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ELK RIVER MUNICIPAL UTILITIES
<br />ELK RIVER, MINNESOTA
<br />STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS
<br />YEARS ENDED DECEMBER 31, 2007 AND 2006
<br />OPERATING REVENUES
<br />Charges for services
<br />Security systems
<br />LFG project
<br />Generation credit
<br />TOTAL OPERATING REVENUES
<br />OPERATING EXPENSES
<br />Purchased power
<br />Production
<br />Distribution
<br />Depreciation
<br />Customer accounts
<br />General and administrative
<br />TOTAL OPERATING EXPENSES
<br />OPERATING INCOME (LOSS)
<br />NONOPERATING REVENUES (EXPENSES)
<br />Interest income
<br />Connection charges
<br />Customer penalties
<br />Miscellaneous revenue
<br />Interest expense
<br />Amortization of bond discount
<br />Miscellaneous expense
<br />TOTAL NONOPERATING REVENUES (EXPENSES)
<br />INCOME BEFORE CONTRIBUTIONS AND TRANSFERS
<br />2007
<br />Electric Water Total
<br />$ 18,190,757 $ 2,113,166 $ 20,303,923
<br />195,723 - 195,723
<br />974,040 - 974,040
<br />306,023 - 306,023
<br />19,666,543 2,113,166 21,779,709
<br />
<br />12,176,034 - 12,176,034
<br />750,669 447,133 1,197,802
<br />1,079,302 221,214 1,300,516
<br />1,920,798 921,450 2,842,248
<br />583,063 65,622 648,685
<br />1,752,939 457,377 2,210,316
<br />18,262,805 2,112,796 20,375,601
<br />
<br />1,403,738 370 1,404,108
<br />
<br />137,486 44,340 181,826
<br />368,182 627,774 995,956
<br />228,780 29,194 257,974
<br />287,871 2,262 290,133
<br />(296,136) (223,654) (519,790)
<br />(11,180) (7,708) (18,888)
<br />(1,330) - (1,330)
<br />
<br />713,673 472,208 1,185,881
<br />
<br />2,117,411 472,578 2,589,989
<br />CONTRIBUTIONS FROM DEVELOPERS
<br />GAIN (LOSS) ON SALE OF CAPITAL ASSETS
<br />TRANSFERS TO OTHER CITY FUNDS
<br />CHANGE IN NET ASSETS
<br />NET ASSETS, JANUARY 1
<br />PRIOR PERIOD ADJUSTMENTS
<br />NET ASSETS, RESTATED, JANUARY 1
<br />NET ASSETS, DECEMBER 31
<br />- 292,965 292,965
<br />(2,815) - (2,815)
<br />(483,000) (20,000) (503,000)
<br />1,631,596 745,543 2,377,139
<br />22,492,877 20,162,365 42,655,242
<br />(108,899) (77,492) (186,391)
<br />22,383,978 20,084,873 42,468,851
<br />$ 24,015,574 $ 20,830,416 $ 44,845,990
<br />The notes to the financial statements are an integral part of this statement.
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