Muscatine Power and Water
    Communications Utility
    Operating Statements and Balance Sheets
    June 2012
    Muscatine Power and Water
    Communications Utility
    Table of Contents
    Page
    Statements of Revenues, Expenses, and Changes in Net Deficit
    1-2
    Balance Sheets
    3-4
    Statements of Cash Flows
    5-6
    Summary of Expenses
    7-10
    Statistical Data
    11
    Muscatine Power and Water - Communications Utility
    Statements of Revenues, Expenses, and Changes in Net Deficit
    Current Month - June 2012
    Pagel
    Operating Revenue
    CATV
    Data/Internet
    MAN/MME
    Miscellaneous
    Total Operating Revenues
    Operating Expense
    Operation
    Maintenance
    Depreciation
    Amortization
    Total Operating Expenses
    Operating Income
    Nonoperating
    Revenue (Expensed
    Interest Income
    Interest Expense
    Net Nonoperating Expense
    Net
    Loss
    before Capital Contributions
    Capital Contributions
    Change in Net Deficit
    Beginning Net Deficit
    Ending Net Deficit
    NetLoss to Total Income
    Debt Service Coverage on Bank Debt
    Debt Service Coverage on Bank and
    Electric Utility Debt
    %
    Increase
    %
    Increase
    Budget
    (Decrease)
    This
    (Decrease)
    Last
    Estimate
    From Budget
    Year
    Fr. Last Yr.
    Year
    $672,125
    (4.0)
    $645,301
    1.6
    $634,843
    301,575
    1.7
    306,842
    5.5
    290,843
    53,768
    (21.0)
    42,496
    44.7
    29,362
    8,768
    (2.7)
    8,531
    (4.7)
    8,948
    1,036,236
    (3.2)
    1,003,170
    4.1
    963,996
    667,242
    (0.9)
    661,032
    11.2
    594,549
    71,958
    (7.0)
    66,955
    (6.8)
    71,838
    206,959
    (5.5)
    195,673
    (1.3)
    198,323
    64,428
    0.0
    64,428
    —
    64,428
    1,010,587
    (2.2)
    988,088
    6.3
    929,138
    25,649
    (41.2)
    15,082
    (56.7)
    34,858
    12,119
    (22.2)
    9,424
    (18.5)
    11,566
    (120,047)
    (0.1)
    (119,924)
    (2.2)
    (122,578)
    (107,928)
    2.4
    (110,500)
    (0.5)
    (111,012)
    (82,279)
    16.0
    (95,418)
    25.3
    (76,154)
    —
    ""•*
    353
    ($95,065)
    ___
    ___
    ($82,279)
    ($76,154)
    (22,764,121)
    (22,808,798)
    (21,596,872)
    ($22,846,400)
    ($22,903,863)
    ($21,673,026)
    (7.9)
    (9.4)
    (7.8)
    3.38
    3.11
    3.34
    1.58
    1.46
    1.57
    Page 2
    Muscatine Power and Water - Communications Utility
    Statements of Revenues, Expenses, and Changes in Net Deficit
    Calendar Year-to-Date - June 2012
    Operating Revenue
    CATV
    Data/Internet
    MAN/MME
    Miscellaneous
    Total Operating Revenues
    Operating Expense
    Operation
    Maintenance
    Depreciation
    Amortization
    Total Operating Expenses
    Operating Income
    Nonoperating Revenue
    (Expense)
    Interest Income
    Interest Expense
    Net Nonoperating Expense
    Net Loss before Capital
    Contributions
    Capital Contributions
    Change in Net Deficit
    Beginning
    Net Deficit
    Ending Net Deficit
    Net Loss to Total Income
    Debt Service Coverage on Bank Debt
    Debt Service Coverage on Bank and
    Electric Utility Debt
    %
    Increase
    %
    Increase
    Budget
    (Decrease)
    This
    (Decrease)
    Last
    Estimate
    From Budget
    Year
    Fr. Last Yr.
