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5.3. ERMUSR 11-09-2004 >itElk River Municipal Utilities 13069 Orono Parkway phone: 763.441.2020 Elk River. MN 55330 Fax.763.441-8099 November 2, 2004 To: Elk River Municipal Utilities Commission Jerry Takle Jim Tralle John Dietz From: Bryan Adams Subject: Electric & Water Financial Projections Twice annually we update our electric and water financial projections to ensure we have the necessary financial resources. These times are year end after the audit and during the budget process. Attached arc the water and electric department "Springstad" financial projections. These projections reflect 2005 budget assumptions. In summary, these financial projections reflect similar results as previous years. We continue to have adequate financial reserves with the assumptions made. The reserve dollars are a little higher in the latter years than previously indicated. 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