3.3. ERMUSR FINANCIALS 12-15-2009

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Water P&L Water Sales are also up this month compared to last year, a 35% increase. Year-to-date sales pulled ahead of last year as well, by 5%. With the current year-to-date sales at $1,975,178, meeting the budgeted amount of $2,000,000 should be no problem. Other Revenue is down, in total, from the prior year. The Investment Income is increased over last year due to the bond refunding escrow accounts earning interest, but Connection Fees continue to be down. Expense explanations are the same as mentioned last month. Production Expense is higher this year as there has been more work done by staff on maintenance in this area. Pumping Expense is down this month but increased over last year in the accumulated total. The larger accumulated total is a result of SCADA system issues and increased electricity costs to pump the wells. Distribution Expense is down as staff focus has been more on production this year (increase in production expense noted above.) Also, this account has a re-allocation from water to electric for diesel fuel, since their equipment doesn't utilize the diesel, only the gas. This results in a lower number when comparing year to year. Interest Expense is higher this year as a result of the bond refunding. Remaining expenses are comparable to last year and in line with budget. Customer Accounts Expense shows a credit of $1,141.46 due to a re-allocation from water to electric of the disconnect portion from our meter reader expenses. The Administrative and General Expense has the insurance expenses adjusted for the final premium rates received, which has a very favorable impact for water, and even results in a credit this month. Net profit is again greater than the prior year for the month. Net Income year-to-date is also up from last year by 4%. The Cash Flow Detail report projects the net loss down from budget, however, reduced capital project expenditures result in a very positive number to be able to contribute to reserves. 2C