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Management's Discussion and Analysis -Continued
<br />April 7, 2008
<br />NET ASSETS
<br />To begin our analysis, a summary of the Utilities' Statements of Net Assets is presented in Table A-1. As can be seen from the
<br />Table, net assets increased $2,190,748 to $44,845,990 in fiscal 2007 up from $42,655,242 in fiscal 2006.
<br />TABLE A-1
<br />Condensed Statement of Net Assets
<br />Increase
<br />2007 2006 (Decrease)
<br />Assets
<br />Current and other
<br />Capital
<br />Total assets
<br />Liabilities
<br />Current
<br />Non-current
<br />Total liabilities
<br />Net assets
<br />Invested in capital assets, net of related debt
<br />Restricted for debt service
<br />Unrestricted
<br />Total net assets
<br />$ 10,028,942 $ 8,042,300 $ 1,986,642
<br />53,490,290 51,160,635 2,329,655
<br />
<br />63,519,232 59,202,935 4,316,297
<br />
<br />3,596,248 3,044,741 551,507
<br />15,076,994 13,502,952 1,574,042
<br />
<br />18,673,242 16,547,693 2,125,549
<br />
<br />37,126,236 36,628,815 497,421
<br />733,400 445,900 287,500
<br />6,986,354 5,580,527 1,405,827
<br />$ 44,845,990 $ 42,655,242 $ 2,190,748
<br />Looking at Table A-1, you can see that most of the change in net assets was realized in the capital assets, which increased
<br />$2,190,748 in fiscal 2007. The biggest capital asset additions were the completion of the feeders in Otsego and feeders from the
<br />new Waco substation (still under construction) to the new data centers.
<br />Water and Electric Rates
<br />Electric -The latest increase in the Utilities' electric rates was effective January 2008. The monthly base charges are based upon
<br />the type of service. The monthly charges are $7.50 for residential, $16.00 for commercial, and $50.00 for industrial. In addition
<br />to the base charges the residential rate is $.1000/KWh for May-September usage, and $.08480/KWh for October-April usage; the
<br />commercial rate is $.09732/KWh for May-September usage, and $0.07542/KWh for October-April usage; the industrial rate is
<br />$.04542/KWh energy charge year round with a demand charge of $14.98 KW May-September, and $10.60/KW for October-
<br />April.
<br />-II-
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