03-26-2025 HUCCPHUTCHINSON UTILITIES COMMISSION
AGENDA
REGULAR MEETING
March 26, 2025
3:00 p.m.
1. CONFLICT OF INTEREST
2. APPROVE CONSENT AGENDA
a. Approve Minutes
b. Ratify Payment of Bills
3. APPROVE 2024 FINANCIAL AUDIT — PRESENTATION BY JUSTIN
MCGRAW
4. APPROVE FINANCIAL STATEMENTS
5. OPEN FORUM
6. COMMUNICATION
a. City Administrator
b. Divisions
C. Human Resources
d. Legal
e. General Manager
7. POLICIES
a. Review Policies
i. Section 3 of Exempt Handbook
ii. Section 3 of Non -Exempt Handbook
b. Approve Changes
i. Flextime Program (Exempt)
ii. Attendance/Tardiness (Exempt and Non -Exempt)
iii. Rest Periods (Non -Exempt)
iv. Use of Facilities During Off -Duty Hours (Non -Exempt)
8. UNFINISHED BUSINESS
9. NEW BUSINESS
a. Approve HTI Substation Transformer Repair
10. ADJOURN
MINUTES
Regular Meeting — Hutchinson Utilities Commission
Wednesday, February 26, 2025
Call to order — 3:00 p.m.
President Matt Cheney called the meeting to order. Members present: President Matt
Cheney; Vice President Troy Pullis; Secretary Don Martinez; GM Jeremy Carter; Attorney
Marc Sebora
Absent: Commissioner Kathy Silvernale and Commissioner Tom Lambert
Conflict of Interest
2. Approve Consent Agenda
a. Approve Minutes
b. Ratify Payment of Bills
Motion by Commissioner Martinez, second by Commissioner Pullis to Approve the
Consent Agenda. Motion carried unanimously.
3. Approve Financial Statements
Mr. Martig presented the Financial Statements. Electric Division net loss decreased
by $210k over January 2024. Customer usage and revenues were up but offset by
lower market sales. Industrial class usage shows a reduction in kwhr's due to usage
being based on 32 days in 2025 versus 33 days in 2024. Overall Purchased Power
increased by approximately $75k, which is made up of MRES purchases increasing
by —$40k and market purchases/MISO costs increasing by —$35K.
GM Carter reviewed the Power Cost Adjustment and how it relates to the Rate
Stabilization fund. GM Carter spoke of the Cash Designation Reports and
Investments which are being kept short for now.
Motion by Commissioner Pullis, second by Commissioner Martinez to Approve the
Financial Statements. Motion carried unanimously.
4. Open Forum
5.
6. Communication
a. City Administrator —Matthew Jaunich
i. Spring street projects
ii. New development mostly on housing side
b. Divisions
i. Dan Lang, Engineering Services Manager —
1. Update on McLeod Sub capacitor bank circuit breaker failure in
November. Sending remaining two breakers back to Siemens for
inspection, per their request.
Dave Hunstad, Electric Transmission/Distribution Manager — Nothing to
report
iii. Mike Gabrielson, Production Manager — Nothing to report
iv. Jared Martig, Financial Manager-
1. Continuing to work on audit
c. Human Resources — Angie Radke -
i. Working on Natural Gas Manager position
d. Legal — Marc Sebora —
i. Nothing to report
e. General Manager — Jeremy Carter
i. Update on Prepaid deal
ii. Starting general conversations regarding New Ulm Contract
iii. APPA Public Power week is happening now in DC. One of the conversation
points is Tax -Exempt financing
iv. Working on a project related to Renewable Natural Gas.
v. Following House Filing 845
vi. Will be meeting with CEO of McLeod Coop along with Mr. Hunstad
tomorrow
7. Policies
a. Review Policies
i. Section 2 of Exempt Handbook
ii. Section 2 of Non -Exempt Handbook
No changes recommended at this time
b. Approve Changes
i. Hiring (Exempt and Non -Exempt)
ii. Probationary Period Upon Hiring (Exempt and Non -Exempt)
iii. Temporary Employees (Exempt and Non -Exempt)
iv. Promotions and Transfers (Exempt and Non -Exempt)
v. Complaint/Grievance Procedure (Non -Exempt)
vi. Discipline (Exempt and Non -Exempt)
vii. Conflict of Interest (Exempt and Non -Exempt)
viii. Other Employment (Exempt and Non -Exempt)
ix. License Requirements for Utility Vehicle Operation (Exempt and Non -
Exempt)
x. Violence in the Workplace (Exempt and Non -Exempt)
xi. Offensive Behavior/Sexual Harassment (Exempt and Non -Exempt)
xii. Flowers (Exempt and Non -Exempt)
xiii. Petty Cash (Exempt and Non -Exempt)
Ms. Radke spoke of the policy changes. There are no substance changes to the
policies, all policies are still applicable. Changes are mostly to clean up
language.
Motion by Commissioner Pullis, second by Commissioner Martinez to Approve
Policy Changes. Motion carried unanimously.
2
8. Unfinished Business
9. New Business
a. Approval of 3M Natural Gas Transportation and Daily Swing Supply
Agreement
GM Carter presented Approval of 3M's Natural Gas Transportation and Daily
Swing Supply Agreement. 3M's current agreement expires on March 1, 2025 at 9
A.M. This agreement provides transportation rights to 3M on Hutchinson's
facilities from March 1, 2025 at 9.00 A.M. through March 1, 2026 at 9.00 A.M.
This agreement is identical to the 2024 agreement except for date changes and
increased monthly meter fee. All fees are in alignment with the rate realignment
structure proposed by the Commission for this customer.
Motion by Commissioner Martinez, second by Commissioner Pullis to Approve
3M Natural Gas Transportation and Daily Swing Supply Agreement. Motion
carried unanimously.
b. Approve Req#010128 —Generator Testing Units 5, 6, and 7
Mr. Gabrielson presented Approval of Req#010128 Generator Testing Units 5, 6,
and 7. Every 5 years it is required to complete testing on the generators to
ensure the generators are with manufacturing specs. The testing demonstrates
proper performance and safeguards the insurability and premium discounts for
maintaining HUC's fleet.
A motion by Commissioner Pullis, second by Commissioner Martinez to Approve
Req#010128 Generator Testing Units 5, 6, and 7. Motion carried unanimously.
c. Approve Req#010157 — Modifications to Side Stream Filter Plant 1 Installation
Mr. Gabrielson presented Approval of Req#010157 Modifications to Side Stream
Filter Plant 1 Installation. Attached is a change order to the 2024 CAPX Side
Stream Filter and Pump Replacement project at Plant 1. The change order is to
fix how the side stream filter pot is tied to the system. The reconfiguration will
enhance and ensure a more constant head PSI on the system to ensure it works
as designed.
A motion by Commissioner Pullis, second by Commissioner Martinez to Approve
Req#010157 Modifications to Side Stream Filter Plant 1 Installation. Motion
3
carried unanimously.
d. Approve Hutchinson Substation Construction Contract
Mr. Lang presented Approval of Hutchinson Substation Construction Contract.
Staff and DGR Engineering are recommending to enter into a purchase
agreement with Hydaker-Wheatlake Co. for Hutchinson Substation construction
improvements for a contracted price of $6,931,556.12. Construction is scheduled
to start Spring 2025 through Fall of 2026.
Mr. Sebora has reviewed the contract.
A motion by Commissioner Martinez, second by Commissioner Pullis to Approve
Hutchinson Substation Construction Contract. Motion carried unanimously.
10. Adjourn
There being no further business, a motion by Commissioner Martinez, second by
Commissioner Pullis to adjourn the meeting at 3:27p.m. Motion carried unanimously.
ATTEST:
Matt Cheney, President
12
Don Martinez, Secretary
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lD
HUTCHINSON UTILITIES COMMISSION
MANAGEMENT LETTER
DECEMBER 31, 2024
CONWAY, DEUTH & SCHMIESING, PLLP
CPAS & ADVISORS
LITCHFIELD, MINNESOTA
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HUTCHINSON UTILITIES COMMISSION
TABLE OF CONTENTS
DECEMBER 31, 2024
gdel:l
Required Communications 1-3
Comparative Financial Data 4
Graphical Information 5-12
Schedule of Findings on Accounting Issues and Internal Controls 13
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REQUIRED COMMUNICATIONS
Members of the Hutchinson Utilities Commission
Hutchinson, Minnesota
We have audited the financial statements of Hutchinson Utilities Commission, a fund of the City of Hutchinson,
Minnesota, as of and for the year ended December 31, 2024. Professional standards require that we provide you with
information about our responsibilities under generally accepted auditing standards and Government Auditing Standards,
as well as certain information related to the planned scope and timing of our audit. We have communicated such
information in our letter to you dated January 7, 2025. Professional standards also require that we communicate to you
the following information related to our audit.
Significant Audit Findings
Qualitative Aspects of Accounting Practices
Management is responsible for the selection and use of appropriate accounting policies. The significant accounting
policies used by the Commission are described in Note 1 to the financial statements. No new accounting policies were
adopted and the application of existing policies was not changed during 2024. We noted no transactions entered into by
the Commission during the year for which there is a lack of authoritative guidance or consensus. All significant
transactions have been recognized in the financial statements in the proper period.
Accounting estimates are an integral part of the financial statements prepared by management and are based on
management's knowledge and experience about past and current events and assumptions about future events. Certain
accounting estimates are particularly sensitive because of their significance to the financial statements and because of
the possibility that future events affecting them may differ significantly from those expected. The most sensitive estimates
affecting the financial statements were:
Management's estimate of the allowance for doubtful accounts is based on historical electric and natural gas revenues,
historical loss levels, and an analysis of the collectability of individual accounts. We evaluated the key factors and
assumptions used to develop the allowance in determining that it is reasonable in relation to the financial statements
taken as a whole.
Management's estimate of depreciation and amortization is based on the number of years an asset is in service. We
evaluated the key factors and assumptions used to develop the depreciation estimate in determining that it is
reasonable in relation to the financial statements taken as a whole.
Management's estimate of lease terms and discount rates on leases is based on information stated in the lease
agreement and expectations of the lease. The lease terms and discount rates determine the amount of interest that will
be recorded during each reporting period as well as the amount of right to use assets and lease liability that is reported
at the end of a reporting period.
Wittman Office
3311 Third at 5W, Ste 2
PO Box 570
"ppw'"yw,��`ryryilpyl'�pa"ynary, MIN 56201
5320) 235"..7311,,',..
(888) 388-1040
Litchfield Office
820 Sibley Ave N
Litchfieicl, MN 55355
(320) 693.7975
SIrtett Office
Ste 110
2351 CcnnectucuartAve
S arte (1, MN 56377
4320) 252.7565
(800)862-1337
Members: American Institute of Certified PuNic Accountants„ Minnesota Society of C'ertufied Pubbc Accetuntarls
Significant Audit Findings (Cont'd)
Qualitative Aspects of Accounting Practices (Cont'd)
Management's estimate of pension related items and other postemployment benefit related items are based on
actuarial valuations performed by consultants specializing in those areas. We evaluated the key factors and
assumptions used to develop those estimates in determining that it is reasonable in relation to the financial statements
taken as a whole.
The financial statement disclosures are neutral, consistent, and clear.
Difficulties Encountered in Performing the Audit
We encountered no significant difficulties in dealing with management in performing and completing our audit.
Corrected and Uncorrected Misstatements
Professional standards require us to accumulate all known and likely misstatements identified during the audit, other than
those that are clearly trivial, and communicate them to the appropriate level of management. Management has corrected
all such misstatements.
Disagreements with Management
For purposes of this letter, a disagreement with management is a financial accounting, reporting, or auditing matter,
whether or not resolved to our satisfaction, that could be significant to the financial statements or the auditor's report. We
are pleased to report that no such disagreements arose during the course of our audit.
Management Representations
We have requested certain representations from management that are included in the management representation letter
dated March 26, 2025.
Management Consultations with Other Independent Accountants
In some cases, management may decide to consult with other accountants about auditing and accounting matters,
similar to obtaining a "second opinion" on certain situations. If a consultation involves application of an accounting
principle to the Commission's financial statements or a determination of the type of auditor's opinion that may be
expressed on those statements, our professional standards require the consulting accountant to check with us to
determine that the consultant has all the relevant facts. To our knowledge, there were no such consultations with other
accountants.
Other Audit Findings or Issues
We generally discuss a variety of matters, including the application of accounting principles and auditing standards, with
management each year prior to retention as the Commission's auditors. However, these discussions occurred in the
normal course of our professional relationship and our responses were not a condition to our retention.
2
Other Matters
We applied certain limited procedures to Management's Discussion and Analysis, the Schedule of Proportionate Share of
the Net Pension Liability, the Schedule of Employer Contributions, the Schedule of Changes in the Commission's Total
OPEB Liability and the related notes, which is required supplementary information that supplements the basic financial
statements. Our procedures consisted of inquiries of management regarding the methods of preparing the information
and comparing the information for consistency with management's responses to our inquiries, the basic financial
statements, and other knowledge we obtained during our audit of the basic financial statements. We did not audit the
required supplementary information and do not express an opinion or provide any assurances on the required
supplementary information.
We were engaged to report on the statements and schedules listed in the table of contents as supplementary
information, which accompany the financial statements but are not required supplementary information. With respect to
this supplementary information, we made certain inquiries of management and evaluated the form, content, and methods
of preparing the information to determine that the information complies with accounting principles generally accepted in
the United States of America, the method of preparing it has not changed from the prior period, and the information is
appropriate and complete in relation to our audit of the financial statements. We compared and reconciled the
supplementary information to the underlying accounting records used to prepare the financial statements or to the
financial statements themselves.
We were not engaged to report on the Organizational Data section, which accompany the financial statements but are
not required supplementary information. We did not audit or perform other procedures on this other information and we
do not express an opinion or provide any assurance on it.
Restriction on Use
This information is intended solely for the use of the Commission and management of Hutchinson Utilities Commission
and is not intended to be and should not be used by anyone other than these specified parties.
CONWAY, DEUTH & SCHMIESING, PLLP
CPAS & ADVISORS
LITCHFIELD, MINNESOTA
March 26, 2025
3
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HUTCHINSON UTILITIES COMMISSION
ELECTRIC DIVISION
Operating Revenues & Expenses and Net Nonoperating Revenues (Expenses)
$35,000,000
$29, 696, 029 $32,116, 526
$30, 463, 813 $29,137, 647
$30 000 000 $29,884,530 $28,202,457 $29,349,429 $27,671,184
$26,460,616
$25,000,000 $26,516,829
$20,000,000
$15,000,000
$10,000,000
$5,000,000
$1,644,875
$437,386 $
$0 334,474
$(345,928) $(842,544)
-$5,000,000
2020 2021 2022 2023 2024
®Total Operating Revenues ®Total Operating Expenses ®Net Nonoperating Revenues (Expenses)
Change in Net Position
$2,000,000
$1,500,000
$1,588,662
$1,000,000
$500,000
$0
-$500,000
000, 000
$ (534, 429)
$ (709, 586)
-$1 ,
$(1,131,989)
-$1,500,000
-$2,000,000
-$2,500,000
$ (2, 495, 257)
-$3,000,000
2020 2021 2022 2023 2024
®Change in Net Position
5
HUTCHINSON UTILITIES COMMISSION
ELECTRIC DIVISION
Major Revenue by Source
11 000 000.......................................................................................................................................................................................................................................................................................................................................................................................................................................................
$10,000,000
$9,000,000
$8,000,000
$7,000,000
$6,000,000
$5,000,000
$4,000,000
$3,000,000
$2,000,000
$1,000,000
$0
2020 2021 2022 2023 2024
■Residential ®General Service 0Industrial
Purchased Power & Fuel Costs Compared to Total Sales
$35,000,000
$30,000,000
$25,000,000
$20,000,000
$15,000,000
$10,000,000
$5,000,000
$0
2020 2021 2022 2023 2024
®Purchased Power - Electric ®Total Electric Sales
HUTCHINSON UTILITIES COMMISSION
ANALYSIS OF OPERATIONS
ELECTRIC DIVISION
YEARS ENDED DECEMBER 31, 2024 AND 2023
The Statement of Revenues and Expenses set forth the results of the operations in detail for the years ended December
31, 2024 and 2023. Operating revenues, kilowatt hours (KWH) sold, and average revenue per kilowatt hour sold by class
of service are as follows:
Year Ended December 31, 2024
Revenue Per
Amount KWH Sold KWH
INWIN&
Residential
$ 5,797,023
52,253,044 $
0.1109
All Electric
243,964
2,242,174
0.1088
Small General Service
1,841,287
17,334,013
0.1062
Large General Service
7,209,474
77,961,863
0.0925
Industrial
8,644,375
109,141,000
0.0792
Sale for Resale
3,656,427
18,020,000
0.2029
Street Lighting
124,399
31,446
3.9560
$ 27,516,949
276,983,540 $
0.0993
Year Ended December 31, 2023
Revenue Per
Amount
KWH Sold
KWH
INWIN&
Residential
$ 5,660,328
53,848,241 $
0.1051
All Electric
253,750
2,456,479
0.1033
Small General Service
1,851,979
18,394,997
0.1007
Large General Service
6,963,455
79,393,020
0.0877
Industrial
8,065,784
106,372,000
0.0758
Sale for Resale
5,120,534
46,626,000
0.1098
Street Lighting
139,778
61,008
2.2911
$ 28,055,608
307,151,745 $
0.0913
7
HUTCHINSON UTILITIES COMMISSION
ANALYSIS OF OPERATIONS
ELECTRIC DIVISION
YEARS ENDED DECEMBER 31, 2024 AND 2023
KWH Sold
31,446
Street Lighting
61,008
18, 020, 000
Sale for Resale
46,626,000
109,141,000
Industrial
106,372,000
77, 1,863
7
Large General Service
79,393,020
17, 334, 013
Small General Service
18,394,997
2,242,174
All Electric
2,456,479
52,253,044
Residential
53,848,241
0
50,000,000
100,000,000 150,000,000
02024 KWH Sold
®2023 KWH Sold
Street Lighting
Sale for Resale
Industrial
Large General Service
Small General Service
All Electric
Residential
Average $/KWH
I.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 $4.00
02024 Revenue Per KWH 02023 Revenue Per KWH
HUTCHINSON UTILITIES COMMISSION
NATURAL GAS DIVISION
Operating Revenues & Expenses and Net Nonoperating Revenues (Expenses)
971
2,893
Change in Net Position
$4, 000, 000
$3, 500, 000
$3,724,565
$3, 000, 000
$2,500,000
$2,346,080
$2, 000, 000
$2,118, 476
$1,500,000
$1,000,000
$1,187,743
$1,153,613
$500,000
$0
2020 2021 2022 2023 2024
®Change in Net Position
I
HUTCHINSON UTILITIES COMMISSION
NATURAL GAS DIVISION
Major Revenue by Source
$7,000,000
$6,000,000
$5,000,000
$4,000,000
$3,000,000
$2,000,000
$1,000,000
$0
2020 2021 2022 2023 2024
®Residential ®Commercial 0Industrial
10
HUTCHINSON UTILITIES COMMISSION
ANALYSIS OF OPERATIONS
NATURAL GAS DIVISION
YEARS ENDED DECEMBER 31, 2024 AND 2023
The Statement of Revenues and Expenses set forth the results of the operations in detail for the years ended December
31, 2024 and 2023. Operating revenues, cubic feet sold, and average revenue per thousand cubic feet sold by class of
service are as follows:
CLASS
Residential
Commercial
Large Industrial
CLASS
Residential
Commercial
Large Industrial
Year Ended December 31, 2024
Revenue Per
Thousand
Amount CF Sold MCF
$ 3,526,225
2,526,865
5,234,322
$ 11,287,412
Amount
367,176,151 $
9.6036
282,949,225
8.9305
773,724,270
6.7651
1,423,849,646 $
7.9274
Year Ended December 31, 2023
$ 3,949,946
2,888,770
5,138,193
$ 11,976,909
Revenue Per
Thousand
CF Sold MCF
397,209,731 $ 9.9442
309,694,761 9.3278
786,468,863 6.5332
1,493,373,355 $ 8.0200
11
HUTCHINSON UTILITIES COMMISSION
ANALYSIS OF OPERATIONS
NATURAL GAS DIVISION
YEARS ENDED DECEMBER 31, 2024 AND 2023
CF Sold
Average $/MCF
12
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HUTCHINSON UTILITIES COMMISSION
SCHEDULE OF FINDINGS ON ACCOUNTING ISSUES AND INTERNAL CONTROLS
DECEMBER 31, 2024
We noted certain matters involving the internal control structure and its operation that we consider being deficiencies in
internal control under standards established by the American Institute of Certified Public Accountants. A deficiency in
internal control exists when the design or operation of a control does not allow management or employees, in the normal
course of performing their assigned functions, to prevent, or detect and correct misstatements on a timely basis.
INTERNAL CONTROL
The objective of internal accounting control is to provide reasonable, but not absolute, assurance as to the safeguarding
of assets against loss from unauthorized use or disposition, and the reliability of financial records for preparing financial
statements and maintaining accountability for assets. The concept of reasonable assurance recognizes that the cost of a
system of internal accounting control should not exceed the benefits derived and also recognizes that the valuation of
these factors necessarily requires estimates and judgments by management.
It should be recognized that within the Commission, an inherent risk is present with certain positions. It is very common
for entities such as Hutchinson Utilities Commission, to assign many major responsibilities to a few key individuals in an
attempt to operate within limited budgets. The inherent risk is again addressed only to maintain the awareness of the
internal control structure and to encourage the Commission's continual review of financial information at monthly
meetings.
GENERAL RECOMMENDATIONS
Throughout the course of the audit, we spoke with management regarding certain items that we see as an opportunity to
improve. None of these were considered significant within the scope of the audit. The items discussed requiring action
have been resolved or are in the process of resolution. We would like to acknowledge the assistance and courtesies
extended to us by the personnel of the Hutchinson Utilities Commission.
