The accounting firm Decoria & Company conducted our audit again this year. They presented their findings to our Directors at our May 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, 2024 and 2023, 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 3.0% to $99.9 million. As we are now five months past the end of the year the audit covered, I can report that our Total Utility Plant has now gone over the $100 million mark! Total Assets also increased 2.7% to $87.4 million. Total Assets is less than Total Utility Plant because Total Utility Plant is the original cost of the material installed with depreciation reducing the current value of those assets. Operating Revenue increased by $1.8 million and our Operating Expenses increased by $1.4 million from 2023. Most of the changes in Operating Revenue and Operating Expenses are due to changes in irrigation usage. Net Margins for the year were $1.6 million.
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 our MyMidwest app on your phone. If you have any questions about any of these options, please contact our office.
Jayson Bishop
*Midwest Electric is an equal opportunity provider and employer.*