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YEAR TO DATE PROFIT AND LOSS NARRATIVE
<br />ELECTRIC
<br />The year to date income for 2005 is $4,807,151.40, as compared to year to date income
<br />for 2004 of $4,336,376.45, is an increase of $470,774.95. The increase in income from
<br />customers usage and rate increases is $339,180.46. The remainder is attributable to a
<br />$60,000 increase in Connection Fees, a $10,000 increase in Penalties, $35,000 in Security
<br />Sales (not reflected at all in 2004), and a $37,000 increase in Miscellaneous Sales (of
<br />which $21,000 is from Connexus Energy.) There is a decrease in interest income
<br />comparing 2005 to 2004 because there were 4 Certificates of Deposit that matured in
<br />April of 2004 that were cashed in recognizing $26,770.64 in interest, and none cashed in
<br />year to date in 2005.
<br />The year to date expense for 2005 is $4,451,828.27, as compared to year to date for 2004
<br />of $3,820,810.66, is an increase of $631,017.61. The largest increase in expenses relates
<br />to the associated increase in Power Costs from the customer use mentioned above, and
<br />accounts for $221,721.53 of the increase. The second largest increase is in Depreciation,
<br />which accounts for $155,775.00 of the increase. The remaining increases are as follows:
<br />$14,000 increase in Landfill Gas Expense (no expense recognized Jan 2004), $41,000 in
<br />Security Expenses (not reflected at all in 2004), $52,000 in Interest (a large catch-up was
<br />don in December 2004), $20,000 in Donated Labor/Services to the City, $60,000 in
<br />Revenue Transfers (large catch-up was done in December 2004), and a $60,000 increase
<br />in Administrative & General (insurance increases of $25,000 and payroll prior year's
<br />expenses of $35,000.)
<br />WATER
<br />The year to date income for 2005 is $545,085.70, as compared to year to date income for
<br />2004 of $460,902.20, is an increase of $84,183.50. The largest part of this increase is in
<br />the Connection Fees, which increased $56,000. The remaining increase, $28,000, is from
<br />customer usage and rate increases.
<br />The year to date expense for 2005 is $626,978.86, as compared to year to date for 2004 of
<br />$307,180.02, is an increase of $319,798.84. The largest increase is depreciation,
<br />accounting for $165,000 or 52% of the total increase. The remaining increases are as
<br />follows: $30,000 in Pumping Expense (increased maintenance on wells), $50,000 in
<br />Distribution (a 5% payroll split in 2004 and 25% split in 2005), $50,000 in
<br />Administrative & General (5% 2004 split versus 25% 2005 split, as well as increased
<br />insurance premiums.)
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