13
HUTCHINSON UTILITIES COMMISSION
AUDITED FINANCIAL STATEMENTS AND
SUPPLEMENTARY INFORMATION
DECEMBER 31, 2024
CONWAY, DEUTH & SCHMIESING, PLLP
CPAS & ADVISORS
LITCHFIELD, MINNESOTA
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HUTCHINSON UTILITIES COMMISSION
TABLE OF CONTENTS
DECEMBER 31, 2024
ORGANIZATIONAL DATA
INDEPENDENT AUDITOR'S REPORT
REQUIRED SUPPLEMENTARY INFORMATION
Management's Discussion and Analysis
BASIC FINANCIAL STATEMENTS
Statement of Net Position
Statement of Revenues, Expenses and Changes in Net Position
Statement of Cash Flows
Notes to the Financial Statements
REQUIRED SUPPLEMENTARY INFORMATION
Schedule of Proportionate Share of Net Pension Liability
Schedule of Employer Contributions
Schedule of Changes in the Commission's Total OPEB Liability
Notes to Required Supplementary Information
SUPPLEMENTARY INFORMATION
Combining Statement of Net Position
Combining Schedule of Revenues and Expenses
Schedule of Division Cash Flows
Statement of Net Position - Electric Division
Detailed Schedule of Revenues, Expenses and Changes in Net Position -
Budget and Actual - Electric Division
Statement of Net Position - Natural Gas Division
Detailed Schedule of Revenues, Expenses and Changes in Net Position -
Budget and Actual - Natural Gas Division
1
2-4
5-9
10
11
12-13
14-37
38
39
40
41-47
48
49
50-51
52
53-55
56
57-59
HUTCHINSON UTILITIES COMMISSION
TABLE OF CONTENTS
DECEMBER 31, 2024
COMPLIANCE SECTION
Independent Auditor's Report on Minnesota Legal Compliance
Independent Auditor's Report on Internal Control Over Financial
Reporting and on Compliance and Other Matters Based on an
Audit of Financial Statements Performed in Accordance with
Government Auditing Standards
Summary Schedule of Prior Audit Findings
PAGE
We
61-62
63
HUTCHINSON UTILITIES COMMISSION
ORGANIZATIONAL DATA
DECEMBER 31, 2024
A Light and Power Commission was formed under the provisions of an amendment to the Hutchinson City Charter in
1935; the Commission was charged with the operation of the Municipal Electric Plant. Charter amendments approved
December 17, 1954 provided for a change in the name to Hutchinson Utilities Commission. Additional duties under that
amendment provided for the control and management of a municipal gas distribution system.
A revised city charter was adopted at a special election September 17, 1987. Some of the pertinent sections of this new
charter are briefly summarized in the following paragraphs.
The Commission shall have control and management of the Light Plant, the Light Plant distribution system, the Gas Plant
and the Gas Plant distribution system.
The Commission shall consist of five persons, who shall be appointed by the Council. A member shall be appointed every
year for a term of five years, to fill the place of the member whose term has expired. No member shall be appointed to
more than two successive terms. The members of the Commission shall receive compensation for their services as
determined annually by the Council. The Commission's charter approves one person on the Commission may live outside
the City of Hutchinson limits as long as they are a ratepayer.
The Commission shall provide for its own organization and rules of procedure and annually shall elect a president and
vice president from among its members. It shall also appoint a secretary who may or may not be a member of the
Commission.
The Commissioners and their official titles were as follows:
Don Martinez
Matt Cheney
Kathy Silvernale
Troy Pullis
Anthony Hanson
President
Vice President
Secretary
Commissioner
Commissioner
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INDEPENDENT AUDITOR'S REPORT
Members of the Hutchinson Utilities Commission
Hutchinson, Minnesota
Report on the Audit of the Financial Statements
Opinions
We have audited the accompanying financial statements of Hutchinson Utilities Commission, a fund of the City of
Hutchinson, Minnesota, as of and for the year ended December 31, 2024 and the related notes to the financial
statements, which collectively comprise the Commission's basic financial statements as listed in the table of contents.
In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial
position of the Commission, as of December 31, 2024, and the respective changes in financial position, and cash flows
thereof for the year then ended in accordance with accounting principles generally accepted in the United States of
America.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of America
(GAAS) and the standards applicable to financial audits contained in Government Auditing Standards, issued by the
Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditor's
Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the
Commission, and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating
to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
audit opinions.
Report on Partial Comparative Information
We have previously audited the Commission's 2023 financial statements, and we expressed an unmodified audit opinion
on those audited financial statements in our report dated March 27, 2024. In our opinion, the partial comparative
information presented herein as of and for the year ended December 31, 2023 is consistent, in all material respects, with
the audited financial statements from which it has been derived. Refer to Note 17 of the Notes to the Financial
Statements for additional information regarding the prior year partial comparative information.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance with
accounting principles generally accepted in the United States of America, and for the design, implementation, and
maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from
material misstatement, whether due to fraud or error.
Wiit(mar Office
331 Third St SW, Ste 2
PO Box 5!0
Wilirrnar, MN 56201
(320) 235-3311
(888) 388.1040
Benson Office
1209 Pad fic: Ave, Ste 3
Benson, MN 56215
(320) 843-2302
Morris Office
401 Attanticw Ave
Morris, MN! 56267
(320) 589.2602
ww maltya raxom
Litchfield Office
820 Sibtey Ave N
Utctmtie(d, MN 55355
(320) 693-7975
Sartetl Office
Ste 110
235,1 t onnedic ut Ave
Sartetl, MN 5377
(20) 252.7565
(800)862,1337
Members: Arrrcnricarr Gnsfitute of Certified Pu.ubtic Accountants, Minnesota "society of Certified d Prubhc AC¢:oun:anEs
In preparing the financial statements, management is required to evaluate whether there are conditions or events,
considered in the aggregate, that raise substantial doubt about the Commission's ability to continue as a going concern
for twelve months beyond the financial statement date, including any currently known information that may raise
substantial doubt shortly thereafter.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinions.
Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an
audit conducted in accordance with GAAS and Government Auditing Standards will always detect a material
misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one
resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the
aggregate, they would influence the judgment made by a reasonable user based on the financial statements.
In performing an audit in accordance with GAAS and Government Auditing Standards, we
Exercise professional judgment and maintain professional skepticism throughout the audit.
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error,
and design and perform audit procedures responsive to those risks. Such procedures include examining, on a
test basis, evidence regarding the amounts and disclosures in the financial statements.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
Commission's internal control. Accordingly, no such opinion is expressed.
Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting
estimates made by management, as well as evaluate the overall presentation of the financial statements.
Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise
substantial doubt about the Commission's ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit, significant audit findings, and certain internal control -related matters that we identified
during the audit.
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the Management's Discussion and
Analysis, the Schedule of Proportionate Share of Net Pension Liability, the Schedule of Employer Contributions, the
Schedule of Changes in the Commission's Total OPEB Liability and the related notes as listed in the table of contents be
presented to supplement the basic financial statements. Such information is the responsibility of management and,
although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who
considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate
operational, economic, or historical context. We have applied certain limited procedures to the required supplementary
information in accordance with auditing standards generally accepted in the United States of America, which consisted of
inquiries of management about the methods of preparing the information and comparing the information for consistency
with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during
our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information
because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any
assurance.
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the
Commission's basic financial statements. The statements and schedules listed in the table of contents as supplementary
information are presented for purposes of additional analysis and are not a required part of the basic financial statements.
Such information is the responsibility of management and was derived from and relates directly to the underlying
accounting and other records used to prepare the basic financial statements. The information has been subjected to the
auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including
comparing and reconciling such information directly to the underlying accounting and other records used to prepare the
basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance
with auditing standards generally accepted in the United States of America. In our opinion, the supplementary information
is fairly stated, in all material respects, in relation to the basic financial statements as a whole.
Other Information
Management is responsible for the other information included in the annual report. The other information comprises the
organizational data section but does not include the basic financial statements and our auditor's report thereon. Our
opinions on the basic financial statements do not cover the other information, and we do not express an opinion or any
form of assurance thereon.
In connection with our audit of the basic financial statements, our responsibility is to read the other information and
consider whether a material inconsistency exists between the other information and the basic financial statements, or the
other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an
uncorrected material misstatement of the other information exists, we are required to describe it in our report.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated March 26, 2025 on our
consideration of the Commission's internal control over financial reporting and on our tests of its compliance with certain
provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to
describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing,
and not to provide an opinion on the effectiveness of the Commission's internal control over financial reporting or on
compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in
considering the Commission's internal control over financial reporting and compliance.
CONWAY, DEUTH & SCHMIESING, PLLP
CPAS & ADVISORS
LITCHFIELD, MINNESOTA
March 26, 2025
4
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REQUIRED SUPPLEMENTARY INFORMATION
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HUTCHINSON UTILITIES COMMISSION
MANAGEMENT'S DISCUSSION AND ANALYSIS
DECEMBER 31, 2024
Overview of the Financial Statements
Hutchinson Utilities Commission is a fund of the City of Hutchinson, Minnesota, and is responsible for the full operation
and management of the electric and natural gas systems of the City. The annual report of Hutchinson Utilities
Commission includes the financial statements, the independent auditor's report, and notes detailing the financial
statements and this management's discussion and analysis report. The report also includes supplementary informatior
for each of Hutchinson Utilities Commission's divisions.
Financial Statements Required
The financial statements report information about Hutchinson Utilities Commission using accounting methods similar to
those used by private sector companies. These statements offer short-term and long-term financial information about its
activities.
The Statement of Net Position includes all of the Commission's assets and deferred outflows of resources, liabilities and
deferred inflows of resources, and net position and provides information regarding the nature and amount of investments
in various assets and obligations to the Commission's creditors. They also provide the basis for computing rate of return,
evaluating the capital structure, and determining the liquidity and financial flexibility of the Commission.
The Statement of Revenues, Expenses and Changes in Net Position accounts for all the current year's revenues and
expenses. This statement measures the success of operations over the past year and can be used to determine whether
all costs are recovered through user fees and other charges. This statement measures the Commission's profitability and
credit worthiness.
The Statement of Cash Flows provides information about the Commission's cash receipts and cash payments during the
reporting period. This statement reports cash receipts, cash payments, and net changes in cash resulting in cash
balances during the reporting period.
Financial Statement Analysis
Total gross investment in capital and right to use assets decreased to $146,124,457 in 2024 from $163,584,490 in 2023
Capital and right to use assets decreased $17,460,033 due to generators in Plant 2 Unit 1 being disposed of in the
current year.
Operating revenues decreased and operating expenses decreased from 2023 by $258,887 and $428,200, respectively.
Operating income increased from 2023 by $169,313. The primary decrease in operating revenues and operating
expenses was due to a decrease in electric and natural gas sales, and a decrease in purchased power/gas expense in
2024, by $538,659 and $689,497, respectively, from 2023.
The primary area of the increase in operating income was due to an increase in gas transportation contracts.
5
HUTCHINSON UTILITIES COMMISSION
MANAGEMENT'S DISCUSSION AND ANALYSIS
DECEMBER 31, 2024
Significant Transactions
In 2024, the Commission transferred $2,195,248 per agreement to the City of Hutchinson.
Condensed Financial Statements
A summary of the Statement of Net Position is presented in Table 1.
Table 1
Condensed Statement of Net Position
Increase
2024 2023 (Decrease)
Current Assets
Restricted Assets
Net Capital and Right to Use Assets
Total Assets
Deferred Outflows of Resources
Total Assets and Deferred
Outflows of Resources
Current Liabilities
Long -Term Liabilities
Total Liabilities
Deferred Inflows of Resources
Net Position
Net Investment in Capital Assets
Unrestricted
Total Net Position
Total Liabilities, Deferred Inflows of
Resources and Net Position
$ 27,483,694 $ 31,333,890 $ (3,850,196)
3,255,256
3,255,656
(400)
75,641,274
71,936,753
3,704,521
106,380,224
106,526,299
(146,075)
457,012
988,741
(531,729)
$ 106,837,236 $ 107,515,040 $ (677,804)
$ 4,112,345 $ 3,703,719 $ 408,626
21,627,147 25,700,332 (4,073,185)
25,739,492 29,404,051 (3,664,559)
1,725,932 1,331,753 394,179
60,750,605
54,151,882
6,598,723
18,621,207
22,627,354
(4,006,147)
79,371,812
76,779,236
2,592,576
$ 106,837,236 $ 107,515,040 $ (677,804)
A
HUTCHINSON UTILITIES COMMISSION
MANAGEMENT'S DISCUSSION AND ANALYSIS
DECEMBER 31, 2024
Condensed Financial Statements (Cont'd)
A summary of the Statement of Revenues, Expenses and Changes in Net Position is presented in Table 2.
Table 2
Condensed Statement of Revenues, Expenses and Changes in Net Position
Increase
2024 2023 (Decrease
Operating Revenues
Operating Expenses
Cost of Operations
Depreciation and Amortization
Total Operating Expenses
Operating Income (Loss)
Nonoperating Revenues (Expenses)
Change in Net Position
Net Position, Beginning of Year
Net Position, End of Year
Budgetary Highlights
$ 41,741,827 $ 42,000,714 $ (258,887)
36,653,982
36,942,998
(289,016)
4,312,636
4,451,820
(139,184)
40,966,618
41,394,818
(428,200)
775,209
605,896
169,313
1,817,367 1,030,598 786,769
2,592,576 1,636,494 956,082
76,779,236 75,142,742 1,636,494
$ 79,371,812 $ 76,779,236 $ 2,592,576
The Commission adopts an annual Operating Budget and a Capital Improvement Budget. Because of its enterprise
nature and in order to comply with Federal Energy Regulatory Commission accounting and reporting requirements, the
budgets are not operated as statutory budgets. The Commission and Utilities staff review budget results monthly and the
budget is used as a financial management tool. A summary of the 2024 Budget Analysis is presented in Table 3.
7
HUTCHINSON UTILITIES COMMISSION
MANAGEMENT'S DISCUSSION AND ANALYSIS
DECEMBER 31, 2024
Budgetary Highlights (Cont'd)
Table 3
Condensed Budget Analysis
Operating Revenues
Operating Expenses
Cost of Operations
Depreciation and Amortization Expense
Total Operating Expenses
Operating Income (Loss)
Nonoperating Revenues (Expenses)
Change in Net Position
Net Position, Beginning of Year
Net Position, End of Year
2024 Budget
2024 Actual Over
$ 43,861,069 $ 41,741,827 $ (2,119,242)
38,302,041
36,653,982
(1,648,059)
4,430,000
4,312,636
(117,364)
42,732,041
40,966,618
(1,765,423)
1,129,028
775,209
(353,819)
264,524 1,817,367 1,552,843
1,393,552 2,592,576 1,199,024
76,779,236 76,779,236
$ 78,172,788 $ 79,371,812 $ 1,199,024
Actual operating revenues were $2,119,242 under budgeted revenues while operating income (loss) was under budget
by $353,819. The actual operating revenues for the Commission had a variance of approximately 4.83% from budgeted
operating revenues.
Operating expenses were $1,765,423 less than budgeted. Gas for Generation Supervision and Engineering Distribution,
and Purchased Natural Gas expenses were lower than budgeted due to a decrease in Gas demand for power generation
and less engineering fees than the prior year.
In 2018, the Commission entered into an agreement for a specific Payment in Lieu of Taxes (PILOT). The agreement
requires the Commission to make payments equaling $1,942,628 in 2024.
Starting in calendar year 2007, the Commission reallocated its common expenses between the two divisions. Formulas
were developed and used to establish the common expenses between the two utilities, in particular, Customer Service
and Collection Accounts and the Administrative and General Accounts.
Capital and Riaht to Use Assets and Lona-Term Liabilitv Activit
The Commission's investment in capital and right to use assets decreased to $146,124,457 in 2024. This is a decrease
of $17,460,033 from 2023. Refer to Note 5 of the Notes to the Financial Statements for the Commission's 2024 capital
asset activity.
At year-end, the Commission had $16,600,000 in bonds outstanding and $985,052 in compensated absences. Refer to
Note 6 of the Notes to the Financial Statements for a schedule showing the Commission's long-term liability activity.
At 2024 year-end, the Commission had a Solar Array Land Lease Liability of $758,024. See Note 7 in the Financial
Statements for a schedule showing the Commission's long-term lease activity.
0
HUTCHINSON UTILITIES COMMISSION
MANAGEMENT'S DISCUSSION AND ANALYSIS
DECEMBER 31, 2024
Economic Factors and Next Year's Budget
The Commission considered many local community and external energy industry factors when setting the Electric & Gas
Division fiscal year 2024 budgets, rates, and fees that will be charged to customers. Of significance was the continual
increase in costs associated with purchased electrical wholesale power and transmission fees. Conversely, the Gas
Division continues to see favorable prices for the procurement of the natural gas commodity but is budgeting for higher
prices. Both divisions continue to see consistent energy consumption forecasts in the near future.
The Commission continued to "bundle" its electric wholesale rate to its retail customers. What this means is the
operating income the Commission receives from its wholesale KWHR sales is applied to the wholesale rate it charges its
retail customers. This "bundling" effect reduces the overall blended cost of wholesale power which aids in retail rate
pricing stability.
Contact Information
Any questions regarding information contained in this report and requests for additional information should be addressed
to the Hutchinson Utilities Commission, 225 Michigan Street SE, Hutchinson, MN 55350 or by phone at (320) 587-4746.
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BASIC FINANCIAL STATEMENTS
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HUTCHINSON UTILITIES COMMISSION
STATEMENT OF NET POSITION
DECEMBER 31, 2024
WITH PARTIAL COMPARATIVE AMOUNTS AS OF DECEMBER 31, 2023
ASSETS AND DEFERRED OUTFLOWS OF RESOURCES
Assets
Current Assets
Cash and Investments
Receivables
Accounts Receivable (Net of Allowance for Doubtful Accounts of
$68,111 and $116,824, Respectively)
Interest Receivable
Sales Tax Receivable
Inventory
Prepaid Items
Total Current Assets
Noncurrent Assets
Restricted Assets
Cash and Investments
Capital and Right to Use Assets
2024 2023
$ 20, 596, 789 $ 24, 524, 926
3,704,825
3,620,417
148,628
141,412
397,232
318,168
2,543,644
2,500,144
92,576
228,823
27,483,694
31,333,890
3,255,256 3,255,656
Assets Not Being Depreciated or Amortized 7,491,453 6,369,189
Other Capital and Right to Use Assets, Net of Depreciation and Amortization 68,149,821 65,567,564
Net Capital Assets 75,641,274 71,936,753
Total Noncurrent Assets 78,896,530 75,192,409
Total Assets 106,380,224 106,526,299
Deferred Outflows of Resources
Total Assets and Deferred Outflows of Resources
LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND NET POSITION
Liabilities
Current Liabilities
Accounts Payable
Customer Deposits
Unearned Revenue
Accrued Expenses
Interest
Salaries Payable
Total Current Liabilities
Long -Term Liabilities
Net Pension Liability
Total OPEB Liability
Other Long -Term Liabilities Due Within One Year
Other Long -Term Liabilities Due in More Than One Year
Total Long -Term Liabilities
Total Liabilities
Deferred Inflows of Resources
Net Position
Net Investment in Capital Assets
Unrestricted
Total Net Position
Total Liabilities, Deferred Inflows of Resources and Net Position
See Accompanying Notes to the Financial Statements
457.012 988.741
$ 106, 837, 236 $ 107, 515, 040
$ 2,960,729 $ 2,641,109
294,610 314,101
416,677 349,199
49,688 58,538
390,641 340,772
4,112,345 3,703,719
2,442,997
3,701,830
53,173
85,461
3,026,031
2,909,995
16,104, 946
19, 003, 046
21,627,147
25,700,332
25,739,492
29,404,051
1,725,932 1,331,753
60,750,605 54,151,882
18,621,207 22,627,354
79,371,812 76,779,236
$ 106, 837, 236 $ 107, 515, 040
10
HUTCHINSON UTILITIES COMMISSION
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
YEAR ENDED DECEMBER 31, 2024
WITH PARTIAL COMPARATIVE AMOUNTS FOR THE YEAR ENDED DECEMBER 31, 2023
OPERATING REVENUES
Electric Energy Sales
Natural Gas Sales
Other Operating Revenues
Total Operating Revenues
OPERATING EXPENSES
Production
Operations
Maintenance
Purchased Power/Gas
Other Power Supply
Transmission
Operations
Maintenance
Distribution
Operations
Maintenance
Customer Accounts Expense
Sales Expense
Administrative and General
Depreciation and Amortization Expense
Contribution to City of Hutchinson
Total Operating Expenses
Operating Income (Loss)
NONOPERATING REVENUES (EXPENSES)
Interest Income
Merchandise and Contract Work, Net
Miscellaneous Income
Gain (Loss) on Disposal of Assets
Bond Premium
Interest Expense
Total Nonoperating Revenues (Expenses)
Change in Net Position
NET POSITION, BEGINNING OF YEAR
NET POSITION, END OF YEAR
See Accompanying Notes to the Financial Statements
11
2024 2023
$ 27,516,949 $ 28,055,608
11,287,412 11,976,909
2,937,466 1,968,197
41,741,827 42,000,714
3,981,539
4,318,980
906,474
828,414
19,167, 749
19,688, 330
328,766
296,850
3,084,503 3,409,151
94,607 47,429
2,156,923
2,126,038
1,305,405
1,043,215
538,413
502,610
247,274
208,674
2,647,081
2,568,771
4,312,636
4,451,820
2,195,248
1,904,536
40,966,618
41,394,818
775,209
605,896
1,241,242
1,354,735
23,194
7,263
970,210
244,976
74,421
219,066
219,065
(710,766)
(795,441)
1,817,367
1,030,598
2,592,576
1,636,494
76,779,236 75,142,742
$ 79,371,812 $ 76,779,236
HUTCHINSON UTILITIES COMMISSION
STATEMENT OF CASH FLOWS
YEAR ENDED DECEMBER 31, 2024
WITH PARTIAL COMPARATIVE AMOUNTS FOR THE YEAR ENDED DECEMBER 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from Customers
Payments Received from Other Sources
Payments to Suppliers
Payments to Employees
Net Cash Provided (Used) by Operating Activities
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES
Other Noncapital Income (Expense)
CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES
Additions to Utility Plant
Proceeds from Sale of Assets
Principal Payments on Long -Term Liabilities
Interest Paid on Long -Term Liabilities
Net Cash Provided (Used) by Capital and Related Financing Activities
CASH FLOWS FROM INVESTING ACTIVITIES
Interest Income
Net Increase (Decrease) in Cash and Cash Equivalents
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR
CASH AND CASH EQUIVALENTS, END OF YEAR
RECONCILIATION OF CASH AND CASH EQUIVALENTS
Current Assets - Cash and Investments
Restricted Assets - Cash and Investments
Total Cash and Cash Equivalents
See Accompanying Notes to the Financial Statements
12
2024 2023
$ 38,767,940 $ 41,096,708
2,858,402
1,874,246
(30,779,026)
(32,823,447)
(5,665,395)
(4,955,434)
5,181,921
5,192,073
993,404 252,239
(8,072,320)
(2,682,081)
129,584
(2,675,536)
(2,594,582)
(719,616)
(802,437)
(11,337,888)
(6,079,100)
1,234,026 1,331,607
(3,928,537) 696,819
27,780,582 27,083,763
$ 23,852,045 $ 27,780,582
$ 20,596,789 $ 24,524,926
3,255,256 3,255,656
$ 23,852,045 $ 27,780,582
HUTCHINSON UTILITIES COMMISSION
STATEMENT OF CASH FLOWS
YEAR ENDED DECEMBER 31, 2024
WITH PARTIAL COMPARATIVE AMOUNTS FOR THE YEAR ENDED DECEMBER 31, 2023
RECONCILIATION OF OPERATING INCOME (LOSS) TO CASH FLOWS FROM
OPERATING ACTIVITIES
Operating Income (Loss)
Adjustments to Reconcile Operating Income (Loss) to Net Cash Provided (Used) by
Operating Activities
Depreciation and Amortization
Pension Related Adjustments
OPEB Related Adjustments
(Increase) Decrease in Assets
Accounts Receivable
Sales Tax Receivable
Inventory
Prepaid Items
Increase (Decrease) in Liabilities
Accounts Payable
Customer Deposits
Unearned Revenue
Salaries Payable
Compensated Absences
Net Cash Provided (Used) by Operating Activities
NONCASH INVESTING, CAPITAL, AND FINANCING ACTIVITIES
Amortization of Premium on Bonds Payable
See Accompanying Notes to the Financial Statements
13
2024
2023
$ 775,209
$ 605,896
4,312,636
4,451,820
(337,451)
174,465
(27,762)
(12,206)
(84,408)
727,666
(79,064)
(93,951)
(43,500)
(287,172)
136,247
(40,347)
319,620
(737,798)
(19,491)
(12,674)
67,478
349,199
49,869
35,547
112,538
31,628
$ 5,181,921 $ 5,192,073
219,066 219,065
HUTCHINSON UTILITIES COMMISSION
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2024
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A. REPORTING ENTITY
Hutchinson Utilities Commission, a fund of the City of Hutchinson, Minnesota, is governed by five
members who are appointed by the Council of the City of Hutchinson, Minnesota. The accompanying
financial statements present only the Hutchinson Utilities Commission fund and are not intended to
present fairly the financial position of the City of Hutchinson, Minnesota.