    Year
    $3,955,188
    (3.5)
    $3,816,460
    0.7
    $3,791,298
    1,790,697
    1.4
    1,815,926
    5.8
    1,716,615
    303,855
    (22.4)
    235,652
    33.6
    176,417
    52,609
    0.4
    52,835
    4.2
    50,688
    6,102,349
    (3.0)
    5,920,873
    3.2
    5,735,018
    3,960,745
    (0.8)
    3,930,805
    7.9
    3,644,398
    426,576
    (10.1)
    383,529
    0.1
    383,226
    1,241,756
    (5.5)
    1,174,038
    (1.3)
    1,189,938
    386,568
    —
    386,568
    —
    386,568
    6,015,645
    (2.3)
    5,874,940
    4.8
    5,604,130
    86,704
    (47.0)
    45,933
    (64.9)
    130,888
    72,891
    (24.3)
    55,169
    (24.1)
    72,704
    (720,285)
    0.1
    (721,111)
    (2.3)
    (738,460)
    (647,394)
    2.9
    (665,942)
    0.0
    (665,756)
    (560,690)
    10.6
    (620,009)
    15.9
    (534,868)
    ...
    1,856
    (618,153)
    (86.3)
    13,584
    (560,690)
    (521,284)
    (22,285,710)
    (22,285,710)
    (21,151,742)
    ($22,846,400)
    ($22,903,863)
    ($21,673,026)
    (9.1)
    (10.4)
    (9.2)
    3.25
    3.02
    3.21
    1.52
    1.42
    1.51
    Muscatine Power and Water - Communications Utility
    Statements of Net Assets
    June 2012
    Page 3
    ASSETS
    2012
    2011
    Current
    Assets:
    Restricted
    Cash - interest bearing
    $6_
    $112,803
    Total Restricted Current Assets
    Unrestricted
    Cash - interest bearing
    Investments
    Receivables:
    Consumer Accounts
    Interest
    Inventories
    Prepaid Expenses
    Total Unrestricted Current Assets
    Total Current Assets
    Property and Equipment:
    At Cost
    Less Accumulated Depreciation
    Net Property and Equipment
    Other
    Assets:
    Unamortized Cost of Issuing Debt
    6,282
    19,168
    Total Other Assets
    6,282
    19,168
    6
    112,803
    2,779,242
    2,641,473
    3,027,000
    3,935,841
    1,182,119
    1,134,306
    55,904
    54,377
    336,218
    275,237
    106,442
    88,473
    7,486,925
    8,129,707
    7,486,931
    8,242,510
    31,167,186
    29,544,915
    20,425,828
    18,319,199
    10,741,358
    11,225,716
    Intangible
    Assets:
    Intangible Assets - Less Accumulated Amortization
    of $7,344,344 in 2012 and $6,571,208 in 2011
    386,568
    1,159,705
    TOTAL ASSETS
    $18,621,139
    $20,647,099
    Page 4
    Muscatine Power and Water - Communications Utility
    Statements of Net Assets
    June 2012
    LIABILITIES AND NET DEFICIT
    Current Liabilities:
    Restricted
    Notes Payable - Banks
    Accrued Interest
    Total Restricted Current Liabilities
    Unrestricted
    Accrued Interest
    Accounts Payable
    Pension Provision
    Health & Dental Insurance Provision
    Intercompanies
    Accrued Payroll
    Accrued Vacation
    Accrued Property Taxes
    Deferred Revenue - Dark Fiber Lease
    Miscellaneous Accrued Expenses
    Total Unrestricted Current Liabilities
    Total Current Liabilities
    Non-Current Liabilities:
    Health & Dental Insurance Provision
    Post-Employment Health Benefit Provision
    Deferred Revenue - Dark Fiber Lease
    Notes Payable:
    Banks
    Electric Utility
    Total Non-Current Liabilities
    Net Deficit:
    Invested in capital assets, net of related debt
    Restricted
    Unrestricted
    Total Net Deficit
    2012
    2011
    $915,000
    885,000
    92,002
    112,800
    1,007,002
    997,800
    623,522
    622,922
    512,580
    388,250
    154,540
    137,688
    34,889
    41,124
    12,119
    11,539
    47,776
    31,503
    132,108
    116,216
    21,625
    25,242
    17,500
    16,991
    142,248
    139,201
    1,698,907
    1,530,676
    2,705,909
    2,528,476
    157,109
    200,014
    26,755
    23,397
    308,229
    326,238
    3,000,000
    3,915,000
    35,327,000
    35,327,000
    38,819,093
    39,791,649
    7,225,716
    7,610,978
    (30,129,579)
    (29,284,004)
    (22,903,863)
    (21,673,026)
    TOTAL LIABILITIES AND NET DEFICIT
    $18,621,139
    $20,647,099
    Page 5
    Muscatine Power and Water - Communications Utility
    Statements of Cash Flows
    June 2012
