Page 13 - 2021 Popular Annual Financial Report

moreno valley

ELECTRIC UTILITY MORENO VALLEY UTILITY CHANGES IN NET
POSITION (IN $000’S)

Moreno Valley Electric Utility (MVU): This fund is
CSD REVENUES FY 18/19 FY 19/20 FY 20/21 MVU REVENUES FY 18/19 FY 19/20 FY 20/21
Taxes $11,999 $12,607 $13,097 an Enterprise Fund which is used to account for Sales and Service Charges $30,768 $35,475 $39,507
Charges for Services $5,430 $5,148 $4,772 the operations of MVU, with a mission to provide Miscellaneous* $3,538 $3,122 $4,478
Other* $2,771 $2,878 $2,005
safe, reliable, and economical electric service to Total Revenues $34,306 $38,597 $43,985

Total Revenues $20,200 $20,633 $19,874 MVU EXPENDITURES FY 18/19 FY 19/20 FY 20/21
consumers in the City’s newly developed areas
CSD EXPENDITURES FY 18/19 FY 19/20 FY 20/21 under the “Greenfield” concept. The City began Electricity Purchased $12,400 $11,707 $13,933
Community and Cultural $12,779 $12,510 $12,364 Other Expenses** $14,098 $16,099 $16,465
Public Works $5,932 $6,158 $6,852 serving its first customers in February 2004. Interest Expense $2,248 $2,856 $2,464
Other* $88 $383 $70 Total Expenditures $28,746 $30,662 $32,862
Total Expenditures $18,799 $19,051 $19,286 Change in Net Position $5,560 $7,935 $11,123

Change in Fund Balance $1,401 $1,582 $588 *Includes “other” revenues such as Interest Revenue, and Contributed Capital
Total Fund Balance $20,268 $21,850 $22,438 **Includes interest expense and loss on disposal of capital assets
* Includes Transfers In/Out

As an Enterprise Fund, MVU generates most of
its revenues from charges for services provided, FY 20/21 ELECTRIC UTILITY
much like a business. As such, the primary source EXPENSES
of revenue for MVU is sales and service charges
which saw an 11.4% increase over the prior year.
In total, MVU revenues increased 14.0% to $44.0
million. 50%
Other
Expenses 42%
Electricity purchases, MVU’s largest expense,
Electricity
experienced a 19.0% increase over the prior Purchased
year. Other operating expenses include cost of
services, depreciation, services and supplies, 8%
and distribution share expenses. These expenses Interest Expense
increased 2.3%, while interest expense saw a
decrease of 13.7%. In total, MVU expenditures
increased 7.2% to $32.9 million.

TOTAL NET POSITION

FY 2016/17 FY 2017/18 FY 2018/19 FY 2019/20 FY 2020/21

$60
MVU on the rise
$40
The Net Position for MVU indicates a positive
percentage change of 21.4% from FY 19/20. MILLIONS $20
Positive percentage changes in Net Position $30 $39 $44 $52 $63
indicate that the financial position of the
$0
Moreno Valley Electric Utility has improved.

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