The financial statements present the Commission and its component units. The Commission includes all
funds, organizations, institutions, agencies, departments and offices that are not legally separate from
such. Component units are legally separate entities for which the Commission is financially accountable,
or for which the exclusion of the component unit would render the financial statements of the
Commission misleading.
The criteria used to determine if the Commission is financially accountable for a component unit includes
whether or not 1) the Commission appoints the voting majority of the potential component unit's
governing body and is able to impose its will on the potential component unit or is in a relationship of
financial benefit or burden with the potential component unit, or 2) the potential component unit is fiscally
dependent on and there is a potential for the potential component unit to provide specific financial
benefits to, or impose specific financial burdens on, the Commission.
As a result of applying the component unit definition criteria above, the Commission does not have any
component units.
B. FUND ACCOUNTING
The operations of the Commission are recorded as a proprietary fund. The proprietary fund is used to
account for operations (a) that are financed and operated in a manner similar to private business
enterprises - where the intent of the governing body is that the costs (expenses, including depreciation)
of providing goods or services to the general public on a continuing basis be financed or recovered
primarily through user charges; or (b) where the governing body has decided that periodic determination
of revenues earned, expenses incurred, and/or net income is appropriate for capital maintenance, public
policy, management control, accountability or other purposes.
C. MEASUREMENT FOCUS. BASIS OF ACCOUNTING AND FINANCIAL STATEMENT PRESENTATION
The financial statements include the operations of the City of Hutchinson Municipal Utilities. The Electric
and Natural Gas divisions are treated as a single enterprise fund of the City of Hutchinson, Minnesota.
The Utilities are governed by the Hutchinson Utilities Commission, which is appointed by the City
Council. No other operations are controlled by the Hutchinson Utilities Commission. The accounts of the
Commission are organized on the basis of fund accounting. The operation of the fund is accounted for
with a separate set of self -balancing accounts that comprise its assets, deferred outflows of resources,
liabilities, deferred inflows of resources, net position, revenues, and expenses. Government resources
are allocated to and accounted for in the individual fund based upon the purposes for which they are to
be spent and the means by which spending activities are controlled.
Basis of accounting refers to when revenues and expenses are recognized in the accounts and reported
in the financial statements. Basis of accounting relates to the timing of the measurements made,
regardless of the measurement focus applied.
14
HUTCHINSON UTILITIES COMMISSION
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2024
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd)
C. MEASUREMENT FOCUS, BASIS OF ACCOUNTING AND FINANCIAL STATEMENT
PRESENTATION (Cont'd)
The proprietary fund is accounted for using the accrual basis of accounting and economic resources
measurement focus. Revenues are recognized when earned, and expenses are recognized when
incurred. Revenue from electricity and gas sales is reflected in the accounts only at the time such
revenue is actually billed to customers. Accordingly, no recognition is given in the accounts for revenue
from sales between established cycle billing dates.
The proprietary fund distinguishes operating revenues and expenses from nonoperating items.
Operating revenues and expenses generally result from providing services and producing and delivering
goods in connection with a proprietary fund's principal ongoing operations. The principal operating
revenues of the enterprise funds are charges to customers for sales and services. Operating expenses
for enterprise funds include the cost of sales and services, administrative expenses, and depreciation of
capital assets. All revenues and expenses not meeting this definition are reported as nonoperating
revenues and expenses.
It is generally the Commission's policy to use restricted resources first, then unrestricted resources as
they are needed when an expense is incurred for purposes for which both restricted and unrestricted net
position is available.
D. DEPOSITS AND INVESTMENTS
The Commission's cash and cash equivalents are considered to be cash on hand, deposits and highly
liquid debt instruments purchased with original maturities of three months or less from the date of
acquisition.
The Commission may invest in the following types of investments as authorized by Minn. Stat.
§§118A.04 and 118A.05:
(1) securities which are direct obligations or are guaranteed or insured issues of the United States, its
agencies, its instrumentalities, or organizations created by an act of Congress, except mortgage -
backed securities defined as "high risk" by Minn. Stat. §118A.04, subd. 6;
(2) mutual funds through shares of registered investment companies provided the mutual fund receives
certain ratings depending on its investments;
(3) general obligations of the State of Minnesota and its municipalities, and in certain state agency and
local obligations of Minnesota and other states provided such obligations have certain specified
bond ratings by a national bond rating service;
(4) time deposits that are fully insured by the Federal Deposit Insurance Corporation or bankers
acceptances of United States banks;
(5) commercial paper issued by United States corporations or their Canadian subsidiaries that is rated
in the highest quality category by at least two nationally recognized rating agencies and matures in
270 days or less; and
15
HUTCHINSON UTILITIES COMMISSION
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2024
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd)
D. DEPOSITS AND INVESTMENTS (Cont'd)
(6) with certain restrictions, in repurchase agreements, securities lending agreements, joint powers
investment trusts, and guaranteed investment contracts.
Cash and investments were comprised of deposit accounts, money market accounts, municipal bonds,
FFCB bonds, FHLB bonds, US Treasury Notes, US Treasury Strips, and brokered certificates of deposit.
The Commission categorizes its fair value measurements within the fair value hierarchy established by
accounting principles generally accepted in the United States of America. The hierarchy is based on the
valuation inputs used to measure the fair value of the asset. Level 1 inputs are quoted prices in active
markets for identical assets. Level 2 inputs are significant other observable inputs. Level 3 inputs are
significant unobservable inputs.
The Commission has an investment policy in place that addresses interest rate risk, credit risk,
concentration of credit risk and custodial risk as follows:
Custodial Credit Risk - Deposits: For deposits, this is the risk that in the event of bank failure, the
Commission's deposits may not be returned to it. Minnesota Statutes requires that all Commission
deposits be protected by insurance, surety bond, or collateral. The market value of collateral pledged
must equal 110 percent of deposits in excess of FDIC Insurance. The Commission's investment policy
states the collateralization level will be 110% of the market value of principal and accrued interest. When
the pledged collateral consists of notes secured by first mortgages, the collateral level will be 140% of
the market value of principal and accrued interest.
Authorized collateral includes the obligations of the U.S. Treasury, agencies, and instrumentalities,
shares of investment companies whose only investments are in the aforementioned securities,
obligations of the State of Minnesota or its municipalities, bankers' acceptances, futures contracts,
repurchase and reverse repurchase agreements, and commercial paper of the highest quality with a
maturity of no longer than 270 days, as well as certain first mortgage notes, and certain other state or
local government obligations. Minnesota statutes require that securities pledged as collateral be held in
safekeeping by the Commission treasurer or in a financial institution other than that furnishing the
collateral.
Interest Rate Risk - This is the risk that market values of securities in a portfolio would decrease due to
changes in market interest rates. The Commission's investment policy states the Commission should
manage their interest rates based on safety, liquidity and the overall rate of return on the investment.
The portfolio should contain both short-term and long-term investments to meet anticipated cash flow
requirements. Extended maturities may be utilized to take advantage of higher yields; however, no
investment shall be made with a term of more than ten years.
Credit Risk - Credit risk is the risk that an issuer or other counterparty to an investment will not fulfill its
obligations. State law limits investments in commercial paper and corporate bonds to the top two ratings
issued by nationally recognized statistical rating organizations. The Commission's investment policy
states it will comply with Minnesota Statutes Chapter 118A.
HUTCHINSON UTILITIES COMMISSION
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2024
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd)
D. DEPOSITS AND INVESTMENTS (Cont'd)
Concentration of Credit Risk: This is the risk of loss attributed to the magnitude of an investment in a
single issuer. Investments should be diversified to avoid incurring unreasonable risk inherent in over
investing in specific instruments, individual financial institutions or maturities. The Commission's
investment policy states the Commission will attempt to diversify its investments according to type and
maturity.
Custodial Credit Risk - Investments: For an investment, this is the risk that in the event of the failure of
the counterparty, the Commission will not be able to recover the value of its investments or collateral
securities that are in the possession of an outside party. The Commission's investment policy states
when investments purchased by the Commission are held in safekeeping by a broker/dealer, they must
provide asset protection of $500,000 through the Securities Investor Protection Corporations (SIPC) and
at least another $2,000,000 Supplemental Insurance Protection, provided by the broker dealer.
E. RECEIVABLES AND OPERATING REVENUES AND EXPENSES
An allowance for doubtful accounts is recorded based on historical electric and natural gas revenues,
historical loss levels, and an analysis of the collectability of individual accounts.
Meters are read throughout the month and revenues are recognized when utility services are billed to
customers. Hutchinson Utilities Commission did not accrue revenues for services provided but not billed
at the end of the year.
Monthly billings from the wholesale power and natural gas suppliers, which are for power and natural
gas costs to the last day of the month, are reflected in the accounts.
F. INVENTORY
Inventories of materials and supplies are recorded at average cost, which does not exceed market.
G. PREPAID ITEMS
Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as
prepaid items in the financial statements.
H. CAPITAL AND RIGHT TO USE ASSETS
Capital and right to use assets, both tangible and intangible, which include property, plant, equipment
and infrastructure assets (e.g., roads, sidewalks and similar items) and easements, are recorded at cost.
Right to use assets are capitalized at the present value of minimum lease payments. The cost of
additions to capital assets includes contracted work, direct labor, and materials. Major outlays for capital
assets and improvements are capitalized as projects are constructed. Repairs, replacement, and the
renewal of items determined to be less than units of property are charged to maintenance. Donated
assets are recorded as capital assets at their estimated acquisition value at the date of donation.
17
HUTCHINSON UTILITIES COMMISSION
NOTE 1
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd)
H. CAPITAL AND RIGHT TO USE ASSETS (Cont'd)
Tangible and intangible capital and right to use assets of the Commission are amortized or depreciated
using the straight-line, full month convention method over the following estimated useful lives:
Buildings
35-60 years
Transmission plant (electric)
20-35 years
Distribution plant (electric)
20-35 years
Building improvement
15-30 years
Transmission plant (gas)
10-45 years
Distribution plant (gas)
10-45 years
Generation plant
10-30 years
General plant
5-10 years
Vehicles
5-10 years
Office equipment
3-5 years
Computer equipment
3-5 years
Capital assets not being depreciated include land, easements and construction in progress, if any.
I. DEFERRED OUTFLOWS OF RESOURCES
In addition to assets, the statement of financial position will sometimes report a separate section for
deferred outflows of resources. Deferred outflows of resources represents a consumption of net position
that applies to a future reporting period. During that future period, it will be recognized as an outflow of
resources (expense). The Commission has two items that qualify for reporting in this category on the
financial statements which is related to pensions and other post -employment benefits.
J. UNEARNED REVENUE
Unearned revenue arises when assets are recognized before revenue recognition criteria have been
satisfied. Grants and certain other payments received before eligibility requirements are met are also
recorded as unearned revenue.
K. COMPENSATED ABSENCES
The liability for compensated absences reported in the financial statements consists of unpaid,
accumulated vacation and sick leave balances. The liability has been calculated using the vesting
method, in which leave amounts for both employees who currently are eligible to receive termination
payments and other employees who are expected to become eligible in the future to receive such
payments upon termination are included. Compensated absences are accrued when incurred in the
financial statements. The Statement of Net Position reports both current and noncurrent portions of
compensated absences using full accrual accounting. The current portion consists of an amount based
on a trend analysis of current usage of vacation and vested sick leave. The noncurrent portion consists
of the remaining amount of vacation and total vested sick leave.
18
HUTCHINSON UTILITIES COMMISSION
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2024
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd)
K. COMPENSATED ABSENCES (Cont'd)
Both union and nonunion employees can accrue a maximum of 200 hours per year of vacation pay. Both
union and nonunion employee may carry over a maximum of two times their annual accrual of vacation
into the next year. Each permanent nonunion full-time employee must use at least 40 hours of vacation
per year. Vacation pay is 100% payable at severance of employment. A maximum of 720 hours can be
accrued for sick leave. After accumulation of 720 hours, a payback of one-half of the amount over 720
hours will be made annually. Upon retirement or death before retirement, severance payable is paid
back at one-half of any amount of hours remaining will be made by the commission.
L. PENSIONS
For purposes of measuring the net pension liability, deferred outflows of resources and deferred inflows
of resources related to pensions, and pension expense, information about the fiduciary net position of
the Public Employees Retirement Association (PERA) and additions to/deductions from PERA's fiduciary
net position have been determined on the same basis as they are reported by PERA. For this purpose,
plan contributions are recognized as of employer payroll paid dates and benefit payments and refunds
are recognized when due and payable in accordance with the benefit terms. Investments are reported at
fair value.
The Commission participates in various pension plans; total pension expense for the year ended
December 31, 2024, was $92,569. The components of pension expense are noted in the plan
summaries.
M. POSTEMPLOYMENT BENEFITS OTHER THAN PENSIONS
Employees of the Commission pay premiums based on a negotiated schedule. Since the insurance rate
is not based on age, the Commission has an implicit rate subsidy factor in postemployment health care
expenses. Additionally, Minnesota Statutes require the Commission to allow retired employees to stay
on the health care plan with the retiree responsible to pay the entire premium for continuation coverage.
The Commission's bargaining agreement and personnel policy do not provide for any contributions upon
employee retirement.
N. LONG-TERM OBLIGATIONS
In the financial statements, long-term debt and other long-term obligations are reported as liabilities.
Bond premiums and discounts are deferred and amortized over the life of the bonds using the effective
interest method. Bonds payable are reported net of the applicable bond premium or discount. Lease
liabilities are measured at the present value of payments expected to be made and amortized as a
component of interest expense over the lease term.
O. DEFERRED INFLOWS OF RESOURCES
In addition to liabilities, the statement of financial position will sometimes report a separate section for
deferred inflows of resources. Deferred inflows of resources represents an acquisition of net position
that applies to a future reporting period. During that future period, it will be recognized as an inflow of
resources (revenue). The Commission has one item that qualifies for reporting in this category on the
financial statements which is related to pensions.
19
HUTCHINSON UTILITIES COMMISSION
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2024
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd)
P. NET POSITION
Net position represents the difference between assets plus deferred outflows of resources and liabilities
plus deferred inflows of resources in the financial statements. Net investment in capital assets consists
of capital assets, net of accumulated depreciation, and right to use assets, net of accumulated
amortization, reduced by the outstanding balance of any long-term liabilities used to build or acquire the
capital and right to use assets. Net position is reported as restricted in the financial statements when
there are limitations on their use through external restrictions imposed by creditors, grantors or laws or
regulations of other governments. Unrestricted net position consists of all other net position that does not
meet the definition of restricted or net investment in capital assets.
Q. BUDGETS AND BUDGETARY ACCOUNTING
The General Manager is responsible for preparing and submitting an annual budget. Budgets are
adopted on a basis consistent with accounting principles generally accepted in the United States of
America.
R. USE OF ESTIMATES
The preparation of the financial statements in conformity with accounting principles generally accepted in
the United States of America requires management to make estimates and assumptions that affect the
reported amount of assets and deferred outflows of resources, and liabilities and deferred inflows of
resources and disclosure of contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period. Actual results could differ
from those estimates.
S. PRIOR YEAR INFORMATION
The basic financial statements include certain prior -year partial comparative information in total but not
at the level of detail required for a presentation in conformity with accounting principles generally
accepted in the United States of America. Accordingly, such information should be read in conjunction
with the Commission's financial statements for the year ended December 31, 2023, from which the
partial information was derived.
NOTE 2. DEPOSITS AND INVESTMENTS
A. DEPOSITS
In accordance with applicable Minnesota Statutes, Hutchinson Utilities Commission maintains deposits
at depository banks authorized by the Commission.
Custodial Credit Risk - Deposits: The Commission's bank balances were not exposed to custodial credit
risk because they were fully insured through the Federal Deposit Insurance Corporation as well as
collateralized with securities held by the pledging financial institution's trust department or agent and in
the Commission's name.
20
HUTCHINSON UTILITIES COMMISSION
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2024
NOTE 2. DEPOSITS AND INVESTMENTS (Cont'd)
A. DEPOSITS (Cont'd)
Deposits in Bank
Money Market Accounts
Petty Cash
Total Deposits
B. INVESTMENTS
The Commission had the following investments:
$ 3,935,804
19,678
850
$ 3,956,332
Interest Rate
Risk
Fair
Value Maturity Date
Municipal Bonds $ 10,000,540 1-11 years
FFCB Bonds 1,595,826 1-2 years
FHLB Bonds 2,499,637 1-3 years
US Treasury Note 1,038,658 1-year
US Treasury Strip 1,387,936 1-2 years
Brokered Certificates of Deposit 3,373,116 1-4 years
Total Investments $ 19,895,713
The Municipal Bonds had a variety of ratings. The FFCB Bonds, FHLB Bonds, and US Treasury Note
were rated AAA. The Brokered Certificates of Deposit and US Treasury Strip were not rated.
Investment's fair value measurements are as follows:
Fair Value Measuring Unit
Fair Level Level Level
Value Inputs Inputs Inputs
Municipal Bonds $ 10,000,540 $ $ 10,000,540 $
FFCB Bonds 1,595,826 1,595,826
FHLB Bonds 2,499,637 2,499,637
US Treasury Note 1,038,658 1,038,658
US Treasury Strip 1,387,936 1,387,936
Brokered Certificates of Deposit 3,373,116 3,373,116
Total Investments $ 19,895,713 $ 0 $ 19,895,713 $ 0
21
HUTCHINSON UTILITIES COMMISSION
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2024
NOTE 2. DEPOSITS AND INVESTMENTS (Cont'd)
B. INVESTMENTS (Cont'd)
The following is a summary total of deposits and investments:
Deposits (Note 2.A.) $ 3,956,332
Investments (Note 2.B.) 19,895,713
Total Deposits and Investments $ 23,852,045
Deposits and investments are presented in the basic financial statements as follows:
Current Assets
Cash and Investments $ 20,596,789
Noncurrent Assets
Restricted Assets
Cash and Investments 3,255,256
Total Deposits and Investments
$ 23,852,045
NOTE 3. DEPOSITS AND INVESTMENTS - RESTRICTED
Restricted cash and investments are designated by bond covenants for specific purposes. Restricted cash
consisted of the following:
Public Utility Revenue Refunding Bonds, Series 2012A
Funds required to be held in a debt service reserve account based on
criteria set aside in the bond issuance document. $ 2,072,000
Public Utility Revenue Bonds, Series 2017B
Funds required to be held in a debt service reserve account based on
criteria set aside in the bond issuance document. 1,183,256
Total Cash and Investments - Restricted $ 3,255,256
The following items have been designated by the Commission for the following purposes:
Rate Stabilization - Electric $ 478,181
Rate Stabilization - Gas 615,294
Payment in Lieu of Taxes 1,942,626
Catastrophic 1,000,000
22
HUTCHINSON UTILITIES COMMISSION
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2024
NOTE 3. DEPOSITS AND INVESTMENTS - RESTRICTED (Cont'd)
Expansion and Development Reserve Account
Funds designated for the expansion and development of the utility. 3,450,000
60 Days Operating Cash 6,542,569
Total Cash and Investments - Designated $ 14,028,670
The above Commission designated amounts are included in the Current Assets -Cash and Investments total.
