March / April - BENCO Electric Cooperative

2015 BENCO Electric Cooperative
Annual Report
Godahl & Frost Towers
2.1 TPT
Twin Cities PBS
2.2 TPT MN
Minnesota Public TV
2.3 TPT Life
2.4 TPT WX
Weather
4.1 WCCO 4
Minneapolis CBS
5.1 KSTP
Minneapolis ABC
5.2 KSTC
Independent
5.3 MeTV
Television Classics
5.4 Antenna TV
Television Classics
5.6 ThisTV
MGM Movies
5.7 Heroes & Icons
9.1 KMSP
Minneapolis FOX
9.2 WFTC 29
Minneapolis UPN
9.3 Movies TV
Classic Movies
9.4 Bounce TV
9.9 KMSP
Minneapolis FOX
11.4 KARE
Twin Cities NBC
11.5 KARE WX
24-hour weather
12.1 KEYC
Mankato CBS
12.2 FOX Mankato FOX
12.4 KEYC
Mankato CBS
12.5 FOX
Mankato FOX
16.1 CTV
local access & weather
16.2 Tuff TV
sports, hunting, movies
16.3 Heartland
country music & lifestyle
16.4 AMGTV
Old movies
16.5 BizTV
Small bus shows & news
20.1 Vibrant
23.1 WUCW 23
The CW Twin Cities
23.2 getTV
Classic Movies
23.3 GRIT
Movies
24.1 Rev’n
Cars, boats, snowmobiles
31.1 Retro
Old shows
35.1 Blue Hwys Music shows
40.1YouToo
Social Television
41.1 ION TV
TV shows & movies
41.2 QUBO
Kids’ programming
41.3 ION Life
Wellness shows
41.4 SHOP
Products for sale
41.5 QVC
Home Shopping
Home Shopping Network
41.6 HSN
45.1 TBN Religious
45.2 TCC
Church Channel
45.3 Smile of a Child Religious for kids
45.4 Juce TV
Religious young adults, music
45.5 Enlace
Spanish
CTV - 15
Are you looking for a great TV
service for only $7 per month?
Check out Cooperative Television of
Southern Minnesota (CTV)
CTV continues to offer more digital channels
off the Frost and Godahl Towers. The 46
channels available are listed on the back cover of
this
annual report, some of these channels are in
Dave Sunderman
high
definition.
CTV General Mgr
CTV brings you your favorite local channels
like ABC, CBS, NBC, FOX and PBS. In the future they are hoping to
bring even more local programming. Take a look at the channels on
the back cover and see the great variety of programming CTV already
brings you. Where else can you get this great channel lineup for only
$7 per month? Also, the $7 can be added directly to your electric bill so
you won’t have one more bill to pay!
CTV is a great low cost option for our members. If you already
have a working antenna system installed, you’re ready to go. If not,
an antenna system will cost around $350 - $450 to get set up. This
includes an antenna, preamp, mounting and basic hardware. Tower
installations will cost more. A map of the coverage area is shown below.
CTV is owned by four electric cooperatives: BENCO Electric
Cooperative, Brown County REA, Federated REA and South Central
Electric Association. Call BENCO if you want to do your part in
supporting this great service or if you have questions on how you can
get this great TV service for only $7 per month.
Annual Meeting Agenda
BENCO Electric Annual Meeting
Verizon Wireless Center
April 9, 2016
Invocation
Call to Order
Determination of Quorum
Opening Remarks
Notice of Meeting
Minutes
Financial Report
Election of Directors
President’s Report
Washington DC Youth Delegate
Manager’s Report
Unfinished Business
New Business
CTV offers all the channels
listed on the back cover
for a low cost of $7.00 per
month, which can be added
to your electric bill. How
simple is that? No extra
bill to pay and great high
definition TV viewing!
