ERMUSR FINANCIALS 11-13-2008FINANCIAL INDEX
FINANCIALS Sep -08
PAGE
COMBINED BALANCE SHEET
1
ELECTRIC INCOME STATEMENT
2
WATER INCOME STATEMENT
3
CASH FLOW BY MONTH
4
ELECTRIC CASH FLOW DETAIL
5
WATER CASH FLOW DETAIL ..............
6
GRAPH #1 ELECTRICAL PURCHASES ..............
7
GRAPH #2 ELECTRIC SALES
8
GRAPH #3 ELECTRIC SALES/CUSTOMER CLASS ..............
9
GRAPH #4 WATER PRODUCTION ..............
10
GRAPH #5 WATER SALES
11
DETAILED ELECTRIC P & L WITH BUDGET INFORMATION.......
12
..............
13
..............
14
..............
15
DETAILED WATER P & L WITH BUDGET INFORMATION..........
16
..............
17
..............
18
PROFIT AND LOSS NARRATIVE ........1.....
19
COMBINED BALANCE SHEETS
Sept 2008
ASSETS
CURRENT ASSETS
CASH & TEMPORARY INVESTMENTS
ACCOUNTS RECEIVABLE
INVENTORIES
PREPAID ITEMS
CONSTRUCTION IN PROGRESS
TOTAL CURRENT ASSETS
RESTRICTED ASSETS
BOND RESERVE FUND
EMERGENCY RESERVE FUND
UNRESTRICTED RESERVE FUND
TOTAL RESTRICTED ASSETS
FIXED ASSETS
PRODUCTION
LFG PROJECT
TRANSMISSION
DISTRIBUTION
GENERAL
OTHER ASSETS.
FIXED ASSETS (COST)
LESS ACCUMULATED DEPRECIATION
TOTAL FIXED ASSETS, NET
TOTAL ASSETS
LIABILITIES AND FUND EQUITY
CURRENT LIABILITIES
ACCOUNTS PAYABLE
SALARIES AND BENEFITS PAYABLE
DUE TO CITY
DUE TO OTHER FUNDS
BONDS PAYABLE -CURRENT PORTION
TOTAL CURRENT LIABILITIES
LONG TERM LIABILITIES
LFG PROJECT
DUE TO COUNTY
BONDS PAYABLE, LESS CURRENT PORTION
TOTAL LONG TERM LIABILITIES
TOTAL LIABILITIES
FUND EQUITY
CAPITAL ACCOUNT CONST COST
CONTRIBUTED CAPITAL
RETAINED EARNINGS
TOTAL FUND EQUITY
TOTAL LIABILITIES & FUND EQUITY
ELECTRIC
1,024,749 54
2,783,524.34
1,487,210.31
137,466.26
538,223.96
5,971,174.41
733,400.00
1,233,948.38
WATER
383,297.42
686,823.03
33,295 40
8,516.39
1,027,157.89
2,139,090.13
2,592,095.60
1,013,278.70
116., 658.47 135, 49 3.00
2,084,006.85 3,740,867.30
2,342,563.74
4,131,648.93
474,335.00
31,536,525.15
10,317,275.55
48,802.348.37
(19,329,357.34)
29,472,991.03
133,500A2
37,661,672.71
1,363,999.92
214,486.74
45,000.00
232,296.87
1,855,783.53
2,701,994.04
7,853,750.35
10,555,744.39
12,411,527.92
733,400.00
9,497,241.34
20,084 045 77
886.279.12
30,467,566.23
(7,809,904.67)
22,657,661.56
128,521.13
28,666,140.12
46, 349.05
62,240.70
108,589.75
7,606,250.00
7,606,250.00
7,714,839.75
24,516,744.80 20,951,300.36
25,250,144.80 20,951,300.36
37,661,672.72 28,666,140.11
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PROFIT AND LOSS NARRATIVE
September 2008
Electric P&L
Revenues have caught up quickly in the months of August and September. Total
Operating Revenue is up 13% over the prior year. The large industrial sales with the data
centers are up 26% year to date. Year to date operating revenues are 78% of budget (the
same as last year), and 75% would be the linear comparison.
Other revenues are pretty consistent with the prior year with the exception of Security
sales (which are almost double this month compared to last year) and Connection Fees
(which have been down all year.)
Purchased power is up 14% over the prior year, and up 20% year to date. The Other
Operating Expense and Landfill Gas categories are consistent with last year. Distribution
and Maintenance expenses are actually down this month compared to last year. Last year
more maintenance was performed in this month as construction slowed down, and this
year we have had projects come up and the maintenance focus we have been doing over
the summer has dropped off.
Administrative and General expenses are up from last year. The rebate portion of the CIP
(Conservation Improvement Program) expenses are up but they will be offset as the
rebates we have paid out are reimbursed to us from GRE in subsequent months.
We have a net profit for this month again, and the year-to-date numbers reflect meeting
the budgeted annual net profit early. The projections for November and December
(see the cash flow detail) are a net loss for both months and ending the year down
$192,000 from budget. The projected cash position is to draw down reserves by
$100,000. Only time will tell.
Water P&L
Water Sales are finally picking up as well and are closing the gap when comparing to the
prior year, but still behind by almost $100,000. Connection Fees are way down for the
month, and for the year, but that seems to be turning a corner as we head into the end of
the year with some upcoming projects that will boost these numbers just a little.
Expenses are pretty comparable to last year with the exception of interest expense. There
was an adjustment made last year that skews the numbers for comparison.
Here, too, we have a net profit for the month and year but water rarely sees a net profit in
the fourth quarter. The projections (see the cash flow detail) are to end down $250,000
from budget and draw down reserves by $550,000.
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