NOTE 4. INVENTORY
Inventory consists of the following:
Electric Division
Fuel Oil and Lubricants
$ 67,143
Plant Systems Material
13,569
Engine Parts
1,070,087
Distribution Materials
513,562
Transformers
334,017
Total Electric Division
1,998,378
Natural Gas Division
Fittings
241,696
Transmission Line Gas
303,570
Total Natural Gas Division
545,266
Total Inventory
23
$ 2,543,644
HUTCHINSON UTILITIES COMMISSION
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2024
NOTE 5. CAPITAL ASSETS
Capital asset activity was as follows:
Capital Assets, Not Being
Depreciated
Land
Easements
Construction in Progress
Total Capital Assets,
Not Being Depreciated
Beginning Ending
Balance Increase Decrease Balance
$ 559,528 $ $ $ 559,528
4,030,760 4,030,760
1,778,901 8,270,962 (7,148,698) 2,901,165
6,369,189 8,270,962 (7,148,698) 7,491,453
Capital Assets, Being Depreciated
Structures and Improvements 136,307,258
Equipment 19,858,095
Software 208,632
Total Capital Assets,
Being Depreciated 156,373,985
Right to Use Assets, Being Amortized
Land
Less Accumulated Depreciation for
Structures and Improvements
Equipment
Software
Total Accumulated
Depreciation
Less Accumulated Amortization for
Land
4,978,876 (25,112,489) 116,173,645
1,971,180 (419,864) 21,409,411
208,632
6,950,056 (25,532,353) 137,791,688
841,316
841,316
78,728,294
3,588,738 (25,103,547)
57,213,485
12,691,885
694,340 (373,643)
13,012,582
171,470
1,514
172,984
91,591,649
4,284,592 (25,477,190)
70,399,051
56,088 28,044 84,132
Total Capital and Right to Use
Assets, Being Depreciated
and Amortized, Net 65,567,564 2,637,420 (55,163) 68,149,821
Net Capital Assets $ 71,936,753 $ 10,908,382 $ (7,203,861) $ 75,641,274
Depreciation and amortization expense was charged to the following functions:
Electric Division
Natural Gas Division
$ 3,188,060
1,124, 576
Total Depreciation and Amortization Expense $ 4,312,636
24
HUTCHINSON UTILITIES COMMISSION
NOTE 6
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2024
LONG-TERM LIABILITIES
A. COMPONENTS OF LONG-TERM LIABILITIES
Interest
Rates
Public Utility Revenue Refunding
Bonds, Series 2012A 4.00-5.00%
Public Utility Revenue Bonds, Series 2017B 2.50-4.00%
Bond Premium
Long -Term Leases 2.50%
Compensated Absences
Total Long -Term Liabilities
Final Balance
Maturity Outstanding
12/01/2026 $ 4,060,000
12/01 /2037 12, 540, 000
787,901
1 /31 /2051 758,024
985,052
$ 19,130,977
On July 19, 2012, Hutchinson Utilities Commission issued Public Utility Revenue Refunding Bonds,
Series 2012A for $20,720,000, with an interest rate of 4.00% to 5.00%. The Commission issued the
bonds to advance refund a portion of the 2013 through 2025 maturities of the Public Utility Revenue
Bonds, Series 2003B. The Commission completed the refunding to reduce its debt service payment over
the next 14 years by $1,638,277. This results in an economic gain (difference between the present
values of the debt service payments on the old and new debt) of $1,245,620.
On October 31, 2017, the Hutchinson Utilities Commission issued Public Utility Revenue Bonds of 2017
for $16,675,000. The proceeds of the issue were used to purchase and install new generators for the
expansion of electric generation.
B. MINIMUM DEBT PAYMENTS
Annual debt service requirements to maturity for bonded debt is as follows:
Year Ending
December 31
Revenue Refunding
Bonds, Series 2012A
Principal Interest
Revenue Bonds,
Series 2017B
Principal Interest
2025
$ 1,980,000 $ 203,000
$ 790,000 $ 393,256
2026
2,080,000 104,000
820,000 361,656
2027
850,000 328,856
2028
885,000 294,856
2029
910,000 272,731
2030-2034
4,950,000 961,909
2035-2037
3,335,000 206,345
$ 4,060,000 $ 307,000 $ 12,540,000 $ 2,819,609
25
HUTCHINSON UTILITIES COMMISSION
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2024
NOTE 6. LONG-TERM LIABILITIES (Cont'd)
C. CHANGES IN LONG-TERM LIABILITIES
Beginning Ending Due Within
Balance Additions Reductions Balance One Year
Revenue Refunding
Bonds, Series
2012A
$ 5,955,000 $
$ (1,895,000)
$ 4,060,000
$ 1,980,000
Revenue Bonds,
Series 2017B
13,300,000
(760,000)
12,540,000
790,000
Bond Premium
1,006,967
(219,066)
787,901
219,065
Long -Term Leases
778,560
(20,536)
758,024
Compensated
Absences*
872,514
112,538
985,052
36,966
Total Long -Term
Liabilities
$ 21,913,041 $
112,538 $ (2,894,602)
$ 19,130,977
$ 3,026,031
* The change in compensated absences liability is presented as a net change.
D. PLEDGED REVENUES
Future revenue pledged for the payment of long-term debt is as follows:
Bond Issue/
Percent
Remaining
Principal
Pledged
Use of Proceeds/
of Total
Term of Principal
and Interest
Revenue
Type
Debt Service
Pledge and Interest
Paid
Received
Revenue Refunding
Bonds,
Series 2012A
Natural Gas
Utility Charges
100%
2012-2026 $ 4,367,000
$ 2,173,800
$ 11,287,412
Revenue Bonds,
Series 2017B
Electric
Utility Charges 100% 2017-2037 15,359,609 1,183,656 27,516,949
W,
HUTCHINSON UTILITIES COMMISSION
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2024
NOTE 7. LONG-TERM LEASES
Lease agreements are summarized as follows:
Origination Payment Payment
Date Terms Amount Interest Rate
Solar Array Land Lease 1/31/2022 30 years $ 40,000 2.50%
Current Year
Original Lease Additional Balance
Liability Outflows Outstanding
Solar Array Land Lease $ 841,316 $ $ 758,024
Land was leased by the Commission from the City of Hutchinson to be used to construct and operate a solar
power generating facility starting on 1/31/2022. The lease is for a period of 20 years and can be renewed for
up to two five year extensions. The interest rate on the lease is a fixed rate of 2.50%.
Annual requirements to amortize lease obligations and related interest are as follows:
Year Ending
December 31 Principal Interest
2025 $ $
2026
2027
2028
2029
2030-2034
2035-2039
2040-2044
2045-2049
2050-2051
NOTE 8. RISK MANAGEMENT
21,049
18,951
21,576
18,424
22,115
17,885
22,668
17,332
122,129
77,871
138,177
61,823
156,335
43,665
176,879
23,121
77,096
2,903
$ 758,024 $
281,975
The Commission purchases commercial insurance coverage through the League of Minnesota Cities
Insurance Trust (LMCIT), which is a public entity risk pool currently operating as a common risk
management and insurance program, with cities in the state. The Commission pays an annual premium to
the LMCIT for its insurance coverage. The LMCIT is self-sustaining through commercial companies for
excess claims. The Commission is covered through the pool for any claims incurred but unreported, but
retains risk for the deductible portion of its insurance policies. The amount of these deductibles is considered
immaterial to the financial statements.
There were no significant reductions in insurance from the previous year or settlements in excess of
insurance coverage for any of the past three fiscal years.
27
HUTCHINSON UTILITIES COMMISSION
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2024
NOTE 8. RISK MANAGEMENT (Cont'd)
The Commission's workers' compensation insurance policy is retrospectively rated. With this type of policy,
final premiums are determined after loss experience is known. The amount of premium adjustment for 2024
is estimated to be immaterial based on workers' compensation rates and salaries for the year.
There are no other claims liabilities reported in the funds based on the requirements of accounting
standards, which requires that a liability for claims be reported if information prior to the issuance of the
financial statements indicates it is probable that a liability has been incurred at the date of the financial
statements and the amount of the loss can be reasonably estimated.
NOTE 9. DEFINED BENEFIT PENSION PLANS - STATEWIDE
A. PLAN DESCRIPTION
The Commission participates in the following cost -sharing multiple -employer defined benefit pension
plans administered by the Public Employees Retirement Association of Minnesota (PERA). These plan
provisions are established and administered in accordance with Minnesota Statutes, Chapters 353,
353D, 353E, 353G, and 356. Minnesota Statutes chapter 356 defines each plan's financial reporting
requirements. PERA's defined benefit pension plans are tax qualified plans under Section 401(a) of the
Internal Revenue Code.
General Employees Retirement Plan (GERP; General Employees Plan; accounted for in the General
Employees Fund):
Membership in the General Plan includes employees of counties, cities, townships, schools in non -
certified positions, and other governmental entities whose revenues are derived from taxation, fees, or
assessments. Plan membership is required for any employee who is expected to earn more than $425 in
a month, unless the employee meets exclusion criteria.
B. BENEFITS PROVIDED
PERA provides retirement, disability, and death benefits. Benefit provisions are established by state
statute and can only be modified by the state Legislature. Vested, terminated employees who are
entitled to benefits, but are not receiving them yet, are bound by the provisions in effect at the time they
last terminated their public service. When a member is "vested," they have earned enough service credit
to receive a lifetime monthly benefit after leaving public service and reaching an eligible retirement age.
Members who retire at or over their Social Security full retirement age with at least one year of service
qualify for a retirement benefit.
28
HUTCHINSON UTILITIES COMMISSION
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2024
NOTE 9. DEFINED BENEFIT PENSION PLANS - STATEWIDE (Cont'd)
B. BENEFITS PROVIDED (Cont'd)
GERP Benefits:
General Employees Plan requires three years of service to vest. Benefits are based on a member's
highest average salary for any five successive years of allowable service, age, and years of credit at
termination of service. Two methods are used to compute benefits for General Plan members. Members
hired prior to July 1, 1989, receive the higher of the Step or Level formulas. Only the Level formula is
used for members hired after June 30, 1989. Under the Step formula, General Plan members receive
1.20% of the highest average salary for each of the first 10 years of service and 1.70% for each
additional year. Under the Level formula, General Plan members receive 1.70% of highest average
salary for all years of service. For members hired prior to July 1, 1989 a full retirement benefit is
available when age plus years of service equal 90 and normal retirement age is 65. Members can
receive a reduced requirement benefit as early as age 55 if they have three or more years of service.
Early retirement benefits are reduced by 0.25% for each month under age 65. Members with 30 or more
years of service can retire at any age with a reduction of 0.25% for each month the member is younger
than age 62. The Level formula allows General Plan members to receive a full retirement benefit at age
65 if they were first hired before July 1, 1989 or at age 66 if they were hired on or after July 1, 1989.
Early retirement begins at age 55 with an actuarial reduction applied to the benefit.
Benefit increases are provided to benefit recipients each January. The postretirement increase is equal
to 50% of the cost -of -living adjustment (COLA) announced by the SSA, with a minimum increase of at
least 1 % and a maximum of 1.50%. The 2024 annual increase was 1.50%. Recipients that have been
receiving the annuity or benefit for at least a full year as of the June 30 before the effective date of the
increase will receive the full increase. Recipients receiving the annuity or benefit for at least one month
but less than a full year as of the June 30 before the effective date of the increase will receive a prorated
increase.
C. CONTRIBUTIONS
Minnesota Statutes Chapter 353 sets the rates for employer and employee contributions. Contribution
rates can only be modified by the state Legislature.
GERP Contributions:
Coordinated Plan members were required to contribute 6.50 percent of their annual covered salary in
fiscal year 2024 and the Commission was required to contribute 7.50 percent for Coordinated Plan
members. The Commission's contributions to the General Employees Fund for the year ended
December 31, 2024, were $428,792. The Commission's contributions were equal to the required
contributions as set by state statute.
29
HUTCHINSON UTILITIES COMMISSION
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2024
NOTE 9. DEFINED BENEFIT PENSION PLANS - STATEWIDE (Cont'd)
D. PENSION COSTS
GERP Pension Costs:
At December 31, 2024, the Commission reported a liability of $2,442,997 for its proportionate share of
the General Employees Fund's net pension liability. The Commission's net pension liability reflected a
reduction due to the State of Minnesota's contribution of $16 million. The State of Minnesota is
considered a non -employer contributing entity and the state's contribution meets the definition of a
special funding situation. The State of Minnesota's proportionate share of the net pension liability
associated with the Commission totaled $63,171. The net pension liability was measured as of June 30,
2024, and the total pension liability used to calculate the net pension liability was determined by an
actuarial valuation as of that date. The Commission's proportionate share of the net pension liability was
based on the Commission's contributions received by PERA during the measurement period for
employer payroll paid dates from July 1, 2023, through June 30, 2024, relative to the total employer
contributions received from all of PERA's participating employers. The Commission's proportion share
was 0.0661 percent at the end of the measurement period and 0.0662 percent for the beginning of the
period.
Commission's Proportionate Share of the Net Pension Liability $ 2,442,997
State of Minnesota's Proportionate Share of the
Net Pension Liability Associated With the Commission 63,171
Total $ 2,506,168
There were no provision changes during the measurement period.
For the year ended December 31, 2024, the Commission recognized pension expense of $124,933 for
its proportionate share of GERP's pension expense. In addition, the Commission recognized an
additional $1,694 as pension expense (and grant revenue) for its proportionate share of the State of
Minnesota's contribution of $16 million to the General Employees Fund.
During the plan year ended June 30, 2024, the State of Minnesota contributed $170.1 million to the
General Employees Fund. The State of Minnesota is not included as a non -employer contributing entity
in the General Employees Plan pension allocation schedules for the $170.1 million in direct state aid
because this contribution was not considered to meet the definition of a special funding situation. The
Commission recognized $112,401 for the year ended December 31, 2024 as revenue and an offsetting
reduction of net pension liability for its proportionate share of the State of Minnesota's on -behalf
contributions to the General Employees Fund.
At December 31, 2024, the Commission reported its proportionate share of GERP's deferred outflows of
resources and deferred inflows of resources from the following sources:
30
HUTCHINSON UTILITIES COMMISSION
NOTE 9
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2024
DEFINED BENEFIT PENSION PLANS - STATEWIDE (Cont'd)
D. PENSION COSTS (Cont'd)
GERP Pension Costs: (Cont'd)
Differences Between Expected and Actual Economic Experience
Changes in Actuarial Assumptions
Net Difference Between Projected and Actual Investment Earnings
on Pension Plan Investments
Changes in Proportion
Contributions Paid to GERP Subsequent to Measurement Date
Totals
Deferred Deferred
Outflows of Inflows of
Resources Resources
$ 230,215 $
12,220 925,911
719,345
80,676
213,687
$ 456,122 $ 1,725,932
The $213,687 reported as deferred outflows of resources related to pensions resulting from Commission
contributions subsequent to the measurement date will be recognized as a reduction of the net pension
liability in the year ended December 31, 2025. Other amounts reported as deferred outflows and inflows
of resources related to pensions will be recognized in pension expense as follows:
Year ended December 31, Pension Expense Amount
2025 $
(842,136)
2026
(153,145)
2027
(300,923)
2028
(187,293)
E. LONG-TERM EXPECTED RETURN ON INVESTMENT
The State Board of Investment, which manages the investments of PERA, prepares an analysis of the
reasonableness on a regular basis of the long-term expected rate of return using a building-block
method in which best -estimate ranges of expected future rates of return are developed for each major
asset class. These ranges are combined to produce an expected long-term rate of return by weighting
the expected future rates of return by the target asset allocation percentages. The target allocation and
best estimates of geometric real rates of return for each major asset class are summarized in the
following table:
Asset Class Target Allocation Long -Term Expected Real Rate of Return
Domestic Equity
33.50%
International Equity
16.50%
Fixed Income
25.00%
Private Markets
25.00%
100.00%
31
5.10%
5.30%
0.75%
5.90%
HUTCHINSON UTILITIES COMMISSION
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2024
NOTE 9. DEFINED BENEFIT PENSION PLANS - STATEWIDE (Cont'd)
F. ACTUARIAL METHODS AND ASSUMPTIONS
The total pension liability for each of the cost -sharing defined benefit plans was determined by an
actuarial valuation as of June 30, 2024, using the entry age normal actuarial cost method. The long-term
rate of return on pension plan investments used in the determination of the total liability is 7%. The 7%
assumption is based on a review of inflation and investments return assumptions from a number of
national investment consulting firms. The review provided a range of investment return rates considered
reasonable by the actuary. An investment return of 7% is within that range.
Inflation is assumed to be 2.25 percent for the General Employees Plan. Benefit increases after
retirement are assumed to be 1.25 percent for the General Employees Plan.
Salary growth assumptions in the General Employees Plan range in annual increments from 10.25
percent after one year of service to 3.0 percent after 27 years of service.
Mortality rates for the General Employees Plan are based on the Pub-2010 General Employee Mortality
Table. The table is adjusted slightly to fit PERA's experience.
Actuarial assumptions for the General Employees Plan are reviewed every four years. The most recent
four-year experience study for the General Employees Plan was completed in 2022. The assumption
changes were adopted by the Board and became effective with the July 1, 2023 actuarial valuation.
PERA anticipates the experience study will be approved by the Legislative Commission on Pensions and
Retirement and become effective with the July 1, 2025 actuarial valuation.
The following changes in actuarial assumptions occurred in 2024:
GERP
Changes in Actuarial Assumptions:
Rates of merit and seniority were adjusted, resulting in slightly higher rates.
Assumed rates of retirement were adjusted as follows: increase the rate of assumed unreduced
retirements, slight adjustments to Rule of 90 retirement rates, and slight adjustments to early retirement
rates for Tier 1 and Tier 2 members.
Minor increase in assumed withdrawals for males and females.
Lower rates of disability.
Continued use of Pub-2010 general mortality table with slight rate adjustments as recommended in the
most recent experience study.
Minor changes to form of payment assumptions for male and female retirees.
Minor changes to assumptions made with respect to missing participant data.
32
HUTCHINSON UTILITIES COMMISSION
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2024
NOTE 9. DEFINED BENEFIT PENSION PLANS - STATEWIDE (Cont'd)
F. ACTUARIAL METHODS AND ASSUMPTIONS (Cont'd)
GERP (Cont'd)
Changes in Plan Provisions:
The workers' compensation offset for disability benefits was eliminated. The actuarial equivalent factors
updated to reflect the changes in assumptions.
G DISCOUNT RATE
The discount rate used to measure the total pension liability in 2024 was 7%. The projection of cash
flows used to determine the discount rate assumed that contributions from plan members and employers
will be made at rates set in Minnesota Statutes. Based on these assumptions, the fiduciary net position
of the General Employees were projected to be available to make all projected future benefit payments
of current plan members. Therefore, the long-term expected rate of return on pension plan investments
was applied to all periods of projected benefit payments to determine the total pension liability.
H. PENSION LIABILITY SENSITIVITY
The following presents the Commission's proportionate share of the net pension liability for all plans it
participates in, calculated using the discount rate disclosed in the preceding paragraph, as well as what
the Commission's proportionate share of the net pension liability would be if it were calculated using a
discount rate one percentage point lower or one percentage point higher than the current discount rate:
GERP
1 % Lower 6.00% $ 5,335,899
Current Discount Rate 7.00% 2,442,997
1 % Higher 8.00% 63,322
I. PENSION PLAN FIDUCIARY NET POSITION
Detailed information about each pension plan's fiduciary net position is available in a separately -issued
PERA financial report that includes financial statements and required supplementary information. That
report may be obtained on the Internet at www.mnpera.org.
NOTE 10. DEFERRED COMPENSATION PLAN
The Commission offers its employees a deferred compensation plan created in accordance with Internal
Revenue Code Section 457. The plan, available to all Commission employees, permits them to defer a
portion of their salary into future years. Participation in the plan is optional. The deferred compensation is not
available to employees until termination, retirement, death or unforeseeable emergency.
Investments are managed by the plan's trustee under one of four investment options, or a combination
thereof. The choice of the investment option(s) is made by the participants.
33
HUTCHINSON UTILITIES COMMISSION
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2024
NOTE 11. PUBLIC EMPLOYEES DEFINED CONTRIBUTION PLAN
Five Commissioners of the Hutchinson Utilities Commission are covered by the Defined Contribution Plan, a
multiple -employer deferred compensation plan administered by PERA. The Defined Contribution Plan is a
tax qualified plan under Section 401(a) of the Internal Revenue Code and all contributions by or on behalf of
employees are tax deferred until time of withdrawal.
Plan benefits depend solely on amounts contributed to the plan plus investment earnings, less administrative
expenses. Minnesota Statutes, Chapter 353D and 356, specifies plan provisions, including the employee
and employer contribution rates for those qualified personnel who elect to participate. An eligible elected
official who decides to participate contributes 5% of salary which is matched by the elected official's
employer. Employees who are paid for their services may elect to make member contributions in an amount
not to exceed the employer share. Employer and employee contributions are combined and used to
purchase shares in one or more of the seven accounts of the Minnesota Supplemental Investment Fund. For
administering the plan, PERA receives 2% of employer contributions and 0.25% of the assets in each
member's account annually.
Total contributions made by the Commission during fiscal year 2024 were:
Contribution Amount Percentage of Covered Payroll
Employee Employer Employee Employer Required Rate
Commissioners $ 1,228 $ 1,228 5.00% 5.00% 5.00%
NOTE 12. OTHER POST -EMPLOYMENT BENEFITS (OPEB) PLAN
A. PLAN DESCRIPTION
The Commission operates a single -employer retiree benefit plan (the Plan) that provides health, dental,
and life insurance to eligible employees and their spouses through the Commission's commercial
insurance plans. There are 50 active participants and 0 retired participants. Benefit and eligibility
provisions are established through negotiations between the Commission and employee groups
including a union. The union contract is renegotiated each two-year bargaining period. The Plan does
not issue a publicly available financial report. No assets are accumulated in a trust that meets all of the
criteria in GASB Statement No. 75, paragraph 4.
B. TOTAL OPEB LIABILITY
The Commission's total OPEB liability of $53,173 was measured as of December 31, 2023, and was
determined by an actuarial valuation as of that date. Update procedures were used to roll forward the
total OPEB liability to December 31, 2024.
34
HUTCHINSON UTILITIES COMMISSION
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2024
NOTE 12. OTHER POST -EMPLOYMENT BENEFITS (OPEB) PLAN (Cont'd)
C. CHANGES IN TOTAL OPEB LIABILITY
Changes in the total OPEB liability were as follows:
Total OPEB
Liability
Beginning of Year $ 85,461
Changes for the Year
Service Cost 3,096
Interest 3,477
Differences Between Expected and Actual Experience (42,280)
Changes of Assumptions or Other Inputs 8,835
Benefit Payments (5,416)
Net Changes (32,288)
End of Year $ 53,173
Changes of assumptions and other inputs reflect a change in the discount rate from 4.05% in 2023 to
3.77% in 2024.
