Monthly Reports and Financial Results As of May 31, 2020 VALLEY - - PowerPoint PPT Presentation

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Monthly Reports and Financial Results As of May 31, 2020 VALLEY - - PowerPoint PPT Presentation

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Monthly Reports and Financial Results As of May 31, 2020 VALLEY ELECTRIC ASSOCATION CONSOLIDATED YEAR OVER YEAR MONTHLY RESULTS MAY 2020 STATEMENT - UNAUDITED 2020 2019 VARIANCE BUDGET VARIANCE VEA $ 4,901,142 $ 4,507,449 8.7% $

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Monthly Reports and Financial Results As of May 31, 2020

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SLIDE 2
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VALLEY ELECTRIC ASSOCATION CONSOLIDATED YEAR OVER YEAR MONTHLY RESULTS MAY 2020 STATEMENT - UNAUDITED

2020 2019 VARIANCE BUDGET VARIANCE

VEA

4,901,142 $ 4,507,449 $ 8.7% 4,645,898 $ 5.5%

VETA

565,965 $ 664,542 $

  • 14.8%

670,190 $

  • 15.6%

Comms

745,230 $ 622,937 $ 19.6% 748,227 $

  • 0.4%

Operating Income

6,212,338 $ 5,794,928 $ 7.2% 6,064,315 $ 2.4%

Total Cost of Power

2,591,538 2,676,087 3.2% 2,563,420

  • 1.1%

GROSS OPERATING MARGIN 3,620,800 3,118,841 16.1% 3,500,895 3.4%

Distribution Expense - Operation

847,631 789,734

  • 7.3%

777,731

  • 9.0%

Distribution Expense - Maintenance

260,183 287,505 9.5% 322,069 19.2%

Consumer Accounts Expense

185,079 203,685 9.1% 215,748 14.2%

Customer Service & Informational Expense

52,714 68,421 23.0% 62,305 15.4%

Sales Expense

44,191 75,831 41.7% 49,968 11.6%

Administrative and General Expense

618,995 958,941 35.5% 704,783 12.2% TOTAL OPERATING EXPENSES 2,008,793 2,384,118 15.7% 2,132,603 5.8%

Fixed Costs (Depr. & Taxes)

1,110,252 1,072,312

  • 3.5%

1,111,548 0.1%

Interest Expense (LTD)

738,285 754,444 2.1% 761,358 3.0%

Interest Charged to Construction

1,593 1,096

  • 45.4%

1,220 0.0%

Interest Expense - Other

33,697 167,672 79.9% 32,160

  • 4.8%

Other Deductions

9,781 11,506 15.0% 6,763

  • 44.6%

TOTAL EXPENSES FOR VEA 3,902,400 4,391,147 11.1% 4,045,652 3.5% NET OPERATING MARGIN (281,600) (1,272,306) 77.9% (544,757) 48.3%

Interest Income (Non-Operating)

2,673 17,439

  • 84.7%

8,080

  • 66.9%

Non-Operating Margins - Other

1,046 (32,352) 103.2% (9,775) 110.7%

Other - Capital Credits & Patronage Dividends

  • 0.0%

NET NON-OPERATING MARGIN 3,719 (14,913) 124.9% (1,695) 319.4% TOTAL MARGINS (277,881) $ (1,287,219) $ 78.4% (546,452) $ 49.1% EBITDA 1,602,226 $ 723,217 $ 121.5% 1,361,529 $ 17.7%

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YTD(MAY) YTD(MAY) YTD(MAY) MAY 2019 2020 BUD 2020 Dollars % Dollars % Operating Revenue and Patronage Capital 33,332,178 34,005,990 33,998,217 6,212,338 673,812 2.0% 7,773 0.0% Power Production Expense

  • Cost of Purchased Power

16,107,202 14,655,653 14,899,776 2,591,538 1,451,550 9.0% 244,123 1.6% Distribution Expense - Operation 3,597,753 3,976,190 3,910,475 847,631 (378,437)

