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Ji <br />Elk River -=~ <br />Municipal Utilities <br />1.3069 Orono Parkway • P.O. Box 430 <br />Elk River, MN 55330-0430 <br />February 8, 2008 <br />To: Elk River Municipal Utilities commission <br />Jerry Takle <br />Jim Tralle <br />Jerry Gumphrey <br />From: Theresa Slominski <br />Subject: Financial Statements <br />Phone: 763.441.2020 <br />Fax: 763.441.8099 <br />I do not have financial statements, with estimated audit adjustments, for December 2007, <br />completed yet. I have preliminary operations numbers only. There have been a lot of staff <br />out sick (including myself) and other items have come up that have taken my time instead <br />of being able to focus on the financials. I plan to distribute them at the meeting on <br />Tuesday afternoon and review them in my staff update. <br />I can give you some general summary on operations for the year end, and it is good <br />news. Both the electric and water operations ended the year with better-than-budgeted <br />numbers, and the cash flow numbers for budgeted contributions to reserve are up as well. <br />The audit adjustments that I will be including are to accrue the invoices for items we <br />received in December but paid for in January, to accrue wages for hours worked <br />December 27th- December 31St, and to accrue any additional vacation and sick pay <br />earned. We will still have further adjustments -City shared costs, final depreciation <br />(since it is estimated throughout the year), water infrastructure from developers, and other <br />miscellaneous items but we won't have those final numbers until the end of this month. <br />