Adjournment
Drawing of Door Prizes
Cover Photo: New BENCO Employees from the Alliant Acquisition
Mark Kermes, Gordy Toupal, Len Dohm,
Wade Groskreutz and Duane Hagen
Manager’s & President’s Report - 1
Member Services Report- 14
It is a very rare
opportunity when
your cooperative has
the chance to grow
by 4,000 services and
add annual sales of
100,000,000 KWHs, but
that is what happened
in 2015. For many
Duane Ehrich
Wade Hensel
years BENCO Electric
General Manager Board President
and neighboring
cooperatives have considered the possibility of purchasing Alliant
Energy’s accounts in Minnesota. In 2012, Alliant agreed to consider
a sale and the process began in earnest. The twelve cooperatives in
Minnesota with Alliant customers in their area formed a cooperative,
the Southern Minnesota Energy Cooperative (SMEC). SMEC
was created to be a single point of contact for negotiations and the
purchase of Alliant in Minnesota. Alliant would not have broken up
their service area and negotiated the sale twelve times with twelve
different cooperatives. Although SMEC was the point of contact,
each of the twelve cooperative’s board of directors were responsible
for approving the acquisition including the purchase and financing.
To finance the acquisition SMEC originally borrowed 100% of the
debt required from Cooperative Finance Corporation (CFC) with
guarantees on that debt proportionally from each of the twelve
cooperative members of SMEC. Before year end 2015 the twelve
cooperatives all individually borrowed from the Rural Utilities Service
of the United States Department of Agriculture (USDA) the amount
they needed to buy down their share of the acquisition from SMEC.
The former Alliant service area is now a part of our cooperative and
former Alliant customers are now members of BENCO Electric.We
certainly welcome these new members to our cooperative.
By borrowing 100% of the financing required for the acquisition
BENCO’s equity has been reduced. This will increase again over time.
In the meantime, with interest rates so low the acquisition has come
also purchase wind energy in 100 kWh blocks for the current price of
$0.40 per block.A home that uses 800 kWhs per month could purchase
8 blocks at $0.40 per block for an additional $3.20 per month on
their bill.
Operation Round Up is a great way to help others in the communities
in which we live and work.The Operation Round Up program is funded
by BENCO members by having their bills rounded up to the nearest
dollar. If your bill was $92.79, it would be rounded up to $93, with the
extra 11 cents going to Operation Round Up. On average, members
contribute less than $6.00 each year. The most a member could
contribute in a year is $11.88. It doesn’t sound like much, but together
we can really make a difference in our communities. In all, over $50,000
has been donated to worthwhile causes in our area. In 2015, donations
went to: Friends of Learning, Madison Lake Fire Department, Janesville
Food Shelf, City of Winnebago Skate Park, House of Hope,Wells Area
Vet’s Memorial,Vine, Care Quilters, MN Brain Injury Force and Habitat
for Humanity.
As we head from winter into spring and summer storm season, I
want to remind members that you can find updates on major outages
by calling 1-507-387-8888. This number is a recorded message that will
provide updates on how the outage is being handled and what areas are
affected. This number will be updated at various times throughout the
outage.You can also check for updates on our website: www.BENCO.
org or on Facebook.We appreciate everyone’s patience during these
outages as our employees all work together to restore power to our
members.
We also want to remind you that we have many great load
management programs available for our members in 2016. If you plan
on building or replacing your heating and cooling system, check with
John Hutchens for rebates on air source or ground source heat pumps.
BENCO also has programs for electric dual fuel, interruptible water
heating and generators.
Call John with any energy efficiency questions you have. To help
show where your electric dollars are going you can check out BENCO’s
Kill-O-Watt Meter. The Kill-O-Watt meter lets you measure how many
kilowatts your appliances are using and what it will cost you to operate
them
Member Services Report - 13
Welcome BENCO Electric members. The
Alliant acquisition is finalized. BENCO Electric
held four new member meetings in the areas that
are affected by the acquisition.We spoke with our
new members about the cooperative, billing, and
load management programs and gave them the
opportunity to have their questions answered.