  • 10.5%

(65,715)

  • 1.7%

Distribution Expense - Maintenance 1,566,315 1,413,679 1,609,798 260,183 152,636 9.7% 196,120 12.2% Consumer Accounts Expense 1,023,629 1,014,909 1,081,134 185,079 8,720 0.9% 66,225 6.1% Customer Service and Informational Expense 245,750 307,108 311,387 52,714 (61,359)

  • 25.0%

4,278 1.4% Sales Expense 380,237 200,727 249,595 44,191 179,510 47.2% 48,868 19.6% Administrative and General Expense 5,699,425 3,618,194 3,517,870 618,995 2,081,231 36.5% (100,324)

  • 2.9%

Total Operation & Maintenance Expense 28,620,312 25,186,461 25,580,035 4,600,331 3,433,851 12.0% 393,574 1.5% Depreciation & Amortization Expense 5,319,520 5,458,266 5,451,302 1,093,730 (138,746)

  • 2.6%

(6,964)

  • 0.1%

Tax Expense - Property & Gross Receipts

  • Tax Expense - Other

96,764 83,719 82,500 16,522 13,045 13.5% (1,219)

  • 1.5%

Interest on Long-Term Debt 3,771,728 3,742,027 3,813,471 738,285 29,702 0.8% 71,445 1.9% Interest Charged to Construction (Credit) 5,070 5,611 6,100 1,593 (541)

  • 10.7%

489 8.0% Interest Expense - Other 842,359 184,868 176,871 33,697 657,490 78.1% (7,997)

  • 4.5%

Other Deductions 57,584 50,692 33,817 9,781 6,892 12.0% (16,875)

  • 49.9%

Total Cost of Electric Service 38,713,338 34,711,643 35,144,096 6,493,938 4,001,695 10.3% 432,453 1.2% Patronage Capital & Operating Margins (5,381,160) (705,653) (1,145,879) (281,600) 4,675,507 86.9% 440,226 38.4% Non Operating Margins - Interest 98,525 36,909 40,320 2,673 (61,616)

  • 62.5%

(3,411)

  • 8.5%

Allowance for Funds Used During Construction

  • Income (Loss) from Equity Investments
  • Non Operating Margins - Other

156,351 (31,637) (48,875) 1,046 (187,989)

  • 120.2%

17,238 35.3% Generation & Transmission Capital Credits

  • Other Capital Credits & Patronage Dividends

427,964 495,607 500,000 67,643 15.8% (4,393)

  • 0.9%

Extraordinary Items

  • Patronage Capital or Margins

(4,698,321) (204,774) (654,434) (277,881) 4,493,546 95.6% 449,659 68.7% EBITDA 4,654,282 8,768,838 8,384,366 1,602,226 4,114,556 88.4% 384,472 4.6% 2020 VS 2019 2020 VS BUD PERIOD ENDED MAY 31, 2020

VALLEY ELECTRIC ASSOCIATION

CONSOLIDATED INCOME STATEMENT - UNAUDITED

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SLIDE 7

ASSETS AND OTHER DEBITS LIABILITIES AND OTHER CREDITS

  • 1. Total Utility Plant in Service

$339,552,556 30. Memberships $194,860

  • 2. Construction Work in Progress

4,065,085 31. Patronage Capital 130,927,937

  • 3. Total Utility Plant (1+2)

343,617,642 32. Operating Margins - Prior Years (63,694,146)

  • 4. Accum. Provision for Depreciation and Amort

98,963,514 33. Operating Margins - Current Year (705,653)

  • 5. Net Utility Plant (3-4)

244,654,128 34. Non-Operating Margins 500,879

  • 6. Nonutility Property - Net

0 35. Other Margins & Equities 10,663,406

  • 7. Investment in Subsidiary Companies

0 36. Total Margins & Equities (30 thru 35) 77,887,283

  • 8. Invest. in Assoc. Org. - Patronage Capital

5,623,419 37. Long-Term Debt RUS (Net)

