ERMUSR FINANCIALS 02-12-2008Ji
Elk River -=~
Municipal Utilities
1.3069 Orono Parkway • P.O. Box 430
Elk River, MN 55330-0430
February 8, 2008
To: Elk River Municipal Utilities commission
Jerry Takle
Jim Tralle
Jerry Gumphrey
From: Theresa Slominski
Subject: Financial Statements
Phone: 763.441.2020
Fax: 763.441.8099
I do not have financial statements, with estimated audit adjustments, for December 2007,
completed yet. I have preliminary operations numbers only. There have been a lot of staff
out sick (including myself) and other items have come up that have taken my time instead
of being able to focus on the financials. I plan to distribute them at the meeting on
Tuesday afternoon and review them in my staff update.
I can give you some general summary on operations for the year end, and it is good
news. Both the electric and water operations ended the year with better-than-budgeted
numbers, and the cash flow numbers for budgeted contributions to reserve are up as well.
The audit adjustments that I will be including are to accrue the invoices for items we
received in December but paid for in January, to accrue wages for hours worked
December 27th- December 31St, and to accrue any additional vacation and sick pay
earned. We will still have further adjustments -City shared costs, final depreciation
(since it is estimated throughout the year), water infrastructure from developers, and other
miscellaneous items but we won't have those final numbers until the end of this month.