Sensitivity of the total OPEB liability to changes in the discount rate. The following presents the total
OPEB liability of the Commission, as well as what the Commission's total OPEB liability would be if it
were calculated using a discount rate that is 1-percentage-point lower (2.77%) or 1-percentage-point
higher (4.77%) than the current discount rate:
Total OPEB Liability
1.0% Decrease 1.0% Increase
in Discount Discount Rate in Discount
Rate (2.77%) (3.77%) Rate (4.77%)
$ 57,575 $ 53,173 $ 48,985
Sensitivity of the total OPEB liability to changes in the healthcare cost trend rates. The following presents
the total OPEB liability of the Commission, as well as what the Commission's total OPEB liability would
be if it were calculated using healthcare cost trend rates that are 1-percentage-point lower (7.60%
decreasing to 2.90%) or 1-percentage-point higher (9.60% decreasing to 4.90%) than the current
healthcare cost trend rates:
Healthcare Cost
1.0% Decrease
Trend Rates
1.0% Increase
(7.60%
(8.60%
(9.60%
decreasing
decreasing
decreasing
to 2.90%)
to 3.90%)
to 4.90%)
Total OPEB Liability $ 47,271 $ 53,173 $ 59,921
35
HUTCHINSON UTILITIES COMMISSION
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2024
NOTE 12. OTHER POST -EMPLOYMENT BENEFITS (OPEB) PLAN (Cont'd)
D. OPEB EXPENSE, DEFERRED OUTFLOWS OF RESOURCES AND DEFERRED INFLOWS OF
RESOURCES RELATED TO OPEB
For the year ended December 31, 2024, the Commission recognized OPEB expense of ($27,763). At
December 31, 2024, the Commission reported deferred outflows of resources and deferred inflows of
resources related to OPEB from the following sources:
Deferred Deferred
Outflows of Inflows of
Resources Resources
Contributions Paid Subsequent to Measurement Date $ 890 $
$890 reported as deferred outflows of resources related to OPEB resulting from Commission
contributions subsequent to the measurement date will be recognized as a reduction of the total OPEB
liability in the year ended December 31, 2025.
E. ACTUARIAL METHODS AND ASSUMPTIONS
The total OPEB liability in the December 31, 2023 actuarial valuation was determined using the following
actuarial assumptions and other inputs, applied to all periods included in the measurement, unless
otherwise specified:
Inflation
Salary Increases
Healthcare Cost Trend Rates
Retiree's Share of Benefit -Related Costs
2.50%
Based on the most recently disclosed
assumptions for the pension plan in which the
employee participates.
8.6% for 2024, decreasing over several decades
to an ultimate rate of 3.9% for 2075 and later
years.
Assumed to increase with healthcare trend rates.
A discount rate of 3.77% was applied in the measurement of the total OPEB liability. The discount rate is
based on the index rate for 20-year, tax-exempt general obligation municipal bonds with an average
rating of AA/Aa or higher.
Mortality rates were based on assumptions for General Employees used in the July 1, 2023 PERA of
Minnesota Retirement Plan actuarial valuations, PUB-2010 General mortality tables with projected
mortality improvements based on a scale MP-2021, and other adjustments.
The actuarial assumptions used in the December 31, 2023 valuation were based on the results of an
actuarial experience study for the period January 1, 2023— December 31, 2023.
NOTE 13. MAJOR CUSTOMERS
The Electric Division derived approximately 46.11 % of utility revenue from the top five major customers.
The Natural Gas Division derived approximately 49.78% of its utility revenue from the top five major
customers.
REP
HUTCHINSON UTILITIES COMMISSION
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2024
NOTE 14. RECLASSIFICATIONS
Certain immaterial prior year financial statement amounts have been reclassified to conform to the current
year's presentation. There was no affect on total net position.
NOTE 15. COMMITMENTS
A. PURCHASED POWER
The Commission is committed to purchase 25 MW of its power requirements from Missouri River
Energy Services pursuant to the Power Sale Agreement dated April 28, 2010. This contract is effective
through January 1, 2046.
B. PAYMENT IN LIEU OF TAXES
The Commission is committed to contribute a portion of its total operating revenue to the City of
Hutchinson in lieu of the payment of taxes pursuant to the Resolution No. 14853 dated February 10,
2018.
NOTE 16. DEFERRED OUTFLOWS AND INFLOWS OF RESOURCES
The following is a summary of the major components of deferred outflows and inflows as presented in the
Statement of Net Position:
Related to Pensions
Related to OPEB
Total
NOTE 17. PRIOR PERIOD ADJUSTMENT
Deferred
Outflows of
Resources
$ 456,122
890
Deferred
Inflows of
Resources
$ 1,725,932
$ 457,012 $ 1,725,932
The beginning balances of the Electric Division, Gas Division and Business -Type Activities accounts
receivables and unearned revenues have been restated to reflect a correction of an error. In the
Commission's December 31, 2023 financial statements, utility overpayments were incorrectly netted with
accounts receivable. The Electric Division December 31, 2023 balance for Accounts Receivable has been
restated from $1,850,267 to $2,028,358 (an increase of $178,091) and the balance for Unearned Revenue
has been restated from $0 to $178,091 (an increase of $178,091). The Gas Division December 31, 2023
balance for Accounts Receivable has been restated from $1,420,951 to $1,592,059 (an increase of
$171,108) and the balance for Unearned Revenue has been restated from $0 to $171,108 (an increase of
$171,108). The Business -Type Activities December 31, 2023 balance for Accounts Receivable has been
restated from $3,271,218 to $3,620,417 (an increase of $349,199) and the balance for Unearned Revenue
has been restated from $0 to $349,199 (an increase of $349,199).
37
REQUIRED SUPPLEMENTARY INFORMATION
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M
HUTCHINSON UTILITIES COMMISSION
SCHEDULE OF EMPLOYER CONTRIBUTIONS
DECEMBER 31, 2024
Contributions
in Relation
Statutorily
to the Statutorily Contribution
Required
Required Deficiency Covered
Fiscal Year Contribution
Contribution (Excess) Payroll
Ending (a)
(b) (a-b) (d)
Pensions
GERP
12/31 /2024
12/31 /2023
12/31 /2022
12/31 /2021
12/31 /2020
12/31 /2019
12/31 /2018
12/31 /2017
12/31 /2016
12/31 /2015
Contributions
as a Percentage
of Covered
Payroll
(b/d)
$ 428,792 $
428,792 $
$ 5,717,227
7.50%
405,709
405,709
5,409,453
7.50%
388,459
388,459
5,179,453
7.50%
376,462
376,462
5,019,493
7.50%
367,734
367,734
4,903,120
7.50%
351,656
351,656
4,688,747
7.50%
337,735
337,735
4,503,133
7.50%
314,977
314,977
4,201,039
7.50%
310,915
310,915
4,145,538
7.50%
327,065
327,065
4,360,868
7.50%
See Accompanying Notes to the Required Supplementary Information
39
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This page intentionally left blank
HUTCHINSON UTILITIES COMMISSION
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
DECEMBER 31, 2024
NOTE 1. CHANGES IN PLAN PROVISIONS
A. GENERAL EMPLOYEE RETIREMENT PLAN (GE
2024 Changes:
The workers' compensation offset for disability benefits was eliminated. The actuarial equivalent factors
updated to reflect the changes in assumptions.
2023 Changes:
An additional one-time direct state aid contribution of $170.1 million will be contributed to the Plan on
October 1, 2023.
The vesting period of those hired after June 30, 2010, was changed from five years of allowable service to
three years of allowable service.
The benefit increase delay for early retirements on or after January 1, 2024, was eliminated.
A one-time, non -compounding benefit increase of 2.5 percent minus the actual 2024 adjustment will be
payable in a lump sum for calendar year 2024 by March 31, 2024.
2022 Changes:
There have been no changes since the prior valuation.
2021 Changes:
There have been no changes since the prior valuation.
2020 Changes:
Augmentation for current privatized members was reduced to 2.0% for the period July 1, 2020 through
December 31, 2023 and 0.0% after. Augmentation was eliminated for privatizations occurring after June
30, 2020.
2019 Changes:
The employer supplemental contribution was changed prospectively, decreasing from $31.0 million to
$21.0 million per year. The State's special funding contribution was changed prospectively, requiring $16.0
million due per year through 2031.
2018 Changes:
The augmentation adjustment in early retirement factors is eliminated over a five-year period starting July
1, 2019, resulting in actuarial equivalence after June 30, 2024.
Interest credited on member contributions decreased from 4.00 percent to 3.00 percent, beginning July 1,
2018.
41
HUTCHINSON UTILITIES COMMISSION
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
DECEMBER 31, 2024
NOTE 1. CHANGES IN PLAN PROVISIONS (Cont'd)
A. GENERAL EMPLOYEE RETIREMENT PLAN (GERP) (Cont'd)
2018 Changes: (Cont'd)
Deferred augmentation was changed to 0.00 percent, effective January 1, 2019. Augmentation that has
already accrued for deferred members will still apply.
Contribution stabilizer provisions were repealed.
Postretirement benefit increases were changed from 1.00 percent per year with a provision to increase to
2.50 percent upon attainment of 90.00 percent funding ratio to 50.00 percent of the Social Security Cost of
Living Adjustment, not less than 1.00 percent and not more than 1.50 percent, beginning January 1, 2019.
For retirements on or after January 1, 2024, the first benefit increase is delayed until the retiree reaches
normal retirement age; does not apply to Rule of 90 retirees, disability benefit recipients, or survivors.
Actuarial equivalent factors were updated to reflect revised mortality and interest assumptions.
2017 Changes:
The State's contribution for the Minneapolis Employees Retirement Fund equals $16,000,000 in 2017 and
2018, and $6,000,000 thereafter.
The Employer Supplemental Contribution for the Minneapolis Employees Retirement Fund changed from
$21,000,000 to $31,000,000 in calendar years 2019 to 2031. The state's contribution changed from
$16,000,000 to $6,000,000 in calendar years 2019 to 2031.
2016 Changes:
There have been no changes since the prior valuation.
2015 Changes:
On January 1, 2015 the Minneapolis Employees Retirement Fund was merged into the General Employees
Fund, which increased the total pension liability by $1.1 billion and increased the fiduciary plan net position
by $892 million. Upon consolidation, state and employer contributions were revised; the State's contribution
of $6.0 million, which meets the special funding situation definition, was due September 2015.
B. OTHER POST -EMPLOYMENT BENEFITS (OPEB) PLAN NOT ADMINISTERED IN A TRUST
2024 Changes:
Retiree premiums were update to current levels.
2023 Changes:
There have been no changes since the prior valuation.
42
HUTCHINSON UTILITIES COMMISSION
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
DECEMBER 31, 2024
NOTE 1. CHANGES IN PLAN PROVISIONS (Cont'd)
B. OTHER POST -EMPLOYMENT BENEFITS (OPEB) PLAN NOT ADMINISTERED IN A TRUST (Cont'd)
2022 Changes:
Retiree premiums were update to current levels.
2021 Changes:
There have been no changes since the prior valuation.
2020 Changes:
Retiree premiums were update to current levels.
2019 Changes:
There have been no changes since the prior valuation.
2018 Changes:
There have been no changes since the prior valuation.
NOTE 2. CHANGES IN ACTUARIAL ASSUMPTIONS
A. GENERAL EMPLOYEE RETIREMENT PLAN (GE
2024 Changes:
Rates of merit and seniority were adjusted, resulting in slightly higher rates.
Assumed rates of retirement were adjusted as follows: increase the rate of assumed unreduced
retirements, slight adjustments to Rule of 90 retirement rates, and slight adjustments to early retirement
rates for Tier 1 and Tier 2 members.
Minor increase in assumed withdrawals for males and females.
Lower rates of disability.
Continued use of Pub-2010 general mortality table with slight rate adjustments as recommended in the
most recent experience study.
Minor changes to form of payment assumptions for male and female retirees.
Minor changes to assumptions made with respect to missing participant data.
2023 Changes:
The investment return assumption and single discount rate were changed from 6.5 percent to 7.00 percent.
43
HUTCHINSON UTILITIES COMMISSION
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
DECEMBER 31, 2024
NOTE 2. CHANGES IN ACTUARIAL ASSUMPTIONS (Cont'd)
A. GENERAL EMPLOYEE RETIREMENT PLAN (GERP) (Cont'd)
2022 Changes:
The mortality improvement scale was changed from Scale MP-2020 to Scale MP-2021.
2021 Changes:
The investment return and single discount rates were changed from 7.50 percent to 6.50 percent, for
financial reporting purposes.
The mortality improvement scale was changed from Scale MP-2019 to Scale MP-2020.
2020 Changes:
The price inflation assumption was decreased from 2.50% to 2.25%.
The payroll growth assumption was decreased from 3.25% to 3.00%.
Assumed salary increase rates were changed as recommended in the June 30, 2019 experience study.
The net effect is assumed rates that average 0.25% less than previous rates.
Assumed rates of retirement were changed as recommended in the June 30, 2019 experience study. The
changes result in more unreduced (normal) retirements and slightly fewer Rule of 90 and early retirements.
Assumed rates of termination were changed as recommended in the June 30, 2019 experience study. The
new rates are based on service and are generally lower than the previous rates for years 2-5 and slightly
higher thereafter.
Assumed rates of disability were changed as recommended in the June 30, 2019 experience study. The
change results in fewer predicted disability retirements for males and females.
The base mortality table for healthy annuitants and employees was changed from the RP-2014 table to the
Pub-2010 General Mortality table, with adjustments. The base mortality table for disabled annuitants was
changed from the RP-2014 disabled annuitant mortality table to the PUB-2010 General/Teacher disabled
annuitant mortality table, with adjustments.
The mortality improvement scale was changed from Scale MP-2018 to Scale MP-2019.
The assumed spouse age difference was changed from two years older for females to one year older.
The assumed number of married male new retirees electing the 100% Joint & Survivor option changed
from 35% to 45%. The assumed number of married female new retirees electing the 100% Joint & Survivor
option changed from 15% to 30%. The corresponding number of married new retirees electing the Life
annuity option was adjusted accordingly.
2019 Changes:
The mortality projection scale was changed from MP-2017 to MP-2018.
44
HUTCHINSON UTILITIES COMMISSION
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
DECEMBER 31, 2024
NOTE 2. CHANGES IN ACTUARIAL ASSUMPTIONS (Cont'd)
A. GENERAL EMPLOYEE RETIREMENT PLAN (GERP) (Cont'd)
2018 Changes:
The mortality projection was changed from MP-2015 to MP-2017.
The assumed benefit increase was changed from 1.00 percent per year through 2044 and 2.50 percent per
year thereafter to 1.25 percent per year.
2017 Changes:
The combined service annuity (CSA) loads were changed from 0.8 percent for active members and 60
percent for vested and non -vested deferred members. The revised CSA loads are now 0.0 percent for
active member liability, 15.0 percent for vested deferred member liability and 3.0 percent for non -vested
deferred member liability.
The assumed post -retirement benefit increase rate was changed from 1.0 percent per year for all years to
1.0 percent per year through 2044 and 2.5 percent per year thereafter.
2016 Changes:
The assumed post -retirement benefit increase rate was changed for 1.0 percent per year through 2035 and
2.5 percent per year thereafter to 1.0 percent per year for all years.
The assumed investment return was changed from 7.9 percent to 7.5 percent. The single discount rate
was changed from 7.9 percent to 7.5 percent.
Other assumptions were changed pursuant to the experience study dated June 30, 2015. The assumed
future salary increases, payroll growth, and inflation were decreased by 0.25 percent to 3.25 percent for
payroll growth and 2.50 percent for inflation.
2015 Changes:
The assumed post -retirement benefit increase rate was changed from 1.0 percent per year through 2030
and 2.5 percent per year thereafter to 1.0 percent per year through 2035 and 2.5 percent per year
thereafter.
B. OTHER POST -EMPLOYMENT BENEFITS (OPEB) PLAN NOT ADMINISTERED IN A TRUST
2024 Changes:
The discount rate was changed from 4.05% to 3.77% based on updated 20-year municipal bond rates.
Healthcare trend rates were reset to reflect updated cost increase expectations.
Medical per capita claims costs were updated to reflect recent experience.
Withdrawal, mortality, and salary increase rates were updated from the rates used in the 7/1/2021 PERA
General Employees Plan valuation to the rates used in the 2023 experience study.
45
HUTCHINSON UTILITIES COMMISSION
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
DECEMBER 31, 2024
NOTE 2. CHANGES IN ACTUARIAL ASSUMPTIONS (Cont'd)
B. OTHER POST -EMPLOYMENT BENEFITS (OPEB) PLAN NOT ADMINISTERED IN A TRUST (Cont'd)
2024 Changes: (Cont'd)
The inflation assumption was changed from 2.25% to 2.50% based on an updated historical analysis of
inflation rates and forward -looking market expectations.
The payroll growth rate was changed from 3.00% to 3.25% based on an update in the underlying inflation
assumption.
2023 Changes:
The discount rate was changed from 1.84% to 4.05% based on the updated 20-year municipal bond rates.
2022 Changes:
The discount rate was changed from 2.00% to 1.84% based on the updated 20-year municipal bond rates.
Healthcare trend rates were reset to reflect updated cost increase expectations.
Medical per capita claims costs were update to reflect recent experience.
Withdrawal, mortality, and salary increase rates were updated from the rates used in the 7/1/2019 PERA
General Employees Plan valuation to the rates used in the 7/1/2021 valuation.
The inflation assumption was changed from 2.50% to 2.25% based on an updated historical analysis of
inflation rates and forward -looking market expectations.
2021 Changes:
The discount rate was changed from 2.75% to 2.00% based on the updated 20-year municipal bond rates.
2020 Changes:
The discount rate was changed from 3.71 % to 2.75% based on the updated 20-year municipal bond rates.
Healthcare trend rates were reset to reflect updated cost increase expectations.
Medical per capita claims costs were update to reflect recent experience.
Mortality and salary increase rates were update from the rates used in the 7/1/2017 PERA General
Employees Plan valuation to the rates used in the 7/1/2019 valuation.
The inflation assumption was changed from 2.75% to 2.50% based on an updated historical analysis of
inflation rates and forward -looking market expectations.
2019 Changes:
The index rate for 20 year, tax-exempt municipal bonds used in the determination of the discount rate was
changed from 3.31 % to 3.71 %.
46
HUTCHINSON UTILITIES COMMISSION
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
DECEMBER 31, 2024
NOTE 2. CHANGES IN ACTUARIAL ASSUMPTIONS (Cont'd)
B. OTHER POST -EMPLOYMENT BENEFITS (OPEB) PLAN NOT ADMINISTERED IN A TRUST (Cont'd)
2019 Changes: (Cont'd)
Healthcare trend rates were reset to reflect updated cost increase expectations, including an adjustment to
reflect the impact of the Affordable Care Act's Excise Tax on high -cost health insurance plans.
2018 Changes:
There have been no changes since the prior valuation.