  • 9. Invest. in Assoc. Org. - Other - General Funds

0 (Payments-Unapplied ($___________)

  • 10. Invest in Assoc. Org. - Other - Nongeneral Funds

1,846,304 38. Long-Term Debt - FFB - RUS Guaranteed (Net)

  • 11. Investments in Economic Development Projects

(Payments-Unapplied ($___________)

  • 12. Other Investments

1,065,373 39. Long-Term Debt - Other - RUS Guaranteed

  • 13. Special Funds

0 40. Long-Term Debt - Other(Net) 226,899,263

  • 14. Total Other Property & Investments (6 thru 13)

8,535,097 41. Long-Term Debt - RUS Economic Development (Net)

  • 15. Cash-General Funds

3,744,688 42. Payments - Unapplied

  • 16. Cash-Construction Funds-Trustee

0 43. Total Long-Term Debt (37 thru 41 - 42) 226,899,263

  • 17. Special Deposits

4,392,396 44. Obligations Under Capital Leases 1,792,359

  • 18. Temporary Investments

0 45. Accumulated Operating Provisions - Asset Retirement Obligations 2,410,416

  • 19. Notes Receivable - Net

0 46. Total Other Noncurrent Liabilities (44+45) 4,202,775

  • 20. Accounts Receivable - Net Sales of Energy

5,691,352 47. Notes Payable

  • 21. Accounts Receivable - Net Other

1,432,633 48. Accounts Payable 5,922,718

  • 22. Renewable Energy Credits

0 49. Consumers Deposits 815,635

  • 23. Materials & Supplies - Electric and Other

4,478,950 50. Current Maturities Long-Term Debt 8,017,022

  • 24. Prepayments

1,736,047 51. Current Maturities Long-Term Debt-Economic Dev.

  • 25. Other Current & Accrued Assets

4,029 52. Current Maturities Capital Leases 3,484,425

  • 26. Total Current & Accrued Assets (15 thru 25)

21,480,095 53. Other Current & Accrued Liabilities 5,203,292

  • 27. Regulatory Assets

0 54. Total Current & Accrued Liabilities (47 thru 53) 23,443,092

  • 28. Deferred Debits

60,305,437 55. Regulatory Liabilities

  • 29. Total Assets & Other Debits (5+14+26+thru 28)

$334,974,756 56. Deferred Credits 2,542,343

  • 57. Total Liabilities & Other Credits (36+43+46+54 thru 56)

$334,974,756

VALLEY ELECTRIC ASSOCIATION

AS OF MAY 31, 2020

CONSOLIDATED BALANCE SHEET - UNAUDITED

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SLIDE 8

VALLEY ELECTRIC ASSOCIATION ADDITIONAL SUPPORTING REPORTS AS OF MAY 31, 2020

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SLIDE 9

MAY 2020 Current Month Year to Date 2020 2019 Change Var. 2020 2019 Change Var. Member Sales 37,176,129 35,991,819 1,184,309 3.3% 216,825,498 223,554,441 (6,728,942)

  • 3.0%

SCE Interchange 1,599,240 1,779,480 (180,240)

  • 10.1%

5,597,760 6,897,600 (1,299,840)

  • 18.8%

VEA Internal Use 181,265 161,377 19,888 12.3% 993,014 966,783 26,231 2.7% Total Sales 38,956,634 37,932,676 1,023,957 2.7% 223,416,272 231,418,824 (8,002,551)

  • 3.5%

Purchases 42,450,331 37,309,157 5,141,174 13.8% 225,917,693 228,778,603 (2,860,910)

  • 1.3%

SCE Interchange 4,452,840 3,615,840 837,000 23.1% 9,285,120 8,805,240 479,880 5.4% Total Purchases 46,903,171 40,924,997 5,978,174 14.6% 235,202,813 237,583,843 (2,381,030)

