3.3. ERMUSR 04-14-2009 - Laserfiche WebLink

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PROFIT AND LOSS NARRATIVE Electric P&L January Operating Revenue is up 38% compared to the prior year. The increase is largely due to the data centers. Commercial usage is up in general, an increase of approximately 18%, and Residential sales and usage are up too, approximately 19%. February Operating Revenue is more consistent with the prior year, with a 9% increase overall. This is attributed to the data centers usage which went from 1,084,800 KWh in February 2008 to 3,052,500 KWh in February 2009. Other Revenues for both months differ in Interest and Dividend Income. Interest rates are less than half of what they were a year ago. Smaller balances carried in the Savings account, which has the interest earned monthly, is the biggest factor. January 2008 interest earned was $8,902.33, January 2009 was $1,930.35. February 2008 interest was $5,792.33 and February 2009 was $1,580.58. Connection Fees are the other difference, with having collected over $70,000 year to date in 2008 and $3,000 year to date in 2009. January and February expenses are increased, with the largest factor being purchased power, as we anticipated with budgeting. In the March/April APPA publication called "Public Power", it was reported that purchased power ranges from 65% to 75% of a Utilities operating budget. Our January percentage of purchased power to total expenses was 77%; and our February percentage of purchased power to total expenses was 69%. Water P&L January Operating revenue was up $3,400 and February Operating revenue was down $3,300 compared to last year and so year to date we are very close. Other Revenues are impacted by Interest and Dividend Income as mentioned above. January 2008 interest earned was $2,967.44, January 2009 was $643.45. February 2008 interest was $1,930.77 and February 2009 was $526.86. However, there were some CDs maturing on the water investments and so there is a more favorable impact to the water interest earnings. Connection Fees are the other difference here to, with having collected over $30,000 year to date in 2008 and $4,000 year to date in 2009. January expenses were comparable year to year, February 2009 increased a little with the biggest differences in depreciation and interest expense. The interest expense is higher due to the bond refunding. We are paying more interest now than a year ago, but will have lower interest payout over the remaining term than we would have before we refunded. ~~