The accounting firm of Decoria & Company conducted our audit again this year. They presented to our Directors at our March Board meeting. 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 Midwest Electric Cooperative Corporation as of December 31, 2022 and 2021, 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 Utility Plant increasing by 3.5% to $92.5 million while Net Utility Plant (Total less Depreciation) increased by 3.6% to $57.4 million. Both our Operating Revenue and Operating Expenses were up approximately $5.3 million from 2021 due to the increased irrigation usage in 2022. But those two numbers changing at the same rate left our Margins for the year at just over $1 million, which is almost exactly what it was the year before. Those margins represented 3% of Operating Revenues, as we continue to strive to keep our expenses down and only collect the revenues we need to cover our costs and maintain our required financial ratios.
If you have questions about any of our financial statements or have comments for us, please do not hesitate to contact our office.
What Midwest can do for you:
Are you tired of having to write a check and get it mailed to Midwest each month? We can help simplify your monthly to-do list by setting up a monthly bank draft payment for you. Midwest also has options to pay online at www.MidwestECC.com or you can view and pay your bill through or MyMidwest app on your phone. If you have any questions about any of those options, please contact our office.
Jayson Bishop
*Midwest Electric is an equal opportunity provider and employer.*