    Cash flows from operating activities:
    Cash received from:
    Communications sales
    Advertising sales
    Sale
    of digital converters
    Miscellaneous sources
    Cash paid to/for:
    Suppliers
    Employees payroll, taxes and benefits
    Net cash flows from operating activites
    Cash flows from capital and related financing activities:
    Capital expenditures, net
    Loan principal payments
    Loan interest payments
    Net cash flows from capital and related
    financing activities
    Cash flows from investing activities:
    Interest received on investments
    Accrued interest purchased
    Amortization/accretion of investments
    Mark to market
    Net cash flows from investing activities
    Net increase (decrease) in cash and investments
    Cash and investments at beginning of period
    Cash and investments at end of period
    Current
    Month
    $917,294
    18,552
    11,943
    Year-
    To-Date
    $5,684,235
    149,412
    50,683
    (363,652)
    (229,219)
    (2,635,685)
    (1,498,393)
    354,918
    1,750,252
    (103,063)
    (901,886)
    (885,000)
    (112,800)
    (103,063)
    (1,899,686)
    90
    103,093
    90
    103,093
    251,945
    (46,341)
    5,554,303
    5,852,589
    $5,806,248
    $5,806,248
    Muscatine Power and Water - Communications Utility
    Statements of Cash Flows
    June 2012
    Page 6
    Current
    Year-
    Month
    To-Date
    Reconciliation of operating income to net cash
    flows from operating activities
    Operating income
    $15,082
    $45,933
    Noncash items in operating income:
    Converter/modem write-off
    Depreciation of utility plant
    Amortization of intangible assets
    Changes in assets and liabilities:
    Consumer accounts receivable
    Inventories
    Prepaid and deferred expenses
    Accounts payable
    Pension provision
    Health & dental insurance provision
    Other
    post-employment
    benefit
    provision
    Deferred Revenue
    Intercompany payable
    Accrued payroll
    Accrued vacation
    Accrued property taxes
    Miscellaneous
    accrued
    expenses
    Net cash flows from operatingactivities
    2,430
    19,428
    195,673
    1,174,038
    64,428
    386,568
    (55,144)
    (10,785)
    (26,907)
    (25,345)
    19,781
    (46,768)
    60,585
    50,181
    26,120
    154,540
    5,168
    (32,870)
    347
    2,082
    (1,459)
    (8,750)
    5,728
    (3,893)
    14,062
    6,039
    1,372
    24,646
    1,802
    —
    25,850
    15,208
    $354,918
    $1,750,252
    Muscatine Powerand Water - Communications Utility
    Summary
    of
    Expenses
    Current Month - June 2012
    Page 7
    Budget
    Estimate
    This Year
    Last Year
    CATV
    Program Acquisition Expense
    $336,051
    $343,148
    $303,110
    PromotionalExpense
    6,138
    1,532
    2,694
    ElectricityExpense
    2,181
    2,358
    2,263
    Pole Attachment Expense
    2,167
    2,167
    2,167
    Changes of Service
    1,468
    1,094
    1,125
    Underground Line Expense
    2,608
    2,081
    3,438
    Ad Insertion - Marketing/Production
    7,106
    4,497
    6,662
    Miscellaneous CATV Expense
    13,292
    14,406
    12,037
    Vehicle Expense
    5,434
    6,017
    4,933
    Maintenance:
    Fiber
    1,655
    262
    7,252
    Coax
    1,853
    3,817
    2,516
    Drops
    3,601
    2,317
    3,147
    Conduit System
    306
    493
    213
    Headend
    24,379
    22,699
    20,657
    Line Equipment
    3,237
    1,706
    3,333
    Converters
    6,597
    5,220
    5,005
    Ad Insertion
    3,848
    3,588
    4,063
    Vacation, Holiday, Sick Leave
    3,722
    3,710
    3,425
    Property Taxes
    1,188
    1,188
    1,400
    Depreciation
    156,142
    146,724
    152,268
    Amortization
    48,321
    48,321
    48,321
    Total CATV
    631,294
    617,345
    590,029
    Data/Internet
    Data/Internet Access Charges
    31,491
    39,251
    22,078
    Promotional Expense
    6,138
    1,417
    2,862
    Electricity Expense
    74
    81
    75
    Pole Attachment Expense
    75
    75
    75
    Changes of Service
    629
    469
    482