47
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SUPPLEMENTARY INFORMATION
This page intentionally left blank
HUTCHINSON UTILITIES COMMISSION
COMBINING STATEMENT OF NET POSITION
DECEMBER 31, 2024
ASSETS AND DEFERRED OUTFLOWS OF RESOURCES
Assets
Current Assets
Cash and Investments
Receivables
Accounts Receivable (Net of Allowance for Doubtful Accounts of
$37,461 and $30,650, Respectively)
Interest Receivable
Sales Tax Receivable
Inventory
Prepaid Items
Total Current Assets
Noncurrent Assets
Restricted Assets
Cash and Investments
Capital and Right to Use Assets
Natural
Electric Gas
Division Division Total
4,989,092 $ 15,607,697 $ 20,596,789
2,034,887
1,669,938
3,704,825
74,314
74,314
148,628
397,232
397,232
1,998,378
545,266
2,543,644
65,244
27,332
92,576
9,559,147
17,924,547
27,483,694
1,183,256
2,072,000
3,255,256
Assets Not Being Depreciated or Amortized
3,591,534
3,899,919
7,491,453
Other Capital and Right to Use Assets, Net of Depreciation and Amortization
45,823,412
22,326,409
68,149,821
Net Capital Assets
49,414,946
26,226,328
75,641,274
Total Noncurrent Assets
50,598,202
28,298,328
78,896,530
Total Assets
60,157,349
46,222,875
106,380,224
Deferred Outflows of Resources
Total Assets and Deferred Outflows of Resources
LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND NET POSITION
Liabilities
Current Liabilities
Accounts Payable
Customer Deposits
Unearned Revenue
Accrued Expenses
Interest
Salaries Payable
Total Current Liabilities
Long -Term Liabilities
Net Pension Liability
Total OPEB Liability
Other Long -Term Liabilities Due Within One Year
Other Long -Term Liabilities Due in More Than One Year
Total Long -Term Liabilities
Total Liabilities
Deferred Inflows of Resources
Net Position
Net Investment in Capital Assets
Unrestricted
Total Net Position
Total Liabilities. Deferred Inflows of Resources and Net Position
342,759 114,253 457,012
$ 60,500,108 $ 46,337,128 $ 106,837,236
$ 1,877,294 $
1,083,435
$ 2,960,729
191,496
103,114
294,610
229,172
187,505
416,677
32,771
16,917
49,688
301,590
89,051
390,641
2,632,323
1,480,022
4,112,345
1,832,248
610,749
2,442,997
39,880
13,293
53,173
851,947
2,174,084
3,026,031
13,656,384
2,448,562
16,104,946
16,380,459
5,246,688
21,627,147
19,012,782
6,726,710
25,739,492
1,294,449
431,483
1,725,932
36,868,026 23,882,579 60,750,605
3,324,851 15, 296, 356 18, 621,207
40,192,877 39,178,935 79,371,812
$ 60,500,108 $ 46,337,128 $ 106,837,236
48
HUTCHINSON UTILITIES COMMISSION
COMBINING SCHEDULE OF REVENUES AND EXPENSES
YEAR ENDED DECEMBER 31, 2024
OPERATING REVENUES
Electric Energy Sales
Natural Gas Sales
Other Operating Revenues
Total Operating Revenues
OPERATING EXPENSES
Production
Operations
Maintenance
Purchased Power/Gas
Other Power Supply
Transmission
Operations
Maintenance
Distribution
Operations
Maintenance
Customer Accounts Expense
Sales Expense
Administrative and General
Depreciation and Amortization Expense
Contribution to City of Hutchinson
Total Operating Expenses
Operating Income (Loss)
NONOPERATING REVENUES (EXPENSES)
Interest Income
Merchandise and Contract Work, Net
Miscellaneous Income
Gain (Loss) on Disposal of Assets
Bond Premium
Interest Expense
Total Nonoperating Revenues (Expenses)
Change in Net Position
NET POSITION, BEGINNING OF YEAR
Electric Natural Gas
Division Division Total
$ 27,516,949 $ $ 27,516,949
11,287,412 11,287,412
154,235 2,783,231 2,937,466
27,671,184 14,070,643 41,741,827
3,981,539
3,981,539
906,474
906,474
11,904,189
7,263,560
19,167,749
328,766
328,766
2,746,673
337,830
3,084,503
84,576
10,031
94,607
1,412,832
744,091
2,156,923
914,785
390,620
1,305,405
296,201
242,212
538,413
144,231
103,043
247,274
1,630,898
1,016,183
2,647,081
3,188,060
1,124,576
4,312,636
1,598,423
596,825
2,195,248
29,137,647
11,828,971
40,966,618
(1,466,463)
2,241,672
775,209
620,831
620,411
1,241,242
(26,401)
49,595
23,194
77,850
892,360
970,210
60,871
13,550
74,421
33,457
185,609
219,066
(432,134)
(278,632)
(710,766)
334,474
1,482,893
1,817,367
(1,131,989)
3,724,565
2,592,576
41,324,866
35,454,370
76,779,236
NET POSITION, END OF YEAR $ 40,192,877 $ 39,178,935 $ 79,371,812
49
HUTCHINSON UTILITIES COMMISSION
SCHEDULE OF DIVISIONS CASH FLOWS
YEAR ENDED DECEMBER 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from Customers
Payments Received from Other Sources
Payments to Suppliers
Payments to Employees
Net Cash Provided (Used) by Operating Activities
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES
Other Noncapital Income (Expense)
CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES
Additions to Utility Plant
Sale of Assets
Principal Payments on Long -Term Liabilities
Interest Paid on Long -Term Liabilities
Net Cash Provided (Used) by Capital
and Related Financing Activities
CASH FLOWS FROM INVESTING ACTIVITIES
Interest Income
Net Increase (Decrease) in Cash and Cash Equivalents
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR
CASH AND CASH EQUIVALENTS, END OF YEAR
RECONCILIATION OF CASH AND CASH EQUIVALENTS
Current Assets - Cash and Investments
Restricted Assets - Cash and Investments
Total Cash and Cash Equivalents
See Accompanying Notes to the Financial Statements
50
Electric Natural Gas
Division Division Total
$ 27,548,831 $ 11,219,109 $ 38,767,940
75,171
2,783,231
2,858,402
(20,862,279)
(9,916,747)
(30,779,026)
(4,776,827)
(888,568)
(5,665,395)
1,984,896
3,197,025
5,181,921
51,449
941,955
993,404
(7,540,389)
(531,931)
(8,072,320)
116,034
13,550
129,584
(780,536)
(1,895,000)
(2,675,536)
(434,668)
(284,948)
(719,616)
(8,639,559) (2,698,329) (11,337,888)
617,223 616,803 1,234,026
(5,985,991) 2,057,454 (3,928,537)
12,158,339 15,622,243 27,780,582
$ 6,172,348 $ 17,679,697 $ 23,852,045
$ 4,989,092 $ 15,607,697 $ 20,596,789
1,183,256 2,072,000 3,255,256
$ 6,172,348 $ 17,679,697 $ 23,852,045
HUTCHINSON UTILITIES COMMISSION
SCHEDULE OF DIVISIONS CASH FLOWS
YEAR ENDED DECEMBER 31, 2024
RECONCILIATION OF OPERATING INCOME (LOSS) TO CASH
FLOWS FROM OPERATING ACTIVITIES
Operating Income (Loss)
Adjustments to Reconcile Operating Income (Loss) to Net Cash
Provided (Used) by Operating Activities
Depreciation and Amortization
Pension Related Adjustments
OPEB Related Adjustments
(Increase) Decrease in Assets
Accounts Receivable
Sales Tax Receivable
Inventory
Prepaid Items
Increase (Decrease) in Liabilities
Accounts Payable
Customer Deposits
Unearned Revenue
Salaries Payable
Compensated Absences
Net Cash Provided (Used) by Operating Activities
NONCASH FINANCING ACTIVITIES
Amortization of Premium on Bonds Payable
Electric Natural Gas
Division Division Total
$ (1,466,463) $ 2,241,672 $ 775,209
3,188,060
1,124,576
4,312,636
(253,087)
(84,364)
(337,451)
(20,822)
(6,940)
(27,762)
(6,529)
(77,879)
(84,408)
(79,064)
(79,064)
(52,589)
9,089
(43,500)
117,699
18,548
136,247
342,278
(22,658)
319,620
(12,670)
(6,821)
(19,491)
51,081
16,397
67,478
47,590
2,279
49,869
129,412
(16,874)
112,538
$ 33,457 $ 185,609 $ 219,066
51
HUTCHINSON UTILITIES COMMISSION
STATEMENT OF NET POSITION
ELECTRIC DIVISION
DECEMBER 31, 2024
WITH PARTIAL COMPARATIVE AMOUNTS AS OF DECEMBER 31, 2023
2024
2023
ASSETS AND DEFERRED OUTFLOWS OF RESOURCES
Assets
Current Assets
Cash and Investments
$ 4,989,092 $
10,974,683
Receivables
Accounts Receivable (Net of Allowance for Doubtful Accounts of
$37,461 and $59,580, Respectively)
2,034,887
2,028,358
Interest Receivable
74,314
70,706
Sales Tax Receivable
397,232
318,168
Inventory
1,998,378
1,945,789
Prepaid Items
65,244
182,943
Total Current Assets
9,559,147
15,520,647
Noncurrent Assets
Restricted Assets
Cash and Investments
1,183,256
1,183,656
Capital and Right to Use Assets
Assets Not Being Depreciated or Amortized
3,591,534
1,631,459
Other Capital and Right to Use Assets, Net of Depreciation and Amortization
45,823,412
43,486,321
Net Capital Assets
49,414,946
45,117,780
Total Noncurrent Assets
50,598,202
46,301,436
Total Assets
60,157,349
61,822,083
Deferred Outflows of Resources
342,759
741,556
Total Assets and Deferred Outflows of Resources
$ 60,500,108 $
62,563,639
LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND NET POSITION
Liabilities
Current Liabilities
Accounts Payable
$ 1,877,294 $
1,535,016
Customer Deposits
191,496
204,166
Unearned Revenue
229,172
178,091
Accrued Expenses
Interest
32,771
35,305
Salaries Payable
301,590
254,000
Total Current Liabilities
2,632,323
2,206,578
Long -Term Liabilities
Net Pension Liability 1,832,248 2,776,372
Total OPEB Liability 39,880 64,096
Other Long -Term Liabilities Due Within One Year 851,947 819,814
Other Long -Term Liabilities Due in More Than One Year 13,656,384 14,373,098
Total Long -Term Liabilities 16,380,459 18,033,380
Total Liabilities 19,012,782 20,239,958
Deferred Inflows of Resources 1,294,449 998,815
Net Position
Net Investment in Capital Assets 36,868,026 31,757,267
Unrestricted 3,324,851 9,567,599
Total Net Position 40,192,877 41,324,866
Total Liabilities, Deferred Inflows of Resources and Net Position $ 60,500,108 $ 62,563,639
52
HUTCHINSON UTILITIES COMMISSION
DETAILED SCHEDULE OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
BUDGET AND ACTUAL - ELECTRIC DIVISION
YEAR ENDED DECEMBER 31, 2024
WITH PARTIAL COMPARATIVE AMOUNTS FOR THE YEAR ENDED DECEMBER 31, 2023
OPERATING REVENUES
Utility Revenues
Residential
General Service
Industrial
Street Lighting
Resale
Total Utility Revenues
Other Operating Revenues
Penalties/Fees
Security Lights
Total Other Operating Revenues
Total Operating Revenues
OPERATING EXPENSES
Production
Operations
Supervision and Engineering
Other Employee Benefits
Station
Gas for Generation
Transportation
Waste Disposal
Total Operations
Maintenance
Structures
Generating Units
Other Equipment
Total Maintenance
Total Production
Power Costs
Purchased Power
2024
gng.i
Over (Under)
Budget Actual Budget Actual
$ 6,170,826 $ 6,040,987 $ (129,839) $ 5,914,078
9,771,267
9,050,761
(720,506)
8,815,434
8,836,162
8,644,375
(191,787)
8,065,784
124,108
124,399
291
139,778
3,681,000
3,656,427
(24,573)
5,120,534
28,583,363
27,516,949
(1,066,414)
28,055,608
135,100
144,740
9,640
137,699
10,000
9,495
(505)
9,150
145,100
154,235
9,135
146,849
28,728,463
27,671,184
(1,057,279)
28,202,457
1,184,547
1,294,157
109,610
1,197,149
856,541
684,278
(172,263)
928,665
222,500
192,058
(30,442)
286,307
1,210,660
1,048,044
(162,616)
1,148,611
724,600
724,600
719,517
35,000
38,402
3,402
38,731
4,233,848
3,981,539
(252,309)
4,318,980
21,000
19,620
(1,380)
21,609
609,603
601,410
(8,193)
513,122
209,000
285,444
76,444
293,683
839,603
906,474
66,871
828,414
5,073,451
4,888,013
(185,438)
5,147,394
12,638,152
11,904,189
(733,963)
12,053,183
53
HUTCHINSON UTILITIES COMMISSION
DETAILED SCHEDULE OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
BUDGET AND ACTUAL - ELECTRIC DIVISION
YEAR ENDED DECEMBER 31, 2024
WITH PARTIAL COMPARATIVE AMOUNTS FOR THE YEAR ENDED DECEMBER 31, 2023
OPERATING EXPENSES (Cont'd)
Other Power Supply
Supervision and General Salaries
Professional Services
Total Other Power Supply
Transmission
Operations
Transmission
Station
Total Operations
Maintenance
Plant and Equipment
Total Transmission
Distribution
Operations
Supervision and Engineering
Other Employee Benefits
Line
Meter
Other
Total Operations
Maintenance
Station Equipment
Underground Lines
Lines Transformers
Street Lighting
Other Equipment
Total Maintenance
Total Distribution
Customer Accounts Expense
Meter Reading
Collection
Other Employee Benefits
Uncollectible Accounts
Customer Services
Meetings and Training
Total Customer Accounts Expense
2024
Over (Under)
Budget Actual Budget
$ 210,656 $ 292,166 $ 81,510
36,600 36,600
247,256 328,766 81,510
gng.i
Actual
$ 260,250
36,600
296,850
2,755,000 2,522,972 (232,028) 3,009,524
200,000 223,701 23,701 213,925
2,955,000 2,746,673 (208,327) 3,223,449
43,538 84,576 41,038 30,487
2,998,538 2,831,249 (167,289) 3,253,936
706,489
494,968
(211,521)
420,696
465,795
460,430
(5,365)
424,754
275,811
265,044
(10,767)
148,016
14,359
34,115
19,756
16,896
158,000
158,275
275
155,752
1,620,454
1,412,832
(207,622)
1,166,114
36,018
32,473
(3,545)
20,192
246,859
527,734
280,875
362,088
37,458
38,260
802
26,728
95,713
255,168
159,455
292,607
70,539
61,150
(9,389)
58,363
486,587
914,785
428,198
759,978
2,107,041
2,327,617
220,576
1,926,092
14,207
33,710
19,503
4,126
201,265
185,225
(16,040)
169,737
16,000
22,365
6,365
12,309
4,000
(17,174)
(21,174)
33,848
73,840
70,799
(3,041)
61,457
3,850
1,276
(2,574)
5,023
313,162
296,201
(16,961)
286,500
54
HUTCHINSON UTILITIES COMMISSION
DETAILED SCHEDULE OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
BUDGET AND ACTUAL - ELECTRIC DIVISION
YEAR ENDED DECEMBER 31, 2024
WITH PARTIAL COMPARATIVE AMOUNTS FOR THE YEAR ENDED DECEMBER 31, 2023
OPERATING EXPENSES (Cont'd)
Sales Expense
Salaries
Conservation
Total Sales Expense
Administrative and General
Supervision and General Salaries
Office Supplies
Outside Services Employed
Property Insurance
Medical Insurance
Other Employee Benefits
Regulatory
Commissioners Salaries
Travel
Miscellaneous
Maintenance of General Plant
Total Administrative and General
Depreciation and Amortization Expense
Contribution to City of Hutchinson
Payment in Lieu of Taxes
Lighting
Total Contributions to City of Hutchinson
Total Operating Expenses
Operating Income (Loss)
NONOPERATING REVENUES (EXPENSES)
Interest Income
Merchandise and Contract Work, Net
Miscellaneous Income
Gain (Loss) on Disposal of Assets
Bond Premium
Interest Expense
Total Nonoperating Revenues (Expenses)
Change in Net Position
NET POSITION, BEGINNING OF YEAR
NET POSITION, END OF YEAR
2024
gng.i
Over (Under)
Budget Actual Budget Actual
$ 54,319
$ 47,433 $
(6,886)
$ 44,109
252,799
96,798
(156,001)
76,700
307,118
144,231
(162,887)
120,809
532,533
568,023
35,490
556,002
290,961
293,650
2,689
271,655
74,815
71,811
(3,004)
104,239
318,354
324,841
6,487
311,022
129,287
106,009
(23,278)
81,931
107,100
113,584
6,484
122,588
1,400
375
(1,025)
1,350
15,836
15,808
(28)
15,836
7,000
3,695
(3,305)
6,899
72,653
68,383
(4,270)
69,469
80,230
64,719
(15,511)
49,755
1,630,169
1,630,898
729
1,590,746
3,330,000
3,188,060
(141,940)
3,354,505
1,345,802
1,345,803
1
1,319,414
252,620
252,620
1,345,802
1,598,423
252,621
1,319,414
29,990,689
29,137,647
(853,042)
29,349,429
(1,262,226)
(1,466,463)
(204,237)
(1,146,972)
375,000
620,831
245,831
677,583
(55,000)
(26,401)
28,599
(21,797)
43,671
77,850
34,179
208,842
60,871
60,871
33,457
33,457
33,457
(424,807)
(432,134)
(7,327)
(460,699)
(27,679)
334,474
362,153
437,386
$ (1,289,905)
(1,131,989) $
157,916
(709,586)
ElIW ►ZylIkLsl.9"i
$ 40,192,877 $ 41,324,866
55
HUTCHINSON UTILITIES COMMISSION
STATEMENT OF NET POSITION
NATURAL GAS DIVISION
DECEMBER 31, 2024
WITH PARTIAL COMPARATIVE AMOUNTS AS OF DECEMBER 31, 2023
2024
2023
ASSETS AND DEFERRED OUTFLOWS OF RESOURCES
Assets
Current Assets
Cash and Investments
$ 15,607,697 $
13,550,243
Receivables
Accounts Receivable (Net of Allowance for Doubtful Accounts of
$30,650 and $57,244, Respectively)
1,669,938
1,592,059
Interest Receivable
74,314
70,706
Inventory
545,266
554,355
Prepaid Items
27,332
45,880
Total Current Assets
17,924,547
15,813,243
Noncurrent Assets
Restricted Assets
Cash and Investments
2,072,000
2,072,000
Capital and Right to Use Assets
Assets Not Being Depreciated or Amortized
3,899,919
4,737,730
Other Capital and Right to Use Assets, Net of Depreciation and Amortization
22,326,409
22,081,243
Net Capital Assets
26,226,328
26,818,973
Total Noncurrent Assets
28,298,328
28,890,973
Total Assets
46,222,875
44,704,216
Deferred Outflows of Resources
114,253
247,185
Total Assets and Deferred Outflows of Resources
$ 46,337,128 $
44,951,401
LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND NET POSITION
Liabilities
Current Liabilities
Accounts Payable
$ 1,083,435 $
1,106,093
Customer Deposits
103,114
109,935
Unearned Revenue
187,505
171,108
Accrued Expenses
Interest
16,917
23,233
Salaries Payable
89,051
86,772
Total Current Liabilities
1,480,022
1,497,141
Long -Term Liabilities
Net Pension Liability
610,749
925,458
Total OPEB Liability
13,293
21,365
Other Long -Term Liabilities Due Within One Year
2,174,084
2,090,181
Other Long -Term Liabilities Due in More Than One Year
2,448,562
4,629,948
Total Long -Term Liabilities
5,246,688
7,666,952
Total Liabilities
6,726,710
9,164,093
Deferred Inflows of Resources
431,483
332,938
Net Position
Net Investment in Capital Assets 23,882,579 22,394,615
Unrestricted 15, 296, 356 13, 059, 755
Total Net Position 39,178,935 35,454,370
Total Liabilities, Deferred Inflows of Resources and Net Position $ 46,337,128 $ 44,951,401
56
HUTCHINSON UTILITIES COMMISSION
DETAILED SCHEDULE OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
BUDGET AND ACTUAL - NATURAL GAS DIVISION
YEAR ENDED DECEMBER 31, 2024
WITH PARTIAL COMPARATIVE AMOUNTS FOR THE YEAR ENDED DECEMBER 31, 2023
2024
2023
Over(Under)
Budget
Actual
Budget
Actual
OPERATING REVENUES
Utility Revenues
Residential
$ 3,891,334
$ 3,526,225
$ (365,109)
$ 3,949,946
Commercial
2,849,910
2,526,865
(323,045)
2,888,770
Industrial
5,507,559
5,234,322
(273,237)
5,138,193
Total Utility Revenues
12,248,803
11,287,412
(961,391)
11,976,909
Other Operating Revenues
Gas Transportation Contract - New Ulm
822,278
754,398
(67,880)
1,049,016
Transportation - Electric Division
724,600
724,600
719,517
Penalties/Fees
51,000
55,177
4,177
52,815
Gas Transportation Contract - Other
1,285,925
1,249,056
(36,869)
Total Other Operating Revenues
2,883,803
2,783,231
(100,572)
1,821,348
Total Operating Revenues
15,132,606
14,070,643
(1,061,963)
13,798,257
OPERATING EXPENSES
Purchased Natural Gas
7,740,876
7,263,560
(477,316)
7,635,147
Transmission
Operations
Supervision and Engineering
152,172
184,962
32,790
100,120
Other
233,500
152,868
(80,632)
85,582
Total Operations
385,672
337,830
(47,842)
185,702
Maintenance
Supervision and Engineering
4,066
7,068
3,002
1,915
Other
38,000
2,963
(35,037)
15,027
Total Maintenance
42,066
10,031
(32,035)
16,942
Total Transmission
427,738
347,861
(79,877)
202,644
Distribution
Operations
Supervision and Engineering
311,320
179,285
(132,035)
260,811
Other Employee Benefits
543,108
348,006
(195,102)
469,285
Mains and Services
246,918
135,746
(111,172)
155,725
Meters
21,033
36,243
15,210
21,486
Other
58,200
44,811
(13,389)
52,617
Total Operations
1,180,579
744,091
(436,488)
959,924
Maintenance
Mains and Services
195,805
280,700
84,895
211,864
Meters
44,415
18,891
(25,524)
19,619
Other Equipment
61,500
91,029
29,529
51,754
Total Maintenance
301,720
390,620
88,900
283,237
Total Distribution
1,482,299
1,134,711
(347,588)
1,243,161
57
HUTCHINSON UTILITIES COMMISSION
DETAILED SCHEDULE OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
BUDGET AND ACTUAL - NATURAL GAS DIVISION
YEAR ENDED DECEMBER 31, 2024
WITH PARTIAL COMPARATIVE AMOUNTS FOR THE YEAR ENDED DECEMBER 31, 2023
OPERATING EXPENSES (Cont'd)
Customer Accounts Expense
Meter Reading
Collection
Other Employee Benefits
Uncollectible Accounts
Customer Services
Meetings and Training
Total Customer Accounts Expense
Sales Expense
Salaries
Conservation
Total Sales Expense
Administrative and General
Supervision and General Salaries
Office Supplies
Outside Services Employed
Property Insurance
Medical Insurance
Other Employee Benefits
Regulatory
Commissioners Salaries
Travel
Miscellaneous
Maintenance of General Plant
Total Administrative and General
Depreciation and Amortization Expense
Contribution to City of Hutchinson
Payment in Lieu of Taxes
Total Operating Expenses
Operating Income (Loss)
2024
gng.i
Over (Under)
Budget Actual Budget Actual
$ 24,715
$ 31,583 $
6,868
$ 2,686
156,853
152,191
(4,662)
138,076
9,000
19,621
10,621
10,714
1,000
(20,154)
(21,154)
10,183
60,415
57,927
(2,488)
50,283
3,150
1,044
(2,106)
4,168
255,133
242,212
(12,921)
216,110
54,319
47,432
(6,887)
44,108
136,946
55,611
(81,335)
43,757
191,265
103,043
(88,222)
87,865
386,885
474,371
87,486
450,824
111,054
108,805
(2,249)
100,747
35,105
35,957
852
54,948
69,639
77,700
8,061
69,684
70,819
66,576
(4,243)
62,902
86,100
90,454
4,354
89,368
60,000
53,574
(6,426)
46,742
10,558
10,539
(19)
10,558
4,000
3,045
(955)
4,638
45,000
42,559
(2,441)
44,675
68,057
52,603
(15,454)
42,939
947,217
1,016,183
68,966
978,025
1,100,000
1,124,576
24,576
1,097,315
596,824
596,825
1
585,122
12,741,352
11,828,971
(912,381)
12,045,389
2,391,254
2,241,672
(149,582)
1,752,868
58
HUTCHINSON UTILITIES COMMISSION
DETAILED SCHEDULE OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
BUDGET AND ACTUAL - NATURAL GAS DIVISION
YEAR ENDED DECEMBER 31, 2024
WITH PARTIAL COMPARATIVE AMOUNTS FOR THE YEAR ENDED DECEMBER 31, 2023
2024 2023
Over (Under)
Budget Actual Budget Actual
NONOPERATING REVENUES (EXPENSES)
Interest Income
$ 375,000
$ 620,411
$ 245,411
$ 677,152
Merchandise and Contract Work, Net
(12,000)
49,595
61,595
29,060
Miscellaneous Income
23,515
892,360
868,845
36,134
Gain (Loss) on Disposal of Assets
13,550
13,550
Bond Premium
185,608
185,609
1
185,608
Interest Expense
(279,920)
(278,632)
1,288
(334,742)
Total Nonoperating
Revenues (Expenses)
292,203
1,482,893
1,190,690
593,212
Change in Net Position
$ 2,683,457
3,724,565
$ 1,041,108
2,346,080
NET POSITION, BEGINNING OF YEAR
35,454,370
33,108,290
NET POSITION, END OF YEAR
$ 39,178,935
$ 35,454,370
59
COMPLIANCE SECTION
This page intentionally left blank
INDEPENDENT AUDITOR'S REPORT ON MINNESOTA LEGAL COMPLIANCE
Members of the Hutchinson Utilities Commission
Hutchinson, Minnesota
We have audited, in accordance with auditing standards generally accepted in the United States of America and the
standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General
of the United States, the financial statements of Hutchinson Utilities Commission, a fund of the City of Hutchinson,
Minnesota, as of and for the year ended December 31, 2024, and the related notes to the financial statements, which
collectively comprise the Commission's basic financial statements, and have issued our report thereon dated March 26,
2025.