We offer Wellspring Energy (solar and wind)
Dave Sunderman as a way to add a renewable energy supply to your
Member Services
electric mix. In coordination with our wholesale
Manager
power provider, Great River Energy, for years the
Wellspring renewable program has given our members the option
to purchase blocks of wind energy to offset conventional energy
use. Now we’re adding solar to the mix.The new solar component of
Wellspring works the same as the original wind energy option. It is
designed to offer members, who want to support renewable energy,
the opportunity to do so without having to build or install anything on
their property. Some members were concerned about putting a panel
on their roof, the amount of space a panel would need in their yard,
and signing long term contracts. Now, instead of putting up a turbine
or solar array in their backyard, they’re able to purchase any quantity of
renewable energy through Wellspring (up to their total annual usage) to
accomplish the same goal. Through Wellspring, members can purchase
solar energy in 100 kWh blocks for the current price of $2.00 per block.
A home that uses 800 kWhs per month could purchase 8 blocks at $2.00
per block for an additional $16.00 per month on their bill.You can
Manager’s & President’s Report - 2
at a very good time and the average dollar investment in distribution
plant per member has decreased.
Another major part of the acquisition is wholesale power. As
part of the agreement with Alliant, the twelve cooperatives will buy
wholesale power from Alliant through SMEC for ten years.
We were also fortunate to have five new employees join us as
part of the purchase.We are happy to have three linemen and an
apprentice lineman join our crew. Our new District Office Manager
also joined us from Alliant and we are thankful for his help in the
transition.
Many of you may have noticed our new and improved billing
format. During the year we also changed our software provider to
the National Information Solutions Cooperative (NISC).With this
change we will be able to provide our members with even more
information and the new software will also help us with operational
efficiencies.
While all the work and preparation for the acquisition was taking
place our present members were still expecting the safe, reliable and
reasonably priced electric service they are used to receiving. It took
a lot of teamwork and effort but everyone was up to the task. It
speaks so highly of our cooperative and our employees to be able to
accomplish so much. And of course, the support of our membership
is crucial to our ongoing success.We are thankful to everyone for
your support.
May God bless you all.
Annual Meeting Minutes - 3
Members of the Blue Earth-Nicollet-Faribault Cooperative Electric Association held their annual meeting on Saturday, April 11, 2015 at Noon, at the Verizon
Wireless Center at One Civic Center Plaza, Mankato, MN, pursuant to the notice
mailed to each member of the Association, 15 days prior to the meeting. President
Duane Ehrich presided and Harvey Hesse, Secretary of the Association, kept the
minutes of the meeting.
As members arrived, they could pick up capital credit checks that totaled over
$955,000 from 1995 and 2013. Each member also received a gift bag. Najwa’s Catering provided the luncheon.Thank you to Nawja and her catering staff and Brian
and the Civic Center staff.
Members were entertained in the arena by Hannah and the Mary Guentzel
Quintet.The invocation was given by Father Thomas Niehaus, of the Tri-Parish
Catholic Faith Community.
President Duane Ehrich welcomed everyone and called the meeting to order
at 12:15 p.m.There were more than 50 members registered and that constitutes a
quorum according to By-Laws.
Chuck Peterson was appointed as Parliamentarian. Duane stated that the meeting was being recorded.
The following members were appointed as tellers: District 1- Darwin Gunderson and Marvin Meyer, District 4 - Matt Starkey and Lee Wilder, District 9 - Marlin
Prange and Wayne Rosin.
President Ehrich introduced guests including area legislators; the Board of
Directors and spouses; General Manager Wade Hensel and spouse; employees; the
Brown County Directors and spouses; and past directors.
President Ehrich called for a motion to dispense with the reading of the Proof of
Mailing and Notice of Mailing. A motion was made, seconded, and carried to
dispense with the reading and approve them as mailed. President Ehrich stated that
the annual meeting minutes of April 5, 2014 were in the annual report and asked
for a motion to dispense with the reading and approve them as printed. A motion
was made, seconded, and carried to approve the minutes as printed.
