Contributions and Operating Transfers
<br />Capital Contributions - Developer Infrastructure and Connection Fees
<br />Contribution from Customers
<br />Transfers from Other City Funds
<br />Transfers to Other City Funds
<br />Change in Net Position
<br />Net Position, January 1
<br />Net Position, December 31
<br />2024
<br />$ 46,082,215
<br />1,776,015
<br />47,858,230
<br />43,560,442
<br />807,697
<br />44,368,139
<br />2023
<br />$ 47,834,738
<br />1,625,170
<br />49,459,908
<br />45,253,729
<br />847,654
<br />46,101,383
<br />Increase
<br />(Decrease)
<br />$ (1,752,523)
<br />150,845
<br />(1,601,678)
<br />(1,693,287)
<br />(39,957)
<br />(1,733,244)
<br />3,490,091
<br />3,358,525
<br />131,566
<br />477,998
<br />253,341
<br />224,657
<br />712,844
<br />489,452
<br />223,392
<br />-
<br />1,348,943
<br />(1,348,943)
<br />(1,527,629)
<br />(1,620,378)
<br />92,749
<br />3,153,304
<br />3,829,883
<br />(676,579)
<br />81,701,248
<br />77,871,365
<br />3,829,883
<br />$ 84,854,552
<br />$ 81,701,248
<br />$ 3,153,304
<br />Revenues. Table A-2 shows that operating revenue decreased by 3.7 percent in 2024 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 2024, rebates received from our 2022 filings averaged approximately
<br />$52,104 per month. The Water Department is receiving lease revenue from Sprint and Verizon for antennas on the water
<br />towers. In 2024 this amount was approximately $398,737 and will continue for the duration of the multi -year contracts.
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