In connection with our audit, nothing came to our attention that caused us to believe that the Commission failed to comply
with the provisions of the contracting -bid laws, depositories of public funds and public investments, conflicts of interest,
public indebtedness, claims and disbursements, and miscellaneous provisions sections of the Minnesota Legal
Compliance Audit Guide for Cities, promulgated by the State Auditor pursuant to Minn. Stat. § 6.65, insofar as they relate
to accounting matters. However, our audit was not directed primarily toward obtaining knowledge of such noncompliance.
Accordingly, had we performed additional procedures, other matters may have come to our attention regarding the
Commission's noncompliance with the above referenced provisions, insofar as they relate to account matters.
The purpose of this report is solely to describe the scope of our testing of compliance and the results of that testing, and
not to provide
�� an opinion on compliance. Accordingly, this communication is not suitable for any other purpose.
CONWAY, DEUTH & SCHMIESING, PLLP
CPAS & ADVISORS
LITCHFIELD, MINNESOTA
March 26, 2025
Willmar Office
331 Third St SW, Ste 2
PO Box 570
Willmar, MN 56201
(320) 235-3311
(888( 388-1040
.e
wwww w a dsw; pa coun
Litchfield Office
820 Sibley Ave H
Leitchfield, MN 55355
(3 ,0) 693.7975
Sarlell Office
Ste 110
2351 ConnecticutAve
Sarlell, MN 5637'7
(320) 2 52-7565
(800) 862-1337'
Mernbem Ainerican institute of certified Public Accountants, Minnesota Society of Certified Public Accountants
This page intentionally left blank
INDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL OVER FINANCIAL
REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN
AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH
GOVERNMENT AUDITING STANDARDS
Members of the Hutchinson Utilities Commission
Hutchinson, Minnesota
We have audited in accordance with auditing standards generally accepted in the United States of America and the
standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General
of the United States, the financial statements of Hutchinson Utilities Commission, a fund of the City of Hutchinson,
Minnesota, as of and for the year ended December 31, 2024, and the related notes to the financial statements, which
collectively comprise the Commission's basic financial statements, and have issued our report thereon dated March 26,
2025.
Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the Commission's internal control over
financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances
for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion
on the effectiveness of the Commission's internal control. Accordingly, we do not express an opinion on the effectiveness
of the Commission's internal control.
A deficiency in internal control exists when the design or operation of a control does not allow management or
employees, in the normal course of performing their assigned functions, to prevent, or detect and correct misstatements
on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that
there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented, or
detected and corrected on a timely basis. A significant deficiency is a deficiency, or combination of deficiencies, in
internal control that is less severe than a material weakness, yet important enough to merit attention by those charged
with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was
not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies.
Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be
material weaknesses or significant deficiencies. However, material weaknesses or significant deficiencies may exist that
have not been identified.
Willmar Office
331 Thirst 5t SK Ste 2
PO Box 570
`+, ilirnnar, MIN 56201
(320) 233..3311
(888) 388-1040
em on Office
11209Pacific Ave,Ste3
Benson, MIN56215
(320) 843 2;302
61
nrr°ry r r 1(-, a.r. rrn
Liithf'ieildl Office
820 Sibley Ave N
Litchfield, MIN 55355
1320) 3-7975
artelil Office
Ste 110
2351 C:onnerticutAve
Sartelill, MN 56377
(320) 232-7565
(800) 3 2-1337
Micnnbers: Arnericarn Institute of Certified Puiatic Accountants, Minnesota Socrety of: Certified PuNic Accountants
Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Commission's financial statements are free from material
misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant
agreements, noncompliance with which could have a direct and material effect on the determination of financial
statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit,
and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or
other matters that are required to be reported under Government Auditing Standards.
Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the result
of that testing, and not to provide an opinion on the effectiveness of the Commission's internal control or on compliance.
This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering
the Commission's internal control and compliance. Accordingly, this communication is not suitable for any other purpose.
Cone', Z)h cA ,;&s1 , �-Lim
CONWAY, DEUTH & SCHMIESING, PLLP
CPAS & ADVISORS
LITCHFIELD, MINNESOTA
March 26, 2025
62
HUTCHINSON UTILITIES COMMISSION
Finding
Reference
SUMMARY SCHEDULE OF PRIOR AUDIT FINDINGS
DECEMBER 31, 2024
Year Finding If Not Corrected, Provide Planned
Finding Title Status Initially Occurred Corrective Action or Other Explanation
Financial Statement Findings:
None
Minnesota Legal Compliance Findings:
None
63
HUTCHINSON UTILITIES COMMISSION
COMBINED DIVISIONS
FINANCIAL REPORT FOR FEBRUARY, 2025
Combined Division
Customer Revenue
Sales for Resale
NG Transportation
Electric Division Transfer
Other Revenues
Interest Income
TOTAL REVENUES
Salaries & Benefits
Purchased Commodities
Transmission
Generator Fuel/Chem.
Depreciation
Transfers (Elect./City)
Operating Expense
Debt Interest
TOTAL EXPENSES
NET PROFIT/(LOSS)
16.66% of Year Comp.
2025 2024 Di . %Chna 2025 2024 Di %Chna Full Yr Bud %of Bud
$ 3,662,202 $ 3,150,719 $ 511,483
$ 274,960 $ 279,644 $ (4,684)
$ 333,024 $ 185,264 $ 147,759
$ 60,639 $ 60,383 $ 255
$ 48,450 $ 41,839 $ 6,611
$ 61,617 $ 105,318 $ (43,701)
$ 4,440,891 $ 3,823,167 $ 617,724
16.2%
$ 7,421,306
$
6,818,303
$ 603,003
8.8%
$ 38,041,145
19.5%
(1.7%)
$ 612,534
$
710,194
$ (97,660)
(13.8%)
$ 3,490,250
17.5%
79.8%
$ 508,698
$
356,629
$ 152,068
42.6%
$ 2,071,218
24.6%
0.4%
$ 121,278
$
120,767
$ 511
0.4%
$ 727,666
16.7%
15.8%
$ 87,285
$
77,391
$ 9,894
12.8%
$ 483,841
18.0%
(41.5%)
$ 129,014
$
183,179
$ (54,165)
(29.6%)
$ 633,457
20.4%
16.2%
$ 8,880,115
$
8,266,463
$ 613,652
7.4%
$ 45,447,577
19.5%
$ 623,725
$ 620,823
$ 2,902
0.47%
$ 1,307,838
$
1,317,630
$ (9,793)
(0.7%)
$ 8,248,534
15.9%
$ 2,168,278
$ 1,995,430
$ 172,848
8.7%
$ 4,545,198
$
4,321,705
$ 223,493
5.2%
$ 20,256,167
22.4%
$ 163,749
$ 180,731
$ (16,982)
(9.4%)
$ 353,211
$
364,413
$ (11,202)
(3.1%)
$ 3,015,064
11.7%
$ 53,423
$ 24,796
$ 28,627
115.4%
$ 151,407
$
401,131
$ (249,724)
(62.3%)
$ 1,284,200
11.8%
$ 349,379
$ 364,610
$ (15,231)
(4.2%)
$ 698,808
$
729,005
$ (30,196)
(4.1%)
$ 4,310,000
16.2%
$ 222,524
$ 222,269
$ 255
0.1%
$ 445,049
$
444,538
$ 511
0.1%
$ 2,670,292
16.7%
$ 153,932
$ 177,924
$ (23,992)
(13.5%)
$ 498,364
$
468,028
$ 30,336
6.5%
$ 3,174,901
15.7%
$ 49,688
$ 58,538
$ (8,850)
(15.1%)
$ 99,376
$
117,076
$ (17,700)
15.1%
$ 596,257
16.7%
$ 3,784,698
$ 3,645,121
$ 139,577
3.8%
$ 8,099,251
$
8,163,527
$ (64,276)
(0.8%)
$ 43,555,415
18.6%
$ 656,193
$ 178,047
$ 478,147
268.6%1
780,864
$
102,936
$ 677,928
658.6%
$ 1,892,162
41.3%
February
February
i,
YTD
YTD
2025
2024
Change
2025
2024
Change
Gross Margin %:
36.7%
30.6%
6.2%
32.8%
27.4%
5.4%
Operating Income Per Revenue $ (%):
14.2%
2.9%
11.3%
8.1%
-0.1%
8.2%
Net Income Per Revenue $ (%):
14.8%
4.7%
10.1%
8.8%
1.2%
7.5%
2025
HUC
Budget
Target
34.2%
3.5%N
4.2%N
uuIIUuIINNI
HUTCHINSON UTILITIES COMMISSION
ELECTRIC DIVISION
FINANCIAL REPORT FOR FEBRUARY, 2025
2025
2024
Di .
%Chna
2025
2024
Di
%Chna
Full YrBud
%of Bud
Electric Division
Customer Revenue
$
2,010,114
$ 1,743,198
$ 266,916
15.3%
$ 3,987,666
$ 3,642,086
$
345,581
9.5%
$ 25,609,217
15.6%
Sales for Resale
$
274,960
$ 279,644
$ (4,684)
(1.7%)
$ 612,534
$ 710,194
$
(97,660)
(13.8%)
$ 3,490,250
17.5%
Other Revenues
$
19,220
$ 13,876
$ 5,344
38.5%
$ 34,794
$ 27,454
$
7,340
26.7%
$ 191126
18.2%
Interest Income
$
32,202
$ 54,053
$ (21,851)
(40.4%)
$ 67,295
$ 94,378
$
(27,082)
(28.7%)
$ 333:457
20.2%
TOTAL REVENUES
$
2,336,497
$ 2,090,771
$ 245,726
11.8%
$ 4,702,289
$ 4,474,111
$
228,178
5.1%
$ 29,624,050
15.9%
Salaries & Benefits $ 476,029 $ 459,175 $ 16,853 3.7% $ 1,000,247 $ 991,240 $ 9,008 0.9% $ 5,955,489 16.8%
Purchased Power $ 1,044,293 $ 862,364 $ 181,929 21.1% $ 2,218,176 $ 1,961,758 $ 256,417 13.1% $ 12,605,893 17.6%
Transmission $ 163,749 $ 180,731 $ (16,982) (9.4%) $ 353,211 $ 364,413 $ (11,202) (3.1%) $ 3,015,064 11.7%
Generator Fuel/Chem. $ 53,423 $ 24,796 $ 28,627 115.4% $ 151,407 $ 401,131 $ (249,724) (62.3%) $ 1,284,200 11.8%
Depreciation $ 251,590 $ 271,817 $ (20,226) (7.4%) $ 503,231 $ 543,418 $ (40,187) (7.4%) $ 3,200,000 15.7%
Transfers (Elect./City) $ 172,789 $ 172,534 $ 255 0.1% $ 345,578 $ 345,067 $ 511 0.1% $ 2,073,468 16.7%
Operating Expense $ 86,694 $ 132,878 $ (46,185) (34.8%) $ 319,133 $ 354,759 $ (35,626) (10.0%) $ 2,145,148 14.9%
Debt Interest $ 32,771 $ 35,305 $ (2,533) (7.2%) $ 65,543 $ 70,609 $ (5,067) JLZLI $ 393,257 16.7%
TOTAL EXPENSES $ 2,281,338 $ 2,139,600 $ 141,738 6.6% $ 4,956,526 $ 5,032,395 $ (75,870) (1.5%) $ 30,672,519 16.2%
NET PROFIT/(LOSS) $ 55,159 $ (48,829) $ 103,988 (213.0%) $ (254,237) $ (558,284) $ 304,048 (54.5%) $ (1,048,469) 24.2%
2025
2024
Di .
%Chna
2025
2024
Di
%Chna
Full YrBud
%of Bud
Electric Division
Residential
4,188,058
3,818,253
369,805
9.69%
8,977,676
8,447,384
530,292
6.28%
54,084,350
16.6%
All Electric
331,591
240,213
91,378
38.04%
714,898
580,188
134,710
23.22%
2,585,300
27.7%
Small General
1,337,229
1,363,064
(25,835)
(1.90%)
3,160,035
2,958,936
201,099
6.80%
18,348,996
17.2%
Large General
5,722,310
5,548,320
173,990
3.14%
11,924,360
11,500,240
424,120
3.69%
83,540,973
14.3%
Industrial
8,289,000
8,248,000
41,000
0.50%
16,845,000
17,248,000
(403,000)
(2.34%)
113,841,379
14.8%
Total KWH Sold
19,868,188
19,217,850
650,338
3.38%1
41,621,969
40,734,748
887,221
2.18%1
272,400,998
15.3%
February
February
YTD
YTD
2025
HUC
2025
2024
Change
2025
2024
Change
Budget
Target
Gross Margin %:
30.0%
30.6%
-0.6%
24.9%
21.3%
3.6%
27.0%
Operating Income Per Revenue $ (%):
2.3%
-3.3%
5.6%
-5.6%
-13.3%
7.7%
-3.5%
0%- 1%
Net Income Per Revenue $ (%):
2.4%
-2.3%
4.7%
-5.4%
-12.5%
7.1%
-3.5%
0%- 1%
Customer Revenue per KWH:
$0.1012
$0.0907
$0.0105
$0.0958
$0.0894
$0.0064
$0.0940
IIII���I
Total Power Supply Exp. per KWH:
$0.0810
$0.0735
$0.0075
$0.0835
$0.0846
-$0.0011
$0.0784
$0.0784
Net Profit increased by $103,988 over February 2024. Customer usage and revenues were up but also helped by an additional $151,798 in PCA compared to
a year ago. Purchased power was up $181,929 but that was in large part due to a true up of past expenses that actually lowered purchased power by
$120,000 in February 2024.
Sales for Resale of $274,960 consisted of $30,710 in market sales, $98,000 in capacity sales to Rice Lake, and $146,250 in capacity sales to AEP. February
2024 Sales for Resale of $279,644 included $35,394 in market sales, $98,000 in capacity sales to Rice Lake, $146,250 in capacity sales to AEP. February 2023
Sales for Resale of $360,365 consisted of $48,341 in market sales, $98,000 in capacity sales to Rice Lake, $146,250 in capacity sales to AEP, and $67,774 in
tolling and energy sales to Dynasty Power.
Overall Purchased Power increased by $181,929. MRES purchases increased by $19,305 and market purchases/MISO costs increased by $162,624.
The average cost of MISO power was $37.10/mwh (3,428 mwh's purchased), compared to $43.29/mwh (2,346 mwh's purchased) in February 2024.
Power Cost Adjustment for February 2025 was $.00763/kwhr bringing in an additional $151,798 for the month and YTD.
There was no PCA in February 2024 or YTD 2024.
Gas Division
Customer Revenue
Transportation
Electric Div. Transfer
Other Revenues
Interest Income
TOTAL REVENUES
Salaries & Benefits
Purchased Gas
Operating Expense
Depreciation
Transfers (City)
Debt Interest
TOTAL EXPENSES
NET PROFIT/(LOSS)
HUTCHINSON UTILITIES COMMISSION
GAS DIVISION
FINANCIAL REPORT FOR FEBRUARY, 2025
16.66% of Year Comp.
2025
2024
2
%Chna
2025
2024
2 .
%Chna
Full Yr Bud
% of Bud
$ 1,652,088
$ 1,407,522
$
244,567
17.4%
$ 3,433,640
$
3,176,217
$
257,423
8.1%
$ 12,431,928
27.6%
$ 333,024
$ 185,264
$
147,759
79.8%
$ 508,698
$
356,629
$
152,068
42.6%
$ 2,071,218
24.6%
$ 60,639
$ 60,383
$
255
0.4%
$ 121,278
$
120,767
$
511
0.4%
$ 727,666
16.7%
$ 29,230
$ 27,963
$
1,267
4.5%
$ 52,492
$
49,937
$
2,554
5.1%
$ 292,715
17.9%
$ 29,414
$ 51,265
$
(21,851)
(42.6%)
$ 61,719
$
88,801
$
(27,082)
(30.5%)
$ 300,000
20.6%
$ 2,104,395
$ 1,732,397
$
371,998
21.5%
$ 4,177,826
$
3,792,352
$
385,474
10.2%
$ 15,823,527
26.4%
$ 147,696
$ 161,648
$
(13,952)
(8.6%)
$ 307,590
$
326,391
$
(18,800)
(5.8%)
$ 2,293,045
13.4%
$ 1,123,985
$ 1,133,066
$
(9,080)
(0.8%)
$ 2,327,022
$
2,359,947
$
(32,924)
(1.4%)
$ 7,650,274
30.4%
$ 67,238
$ 45,045
$
22,193
49.3%
$ 179,231
$
113,269
$
65,962
58.2%
$ 1,029,753
17.4%
$ 97,789
$ 92,794
$
4,995
5.4%
$ 195,577
$
185,587
$
9,990
5.4%
$ 1,110,000
17.6%
$ 49,735
$ 49,735
$
(0)
(0.0%)
$ 99,471
$
99,471
$
(0)
(0.0%)
$ 596,824
16.7%
$ 16,917
$ 23,233
$
(6,317)
0.0%
$ 33,833
$
46,467
$
(12,633)
27.2%
$ 203,000
16.7%
$ 1,503,360
$ 1,505,521
$
(2,161)
(0.1%)
$ 3,142,725
$
3,131,131
$
11,594
0.4%
$ 12,882,896
24.4%
$ 601,035
$ 226,876
$
374,159
164.9%1
1,035,101
$
661,221
$
373,880
56.5%
$ 2,940,631
35.2%
2025 2024 2 . %Chnq
Gas Division
Residential 74,996,518 52,030,771 22,965,747 44.14%
Commercial 52,726,379 36,008,917 16,717,462 46.43%
Industrial 94,058,961 76,355,329 17,703,632 23.19%
2025 2024 p %Chnq
162,183,518 129,210,430 32,973,088 25.52%
113,321,147 89,607,635 23,713,512 26.46%
201,876,581 172,621,593 29,254,988 16.95%
16.66% of Year Comp.
Full Yr Bud % of Bud
435,250,000 37.3%
337,584,000 33.6%
895,764,000 22.5%
Total CF Sold 221,781,858
164,395,017
57,386,841
34.91%
477,381,246
391,439,658
85,941,588
21.96%
1,668,598,000 28.6%
February
February
YTD
YTD
2025
HUC
2025
2024
Change
2025
2024
Change
Budget
Target
Gross Margin %:
44.3%
30.5%
13.8%
41.7%
34.7%
7.0%
48.0%
Operating Income Per Revenue $ (%):
27.5%
10.6%
16.9%
23.7%
15.8%
7.9%
17.0%
Net Income Per Revenue $ (%):
28.6%
13.1%
15.5%
24.8%
17.4%
7.3%
18.6%
Contracted Customer Rev. per CF:
$0.0069
$0.0080
-$0.0011
$0.0069
$0.0082
-$0.0014
$0.0061
Customer Revenue per CF:
$0.0078
$0.0090
-$0.0012
$0.0074
$0.0080
-$0.0006
$0.0087
$0.0087
Total N.G. Supply Exp. per CF: $0.0052 $0.0070 ($0.0019) $0.0050 $0.0061 ($0.0011) $0.0048
Notes/Graphs:
February Net Income increased by $374,159 mostly due to increased usage with a much colder month compared to a year ago.
February 2025 Fuel Credit Adjustment was $.61929/MCF crediting customers $81,455 for the month and $264,540 YTD.
There was no February 2024 FCA but $150,146 was returned to customers YTD.
