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PROFIT AND LOSS NARRATIVE <br />May 2008 <br />Electric P&L <br />Overall, we are in line with budgets and projections. Given the cooler spring weather and <br />slower economy, this is good news. <br />The Operating Revenue is up again this month, 9% over the prior year (excluding the <br />PCA.) The Power Cost Adjustment (PCA) charge was $111,000. We still have <br />approximately $90,000 to recover, and then we will be caught up, barring any further <br />adjustments we are billed from Connexus. Year to date operating revenues are 37% of <br />budget, and 42% would be typical. Over the next few summer months we should see <br />revenues pick up, weather permitting. <br />Other revenues, taken as a whole, are down slightly from a year ago. Connection Fees are <br />down considerably for the month, but year to date are pretty even with last year. We had <br />a few CDs mature and so the interest revenue is higher than last year. <br />Purchased power continues to be the largest operating expense variance over last year, up <br />38% for the month as compared to last year, and up 35% for the year to date comparison. <br />The Other Operating Expense category is up from last year (if you remember last month, <br />it was down considerably) but, again, year to date it is reasonable - at 31 % of budget. <br />Landfill Gas expenses are right on with projections. There is an increase over last year <br />and it is due to a $10,000 bonus payment made to the county in lieu of interest payments. <br />Distribution and General Maintenance expenses are up over last year, as has been noted <br />in prior months, and are still in line with the projections. Distribution and Maintenance <br />expenses are at approximately 47% of budgeted amounts, and 42% would be typical for <br />May. Again, there is more of a focus on maintenance this year as the capital projects have <br />slowed down. We will continue to monitor this category. <br />Depreciation Expense is a truer number now as our fixed asset schedules are being <br />updated throughout the year and the actual current depreciation is being calculated <br />(thanks to Lorrie, the Assistant Accountant)! <br />Services to the City has been addressed before. As a reminder, it is a $10,000/ month <br />increase over last year for the 3% of revenues payment, we have made one additional <br />payment year to date this year as compared to last year, and the donated electricity is up <br />with the new library and some park accounts added. Customer Accounts Expenses are <br />right on target with projections and year to date comparisons. Administrative and General <br />Expenses are at 39% of budget, and so in line with projections. <br />Iq <br />