Cooperative Review - April 2018
Vol68-5 May 2018
SMECO lineman

2017 Financials

Facts & Figures

Years Ended December 31, 2017 and 2016

  2017 2016
Miles of Line in Service 12,375 12,301
Number of Meters in Place 163,182 161,153
Average Number of Meters per Mile 13.2 13.1
Average Number of New Connections per Month
   (net of retired service)
169 168
Total Megawatt-Hour Sales
   Residential 2,056,626 2,112,651
   Commercial 1,270,421 1,292,747
   Street lights 8,052 7,856
   Transmission 40,675 28,444
      Total sold to members 3,375,774 3,441,698
Property Taxes ($000 omitted)
   Calvert County $1,746 $1,949
   Charles County 4,869 5,006
   Prince George’s County 605 690
   St. Mary’s County 2,029 1,811
      Total property tax expense $9,249 $9,456
Loans to Date ($000 omitted)
   Total amount drawn on loans $1,028,326 $1,028,326
   Less total amount repaid on loans (442,310) (418,229)
      Total due to lenders $586,016 $610,097
   Payments Made
      Principal $24,082 $22,828
      Interest and other fees 21,830 20,900

 

Consolidated Statements of Revenue and Expenses

Years Ended December 31, 2017 and 2016
($000 omitted)

  2017 2016 Increase
(Decrease)
Operating Revenue
   Sales of electricity $393,776 $412,092 $(18,316)
   Other 26,120 24,996 1,124
      Total operating revenue 419,896 437,088 (17,192)
Operating and Interest Expenses
   Purchased power and power production  225,483 250,566 (25,083)
   Transmission 3,662 3,640 22
   Distribution - operation and maintenance 29,414 30,818 (1,404)
   Customer accounts, service and information 33,865 34,052 (187)
   Administrative and general 35,497 38,655 (3,158)
   Depreciation and amortization 35,671 35,221 450
   Taxes (property, sales, payroll, etc.) and other 16,561 16,697 (136)
   Interest on long-term debt and other interest 23,493 22,787 706
      Total operating and interest expenses 403,646 432,436 (28,790)
   Net operating margins 16,250 4,652 11,598
   Other patronage allocations and nonoperating margins 7,133 7,151 (18)
          Net margins $23,383 $11,803 $11,580

 

Consolidated Balance Sheets

Years Ended December 31, 2017 and 2016
($000 omitted)

  2017 2016 Increase
(Decrease)
Assets (What we own)
   Cash and temporary investments $5,519 $4,644 $875
   Accounts receivable, net 48,095 48,807 (712)
   Materials and supplies inventory 14,065 17,513 (3,448)
   Prepaid, deferred, regulatory and other assets 152,631 123,081 29,550
   Investments in associated organizations and other 19,514 35,779 (16,265)
   Net utility plant 783,667 761,094 22,573
   Nonutility property 3,055 3,131 (76)
      Total assets $1,026,546 $994,049 $32,497
Liabilities (What we owe)
   Accounts payable and other accrued liabilities $125,606 $151,841 $(26,235)
   Notes payable 122,000 72,100 49,900
   Customer deposits 6,936 6,808 128
   Deferred credits 2,764 2,391 373
   Long-term debt
      CFC 247,169 254,265 (7,096)
      CoBank 326,408 342,799 (16,391)
      FFB 12,439 13,033 (594)
         Total liabilities 843,322 843,237 85
Members’ Equity (Net worth)
   Capital and accumulated margins 253,023 232,057 20,966
   Accumulated other comprehensive (loss) income (69,799) (81,245) 11,446
      Total liabilities and members’ equity $1,026,546 $994,049 $32,497