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ELK RIVER MUNICIPAL UTILITIES
<br />ELK RIVER, MINNESOTA
<br />COMBINED BALANCE SHEET
<br />FOR PERIOD ENDING SEPTEMBER 2023
<br />ELECTRIC
<br />WATER
<br />ASSETS
<br />CURRENT ASSETS
<br />CASH
<br />9,832,573
<br />9,490,824
<br />ACCOUNTS RECEIVABLE
<br />4,026,191
<br />5,802,528
<br />INVENTORIES
<br />1,185,630
<br />15,383
<br />PREPAID ITEMS
<br />195,997
<br />44,230
<br />CONSTRUCTION IN PROGRESS
<br />2,534,118
<br />1,117,125
<br />TOTAL CURRENT ASSETS
<br />17,774,510
<br />16,470,090
<br />RESTRICTED ASSETS
<br />BOND RESERVE FUND
<br />1,779,016
<br />0
<br />EMERGENCY RESERVE FUND
<br />2,935,328
<br />1,362,273
<br />UNRESTRICTED RESERVE FUND
<br />0
<br />0
<br />TOTAL RESTRICTED ASSETS
<br />4,714,343
<br />1,362,273
<br />FIXED ASSETS
<br />PRODUCTION
<br />824,065
<br />16,525,311
<br />LEG PROJECT
<br />0
<br />0
<br />TRANSMISSION
<br />2,305,024
<br />0
<br />DISTRIBUTION
<br />47,610,417
<br />26,858,844
<br />GENERAL
<br />23,135,471
<br />1,199,663
<br />FIXED ASSETS (COST)
<br />73,874,977
<br />44,583,817
<br />LESS ACCUMULATED DEPRECIATION
<br />(33,845,383)
<br />(22,972,246)
<br />TOTAL FIXED ASSETS, NET
<br />40,029,594
<br />21,611,571
<br />INTANGIBLE ASSETS
<br />POWER AGENCY MEMBERSHIP BUY -IN
<br />21,546,212
<br />0
<br />LOSS OF REVENUE INTANGIBLE
<br />5,290,120
<br />0
<br />LESS ACCUMULATED AMORTIZATION
<br />(3,339,525)
<br />0
<br />TOTAL INTANGIBLE ASSETS, NET
<br />23,496,807
<br />0
<br />OTHER ASSETS AND DEFERRED OUTFLOWS
<br />1,187,557
<br />226,587
<br />TOTAL ASSETS
<br />87,202,810
<br />39,670,521
<br />LIABILITIES AND FUND EQUITY
<br />CURRENT LIABILITIES
<br />ACCOUNTS PAYABLE
<br />4,858,927
<br />382,337
<br />SALARIES AND BENEFITS PAYABLE
<br />537,540
<br />120,149
<br />DUE TO CITY
<br />880,932
<br />2,141
<br />DUE TO OTHER FUNDS
<br />0
<br />0
<br />NOTES PAYABLE -CURRENT PORTION
<br />0
<br />0
<br />BONDS PAYABLE -CURRENT PORTION
<br />0
<br />0
<br />UNEARNED REVENUE
<br />148,981
<br />407,124
<br />TOTAL CURRENT LIABILITIES
<br />6,426,380
<br />911,752
<br />LONG TERM LIABILITIES
<br />OPEB LIABILITY
<br />0
<br />0
<br />LEG PROJECT
<br />0
<br />0
<br />DUE TO COUNTY
<br />0
<br />0
<br />DUE TO CITY
<br />0
<br />0
<br />BONDS PAYABLE, LESS CURRENT PORTION
<br />29,230,227
<br />1,623,608
<br />PENSION LIABILITIES
<br />3,789,381
<br />725,038
<br />TOTAL LONG TERM LIABILITIES
<br />33,019,608
<br />2,348,646
<br />TOTAL LIABILITIES
<br />39,445,988
<br />3,260,398
<br />DEFERRED INFLOWS OF RESOURCES
<br />54,129
<br />5,121,831
<br />FUND EQUITY
<br />CAPITAL ACCOUNT CONST COST
<br />1,779,016
<br />0
<br />CONTRIBUTED CAPITAL
<br />0
<br />0
<br />RETAINED EARNINGS
<br />45,204,945
<br />30,887,406
<br />NET INCOME (LOSS) (THROUGH PREVIOUS MONTH)
<br />718,732
<br />400,886
<br />TOTAL FUND EQUITY
<br />47,702,693
<br />31,288,292
<br />TOTAL LIABILITIES & FUND EQUITY
<br />87,202,810
<br />39,670,521
<br />57
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