Annual Report 2018_FINAL

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F I N A N C I A L STATEMENT OF OPERATIONS AND PATRONAGE CAPITAL 2017 2016 TOTAL OPERATING REVENUE Electric Energy Revenue $31,855,532 $31,659,716 Other Operating Revenue 283,251 291,788 Total Operating Revenue $32,138,783 $31,951,504 OPERATING EXPENSES Cost of Purchased Power 17,753,846 17,982,948 Operating Expenses - Transmission 49,084 33,307 Operating Expenses - Distribution 2,524,015 2,169,344 Maintenance of Distribution Plant 858,480 904,232 Accounting and Collection Expenses 1,256,097 1,229,473 Other Customer Expenses 375,027 376,953 Administrative and General 2,408,478 2,246,005 Depreciation 2,439,911 2,397,149 Taxes 772,233 705,429 Interest on Long-Term Debt 1,612,049 1,673,902 Interest Expense - Other 691 769 Other Deductions 218,952 225,982 Total Operating Revenue Deduction $30,268,863 $29,945,493 ELECTRIC OPERATING MARGIN 1,869,920 2,006,011 NON-OPERATING MARGIN Interest Income 49,889 56,172 Other Non-Operating Income 15,508 11,204 Total Non-Operating Margin 65,397 67,376 Cooperative Capital Credits 187,511 213,873 Net Margins for Period $2,122,828 $2,287,260 PATRONAGE CAPITAL at Beginning of Year 25,935,748 25,275,349 Subtotal 28,058,576 27,562,609 Less Retirement of Capital Credits (1,342,479) (1,626,861) PATRONAGE CAPITAL at End of Year $26,716,097 $25,935,748 2017 YEAR IN REVIEW BOARD OF DIRECTORS, AND EMPLOYEES OF GRAND VALLEY POWER ADOPT MISSION STATEMENT JAN <strong>FINAL</strong> PHASE OF LOW- INCOME COMMUNITY SOLAR PHASE IS ENERGIZED. OVER 30% OF OUR ENERGY MIX IS RENEWABLE LOCAL STUDENTS ACROSS OUR COMMUNITIES RECEIVE $19,500 IN SCHOLARSHIPS FOR FURTHERING EDUCATION APR MAY JUN TEAM GVP RAISES OVER $12,000 FOR LOCAL ST. BALDRICK’S FOUNDATION CAMPAIGN
STATEMENTS BALANCE SHEET ASSETS 2017 2016 UTILITY PLANT Electric Plant $90,821,501 $88,636,302 Construction Work in Progress 2,493,787 1,255,623 93,315,288 89,891,925 Less: Accumulated Depreciation (25,658,611) (23,958,296) Total Utility Plant 67,656,677 65,933,629 INVESTMENTS 1,527,524 1,422,548 CURRENT ASSETS Cash and Cash Equivalents (34,129) 1,424,366 Temporary Cash Investments -0- -0- Receivables (less provisions for uncollectable accounts of $70,000 at 12/31/17 and 12/31/2016) 3,916,937 4,745,050 Materials 2,181,883 2,124,775 Other Current Assets 120,491 66,277 Total Current Assets 6,185,182 8,360,468 Deferred Charges 1,026,381 1,220,648 TOTAL ASSETS $76,395,764 $76,937,293 EQUITIES AND LIABILITIES CAPITAL EQUITIES Patronage Capital $26,716,097 $25,935,748 Other Equities 1,454,761 1,410,816 Accumulated Comprehensive (loss) (203,400) (47,500) Total 27,967,458 27,299,064 LONG-TERM LIABILITIES Mortgage Notes 40,348,674 41,976,140 Less: Current Maturities (1,577,072) (1,035,000) Total Long-Term Debt 38,771,602 40,941,140 OTHER LONG-TERM OBLIGATIONS 773,500 622,400 CURRENT LIABILITIES Current Maturities of Long-Term Debt 1,577,072 1,035,000 Accounts Payable 1,804,616 2,069,947 Notes Payable 350,000 - Accrued Interest Payable 83,040 87,451 Accrued Taxes 855,014 793,199 Other Current Liabilities 2,151,245 2,041,824 Total Current Liabilities 6,820,987 6,027,421 DEFERRED CREDITS 2,062,217 2,047,268 TOTAL LIABILITIES & CAPITAL $76,395,764 $76,937,293 GVP IS SELECTED TO PARTICIPATE IN THE NATIONAL RURAL COOPERATIVE CYBER SECURITY CAPABILITIES PROGRAM (RC3) FOCUSED ON DEVELOPING SOUND CYBER SECURITY POLICIES BOARD OF DIRECTORS APPROVES DEBT REFINANCE WITH CFC, A NATIONAL NONPROFIT FINANCE COOPERATIVE JUL AUG SEP DEC RECORD ATTENDANCE AT THE ANNUAL MEETING VENDORS ARE SELECTED FOR METERING EQUIPMENT UPGRADE AND ORCHARD MESA SUBSTATION EXPANSION
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Annual Report 2018_FINAL

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