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PROFIT AND LOSS NARRATIVE <br />Electric P&L <br />The Operating Revenue is up 17 % over the prior year. As last month, this is due in part <br />to the usage (usage is up 10%) and rate increases. Additionally, we collected <br />approximately $70,000 in passing through some of the Power Cost Adjustment (PCA) <br />charge. <br />Purchased power continues to be the largest expense variance over last year, up 40%. <br />While the increased usage accounts for some of the increase, the PCA is roughly a third <br />of the increase, $118,000. <br />General Maintenance expenses are up over last year -that is more the focus of the <br />workforce this year. Tree trimming, underground distribution, and line transformers have <br />seen the greatest increases. <br />Interest Expense is up over last year with the addition of the new bond. <br />Services to the City is up: the donated electricity is up 28%, and we have one more <br />payment on the books this year compared to last year. Also, the monthly payment at the <br />start of the year in 2007 was $35,000 and this year it is $45,000. With an additional <br />payment of $45,000 and 3 months at $10,000 more, it accounts for the $75,000 difference <br />over last year. <br />Customer Accounts Expense is down from last year due to write-offs being handled in <br />March of 2007; for 2008 they were handled in April. <br />To re-iterate from last month, Insurance is up from last year and is a timing issue more <br />than an actual cost issue. The insurance term is from April to April and the prior year's <br />term (2006) was allocated through December, not into the next year -however, we should <br />have comparable numbers at the end of the year. <br />Sick pay is double what it was a year ago. We had one employee in a personal accident <br />and had one employee schedule a surgery, both necessitated time off before returning to <br />work. This is an item that will fluctuate and so is difficult to compare from year to year <br />and month to month. <br />Year to date profit is lower than last year with the biggest factor being the power cost <br />adjustments. If we took the PCA out of the scenario, we would be ahead of last year by <br />approximately $50,000. <br />l °- <br />