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ELK RIVER MUNICIPAL UTILITIES
<br />ELK RIVER, MINNESOTA
<br />STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS
<br />YEARS ENDED DECEMBER 31, 2009 AND 2008
<br />Electric
<br />2009 2008
<br />OPERATING REVENUES
<br />Charges far services $ 22,581,803 ~ 21,310,737
<br />Security systems 254,773 227,772
<br />LFG project 1,009,482 993,257
<br />Generation credit 172,421 222,584
<br />Customer penalties 209,064 1$7,553
<br />TOTAL OPERATING REVENUES 24,227,743 22,941,903
<br />OPERATING EXPENSES
<br />Pu~~chased power 16,161,444 14,778,270
<br />Production 862,345 886,515
<br />Distribution 1,074,751 1,276,282
<br />Depreciation 2,126,794 2,057,851
<br />Customer accounts 797,482 G51,585
<br />General and administ~~ative 1,903,943 1,954,407
<br />TOTAL OPERATING EXPENSES 22,926,759 21,604,910
<br />OPERATING INCOME (LOSS} 1,300,984 1,336,993
<br />NONOPERATING REVENUES (EXPENSES}
<br />Interest income 87,857 155,597..:
<br />Connection charges 78,208 300,769
<br />Miscellaneous revenue 30,377 12b,9b9
<br />Interest expense (299,452) (314,775}
<br />Amortization of deferred charges (11,169) (11,1 G9}
<br />Loss ors sale of capital assets ~ 32,173 (8,3G9}
<br />TOTAL NONOPERATING REVENUES (EXPENSES} 146,352 249,022
<br />INCOME (LOSS) BEFORE TRANSFERS 1,154,b32 1,586,015
<br />TRANSFERS TO OTHER CITY FUNDS (585,141) (540,636}
<br />CHANGE IN NET ASSETS 569,491 1,445,379
<br />NET ASSETS, JANUARY 1 24,952,536 24,015,574
<br />PRIOR PERIOD ADJUSTMENTS - _ 108,417}
<br />NET ASSETS, RESTATED, JANUARY 1 24,952,536 23,907,157
<br />NET ASSETS, DECEMBER 31 $ 25,522,027 , $ 24,952,53.6_
<br />The notes to the financial statements are an integral pa~~t of this statement.
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