Page 13 - 2022 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
MVU REVENUES FY 19/20 FY 20/21 FY 21/22
an Enterprise Fund which is used to account for Sales and Service Charges $35,475 $39,507 $45,340
CSD REVENUES FY 19/20 FY 20/21 FY 21/22 the operations of MVU, with a mission to provide Miscellaneous* $3,122 $4,478 ($598)
Taxes $12,607 $13,097 $13,702 Total Revenues $38,597 $43,985 $44,742
Charges for Services $5,148 $4,772 $5,599 safe, reliable, and economical electric service to
Other* $2,878 $2,005 $4,004 consumers in the City’s newly developed areas under MVU EXPENDITURES FY 19/20 FY 20/21 FY 21/22
Total Revenues $20,633 $19,874 $23,305 the “Greenfield” concept. The City began serving its Electricity Purchased $11,707 $13,933 $14,787
Other Expenses** $16,099 $16,465 $18,856
CSD EXPENDITURES FY 19/20 FY 20/21 FY 21/22 first customers in February 2004. Interest Expense $2,856 $2,464 $3,080
Community and Cultural $12,510 $12,364 $14,677 Total Expenditures $30,662 $32,862 $36,723
Public Works $6,158 $6,852 $6,203
Other* $383 $70 $1,587 Change in Net Position $7,935 $11,123 $8,019
Total Expenditures $19,051 $19,286 $22,467 *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)
Change in Fund Balance $1,582 $588 $838 **Includes loss on disposal of capital assets
Total Fund Balance $21,850 $22,438 $23,276

* Includes Transfers In/Out
As an Enterprise Fund, MVU generates most of
its revenues from charges for services provided, FY 21/22 ELECTRIC UTILITY
much like a business. As such, the primary source EXPENSES
of revenue for MVU is sales and service charges
which saw an 14.8% increase over the prior year.
In total, MVU revenues increased 1.7% to $44.7
million. 51%
Other
Expenses 40%
Electricity purchases, MVU’s largest expense,
Electricity
experienced a 6.1% increase over the prior Purchased
year. Other operating expenses include cost of
services, depreciation, services and supplies, 9%
and distribution share expenses. These expenses Interest Expense
increased 14.5%, and interest expense increased
of 25.0%. In total, MVU expenditures increased
11.7% to $36.7 million.

TOTAL NET POSITION

FY 2017/18 FY 2018/19 FY 2019/20 FY 2020/21 FY 2021/22
$80
MVU on the rise $60

The Net Position for MVU indicates a positive
percentage change of 12.7% from FY 20/21. $40
Positive percentage changes in Net Position MILLIONS
indicate that the financial position of the Moreno $20 $39 $44 $52 $63 $71
Valley Electric Utility has improved.
$0

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