    Customer Wireless Equipment Expense
    394
    2,883
    145
    Underground Line Expense
    89
    71
    117
    Miscellaneous Data/Internet Expense
    8,490
    9,888
    8,356
    Vehicle Expense
    645
    734
    600
    Maintenance:
    Fiber
    58
    9
    253
    Coax
    63
    130
    88
    Drops
    123
    80
    108
    Conduit System
    11
    17
    8
    Headend
    15,951
    11,510
    13,233
    LineEquipment
    no
    58
    114
    Modems
    4,830
    5,853
    4,191
    Vacation, Holiday, Sick Leave
    3,126
    2,565
    2,558
    Property Taxes
    41
    41
    49
    Depreciation
    21,946
    20,183
    21,599
    Amortization
    16,107
    16,107
    16,107
    Total Data/Internet
    $110,391
    $111,422
    $93,098
    Page 8
    Muscatine Power and Water - Communications Utility
    Summary of Expenses
    Calendar Year-to-Date - June 2012
    Budget
    Estimate
    This Year
    LastYear
    CATV
    Program Acquisition Expense
    $1,994,120
    $2,069,018
    $1,876,397
    Promotional Expense
    35,827
    4,901
    15,604
    Electricity Expense
    13,084
    14,612
    13,061
    Pole Attachment Expense
    13,000
    12,900
    13,000
    Changes of Service
    8,534
    6,097
    8,888
    Underground Line Expense
    15,694
    10,894
    11,580
    Ad Insertion - Marketing/Production
    38,378
    37,409
    35,393
    Miscellaneous CATV Expense
    80,069
    93,551
    75,110
    Vehicle Expense
    32,918
    33,826
    32,249
    Maintenance:
    Fiber
    9,696
    5,153
    8,442
    Coax
    10,910
    7,360
    8,194
    Drops
    20,235
    10,824
    13,316
    Conduit System
    1,807
    2,180
    2,141
    Headend
    145,591
    132,380
    122,647
    Line Equipment
    18,966
    24,122
    20,667
    Converters
    38,949
    28,400
    41,527
    Ad Insertion
    23,054
    26,527
    23,651
    Vacation, Holiday, Sick Leave
    28,036
    27,707
    23,870
    Property Taxes
    7,128
    7,128
    8,402
    Depreciation
    936,854
    880,344
    913,608
    Amortization
    289,926
    289,926
    289,926
    Total CATV
    3,762,776
    3,725,259
    3,557,673
    Data/Internet
    Data/Internet Access Charges
    165,646
    169,761
    121,792
    Promotional Expense
    35,827
    4,422
    20,747
    Electricity Expense
    444
    499
    443
    Pole Attachment Expense
    450
    447
    450
    Changes of Service
    3,658
    2,613
    3,809
    CustomerWireless Equipment Expense
    2,358
    13,142
    3,156
    Underground Line Expense
    536
    372
    395
    Miscellaneous Data/Internet Expense
    50,812
    61,981
    54,059
    Vehicle Expense
    3,871
    4,115
    3,917
    Maintenance:
    Fiber
    338
    180
    295
    Coax
    372
    253
    285
    Drops
    691
    375
    455
    Conduit System
    63
    76
    75
    Headend
    95,313
    74,665
    72,154
    Line Equipment
    647
    809
    686
    Modems
    27,955
    20,640
    23,808
    Vacation, Holiday, Sick Leave
    23,400
    19,956
    16,924
    Property Taxes
    246
    246
    294
    Depreciation
    131,679
    121,098
    129,594
    Amortization
    96,642
    96,642
    96,642
    Total Data/Internet
    $640,948
    $592,292
    $549,980
    Muscatine Power and Water
    - Communications
    Utility
    Summary
    of
    Expenses
    Current Month
    -
    June 2012
    Page 9
    MAN/MME
    Pole Attachment Expense
    Tools Expense
    Maintenance:
    Fiber
    Conduit System
    MAN/MME Equipment
    Vacation, Holiday, Sick Leave
    Property Taxes
    Depreciation
    Total MAN/MME
    Customer Service Expense
    Customer Information Expense
    Consumer Accounts
    Supervision
    Consumer Records and Collections
    Uncollectible Accounts Expense
    Vacation, Holiday, Sick Leave
    Total Consumer Accounts
    Administrative and General
    Administrative and General Salaries
    Office Supplies and Expense
    Outside Services Employed
    Property Insurance
    Casualty Ins, Injuries & Damages
    Employee Pensions and Benefits
    Fringe Benefits Charges to Construction
    Rents
