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PROFIT AND LOSS NARRATIVE <br />Water P&L <br />All revenue accounts are consistent with this month last year. Water sales are actually <br />ahead by $20,000, but Connect Fees and Interest/Dividend Income combined are down <br />by the same. Connect Fees are anticipated to be down and the Interest/Dividend Income <br />is down due to market conditions and a lower return on investments. <br />Distribution expense is lower this month than last year due to a timing with the water <br />permit expense. <br />Just as last month, Administration and General Expense is comparable by the month, and <br />year to date is higher due to legal and insurances. <br />Like electric, the monthly net income numbers are better than last year and the year to <br />date loss is still behind last year, but remains on target for the year's budgeted numbers. <br />A glimpse at June's preliminary numbers looks very good. <br />