  • 1.0%

System Losses 16.94% 7.31% 9.63% 5.01% 2.59% System Demand 120,739 77,355 43,384 56.1% 126,145 130,634 (4,489)

  • 3.4%

Month Demand Occurred

MAY'20 MAY'19 FEB'20 JAN'19 ENERGY REVENUE Residential $2,572,591 $2,174,407 $398,184 18.3% $16,607,394 $15,594,976 $1,012,418 6.5% Irrigation $461,140 $433,013 $28,127 6.5% $742,720 $699,167 $43,552 6.2% Commercial - <50 KW $414,490 $422,369 ($7,878)

  • 1.9%

$2,280,161 $2,211,417 $68,744 3.1% Commercial - 50-249 KW $427,371 $477,092 ($49,720)

  • 10.4%

$2,401,176 $2,361,486 $39,690 1.7% Commercial - 250 KW & Up $484,238 $490,593 ($6,355)

  • 1.3%

$2,369,207 $2,458,234 ($89,027)

  • 3.6%

Contract Sales $218,403 $312,509 ($94,106)

  • 30.1%

$1,733,374 $2,133,430 ($400,057)

  • 18.8%

Street Lighting $3,760 $3,756 $5 0.1% $18,095 $17,871 $224 1.3% Total Revenue $4,581,994 $4,313,738 $268,256 6.2% $26,152,127 $25,476,582 $675,545 2.7% (0) ENERGY SALES Residential 17,972,916 14,754,849 3,218,067 21.8% 121,184,204 121,321,272 (137,068)

  • 0.1%

Irrigation 4,636,864 4,577,023 59,841 1.3% 7,138,600 7,147,843 (9,243)

  • 0.1%

Commercial - <50 KW 2,839,765 2,903,930 (64,165)

  • 2.2%

16,003,520 16,431,091 (427,571)

  • 2.6%

Commercial - 50-249 KW 3,963,417 4,409,185 (445,768)

  • 10.1%

24,606,148 22,617,273 1,988,875 8.8% Commercial - 250 KW & Up 4,610,839 4,711,256 (100,417)

  • 2.1%

22,563,946 24,259,544 (1,695,598)

  • 7.0%

Contract Sales 3,142,038 4,625,833 (1,483,796)

  • 32.1%

25,278,887 31,728,703 (6,449,815)

  • 20.3%

Street Lighting 10,290 9,743 547 5.6% 50,193 48,715 1,478 3.0% Total Sales (kwh) 37,176,129 35,991,819 1,184,309 3.3% 216,825,498 223,554,441 (6,728,942)

  • 3.0%
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SLIDE 10

AVG KWH SALES Residential 870 735 135 18.4% 1,173 1,209 (36)

  • 3.0%

Irrigation 21,077 20,433 644 3.2% 6,490 6,382 108 1.7% Commercial - <50 KW 1,331 1,358 (27)

  • 2.0%

1,500 1,536 (36)

  • 2.3%

Commercial - 50-249 KW 17,934 19,684 (1,750)

  • 8.9%

22,268 20,194 2,074 10.3% Commercial - 250 KW & Up 118,227 134,607 (16,380)

  • 12.2%

115,713 138,626 (22,913)

  • 16.5%

Contract Sales 3,142,038 4,625,833 (1,483,795)

  • 32.1%

5,055,777 6,345,741 (1,289,964)

  • 20.3%

Street Lighting 1,715 3,248 (1,533)

  • 47.2%

1,673 3,248 (1,575)

  • 48.5%

Total 1,597 1,586 11 0.7% 1,863 1,970 (107)

  • 5.4%

CONSUMERS MAY'20 MAY'19 Change MAY'20 MAY'19 Change Residential 46 33 13 20,657 20,070 587 2.9% Irrigation (3) 4 (7) 220 224 (4)

