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<br /> IMPERIAL IRRIGATION DISTRICT
<br /> Combined Statements of Income
<br /> Years ended December 31, 1994 and 1993
<br /> 1994 1993
<br /> Water Power Water Power
<br /> Department Department Combined Department Department Combined
<br />Operating revenues:
<br />Power sales $ 190,213,525 190,213,525 173,301,025 173,301,025
<br />Water sales 31,995,403 31,995,403 29,058,526 29,058,526
<br />Water availability charge 1,957,545 1,957,545 1,979,433 1,979,433
<br />Interdepartmental charges (note 3):
<br />Use of All-American Canal 3,229,000 (3,229,000) 1,185,399 (1,185,399)
<br />Power sales (579,538) 579,538 (509,175) 509,175
<br />Heber-Mirage transmission
<br />credits (note 12) 8,966,453 8,966,453 8,624,360 8,624,360
<br />Other 1,831,025 1,831,025 2,171,983 2,171,983
<br /> 36,602,410 198,361,541 234,963,951 31,714,183 183,421,144 215,135,327
<br />Operating expenses:
<br />Cost of fuel 12,153,314 12,153,314 20,328,324 20,328,324
<br />Purchased power 94,262,777 94,262,777 81,372,050 81,372,050
<br />Other power expenses 20,289,142 20,289,142 22,445,563 22,445,563
<br />Operation and maintenance of
<br />All-American Canal 1,507,932 1,507,932 1,579,291 1,579,291
<br />Operation and maintenance of
<br />irrigation system and dams 18,467,402 18,467,402 16,330,751 16,330,751
<br />General and administration expense 22,945,014 16,705,549 39,650,563 10,956,907 15,224,439 26,181,346
<br />Provision for depreciation (note 4) 5,025,655 17,947,624 22,973,279 4,494,057 16,701,545 21,195,602
<br /> 47,946,003 161,358,406 209,304,409 33,361,006 156,071,921 189,432,927
<br />Net operating income (loss) (11,343,593) 37,003,135 25,659,542 (1,646,823) 27,349,223 25,702,400
<br />Nonoperating revenues (expenses):
<br />Interest income 1,704,632 4,170,760 5,875,392 1,373,019 1,994,314 3,367,333
<br />I nterest expense (38,540) (10,285,262) (10,323,802) (80,344) (7,052,565) (7,132,909)
<br />Other income 4,306,545 458,989 4,765,534 5,030,824 1,278,699 6,309,523
<br />Other expenses (845) (2,837) (3,682) (822) (851 ) (1,673)
<br /> 5,971,792 (5,658,350) 313,442 6,322,677 (3,780,403) 2,542,274
<br />Net income (loss) before
<br />extraordinary item (5,371,801 ) 31,344,785 25,972,984 4,675,854 23,568,820 28,244,674
<br />Extraordinary item - accounting
<br />loss on defeasance of certificates
<br />of participation (note 7) (5,132,205) (5,132,205)
<br />Net income (loss) $ (5,371,801) 31,344,785 25,972,984 4,675,854 18,436,615 23,112,469
<br />See accompanying notes to combined financial statements.
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