President Ehrich called on Craig Popenhagen of Clifton Larson Allen to review
the Financial Report for the year 2014. Craig Popenhagen gave a summary of the
report and he stated that CliftonLarsonAllen had reviewed the Audit with the
Board of Directors and that it was approved at the BENCO Board of Directors
meeting. A motion was made, seconded and carried to approve the financial report.
President Ehrich called on Attorney Chuck Peterson to conduct the election.
Attorney Peterson explained the election process according to the By-Laws. In
Districts 1 and 9, one candidate received 2\3 or more of the votes cast at the District
Meetings so he is the only candidate to come forward to the Annual Meeting. Attorney Peterson asked the candidates to come forward and speak on their own behalf.
A motion was made, seconded, and carried, by voice vote to elect Garfield Eckberg
– District 1 and Scott Johnson – District 9 to three-year terms.
Great River Energy - 12
Great River Energy’s 15-year outlook provides options and flexibility for future
power generation resources, adds new wind and hydro energy, and maintains
energy efficiency and conservation programs.
CapX2020 fulfills promise
On March 26, the utilities involved in CapX2020 energized the Brookings
County-Hampton project, a 250-mile, 345-kilovolt transmission line between
Brookings County, S. D., and Hampton, Minn. Great River Energy served as
project manager on the line, which establishes an important transmission link
between the Twin Cities and generation resources, including wind energy.
CapX2020 is a joint initiative of 11 transmission-owning utilities in Minnesota
and the surrounding region to expand the electric transmission grid to ensure
continued reliable and affordable service.When the fifth and final project is
completed in 2017, CapX2020 will have been responsible for 800 miles of
transmission line and a total investment of more than $2 billion.
Investing in the reliability of vital resource
Great River Energy will soon undertake the largest transmission refurbishment
project in the organization’s history with the overhaul and upgrade of the converter
stations at both ends of the 436-mile high-voltage, direct-current transmission line,
which delivers power to Minnesota from Great River Energy’s Coal Creek Station
power plant in central North Dakota.
Maintaining Great River Energy’s high reliability standards for this system is
not only critical for delivering power for its members now, but also because it will
continue to provide a corridor for delivering energy from North Dakota for the
foreseeable future.
Planning the grid of the future
Senior leaders and key staff from Great River Energy and its member
cooperatives have begun discussing the evolution of the electric industry and
investments in grid technology that will be essential to serving member-consumers
in the future.
As part of that evolution, Great River Energy will deploy a new demand
response management system in 2016.The system will introduce a new level of
precision and control capability to Great River Energy’s existing demand response
resources. Demand response allows cooperatives to avoid purchasing costly
electricity during periods of heightened electricity use and maintain reliability
while the grid is stressed.
As Great River Energy faces new challenges, the cooperative finds strength
through collaboration. Great River Energy and its 28 member cooperatives are
learning from one another new ways to achieve their vision: to keep cooperative
energy competitive.
Great River Energy - 11
Annual Meeting Minutes - 4
Meeting the needs of a changing membership
The cooperative business model is designed to ensure
that the values of the membership drive the strategy of the
business.As member expectations change, the cooperative
must adapt.
BENCO Electric’s wholesale power supplier, Great
River Energy, is discovering ways to evolve with changes
among its membership and within the industry while
continuing to do what it has always done: generate and
Brad Leiding
transmit reliable and affordable electricity in harmony with
GRE Director
a sustainable environment.
When research revealed that members were increasingly
interested in solar electricity, Great River Energy and its member cooperatives
devised programs that offered solar energy in ways that treated members fairly.
Today, those cooperatives collectively own nearly 2 megawatts of solar capacity.
After stakeholders indicated there was growing momentum for the
electrification of Minnesota’s economy, particularly transportation, Great River
Energy and its member cooperatives responded with RevoltTM.This first-of-itskind electric vehicle program allows cooperative members to fuel their vehicles
with wind-generated electricity at no additional cost.
