Cooperative Review - May 2019
Vol69-5 May 2019
Annual report cover

2018 Financials

Facts & Figures

Years Ended December 31, 2018 and 2017

  2018 2017
Number of Meters in Place 165,178 163,182
Average Number of New Connections per Month
   (net of retired service)
166 169
Total Megawatt-Hour Sales
   Residential 2,276,786 2,056,626
   Commercial 1,285,679 1,270,421
   Street lights 8,367 8,052
   Transmission 51,072 40,675
      Total sold to members 3,621,904 3,375,774
Property Taxes ($000 omitted)
   Calvert County $1,805 $1,746
   Charles County 5,308 4,869
   Prince George’s County 649 605
   St. Mary’s County 2,153 2,029
      Total property tax expense $9,915 $9,249
Loans to Date ($000 omitted)
   Total amount drawn on loans $1,163,326 $1,028,326
   Less total amount repaid on loans (467,274) (442,310)
      Total due to lenders $696,052 $586,016
   Payments Made
      Principal $24,964 $24,082
      Interest and other fees 23,737 21,830

 

Consolidated Statements of Revenue and Expenses

Years Ended December 31, 2018 and 2017
($000 omitted)

  2018 2017 Increase
(Decrease)
Operating Revenue
   Sales of electricity $415,644 $393,776 $21,868
   Other 46,640 26,120 20,520
      Total operating revenue 462,284 419,896 42,388
Operating and Interest Expenses
   Purchased power and power production 249,958 225,483 24,475
   Transmission 3,828 3,662 166
   Distribution—operation and maintenance 32,164 29,414 2,750
   Customer accounts, service and information 37,522 33,865 3,657
   Administrative and general 39,344 35,497 3,847
   Depreciation and amortization 38,021 35,671 2,350
   Taxes (roperty, sales, payroll, etc.) and other 17,479 16,561 918
   Interest on long-term debt and other interest 24,207 23,493 714
      Total operating and interest expenses 442,523 403,646 38,877
   Net operating margins 19,761 16,250 3,511
   Other patronage allocations and nonoperating margins 7,475 7,133 342
       Net margins $27,236 $23,383 $3,853

 

Consolidated Balance Sheets

Years Ended December 31, 2018 and 2017
($000 omitted)

  2018 2017 Increase
(Decrease)
Assets (What we own)
   Cash and temporary investments $6,414 $5,519 $895
   Accounts receivable, net 55,623 48,095 7,528
   Materials and supplies inventory 13,374 14,065 (691)
   Prepaid, deferred, regulatory and other assets 147,533 152,631 (5,098)
   Investments in associated organizations and other 21,134 19,514 1,620
   Net utility plant 796,707 783,667 13,040
   Nonutility property 3,007 3,055 (48)
      Total assets $1,043,792 $1,026,546 $17,246
Liabilities (What we owe)
   Accounts payable and other accrued liabilities $117,042 $125,606 $(8,564)
   Notes payable 15,000 122,000 (107,000)
   Customer deposits 7,804 6,936 868
   Deferred credits 3,079 2,764 315
   Long-term debt
      CFC 239,818 247,169 (7,351)
      CoBank 310,593 326,408 (15,815)
      Private Placement 133,308 — 133,308
      FFB 11,825 12,439 (614)
         Total liabilities 838,469 843,322 (4,853)
Members’Equity (Net worth)
   Capital and accumulated margins 276,197 253,023 23,174
   Accumulated other comprehensive (loss) income (70,874) (69,799) (1,075)
      Total liabilities and members’ equity $1,043,792 $1,026,546 $17,246