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Section 2 <br /> - 6 - <br />Debt Service <br />ERMU currently has outstanding electric debt pursuant to bonds issued in 2016, 2018 <br />and 2021. No additional bond issues assumed for the electric utility through the Study <br />Period. <br />Interfund Borrowing <br />It is assumed that the water utility will make a $1.4 million loan to the electric department <br />in 2026 which will be repaid in 2028. <br />Projected Operating Results – Existing Rates <br />Based on the assumptions outlined above, the resulting projected operating results <br />assuming continued application of the existing retail rates are summarized in Table 2-4 <br />for the electric utility. A summary presentation of the operating results is shown in Exhibit <br />2-A. The results below are provided as an indication of revenue needs in the future. <br />Table 2-4 <br /> Projected Operating Results <br />Existing Rates <br />Year 2025 2026 2027 2028 2029 <br />Operating Revenues $47,893,140 $49,217,147 $49,432,238 $49,649,040 <br />Less Operating <br />Expenses (44,210,400) (45,215,511) (46,121,914) (47,047,707) <br />Plus Non -Operating <br />Revenues (Expenses) 468,457 489,744 496,394 536,394 <br />Plus Fees and Transfers (1,756,111) (1,815,029) (1,824,601) (1,834,249) <br />Change in Net Position(1) $3,800,000 2,395,085 2,676,350 1,982,117 1,303,478 <br />Net Position as Percent <br />of Revenues 5.0% 5.4% 4.0% 2.6% <br />(1) 2025 EOY change in net position estimated by ERMU staff based on 2025 YTD actual results <br />61