As treasurer of Nodak Electric Cooperative, thank you for your patronage this past year and thank you for the opportunity to present the 2018 financial statements of the cooperative.
Approximately 56 percent of our revenue is related to commercial accounts that are not entirely affected by seasonal variances in climate, which gives us revenue stability as compared to other cooperatives in our region. Those commercial accounts added $2 million worth of revenue in 2018 as compared to 2017. Additionally, the other 44 percent of our revenue comes from the general service members who are affected by extreme cold in the winters and the heat of the summers. As a result of those seasonal climate changes, those accounts, along with 463 newly metered accounts, added $1.6 million to the revenue roles in 2018, for a total revenue value of $106.7 million. Total expenses for 2018 measured $104.3 million compared to $100.8 million 2017, with $2.9 million coming from power costs due to increased kilowatt-hour sales volume.
Margins for 2018 were valued at $3,131,575, which was within $133,000 of the 2017 level. Even though the weather may throw our projections off in any given year, we budget for margins in the $3 to $3.5 million mark each year, and we have been consistent in reaching those levels.
As member-owners of the cooperative, you are welcome to a more detailed explanation of the finances of Nodak Electric if so desired. Please feel free to contact our office for additional information and assistance.