2015 Grand Valley Power Annual Report

Statement of Operations & Patronage Capital
FOR THE YEARS ENDED DECEMBER 31, 2014 & 2013
2014 2013
TOTAL OPERATING REVENUE
Electric Energy Revenue $30,446,671 $31,194,465
Other Operating Revenue 248,183 250,843
Total Operating Revenue $30,694,854 $31,445,308
OPERATING EXPENSES
Cost of Power Purchased 16,683,287 17,285,859
Operating Expenses - Transmission 57,762 18,012
Operating Expenses - Distribution 2,024,132 1,955,132
Maintenance of Distribution Plant 712,562 697,736
Accounting and Collection Expenses 1,161,997 1,194,010
Other Customer Expenses 412,704 385,898
Administrative and General 2,126,424 2,060,095
Depreciation 2,289,074 2,288,518
Taxes 759,187 623,736
Interest on Long Term Debt 1,869,817 1,915,746
Interest Expense - Other 717 704
Other Deductions 225,321 121,959
Total Operating Revenue Deduction $28,322,984 $28,547,405
Electric Operating Margin 2,371,870 2,897,903
Nonoperating Margin
Interest Income 37,606 42,915
Other Non-Operating Income 664,155 10,626
Total Non-Operating Margin 701,761 53,541
Cooperative Capital credits 146,809 55,883
NET MARGINS FOR PERIOD $3,220,440 $3,007,327
PATRONAGE CAPITAL at Beginning of Year 23,551,500 21,781,621
Subtotal 26,771,940 24,788,948
Less Retirement of Capital Credit (1,520,075) (1,237,448)
PATRONAGE CAPITAL at End of Year $25,251,865 $23,551,500
Source of Revenue Dollars
Expenses
Residential 67% Power Cost 54.4%
Commercial & Industrial 32%
Admin & General 12.1%
Irrigation & Other 1%
Operating & Maintenance 9.1%
Operating Margins 7.7%
Depreciation 7.5%
Interest 6.8%
Taxes 2.5%