The accounting firm Decoria & Company conducted our audit again this year. They presented their findings to our Directors at our April Board meeting and gave the Board an opportunity to ask any questions they might have.  I am pleased to report that they again found no issues with our financial records and statements.  In their opinion, “the financial statements referred to [in the audit] present fairly, in all material respects, the financial position of the Cooperative as of December 31, 2025 and 2024, and the results of its operations, changes in member’s equity and cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.”

Some highlights from the audit include our Total Assets increasing 19.4% to $104 million.  The significant increase in Total Assets was mostly due to some bigger projects that were completed or are currently in progress.  Midwest completed a rebuild of 17.5 miles of our 69,000-Volt transmission loop from our Paxton substation (southeast of the Village of Paxton) to our Dickens Switch (along the highway north of Wallace).  That was the first phase of rebuilding the entire loop that stretches 65 miles from Paxton to Wallace to the Venango area.  That line is about 50 years old and has begun showing its age. Midwest has also purchased a significant amount of equipment that will be used to build our solar and battery projects this summer.

Operating Revenue decreased by $2.1 million and our Operating Expenses decreased by $0.5 million from 2024.  The decrease in Operating Revenue was caused by the abundant rainfall our area received last summer.  Unfortunately, the timing of some of the rain meant we paid higher costs for some peak demands that didn’t have a lot of kilowatt-hour sales to go with it when it rained shortly after.  Net Margins for the year were $1.0 million. 

If you have questions about any of our financial statements or have comments for us, please do not hesitate to contact our office.
 

Jayson Bishop

*Midwest Electric is an equal opportunity provider and employer.*