As treasurer of Nodak Electric Cooperative, it is my honor to present the 2016 financial statements of the cooperative.
The financial year 2016 brought many months of kWh sales unpredictability due to unseasonable temperatures throughout most of the year. Weather patterns such as what we experienced in 2016 create issues with utility finances, but despite the weather uncertainty, we were able to meet our lenders financial requirements for the year. Revenue from electric sales totaled $95.5 million. Power costs for 2016 were $80.8 million. Total cost of electric service (less power costs) was 95 percent of the 2016 budgeted levels. We were fortunate to not have any severe storms during the year that would create an unusual amount of extra expenses.
Margins for 2016 were audited at $923,603. Of that amount, $134,463 came from operating margins and the balance of $789,140 from nonoperating margins.
For a more detailed look into the revenue, expenses and margins of your cooperative please feel free to contact Nodak at your convenience.