  • 1.8%

Commercial - <50 KW (6) 7 (13) 2,134 2,139 (5)

  • 0.2%

Commercial - 50-249 KW 1 (1) 221 224 (3)

  • 1.3%

Commercial - 250 KW & Up 39 35 4 11.4% Contract Sales 1 1 0.0% Street Lighting 1 1 6 3 3 100.0% Total Consumers 38 45 (7) 23,278 22,696 582 2.6% REVENUE PER KWH Residential 0.1431 0.1474 (0.0042)

  • 2.9%

0.1370 0.1285 0.0085 6.6% Irrigation 0.0995 0.0946 0.0048 5.1% 0.1040 0.0978 0.0062 6.4% Commercial - <50 KW 0.1460 0.1454 0.0005 0.4% 0.1425 0.1346 0.0079 5.9% Commercial - 50-249 KW 0.1078 0.1082 (0.0004)

  • 0.3%

0.0976 0.1044 (0.0068)

  • 6.5%

Commercial - 250 KW & Up 0.1050 0.1041 0.0009 0.9% 0.1050 0.1013 0.0037 3.6% Contract Sales 0.0695 0.0676 0.0020 2.9% 0.0686 0.0672 0.0013 2.0% Street Lighting 0.3654 0.3855 (0.0200)

  • 5.2%

0.3605 0.3668 (0.0063)

  • 1.7%

Total 0.1233 0.1199 0.0034 2.8% 0.1206 0.1140 0.0067 5.8%

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SLIDE 11

VALLEY ELECTRIC ASSOCIATION, INC. 13 Month Cash Flow

Sources of Cash May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Energy & Broadband Billing 5,829,173 4,817,736 6,275,117 7,181,800 6,955,970 7,001,334 5,110,451 5,754,027 7,143,788 6,734,401 6,494,935 5,563,991 5,416,626 Line of Credit Capital Credits/Interest Income 10,966 12,156 11,263 4,600 343,439 18,625 4,764 10,360 5,417 2,881 3,474 21,745 277 Aid to Construction 93,301 60,581 143,628 284,580 71,720 260,138 136,193 173,484 185,264 253,626 195,662 82,575 128,568 Accounts Receivable 1,196,193 409,920 429,654 1,174,804 1,556,632 1,362,504 548,247 2,549,480 410,265 560,630 1,091,801 1,232,974 237,437 CAISO/AEPCO 54,489 50,651 338,487 144,742 205,926 203,897 36 46,306 84 225,297 296,051 212,508 Total Sources of Cash 7,184,122 5,351,045 6,859,661 8,984,272 9,072,502 8,848,527 6,003,552 8,487,387 7,791,040 7,551,622 8,011,169 7,197,336 5,995,416

