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PROFIT AND LOSS NARRATIVE <br />September 2009 <br />Electric P&L <br />As last month had unseasonably cool weather and a related reduction in revenue, this <br />month has the same story, although not as significant as August. Total Operating <br />Revenue is down $116,628 compared to last year. Year-to-date Operating Revenue is <br />4% ahead of last year; however this is more a result of increased rates over last year, not <br />increased usage, with the exception of the Data Centers. <br />Other revenues are consistent, even slightly higher, to the prior year. Connections are up <br />slightly as we had three connections come through this month, and several reconnection <br />fees collected. Miscellaneous Revenue reflects a $35,944 item booked for the Capital <br />Equipment Refund, and the last month of the Air Conditioning controlled credit -$8,500. <br />For expenses, Purchased Power is slightly under last year (2%), but year-to-date is still <br />increased over last year, up 14%. This month we did have a PCA credit of $48,000 for <br />the prior month's usage, bringing our year-to-date PCA to approximately $10,000. <br />Other expenses are in line with prior year and budgeted numbers. The category of Other <br />Operating Expense is the exception. It is showing an increase from $900 in 2008 to <br />$25,000 in 2009. This category has $24,566 for Loss on Disposition of Property due to <br />the removal of surplus obsolete or damaged inventory. In total we disposed of <br />approximately $34,000, which is offset with receipts of $9,800 from selling some of the <br />fuse pads we could no longer use. Please note that in the category of Administrative and <br />General Expenses we booked the receivable of $69,000 for the CIP rebates we expensed <br />and are awaiting the reimbursement from GRE, so that no longer skews the numbers for <br />comparison. <br />Net Income is positive, however lower than last year by almost 9%. The year-to-date Net <br />Income is increased over last year by 6.6%. Again to note, the increased power costs, <br />only partially offset by increased rates in this year's budget, is compressing our margin. <br />Targeted budget net income numbers still differ by approximately $250,000, but our cash <br />position for end of year projections are in line. Again, the Cash Flow Detail report shows <br />this very well. Decreased inventory purchases and capital project reductions (either <br />postponing or reduced project expenses) have been the biggest contributors here. <br />~~ <br />