| TOWN OF READING, MASSACHUSETTS | ||||||||||||
| MUNICIPAL LIGHT DEPARTMENT | ||||||||||||
| BUSINESS-TYPE PROPRIETARY FUND | ||||||||||||
| STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS | ||||||||||||
| 2/29/08 | ||||||||||||
| ACTUAL | BUDGET | % | ||||||||||
| YEAR TO DATE | YEAR TO DATE | VARIANCE* | CHANGE | |||||||||
| OPERATING REVENUES: (SCH F P.11B) | ||||||||||||
| BASE REVENUE | 26,181,945.45 | 27,381,018.00 | (1,199,072.55) | -4.38% | ||||||||
| FUEL REVENUE | 26,879,149.81 | 30,397,392.00 | (3,518,242.19) | -11.57% | ||||||||
| PURCHASED POWER CAPACITY REFUND | 1,435,452.84 | 0.00 | 1,435,452.84 | 100.00% | ||||||||
| FORFEITED DISCOUNTS | 599,026.65 | 602,383.00 | (3,356.35) | -0.56% | ||||||||
| TOTAL OPERATING REVENUES | 55,095,574.75 | 58,380,793.00 | (3,285,218.25) | -5.63% | ||||||||
| OPERATING EXPENSES: (SCH G P.12A) | ||||||||||||
| PURCHASED POWER BASE | 14,735,109.34 | 14,239,310.00 | 495,799.34 | 3.48% | ||||||||
| PURCHASED POWER FUEL | 28,492,138.88 | 30,397,392.00 | (1,905,253.12) | -6.27% | ||||||||
| OPERATING | 5,266,888.88 | 5,723,088.00 | (456,199.12) | -7.97% | ||||||||
| MAINTENANCE | 1,591,351.11 | 1,866,369.00 | (275,017.89) | -14.74% | ||||||||
| DEPRECIATION | 2,004,200.00 | 2,025,760.00 | (21,560.00) | -1.06% | ||||||||
| VOLUNTARY PAYMENTS TO TOWNS | 757,661.00 | 771,200.00 | (13,539.00) | -1.76% | ||||||||
| TOTAL OPERATING EXPENSES | 52,847,349.21 | 55,023,119.00 | (2,175,769.79) | -3.95% | ||||||||
| OPERATING INCOME | 2,248,225.54 | 3,357,674.00 | (1,109,448.46) | -33.04% | ||||||||
| NONOPERATING REVENUES (EXPENSES) | ||||||||||||
| CONTRIBUTIONS IN AID OF CONST | 115,703.69 | 300,000.00 | (184,296.31) | -61.43% | ||||||||
| RETURN ON INVESTMENT TO READING | (1,382,221.34) | (1,377,600.00) | (4,621.34) | 0.34% | ||||||||
| INTEREST INCOME | 413,091.65 | 266,664.00 | 146,427.65 | 54.91% | ||||||||
| INTEREST EXPENSE | (54,956.73) | (53,920.00) | (1,036.73) | 1.92% | ||||||||
| OTHER (MDSE AND AMORT) | 311,644.66 | 64,304.00 | 247,340.66 | 384.64% | ||||||||
| TOTAL NONOPERATING REV (EXP) | (596,738.07) | (800,552.00) | 203,813.93 | -25.46% | ||||||||
| CHANGE IN NET ASSETS | 1,651,487.47 | 2,557,122.00 | (905,634.53) | -35.42% | ||||||||
| NET ASSETS AT BEGINNING OF YEAR | 85,989,763.81 | 85,989,763.81 | 0.00 | 0.00% | ||||||||
| NET ASSETS AT END OF FEBRUARY | 87,641,251.28 | 88,546,885.81 | (905,634.53) | -1.02% | ||||||||
| * | ( ) = ACTUAL UNDER BUDGET | |||||||||||