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SLIDE 12

VALLEY ELECTRIC ASSOCIATION, INC. 13 Month Cash Flow

Uses of Cash May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Plant Plant Materials VEA 119,841 130,646 144,466 78,038 194,049 52,184 152,369 252,005 17,668 61,266 87,430 94,255 23,352 VETA 31,544 2,624 VCA 90,581 17,509 213,027 68,676 115,797 5,829 139,316 42,454 160,176 119,732 6,873 145,429 92,076 Construction Work in Progress VEA 138,336 48,104 140,509 104,280 79,478 20,681 1,387 99,093 7,500 13,976 9,500 93,219 VETA 28,354 136,235 575,731 110,751 747,469 138,121 28,244 91,147 11,852 13,683 1,274 21,475 VCA 40,000 59,640 87,261 69,500 8,740 32,988 47,619 197,372 23,655 22,083 16,943 General Plant 56,411 7,681 27,972 28,050 38,927 32,700 10,265 44,073 5,462 10,585 25,687 Total Plant 448,655 392,133 641,676 903,906 536,787 889,825 517,739 454,496 286,756 448,271 146,603 366,845 179,533 Investments Total Investments Debt Service Long Term Debt - Principal 100,464 1,439,848 100,959 630,943 1,454,667 101,703 98,863 1,472,735 99,382 99,639 1,758,567 100,170 103,473 Long Term Debt - Interest 197,674 2,034,450 196,141 316,114 1,993,543 190,350 164,908 1,846,301 172,536 161,758 1,536,119 153,180 144,177 Line of Credit Total Debt Service 298,139 3,474,298 297,100 947,058 3,448,210 292,053 263,771 3,319,036 271,919 261,397 3,294,686 253,350 247,650 Operations Purchased Power/Margin Calls 2,101,322 2,361,796 2,544,922 3,226,335 2,899,754 2,518,846 2,293,678 2,863,009 3,636,297 2,928,518 2,919,144 2,103,868 2,144,780 Gross Payroll 1,141,056 1,163,806 1,218,773 1,585,984 1,073,076 1,131,490 1,191,902 1,112,963 1,934,746 1,106,840 1,093,053 1,132,633 1,113,900 NRECA Benefits 990,101 1,036,334 1,006,630 1,041,203 391,383 477,565 412,256 383,305 1,196,665 1,259,698 995,366 1,116,825 700,139 Capital Credits 1,376 44,851 14,263 37,830 28,527 102,511 34 35,405 9,853 17,170 4,373 27,989 10,645 Transmission Sale Operating Material & Services 1,276,666 1,047,430 980,820 1,505,253 933,058 1,536,656 947,872 1,375,556 1,251,810 886,736 1,122,453 1,104,782 1,138,534 Total Operations 5,510,522 5,654,217 5,765,407 7,396,605 5,325,798 5,767,068 4,845,742 5,770,238 8,029,371 6,198,962 6,134,389 5,486,097 5,107,998 Total Uses of Cash 6,257,316 9,520,647 6,704,183 9,247,569 9,310,795 6,948,945 5,627,252 9,543,770 8,588,046 6,908,629 9,575,678 6,106,292 5,535,181 Net Cash Increase/(Decrease) 926,806 (4,169,602) 155,478 (263,297) (238,293) 1,899,582 376,300 (1,056,383) (797,006) 642,993 (1,564,509) 1,091,044 460,235

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SLIDE 13

VALLEY COMMUNICATIONS

MONTHLY REPORTS & FINANCIAL RESULTS

AS OF MAY 31, 2020

ASSOCIATION

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SLIDE 14

YTD(MAY) YTD(MAY) YTD(MAY) MAY 2019 2020 BUD 2020 Dollars % Dollars % Revenue - Internet 2,871,740 3,600,508 3,480,150 731,739 728,768 25.4% 120,358 3.5% Cost of Sales - Internet 1,266,974 1,496,877 1,548,936 342,192 (229,903)

  • 18.1%

52,059 3.4% Gross Margins - Internet 1,604,766 2,103,631 1,931,215 389,547 498,866 31.1% 172,417 8.9% Revenue - VOIP 64,245 103,586 114,359 17,258 39,341 61.2% (10,773)

  • 9.4%

Cost of Sales - VOIP 78,780 73,482 81,923 15,726 5,298 6.7% 8,441 10.3% Gross Margins - VOIP (14,536) 30,104 32,436 1,532 44,640 307.1% (2,332)

  • 7.2%

VEEK Revenue 10,905 9,559 11,916 1,219 (1,346)

  • 12.3%

(2,357)

  • 19.8%

Smart Home Revenue

  • 0.0%

0.0% TOTAL REVENUE 2,946,278 3,713,652 3,606,425 750,215 767,374 26.0% 107,227 3.0% Total Cost of Sales 1,457,444 1,570,733 1,630,996 358,292 (113,288)

  • 7.8%

60,264 3.7% Gross Margins 1,488,834 2,142,920 1,975,429 391,923 654,086 43.9% 167,491 8.5% Maintenance Expense 34,966 47,855 28,980 5,003 (12,889)

