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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, 2008 AND 2007
<br />2008
<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 adminis~ative
<br />TOTAL OPERATING EXPENSES
<br />Electric water - Total
<br />$ 21,310,737 $ 2,109,014 $ 23,419,751
<br />227,772 - 227,772
<br />993,257 - 993,257
<br />222,584 - 222,584
<br />22,754,350 2,109,014 24,863,364
<br />
<br />14,778,270 - 14,778,270
<br />886,515 394,599 1,281,114
<br />1,273,124 182,711 1,455,835
<br />2,057,851 974,848 3,032,699
<br />651,585 72,811 724,396
<br />1,954,407 535,292 2,489,699
<br />
<br />21,601,752 2,160,261 23,762,013
<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 />Gain (loss) on sale of capital assets
<br />Miscellaneous expense
<br />TOTAL NONOPERATING REVENUES (EXPENSES)
<br />INCOME (LOSS) BEFORE CONTRIBUTIONS AND TRANSFERS
<br />CONTRIBUTIONS FROM DEVELOPERS
<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 />1,152,598 (51,247) 1,101,351
<br />.155,597 51,873 207,470
<br />300,769 236,536 537,305
<br />187,553 21,110 208,663
<br />126,969 8,922 135,891
<br />(314,775) (279,292) (594,067)
<br />(11,169) (13,164) (24,333)
<br />(8,369) - (8,369)
<br />(3,158) - (3,158)
<br />433,417 25,985 459,402
<br />1,586,015 (25,262) 1,560,753
<br />(540,636) (20,000) (560,636)
<br />1,045,379 (45,262) 1,000,117
<br />24,015,574 20,830,416 44,845,990
<br />(108,417) (8,560) (116,977)
<br />23,907,157 20,821,856 44,729,013
<br />$ 24,952,536 $ 20,776,594 $ 45.729,130
<br />The notes to the financial statements are an integral part of this statement.
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