Page 13 - 2023 Moreno Valley Popular Annual Financial Report
P. 13

Moreno Valley Electric Utility (MVU): This fund is an Enterprise Fund which is used to account for

        the operations of MVU, with a mission to provide safe, reliable, and economical electric service to
        consumers  in  the  City’s  newly  developed  areas  under  the  “Greenfield”  concept.  The  City  began
        serving its first customers in February 2004.















 CSD REVENUES   FY 20/21  FY 21/22  FY 22/23  MORENO V ALLEY
 Taxes  $13,097  $13,702   $14,558
 Charges for Services  $4,772  $5,599   $6,099     As an Enterprise Fund, MVU generates most of
 Other*  $2,005  $4,004   $9,322    its  revenues  from  charges  for  services  provided,
        much like a business. As such, the primary source of   E L E C T R i C   U T i L i T Y
 Total Revenues  $19,874   $23,305  $29,979    revenue for MVU is sales and service charges which
          saw an 9.4% increase over the prior year. In total,
 CSD EXPENDITURES  FY 20/21  FY 21/22  FY 22/23  MVU revenues increased 19.4% to $53.4 million
 Community and Cultural  $12,364   $14,677    $15,772
 Public Works  $6,852  $6,203    $6,347
 Other*  $70  $1,587   $1,013  Electricity purchases, MVU’s largest expense, experienced a 10.8% increase over the prior year. Other operating expenses
 Total Expenditures  $19,286   $22,467  $23,132     include cost of services, depreciation, services and supplies, and distribution share expenses. These expenses increased
        21.5%, and interest expense decreased  47.7%. In total, MVU expenditures increased 11.4% to $40.9 million.
 Change in Fund Balance  $588  $838   $6,847
 Total Fund Balance  $22,438   $23,276  $30,123

 * Includes Transfers In/Out  FY 22/23              TOTALNET POSITION                           The  Net  Position  for
        ELECTRIC UTILITY EXPENSES                            FY 2018/19  FY 2019/20 FY 2020/21 FY 2021/22 FY 2022/23  MVU indicates a positive
                                                                                                percentage change of
                                                                                                17.6%  from  FY  21/22.
          56%                                                                                   Positive percentage
          Other                                       $80                                       changes in Net Position
          Expenses
                                                                                                indicate that the
                                                                                                financial position of the
                                                      $60
                                         40%                                                    Moreno Valley Electric
                                                    MILLIONS  $44 $52  $63  $71 $83
                                         Electricity                                            Utility has improved.
                                         Purchased    $40

                          4%                          $20
                           Interest Expense

                                                       $0
                             MORENO VALLEY UTILITY CHANGES INNET POSITION (IN $000’S)

                             MVU REVENUES                  FY 20/21    FY 21/22    FY 22/23
                             Sales and Service Charges     $39,507     $45,340     $49,581
                             Miscellaneous*                $4,478      $(598)      $3,834
                             Total Revenues                $43,985     $44,742     $53,415

                             MVU EXPENDITURES              FY 20/21    FY 21/22    FY 22/23
                             Electricity Purchased         $13,933     $14,787     $16,386
                             Other Expenses**              $16,465     $18,856     $22,910
                             Interest Expense              $2,464      $3,080      $1,612
                             Total Expenditures            $32,862     $36,723     $40,908
                             Change in Net Position        $11,123     $8,019      $12,507

                            *Includes “other” revenues such as contributed capital and interest revenue, as well as GASB 31 fair value adjustment of investments to recognize
                            unrealized gain or loss of securities (in FY 21/22 the fair market value adjustment of investments recognized a loss)  **Includes loss on disposal
                            of capital assets
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