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PROFIT AND LOSS NARRATIVE <br />Electric P&L <br />Operating Revenue is up 16% over last year, with residential and small commercial usage <br />decreases being offset by the large industrial usage increase. We collected an additional <br />$53,000 in revenue compared to last year. However, as can be seen in the expenses, we <br />paid an additional $96,000 for purchased power. (Year-to-date we have collected an <br />additional $764,000 in revenue and paid an additional $800,000 for power. Typically we <br />get ahead revenue vs power in the "shoulder months" of the summer rates, May and <br />September.) <br />There are two expense line items, Landfill Gas and Services to the City, that had two <br />payments posted in March and so the expense looks much larger for the month. For each <br />item, correct year to date numbers are reflected. Other expense line items are comparable <br />to the prior year and on track with budget. <br />Overall, we are $54,580 ahead of budget for year to date profit/loss projections. <br />Water P&L <br />Operating Revenue is up 22% over last year, which is due to rates and some delayed <br />billing as the usage is down slightly. Connect Fees continue to be lower than last year. <br />Total of all revenue is $4,400 ahead of last year. <br />Pumping expense looks much larger for the month because we have two payments posted <br />in March but this is correct year-to-date. Distribution expense has an item of $9,600 <br />included for a mag meter being installed at GRE but we will be invoicing this and so will <br />be reimbursed by the customer. Other expense line items are comparable to the prior <br />year and on track with budget. <br />Overall, we are $13,775 short of budget for year to date profit/loss projections. <br />~C <br />