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PROFIT AND LOSS NARRATIVE <br />October 2009 <br />Electric P&L <br />This month we have a much better financial presentation to make. The operating revenue <br />is up for the monthly amount, and the year to date amount. Monthly revenue is up 13%, <br />and year-to-date operating revenue is 5% ahead of last year. <br />Other Revenues are consistent for the month with the prior year, in total. Compared to <br />last year the monthly Interest Income and the Connect Fees are down, but Penalties, the <br />Landfill Project, and Security are up. The year-to date totals are down, largely due the <br />decreased connections. <br />Total year-to-date Revenue (Operating and Other combined) is up 4% over last year. <br />For expenses, Purchased Power is very close to last year, but last year included a <br />$100,000 PCA. Year-to-date is still increased over last year, up 13%. We received a <br />PCA charge of approximately $44,000 this month, and we were told there will be a credit <br />of $56,000 coming next month, bringing the accumulated year's PCA to only $600. <br />Maintenance Expense has a re-allocation of diesel fuel from the water department to the <br />electric department, since their equipment doesn't utilize the diesel, only the gas. This <br />results in a larger number when comparing year to year. Other expenses are in line with <br />prior year and budgeted numbers. This month's Other Operating Expense has an increase <br />from $846 in 2008 to $8,552 in 2009. There is an amount of approximately $6,000 for <br />interest credited to customers who had deposits on account with us. The interest rate this <br />year for deposits was 3.3%, compared to 1% in 2008. <br />Administrative and General Expenses are higher than last year. The CapEx expenses <br />have been accrued this year and last year they were almost all recognized in the month of <br />December. We received our final insurance premium numbers for our property and <br />general liability insurance and have adjusted the accrual for the actual numbers. This <br />results in a $5,000 higher number this month. There are two payments of health insurance <br />premiums posted this month, which skews the numbers. <br />Net Income is positive, and increased over last year by almost 43%. The year-to-date Net <br />Income, however, is decreased from last year by 65%. Targeted budget net income <br />numbers still differ by approximately $225,000, but our cash position for end of year <br />projections are in line. Again, the Cash Flow Detail report shows this very well. Capital <br />project reductions (either postponing or reduced project expenses) have been the biggest <br />contributors here. <br />-I <br />