6.1a ERMUSR 06-14-2022UTILITIES COMMISSION MEETING
TO:FROM:
ERMU Commission Theresa Slominski –General Manager
MEETING DATE: AGENDA ITEM NUMBER:
June 14, 2022 6.1a
SUBJECT:
Staff Update
ACTION REQUESTED:
None
DISCUSSION:
The Minnesota Municipal Power Agency (MMPA) first quarter 2022 income statement
and balance sheet are attached. It is important to note that these financials have not
been audited. This is the same financial information that the Agency sends to data
repositories as part of its bond agreements and is public information.
You should have received the invites ofthe MMPA Annual Meetingfor Tuesday, July 26
at the Anoka Greenhaven Golf Course. As mentioned last month, this meeting will be a
great opportunity for you to hear firsthand the long-term plans of the agency and get
comfortable with extending the Power Sales Agreements through December 31, 2060. I
encourage you to consider attending this event.
We had a Zoom meeting with Baker Tilly to meet ERMU’s new municipal advisor, Paul
Steinman, as Terri Heaton will be retiring this summer and he will be taking on the
customers she previously worked with for bonding.
The Managers will be meeting with Kent Myers on June 16 for a strategic planning
session. Kent is with Vision Companies and is also the consultant Minnesota Municipal
Utilities Association has contracted for the Leadership Academy program.
ATTACHMENTS:
MMPA Unaudited Financials – Q1 2022
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Page 1 of 1
156
Minnesota Municipal Power Agency
Statement of Net Position
As of March 31, 2022 - Unaudited
Assets and Deferred Outflows of Resources
Current Assets
Cash and cash equivalents$74,341,512
Restricted cash and cash equivalents7,923,605
Accrued interest receivable 154,867
Power sales and other receivables13,336,981
y841,183
Fuel inventor
Plant inventory - spares3,758,127
Prepaid expenses1,021,590
Total current assets101,377,865
Noncurrent Assets
Capital assets
Electric generation assets433,155,233
Land10,224,648
n(176,565,679)
Less: accumulated depreciatio
Property and equipment, net266,814,202
Construction in progress1,150,845
Total capital assets, net267,965,047
Restricted cash, cash equivalents, and investments10,647,210
Prepaid expenses522,057
Future recoverable costs45,755,265
Total noncurrent assets324,889,579
Total assets426,267,444
Deferred Outflows of Resources
Deferred outflows of resources - other1,053,482
Total assets and deferred outflows of resources$427,320,926
Liabilities, Deferred Inflows of Resources and Net Position
Current Liabilities
Accounts payable and accrued liabilities$8,256,366
Accrued interest payable3,616,940
r8,613,333
Long-term debt due within one yea
Capital lease liability due within one year1,292,850
Total current liabilities21,779,489
Noncurrent Liabilities
Long-term debt, net167,200,934
t13,650,544
Capital lease liability, ne
Total noncurrent liabilities180,851,478
Total liabilities202,630,967
Deferred Inflows of Resources
Rate stabilization28,671,000
Other12,968,320
Total liabilities and deferred inflows of resources244,270,287
Net Position
Net investment in capital assets89,042,701
Restricted for debt service7,923,605
Unrestricted86,084,333
Total net position183,050,639
Total liabilities and deferred inflows of resources and net position$427,320,926
157
Minnesota Municipal Power Agency
Statements of Revenues, Expenses and Changes in Net Position
YTD March 31, 2022 - Unaudited
Operating Revenues
Power sales to members$38,877,539
Power sales to non-members322,924
Total operating revenues39,200,463
Operating Expenses
Power acquisition expense19,952,155
Transmission5,599,998
Other operating expenses6,544,277
Depreciation3,992,953
Total operating expenses36,089,383
Operating income (loss)3,111,080
Nonoperating Revenues (Expenses)
Interest expense(1,760,844)
Investment income102,116
Net (decrease) increase in the fair value of investments(349,199)
Gain on sale of investments129,129
Total nonoperating revenues (expenses), net(1,878,798)
Change in net position before future recoverable costs1,232,282
Future Recoverable Costs(1,654,644)
Change in net position(422,362)
Net Position, Beginning of Year 183,473,001
Net Position, March 31, 2022$183,050,639
158