A strong financial backbone
Great River Energy maintained its strong financial position in 2015.The
cooperative consistently receives investment-grade credit ratings and maintains
wholesale rates below the averages. In fact, Great River Energy’s rate to its member
cooperatives declined in 2015, and rate projections show moderate increases in
the years ahead.
Curbing CO2 emissions
In August 2015, the Environmental Protection Agency released its Clean Power
Plan, which would require a 32 percent reduction in carbon dioxide emissions
(CO2) from the power sector by 2030.The Supreme Court has since issued a stay
of the rule, which will require legal challenges to be settled before it could go into
effect.
Despite the delay of this recent rule, the EPA is obligated to regulate CO2
emissions. Great River Energy has long recognized that impending carbon
regulation is a serious business issue. For that reason the cooperative has taken
steps to prepare for regulations and actively engaged in discussions with state and
federal agencies.
State accepts resource plan
The Minnesota Public Utilities Commission unanimously accepted Great River
Energy’s Integrated Resource Plan by a vote of 5-0.The commission agreed with
Great River Energy and its member cooperatives that the resource plan is in the
best interest of the membership.
In District 4 there are two candidates for the position of Director- John Wells was
forwarded from the District meeting and Cameron Raether nominated by petition. Attorney Peterson asked the two candidates to come forward and speak
on their behalf. The members were asked to vote and the tellers to pick up the
votes.
President Duane Ehrich gave the president’s report. Duane spoke on highlights from 2015. BENCO Electric had three employees retire with over 40 years
of experience each. Kilowatt sales were up 3-4% last year. This was do in part to
a cold winter, more corn drying, a better economy and bigger industrial load. Last
year outage hours were up around three hours due to storms, accidents to poles
and lines and a major outage at a substation caused by a squirrel. BENCO Electric
works with our legislators by inviting them to attend meetings, our board also
travels to St. Paul and to Washington DC to meet with them and discuss issues
affecting our industry. Two main topics this year were the ban on 85 gallon water heaters and the restriction on coal for generating electricity. Also, we hope to
finalize the purchase of Alliant Energy this summer and that will add about 4,000
new members to our cooperative.
President Ehrich called on Dave Sunderman to introduce last year’s Youth Delegate to Washington D.C., Kira Fosburgh. Kira is the daughter of Bob and Donna
Fosburgh of North Mankato. Kira, was not able to attend the meeting, so Kathy
Gerber read a letter of her trip to Washington D.C. and thanked the membership
for the opportunity to go on this amazing trip.
President Ehrich called on General Manager Wade Hensel for his report.Wade
spoke on the strategic thinking session that sets strategic initiatives for the
coming year. It started with looking at our mission statement and after coming
up with some new ideas it was decided that our current mission statement is
still a relevant and accurate description of our mission.Wade then went through
the initiatives that were approved for 2014-2016. (1.) The successful acquisition
and integration of Alliant members. (2.) Communication - Is very important on
all levels, between members, management, employees, directors, legislators and
everyone we come into contact with. (3.) Operational excellence - refers to rates,
reliability and safety. All areas we work on every day. (4.) Technology - The challenge with technology is keeping up to date while keeping your costs in check.
Wade thanked the employees for their dedication and hard work. He thanked
the Board of Directors for their support. He thanked the members for coming to
the meeting and their support of BENCO Electric
Wade answered questions from the members.
There was no unfinished or new business.
The election results was given by Chuck Peterson. John Wells was elected as
Director for District 4.
A motion was made, seconded, and carried to adjourn the meeting at 1:40 p.m.
A drawing was held for door prizes.