  • 36.9%

(18,875)

  • 65.1%

Consumer Accounts Expense 137,146 142,967 214,292 31,451 (5,821)

  • 4.2%

71,325 33.3% Customer Service (VEEK) Expense

  • 0.0%

0.0% Sales Expense 98,531 32,208 62,034 4,552 66,323 67.3% 29,826 48.1% Admin and General Expense 358,303 385,604 391,135 62,131 (27,301)

  • 7.6%

5,531 1.4% Total Controllable Costs 628,947 608,635 696,441 103,136 20,312 3.2% 87,807 12.6% Total Operating Expenses 2,086,391 2,179,367 2,327,438 461,428 (92,976)

  • 4.5%

148,071 6.4% Depreciation & Amortization Expense 2,089,444 2,222,613 2,214,130 446,902 (133,169)

  • 6.4%

(8,483)

  • 0.4%

Tax Expense-Other 57,551 82,611 82,500 16,522 (25,060)

  • 43.5%

(111)

  • 0.1%

Interest Expense 269,752 176,912 176,871 32,181 92,840 34.4% (41) 0.0% Int Charged to Const 0.0% 0.0% Other Deductions (283)

  • (283)
  • 100.0%

0.0% Total Expenses 4,502,855 4,661,503 4,800,939 957,033 (158,648)

  • 3.5%

139,436 2.9% Net Margins (1,556,577) (947,851) (1,194,514) (206,818) 608,727 39.1% 246,663 20.6% EBITDA 860,170 1,534,285 1,278,987 288,787 674,115 78.4% 255,298 20.0% PERIOD ENDED MAY 31, 2020

VALLEY COMMUNICATION ASSOCIATION

CONSOLIDATED INCOME STATEMENT - UNAUDITED

2020 VS 2019 2020 VS BUD

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SLIDE 15

ASSETS AND OTHER DEBITS LIABILITIES AND OTHER CREDITS

  • 1. Total Plant in Service

$45,809,974 30. Memberships $0

  • 2. Construction Work in Progress

1,298,896 31. Patronage Capital

  • 3. Total Plant (1+2)

47,108,871 32. Operating Margins - Prior Years (21,550,556)

  • 4. Accum. Prov for Deprec and Amort

15,772,627 33. Operating Margins - Current Year (1,629,901)

  • 5. Net Plant (3-4)

31,336,243 34. Non-Operating Margins

  • 14. Total Other Property & Investments

0 35. Other Margins & Equities 45,000,000

  • 15. Cash-General Funds

15,330 36. Total Margins & Equities (30 thru 35) 21,819,542

  • 16. Cash-Construction Funds-Trustee

0 40. Long-Term Debt - Other(Net)

  • 17. Special Deposits

0 43. Total Long-Term Debt

  • 18. Temporary Investments

0 44. Obligations Under Capital Leases 1,792,359

  • 19. Notes Receivable - Net

0 46. Total Other Noncurrent Liabilities 1,792,359

  • 20. Accounts Receivable Trade

544,125 47. Notes Payable

  • 21. Accounts Receivable - Net Other

0 48. Accounts Payable 9,789,074

  • 23. Materials & Supplies

1,468,459 49. InterCompany payable

  • 24. Prepayments

36,356 50. Current Maturities Long-Term Debt

  • 25. Other Current & Accrued Assets

0 52. Current Maturities Capital Leases 3,484,425

  • 26. Total Current & Accrued Assets

2,064,270 53. Other Current & Accrued Liabilities

  • 28. Deferred Debits

3,484,887 54. Total Current & Accrued Liabilities 13,273,499

  • 56. Deferred Credits
  • 29. Total Assets & Other Debits

$36,885,400 57. Total Liabilities & Other Credits $36,885,400

VALLEY COMMUNICATION ASSOCIATION

AS OF MAY 31, 2020

BALANCE SHEET - UNAUDITED

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