2014 Grand Valley Annual Report

Statement of Operations & Patronage Capital
FOR THE YEARS ENDED DECEMBER 31, 2013 & 2012
2013 2012
TOTAL OPERATING REVENUE
Electric energy revenue $31,194,465 $29,666,978
Miscellaneous electric revenue 250,843 222,967
Total Operating Revnue $31,445,308 $29,889,945
OPERATING EXPENSES
Cost of Power Purchased 17,285,859 16,731,716
Operating Expenses - Transmission 18,011 77,989
Operating Expenses - Distribution 1,955,126 2,226,533
Maintenance of Distribution Plant 697,734 867,629
Accounting and Collection Expenses 1,194,011 1,181,719
Other Customer Expenses 385,899 398,361
Administrative and General 2,182,133 2,287,932
Depreciation 2,288,518 2,250,713
Taxes 623,736 557,790
Total Operating Revenue Deduction $26,631,027 $26,580,382
Electric Operating Margin 4,814,281 3,309,563
Less: Interest on Long-term Debt 1,915,746 1,958,918
Operating Margin Before Capital Credits 2,898,535 1,350,645
Cooperative Capital credits 55,883 72,683
Operating Margin $2,954,418 $1,423,328
Interest Income 42,915 27,393
Other Income (Expenses) 9,994 12,309
Nonoperating Margins 52,909 39,702
NET MARGINS $3,007,327 $1,463,030
PATRONAGE CAPITAL at Beginning of Year 21,781,619 21,510,140
Subtotal 24,788,946 22,973,170
Less Retirement of Capital Credit (1,192,889) (1,091,244)
Gain on Retirement of Capital Credits (44,558) (100,307)
PATRONAGE CAPITAL at End of Year $23,551,499 $21,781,619
Source of Revenue Dollars
Expenses
Residential
68%
Power Cost
54.8%
Commercial & Industrial 31%
Irrigation & Other 1%
T&D Maintenance 8.5%
Admin & General 11.9%
Depreciation 7.3%
Taxes 2.0%
Interest 6.1%
Margins 9.5%