Cooperative Facts - 5
Miles of Line
Services in Place, year end
KWHs Purchased
KWHs Sold
Average Cost Per KWH Purchased
Average Member Cost Per KWH Sold
Patronage Capital at End of Year
Member Equity to Total Assets
Peak Demand - KW
Number of Employees
New Services Installed
Services Removed
Directors - 10
2015
2005
3,583
3,186
18,149
12,878
329,947,379 267,371,138
317,592,373 256,427,836
$0.0768
$0.0466
$0.1255
$0.0803
$29,968,430 $19,098,425
35.42%
41.64%
69,346
51,093
36
36
422
302
220
28
Garfield Eckberg
District 1
Harlan Lanz
Treasurer
Brad Leiding
District 3
John Wells
Harvey Hesse
Blake Meshke
Gary Stenzel
Duane Ehrich
President
Scott Johnson
Vice President
District 2
How the BENCO Electric 2015 Revenue Dollar Was Allocated
Interest
3.66¢
Other
0.07¢
Operations & Maintenance 10.52¢
District 4
Cost
of
Power
68.2¢
Secretary
District 5
District 6
Administrative & General 6.68¢
Operating Margins
4.50¢
Depreciation & Amortization 6.37¢
District 7
District 8
District 9
Financial Report - 9
Cooperative Facts - 6
STATEMENTS OF CASH FLOWS
CASH FLOWS FROM OPERATING ACTIVITIES
Net Margins
Adjustments to Reconcile Net Margins to Net
Cash Provided by Operating Activities:
Depreciation
G & T and Other Capital Credits
Gain on Disposal of Assets
Loss (Gain) on Equity Investments
Accrued Post Retirement Benefits
Interest Income Credited to Cushion of Credit
(Decrease) Increase in Accum Other Comprehensive
Margins
Changes in Assets and LiabilitiesDecrease (Increase) in:
Accounts Receivable
Materials and Supplies Inventory
Deferred Debits
Other Current and Accrued Assets
Increase (Decrease) in:
Accounts Payable
Customer Deposits
Deferred Credits
Other Current and Accrued Liabilities
Net Cash Provided by Operating Activities
CASH FLOWS FROM INVESTING ACTIVITIES
Construction and Acquisition of Plant
Purchases of Investments
Cash Received from Retirement of Patronage
Payments Received on Notes Receivable
Net Cash Used by Investing Activities
CASH FLOWS FROM FINANCING ACTIVITIES
Increase in Memberships
Retirement of Capital Credits
Proceeds from Issuance of Long Term Debt
Principal Payments on Long Term Debt
Net Cash (Used) Provided by Financing Activities
NET INCREASE (DECREASE) IN CASH & CASH EQUIV
Cash and Cash Equivalents - Beginning
CASH AND CASH EQUIVALENTS - ENDING
SUPPL DISCLOSURES OF CASH FLOW INFO
Interest Paid
Odds & Ends
2015
2014
$2,450,849
$3,120,818
2,358,247
3,338,853
(496,391) (1,595,743)
(856)
(44,050)
(88,433)
139,562
(37,720)
(192,924)
(62,407)
(59,382)
-
(1,753,610)
(80,521)
135,082
5,126
(98,470)
(69,317)
17,951
519
1,165,333
221,775
599,541
4,491,455
12,606
208
8,530
39,861
4,619,022
(18,497,589) (3,227,209)
33,076
(68,664)
37,403
23,724
36,212
35,479
(18,390,898) (3,236,670)
14,740
(1,013,422)
17,975,000
(1,332,721)
15,643,597
1,744,154
3,196,822
$4,940,976
319
(1,027,097)
(1,423,175)
(2,449,953)
(1,067,601)
4,264,423
$3,196,822
$1,400,565
$1,359,215
v Completed 422 new services
v Worked 53,483
labor hours
Real Estate Taxes Paid in 2015
Blue Earth County
Nicollet County
Faribault County
Total
$134,030
$ 94,222
$ 22,602
$250,854
v Average outage per member was 148 minutes
v Average monthly consumption per member was 1,642 kwh;
average number of consumers 15,929
v BENCO Electric has:
16,101 residential meters
1,420 commercial &
industrial accounts