    Miscellaneous General Expense
    Maintenance of General Plant
    Vacation, Holiday, Sick Leave
    Depreciation
    Total Administrative and General
    Total Operating Expenses
    Budget
    Estimate
    This Year
    Last Year
    $1,042
    $1,042
    $1,042
    542
    72
    34
    798
    126
    3,499
    147
    238
    103
    1,945
    5,439
    —
    111
    95
    91
    573
    573
    676
    20,293
    20,341
    16,892
    25,451
    27,926
    22,337
    19,874
    8,418
    5,159
    2,433
    2,510
    2,796
    37,626
    35,744
    34,677
    2,871
    2,871
    1,383
    3,182
    3,694
    3,385
    46,112
    44,819
    42,241
    53,746
    52,324
    51,394
    5,133
    4,842
    4,388
    6,083
    4,375
    5,962
    977
    971
    809
    5,094
    7,341
    4,106
    76,430
    76,204
    74,167
    (5,809)
    (7,180)
    (4,805)
    8,727
    8,727
    7,952
    9,426
    14,059
    15,480
    2,446
    3,393
    4,055
    6,634
    4,677
    5,202
    8,578
    8,425
    7,564
    177,465
    178,158
    176,274
    $1,010,587
    $988,088
    $929,138
    Page 10
    Muscatine Power and Water - Communications Utility
    Summary of Expenses
    Calendar Year-to-Date - June 2012
    Budget
    Estimate
    This Year
    LastYear
    MAN/MME
    Pole Attachment Expense
    $6,250
    $6,202
    $6,250
    Tools Expense
    3,250
    350
    240
    Maintenance:
    Fiber
    4,679
    2,486
    4,073
    Conduit System
    872
    1,052
    1,033
    MAN/MME Equipment
    11,865
    24,548
    10,223
    Vacation, Holiday, Sick Leave
    836
    749
    648
    Property Taxes
    3,438
    3,438
    4,054
    Depreciation
    121,758
    122,046
    101,352
    Total MAN/MME
    152,948
    160,871
    127,873
    Customer Service Expense
    Customer Information Expense
    57,747
    30,774
    30,301
    Consumer Accounts
    Supervision
    14,382
    15,273
    15,009
    Consumer Records and Collections
    221,543
    215,630
    208,363
    Uncollectible Accounts Expense
    17,225
    17,225
    8,300
    Vacation, Holiday, Sick Leave
    23,999
    27,871
    22,736
    Total Consumer Accounts
    277,149
    275,999
    254,408
    Administrative and General
    Administrative and General Salaries
    321,873
    304,849
    305,105
    Office Supplies and Expense
    29,759
    28,648
    31,039
    Outside Services Employed
    44,370
    49,221
    38,525
    Property Insurance
    5,355
    5,339
    4,989
    Casualty Ins, Injuries & Damages
    30,562
    37,715
    39,585
    Employee Pensions and Benefits
    475,126
    466,417
    452,718
    Fringe Benefits Charges to Construction
    (32,332)
    (38,396)
    (25,173)
    Rents
    52,362
    52,362
    47,712
    Miscellaneous General Expense
    81,305
    67,876
    74,324
    Maintenance of General Plant
    14,573
    21,499
    29,554
    Vacation, Holiday, Sick Leave
    49,659
    43,665
    40,133
    Depreciation
    51,465
    50,550
    45,384
    Total Administrative and General
    1,124,077
    1,089,745
    1,083,895
    Total Operating Expenses
    $6,015,645
    $5,874,940
    $5,604,130
    Muscatine Power and Water - Communications Utility
    Statistical Data
    June 2012
    Page 11
    fnl
    % Increase
    % Increase
    Budget
    (Decrease)
    (Decrease)
    Estimate
    From Budget
    This Year fnl Fr. Last Yr.
    Last Year
    Services
    CATV
    Residential
    7,392
    (2.2)
    7,229
    (1.6)
    7,348
    Commercial/Hospitality
    160
    5.0
    168
    1.8
    165
    Total CATV
    7,552
    (2.1)
    7,397
    (1.5)
    7,513
    Bulk Equivalent Services
    476
    —
    476
    (1.9)
    485
    Bulk Master Services
    26
    —
    26
    (7.1)
    28
    Internet
    Residential
    6,668
    0.1
    6,674
    4.6
    6,382
    Commercial
    449
    2.7
    461
    (3.4)
    477
    Total Internet
    7,117
    0.3
    7,135
    4.0
    6,859
    MAN/MME
    49
    (30.6)
    34
    —
    17
    fnl
    Number of actual residential and commercial services are per the end of month subscriber report

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