608 seasonal meters
12 irrigation services
v BENCO Electric is controlling:
4,194 water heaters
2,593 cycled air
conditioners
773 dual fuel heating systems & air source heat pumps
35 storage systems
1
BENCO
2
3
4
5
6
7
8
9
Financial Report - 8
Financial Report - 7
BALANCE SHEETS
ASSETS
UTILITY PLANT
Electric Plant in Service
Construction Work in Progress
Total
Less Accum Provision for Depreciation
Net Utility Plant
OTHER ASSETS AND INVESTMENTS
Investments in Associated Organizations
Other Investments
Notes Receivable - Net of Current Portion
Total Other Assets and Investments
CURRENT ASSETS:
Cash and Cash Equivalents
Accounts Receivable, Net
Materials and Supplies Inventory
Interest Receivable
Current Portion of Notes Receivable
Total Current Assets
DEFERRED DEBITS
Total Assets
EQUITIES AND LIABILITIES
EQUITIES
Patronage Capital
Memberships
Other Equities and Other Comprehensive Income
Total Equities
LONG-TERM DEBT, Less Current Maturities
RUS Mortgage Notes
CFC Mortgage Notes
Conditional Asset Retirement Obligation
Total Long-Term Debt
OTHER NONCURRENT LIABILITIES
Deferred Compensation
Post Retirement Benefit Obligation
Total Other Noncurrent Liabilities
CURRENT LIABILITIES:
Current Maturities of Long-Term Debt
Current Portion of Accum Postretirement
Benefit Obligation
Accounts Payable
Consumer Deposits
Other Current and Accrued Liabilities
Total Current Liabilities
DEFERRED CREDITS
Total Equities and Liabilities
2015
2014
$96,028,449
729,993
96,758,442
(34,867,746)
61,890,696
$78,530,238
366,788
78,897,026
(33,146,528)
45,750,498
16,217,866
1,362,541
128,649
17,709,056
15,780,816
1,286,122
164,785
17,231,723
4,940,976
4,935,972
886,007
7,880
37,000
10,807,835
1,250,986
$91,658,573
3,196,822
3,182,362
805,486
13,006
36,200
7,233,876
1,386,068
$71,602,165
$30,327,492
76,859
1,993,314
32,397,665
$29,194,806
62,119
1,688,573
30,945,498
26,754,935
8,727,478
41,150
35,523,563
23,152,643
8,900,898
41,150
32,094,691
619,897
1,151,844
1,771,741
627,612
1,057,196
1,684,808
14,931,000
1,780,000
71,787
5,208,455
3,537
1,487,002
21,701,781
263,823
$91,658,573
121,000
4,043,122
3,537
887,461
6,835,120
42,048
$71,602,165
STATEMENTS OF REVENUES,
EXPENSES & CHANGES IN PATRONAGE CAPITAL
OPERATING REVENUES
OPERATING EXPENSES
Cost of Power
Distribution Expense - Operations
Distribution Expense- Maintenance
Consumer Account Expense
Customer Service & Info Expense
Administrative and General Expense
Depreciation
Other
Total Operating Expenses
OPERATING MARGINS BEFORE FIXED CHARGES
INTEREST ON LONG-TERM DEBT
OPERATING MARGINS AFTER FIXED CHARGES
G & T AND OTHER CAPITAL CREDITS
NET OPERATING MARGINS
NON-OPERATING MARGINS
Investment Income
Other Non-Operating (Loss) Gain
Total Non-Operating Margins
NET MARGINS
Patronage Capital, Beginning of Year
Retirement of Patronage Capital, Net Change
Patronage Capital, End of Year
Financials are subject to audit.
2015
$37,000,036
2014
$34,448,934
24,962,184
1,657,861
2,233,653
746,507
436,443
1,287,898
2,358,247
27,681
33,710,474
3,289,562
1,353,337
1,936,225
496,391
2,432,616
22,500,602
1,502,152
1,935,267
469,285
422,843
1,317,451
3,338,853
10,656
31,497,109
2,951,825
1,352,907
1,598,918
1,595,743
3,194,661
134,292
(116,059)
18,233
$2,450,849
148,738
(222,581)
(73,843)
$3,120,818
$29,194,806
1,132,686
$30 ,327,492
$27,189,126
2,005,680
$29,194,806