Current Assets
UnrestrictedlUndesignated Cash
Cash
Petty Cash
Designated Cash
Capital Expenditures - Five Yr. CIP
Payment in Lieu of Taxes
Rate Stabilization - Electric
Rate Stabilization - Gas
Catastrophic Funds
Restricted Cash
Bond & Interest Payment 2017
Bond & Interest Payment 2012
Debt Service Reserve Funds
Total Current Assets
Receivables
Accounts (net of uncollectible allowances)
Interest
Total Receivables
Other Assets
Inventory
Prepaid Expenses
Sales Tax Receivable
Deferred Outflows - Electric
Deferred Outflows - Gas
Total Other Assets
Total Current Assets
Capital Assets
Land & Land Rights
Depreciable Capital Assets
Accumulated Depreciation
Construction - Work in Progress
Total Net Capital Assets
HUTCHINSON UTILITIES COMMISSION
BALANCE SHEET - CONSOLIDATED
FEBRUARY
28, 2025
Electric
Gas
Total
Total
Net Change
Division
Division
2025
2024
Total (YTD)
(2,099,315.38)
13,643,218.79
11,543,903.41
16,095,315.84
(4,551,412.43)
680.00
170.00
850.00
850.00
-
2,750,000.00
700,000.00
3,450,000.00
3,450,000.00
-
1,345,802.00
596,824.00
1,942,626.00
1,942,626.00
-
337,362.32
-
337,362.32
204,746.72
132,615.60
-
615,294.19
615,294.19
472,900.68
142,393.51
800,000.00
200,000.00
1,000,000.00
1,000,000.00
-
295,814.05
-
295,814.05
295,914.06
(100.01)
-
545,749.97
545,749.97
543,450.00
2,299.97
1,183,656.00
2,072,000.00
3,255,656.00
3,255,656.00
-
4,613,998.99
18,373,256.95
22,987,255.94
27,261,459.30
(4,274,203.36)
2,025,986.53
1,792,094.50
3,818,081.03
3,477,268.26
340,812.77
74,314.28
74,314.29
148,628.57
141,412.63
7,215.94
2,100,300.81
1,866,408.79
3,966,709.60
3,618,680.89
348,028.71
2,111,100.75
548,262.43
2,659,363.18
2,474,595.04
184,768.14
331,483.60
200,921.31
532,404.91
504,374.78
28,030.13
405,752.26
-
405,752.26
334,474.03
71,278.23
741,556.00
-
741,556.00
741,556.00
-
-
247,185.00
247,185.00
247,185.00
-
3,589,892.61
996,368.74
4,586,261.35
4,302,184.85
284,076.50
10,304,192.41 21,236,034.48
690,368.40
3,899,918.60
94,054,405.57
44,579,509.55
(48,705,265.36)
(22,448,678.78)
3,370,222.97
21,608.69
49,409,731.58 26,052,358.06
31,540,226.89 35,182,325.04 (3,642,098.15)
4,590,287.00
4,590,287.00
-
138,633,915.12
157,262,496.41
(18,628,581.29)
(71,153,944.14)
(92,376,742.18)
21,222,798.04
3,391,831.66
2,071,681.99
1,320,149.67
75,462,089.64
71,547,723.22
3,914,366.42
Total Assets 59,713,923.99 47,288,392.54 107,002,316.53 106,730,048.26 272,268.27
Current Liabilities
Current Portion of Long-term Debt
Bonds Payable
Bond Premium
Lease Liability - Solar Array
Accounts Payable
Accrued Expenses
Accrued Interest
Accrued Payroll
Total Current Liabilities
Long -Term Liabilities
Noncurrent Portion of Long-term Debt
2017 Bonds
2012 Bonds
Bond Premium 2012
Pension Liability- Electric
Pension Liability - Electric OPEB
Pension Liability - Nat Gas
Pension Liability - Nat Gas OPEB
Accrued Vacation Payable
Accrued Severance
Deferred Outflows - Electric
Deferred Outflows - Nat Gas
Total Long -Term Liabilities
Net Position
Retained Earnings
Total Net Position
HUTCHINSON UTILITIES COMMISSION
BALANCE SHEET - CONSOLIDATED
FEBRUARY 28, 2025
Electric Gas Total
Division Division 2025
790,000.00
19, 546.00
2,302,975.58
98,314.05
58,949.37
3,269,785.00
11,750,000.00
426,576.24
2,776,372.00
64,096.00
569,807.22
208,347.54
998,815.00
16,794,014.00
1,980,000.00
185,608.32
1,250,756.27
50,749.99
19,278.15
3,486,392.73
2,080,000.00
139,205.87
925,458.00
21,365.00
169,522.80
37,374.19
332,938.00
3,705,863.86
2,770,000.00
185,608.32
19, 546.00
3,553,731.85
149,064.04
78,227.52
6,756,177.73
11,750,000.00
2,080,000.00
565,782.11
2,776,372.00
64,096.00
925,458.00
21,365.00
739,330.02
245,721.73
998,815.00
332,938.00
20,499,877.86
Total Net Change
2024 Total (YTD)
2, 655, 000.00 115, 000.00
185,608.32 -
- 19,546.00
3, 392, 536.29 161,195.56
175,614.07 (26,550.03)
62,713.53 15,513.99
6, 471, 472.21 284, 705.52
12,540,000.00
(790,000.00)
4,060,000.00
(1,980,000.00)
784,847.39
(219,065.28)
2,776,372.00
-
64,096.00
-
925,458.00
-
21,365.00
-
718,594.32
20,735.70
153,920.05
91,801.68
998,815.00
-
332,938.00
-
23,376,405.76 (2,876,527.90)
39,650,124.99 40,096,135.95 79,746,260.94 76,882,170.29 2,864,090.65
39,650,124.99 40,096,135.95 79,746,260.94 76,882,170.29 2,864,090.65
Total Liabilities and Net Position 59,713,923.99 47,288,392.54 107,002,316.53 106,730,048.26 272,268.27
Hutchinson Utilities Commission
Cash -Designations Report, Combined
2/28/2025
Financial
Institution
Current Interest Rate
Annual
Interest
Balance,
February 2025
Balance,
January 2025
Change in
Cash/Reserve
Position
Savings, Checking, Investments varies varies varies 22,987,255.94 23,139,420.87 (152,164.93)
Total Operating Funds 22,987,255.94 23,139,420.87 (152,164.93)
Debt Reserve Requirements Bond Covenants - sinking fund
Debt Reserve Requirements Bond Covenants -1 year Max. P & I
Total Restricted Funds
Operating Reserve
Rate Stabalization Funds
PILOT Funds
Catastrophic Funds
Capital Reserves
Total Designated Funds
Min 60 days of 2025 Operating Bud.
Charter (Formula Only)
Risk Mitigation Amount
5 Year CIP (2025-2029 Fleet & Infrastructure Maintenance)
841,564.02 561,042.66 280,521.36
3,255,656.00 3,255,656.00 -
4,097,220.02 3,816,698.66 280,521.36
6,542,569.17
6,542,569.17
952,656.51
952,656.51
1, 942, 626.00
1, 942, 626.00
1, 000, 000.00
1, 000, 000.00
3,450,000.00
3,450,000.00
13,887,851.68
13,887,851.68
YE
YE
YE
YE
YTD
HUC
2021
2022
2023
2024
2025
Target
Debt to Asset 30.8%
31.4%
28.6%
26.0%
25.5%
Current Ratio 5.22
4.47
4.48
3.67
3.93
RONA 0.41%
-1.38%
1.96%
2.63%
0.82%
Change in
Cash Balance (From 12131114 to 212812025)
Month End
Electric
Elec. Change
Natural Gas
Gas Change
Total
Total Change
2/28/2025
4,613,999
18,373,257
22,987,256
12/31/2024
6,134,710
(1,520,711)
17,717,453
655,804
23,852,164
(864,908)
12/31/2023
12,158,338
(6,023,628)
15,622,242
2,095,211
27,780,580
(3,928,416)
12/31/2022
11,633,212
525,126
15,450,554
171,688
27,083,766
696,815
12/31/2021
12,870,253
(1,237,041)
15,086,000
364,554
27,956,253
(872,487)
12/31/2020
14,239,233
(1,368,981)
15,019,173
66,827
29,258,406
(1,302,153)
12/31/2019
12,124,142
2,115,092
13,837,040
1,182,133
25,961,181
3,297,225
12/31/2018
15,559,867
(3,435,725)
12,335,998
1,501,042
27,895,864
(1,934,683)
12/31/2017
23,213,245
(7,653,378)
10,702,689
1,633,309
33,915,934
(6,020,070)
12/31/2016
8,612,801
14,600,444
9,500,074
1,202,615
18,112,875
15,803,059
12/31/2015
6,170,790
2,442,011
9,037,373
462,701
15,208,163
2,904,712
12/31/2014
3,598,821
2,571,969
6,765,165
2,272,208
10,363,986
4,844,177
* 2017's Significant increase in cash balance is due to issuing bonds for the generator project.
Hutchinson Utilities Commission
Cash -Designations Report, Electric
2/28/2025
Change in
Financial
Annual
Balance,
Balance,
Cash/Reserve
Institution
Current Interest Rate
Interest
February 2025
January 2025
Position
�' Rr
Savings, Checking, Investments varies varies varies 22,987,255.94 23,139,420.87 (152,164.93)
Total HUC Operating Funds 22,987,255.94 23,139,420.87 (152,164.93)
Debt Restricted Requirements
Debt Restricted Requirements
Total Restricted Funds
Bond Covenants - sinking fund
Bond Covenants -1 year Max. P & 1
295,814.05
1,183,656.00
1,479,470.05
197,209.36
1,183,656.00
1,380,865.36
98,604.69
-
98,604.69
Excess Reserves Less Restrictions,
Electric
3,134,528.94
3,827,732.71
(693,203.77)
J11J! !!1 1 !1
J
Operating Reserve
Min 60 days of 2025 Operating Bud.
4,578,753.17
4,578,753.17
Rate Stabalization Funds
$400K-$1.2K
337,362.32
337,362.32
PILOT Funds
Charter (Formula Only)
1,345,802.00
1,345,802.00
Catastrophic Funds
Risk Mitigation Amount
800,000.00
800,000.00
Capital Reserves
5 Year CIP (2025-2029 Fleet & Infrastructure Maintenance)
2,750,000.00
2,750,000.00
Total Designated Funds
9,811,917.49
9,811,917.49
Excess Reserves Less Restrictions
& Designations, Electric
(6,677,388.55)
(5,984,184.78)
(693,203.77)
YE YE YE YE
YTD
APPA Ratio
HUC
2021 2022 2023 2024
2025
5K-10K Cust.
Target
Debt to Asset Ratio (* w/Gen.)
32.2% 34.8% 34.0% 33.9%
33.6%
39.8%
pp ppppp
ryry NNNNNNNNNNNN
Current Ratio
5.70 4.96 4.35 2.38
2.47
3.75
RONA
-1.2% -4.2% -0.9% -2.1%
-0.5%
NA
>0%
Hutchinson Utilities Commission
Cash -Designations Report, Gas
2/28/2025
Change in
Financial
Annual
Balance,
Balance,
Cash/Reserve
Institution
Current Interest Rate
Interest
February 2025
January 2025
Position
51' Rr
Savings, Checking, Investments varies varies varies 22,987,255.94 23,139,420.87 (152,164.93)
Total HUC Operating Funds 22,987,255.94 23,139,420.87 (152,164.93)
Debt Restricted Requirements
Bond Covenants - sinking fund
545,749.97
363,833.30 181,916.67
Debt Restricted Requirements
Bond Covenants -1 year Max. P & 1
2,072,000.00
2,072,000.00 -
Total Restricted Funds
2,617,749.97
2,435,833.30 181,916.67
Excess Reserves Less Restrictions,
Gas
0.
i 1 1 JJJ1 111 1 11
J J
Operating Reserve
Min 60 days of 2025 Operating Bud.
1,963,816.00
1,963,816.00 -
Rate Stabalization Funds
$200K-$600K
615,294.19
615,294.19
PILOT Funds
Charter (Formula Only)
596,824.00
596,824.00
Catastrophic Funds
Risk Mitigation Amount
200,000.00
200,000.00
Capital Reserves
5 Year CIP (2025-2029 Fleet & Infrastructure Maintenance)
700,000.00
700,000.00
Total Designated Funds
4,075,934.19
4,075,934.19
YE
YE
YE
YE
YTD
HUC
2021
2022
2023
2024
2025
AGA Ratio
Target
Debt to Asset 28.8%
26.5%
21.0%
15.5%
15.2%
35%-50%
Current Ratio 4.79
4.06
4.61
5.08
5.27
1.0-3.0
RONA 2.9%
3.0%
6.2%
9.1%
2.5%
2%-5%
Notes/Graphs:
ELECTRIC DIVISION
Operating Revenue
February 2025
CLASS
AMOUNT
KWH
/KWH
Street Lights
$21.04
2,561
$0.0545
Electric Residential Service
$503,192.99
4,188,058
$0.1201
All Electric Residential Service
$35,396.85
331,591
$0.1067
Electric Small General Service
$157,064.10
1,337,229
$0.1175
Electric Large General Service
$596,665.27
5,722,310
$0.1043
Electric Large Industrial Service
$717,773.52
8,289,000
$0.0866
Total
$2,010,113.77
19,870,749
$0.1012
Power Adjustment
$0.00763
Rate Without Power Adjustment
$0.09353
Electric Division Year -to -Date
® 2025 $ Amount ❑ 2024 $ Amount ® 2025 KWH110 ❑ 2024 KWH110
5,000,000
4,500,000
4,000,000
3,500,000
3,000,000
2,500,000
2,000,000
1,500,000
1,000,000
500,000
0
Residential All Elec. Resid. Small Gen. Srv. Large Gen. Srv. Large Industrial Sales For Resale Total
NOTE: This graph includes sales for resale (capacity and energy sales) but excludes street lights and security lights
NATURAL GAS DIVISION
Operating Revenue
February 2025
CLASS
AMOUNT
MCF
/MCF
Residential
$587,875.37
74,997
$7.8387
Commercial
$409,339.92
52,726
$7.7635
Large Industrial
$20,963.59
2,618
$8.0076
Large Industrial Contracts
$633,909.57
91,441
$6.9324
Total
$1,652,088.45
221,782
$7.4492
Fuel Adjustment-$0.61929
Rate Without Fuel Adjustment $8.06845
Natural Gas Division Year -to -Date
❑ 2025 $ Amount ❑ 2024 $ Amount m 2025 MCF ❑ 2024 MCF
4,000,000
3,500,000
3,000,000
2,500,000
2,000,000
1,500,000
1,000,000
500,000
0
Gas Residential Gas Commercial Large Industrial Large Industrial Total
Contracts
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Monthly Report -
Hutchinson Utilities
Commission
Year
2025
Month
02 - February
Annual Report?
Yes
No
Hutchinson Utilities
Commission
Minimum duration Substation
Maximum duration Circuit
Top-level Cause Remove Major Events?
----- Use APPA Event threshol,
IEEE 1366 Statistics
Metric
SAIDI
SAIFI
CAI DI
ASAI
Momentary Interruptions
Sustained Interruptions
Circuit Ranking - Worst Performing
Ranked by Outage Count
Circuit Substation
Fdr#16 Plant 1
Ranked by Customer Interruptions
Circuit Substation
Fdr#16 Plant 1
Ranked by Customer Minutes of Duration
Circuit Substation
Feb 2025 Feb 2024
0.082
None
0.00094
None
88
None
99.9997%
100%
0
0
1
0
Number of Outages
1
Customer Interruptions
7
Customer Minutes of Duration
Fdr#16 Plant 1 616
Historical Monthly SAIDI Chart
20
M o thly
15
W11
5
u
Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb
2024 2024 2024 2024 2024 2024 2024 2024 2024 2024 2025 2025
Historical Monthly SAIFI Chart
1.0
M o thly
Av age M ot
0.8
0.6
0.4
0.2
SAIDI
of monthly SAIDI values
SAIFI
of monthly SAIFI values
Causes Ranked by Count
Cause
Underground
Causes Ranked by Duration
Cause
Count
Duration
Underground 616
Top 1 Outages for the Month
Address
875 Lynn Rd
SW
Customers
Interrupted
7
Total Customers Affected for the Month:
Average Customers Affected per Outage:
Customer Minutes of
Duration Interruption
88 616
Start Date
02/18/2025
7
7
HUTCHINSON UTILITIES COMMISSION 9T,
Board Action Form
iiiiiiiiiiiiiiiiiiiiiillillillillillillilliillillillillillillilliilliillillillillillillillillillilliillillillillillillilliillillillillillillilliillillillillillillillillillillilliillillillillillillilliillillillillillillilliillillillillillillillillillillilliillillillillillillilliillillillillillillilliillillillillillillillillillillilliillillillillillillilliillillillillillillilliillillillillillillillillillillilliillillillillillillilliillillillillillillilliillillillillillillillillillillilliillillillillillillilliillillillillillillilliillillillillillillillillillillilliillillillillillillilliillillillillillillilliillillillillillillillillillillilliillillillillillillilliillillillillillillilliillillillillillillillillillillilliillillillillillillilliillillillillillillilliillillillillillillillillillillilliillillillillillillilliillillillillillillilliillillillillillillillillillillilliillillillillillillilliillillillillillillilliillillillillillillillillillillilliillillillillillillilliillillillillillillilliilllI
Agenda Item: Review Policies
Presenter: Angie Radke
Agenda Item Type:
Time Requested (Minutes): 5
Review Policies
Attachments: Yes
BACKGROUND/EXPLANATION OFAGENDA ITEM:
As part of HUC's standard operating procedures, a continual policy review is practiced.
This month, the following policies were reviewed and no changes are recommended on
these policies at this time:
i. Section 3 of Exempt Handbook
ii. Section 3 of Non -Exempt Handbook
BOARD ACTION REQUESTED:
None
Fiscal Impact:
Included in current budget: Budget Change:
PROJECT SECTION:
Total Project Cost: Remaining Cost:
EXEMPT
SECTION 3 — HOURS AND CONDITIONS OF EMPLOYMENT
REST PERIODS
Employees may take one 15-minute paid rest period during each four-hour work period. One rest
period is taken in the morning and the other rest period is taken in the afternoon. Rest periods shall
not be cumulative and shall not be utilized to compensate for other absences.
MEAL PERIODS
Employees receive an unpaid meal period either one-half hour or one -hour long for a shift lasting
at least six hours. Meal periods shall not be cumulative and shall not be utilized to compensate for
other absences.
INCLEMENT WEATHER
If inclement weather causes an employee to arrive late or leave the job early, the employee must
use vacation time, floating holiday, compensatory time or time without pay for the portion of the
scheduled shift the employee did not work. If the General Manager determines it is necessary to
close HUC offices due to weather, all employees will be paid their regular pay. Essential
employees will be required to remain on -duty, however, they will be given comparable time off at
a later date. If an essential employee living within the limits of the City of Hutchinson cannot get
to the job site due to inclement weather, a HUC vehicle or snowplow will be dispatched to pick up
the essential employee.
NON-EXEMPT
SECTION 3 — HOURS AND CONDITIONS OF EMPLOYMENT
MEAL PERIODS
Employees receive an unpaid meal period of one-half hour for a shift lasting at least six hours.
Meal periods may not be cumulative and may not be utilized to compensate for other absences.
INCLEMENT WEATHER
If inclement weather causes an employee to arrive late or leave the job early, the employee must
use vacation time, floating holiday, compensatory time or time without pay for the portion of the
scheduled shift the employee did not work. If the General Manager determines it is necessary to
close HUC offices due to weather, all employees will be paid their regular pay. Essential
employees will be required to remain on -duty, however, they will be given comparable time off at
a later date. If an essential employee living within the limits of the City of Hutchinson cannot get
to the job site due to inclement weather, a HUC vehicle or snowplow will be dispatched to pick up
the essential employee.
HUTCHINSON UTILITIES COMMISSION
Board Action Form
�rre tit'
Agenda Item: Approve Policy Changes
Presenter: Angie Radke
Agenda Item Type:
Time Requested (Minutes): 5
Approve Policy Changes
Attachments: Yes
BACKGROUND/EXPLANATION OFAGENDA ITEM:
As part of HUC's standard operating procedures, a continual policy review is
practiced. The following revisions to the policies below are recommended.
i. Flextime Program (Exempt)
ii. Attendance/Tardiness (Exempt and Non -Exempt)
iii. Rest Periods (Non -Exempt)
iv. Use of Facilities During Off -Duty Hours (Non -Exempt)
BOARD ACTION REQUESTED:
Approve Policy Changes
Fiscal Impact:
Included in current budget: Budget Change:
PROJECT SECTION:
Total Project Cost: Remaining Cost:
EXEMPT
SECTION 3 — HOURS AND CONDITIONS OF EMPLOYMENT
Staff Personnel will establish work schedules, subject to the General Manager's approval. The
regular work week is five 8-hour working days with two consecutive days off. The normal work
week is Monday through Friday, except as otherwise established by Staff Personnel based on the
customers' and Department's needs.
The Utilities office hours are 7:30 a.m. to 4:00 p.m. Monday through Friday.
FLEXTIME PROGRAM
HUC's flextime program allows exempt employees to vary their scheduled work hours to conform
with the operations of the Utilities. Flextime is approved by the employee's Manager f444-ee�t.
ATTENDANCE/TARDINESS
Employees are expected to work or use approved leave for all their scheduled hours.
Unsatisfactory attendance including reporting late, quitting early or excessive absenteeism shall
be cause for disciplinary action. An employee anticipating being late for any reason, must contact
his/her DiFeetof: Manager or Supervisor as far in advance as possible. Employees are also required
to report to their P�i..Fee.�(:).F Manager or Supervisor if they are ill and unable to continue working. If
an employee is ill and cannot report to work, the employee must notify his/her Dk:eetof:; Manager
or Supervisor before the scheduled start of the workday.
NON-EXEMPT
SECTION 3 — HOURS AND CONDITIONS OF EMPLOYMENT
See Union Contract.
REST PERIODS
Employees may take one 15-minute paid rest period during each four-hour work period. Rest
periods are taken during the second and third hours and between the sixth and seventh hours of the
workday. During the summer, the afternoon rest period shall be taken when the Manager of
1)iFeetof: deems it appropriate. Rest periods shall not be cumulative and shall not be utilized to
compensate for other absences.
ATTENDANCE/TARDINESS
Employees are expected to work or use approved leave for all their scheduled hours.
Unsatisfactory attendance including reporting late, quitting early or excessive absenteeism shall
be cause for disciplinary action. An employee anticipating being late for any reason, must contact
his/her Dk:ee�oF of: Manager as far in advance as possible. Employees are also required to report to
the P.i..Fee.�ofrr....(:)F Manager if they are ill and unable to continue working. If an employee is ill and
cannot report to work, the employee must notify his/her DiFee of: oF Manager before the scheduled
start of the workday.
USE OF FACILITIES DURING OFF -DUTY HOURS
Employees are not allowed on -site during off -duty hours without prior approval of a P�i..Fee.�(:*....(:).F
Manager.
HUTCHINSON UTILITIES COMMISSION
Board Action Form
�rre�rtic'%
Agenda Item: HTI Substation Transformer Repair
Presenter: Dave
Agenda Item Type:
Time Requested (Minutes): 5
New Business
Attachments: Yes
BACKGROUND/EXPLANATION OF AGENDA ITEM:
The HTI Substation transformer was taken out of service in January due to a nitrogen
leak.
A complete inspection of the transformer was required and Global Transformer Solutions
completed it on January 30th.
The transformer was manufactured in 1989 and after the inspection and evaluating
previous oil samples and maintenance records, it is recommended to complete the
suggested repairs.
Attachments:
HTI Substation -LTC Inspection & Evaluation Proposal (this is completed and paid)
HTI Substation -LTC Inspection & Evaluation Field Report
HTI Substation -Active Live Replacement Proposal
Requisition # 010181
BOARD ACTION REQUESTED:
Approve Req# 010181
Fiscal Impact: $140,563.00
Included in current budget: No Budget Change: No
PROJECT SECTION:
Total Project Cost: Remaining Cost:
IHI UT iU H II HI S U HII
UT'IIILIITIIIE'S
a I(,� ii'JG 11�p Ili II I! � �a II ii';� If1i
PURCHASE REQUISITION
HUTCHINSON UTILITIES COMMISSION
225 MICHIGAN ST SE
HUTCHINSON, MN 55350
Phone:320-587-4746 Fax:320-587-4721
GLOBAL TRANSFORMER SOLUTIONS CORP.
2220 COUNTY RD 210 W, STE 108
JACKSONVILLE, FL 32259
Note
Description:
HTI Substation Transformer Repair
Date
Requisition No.
03/18/2025
010181
Required by:
Requested by:
dhunstad
Item
No.
Part No.
Description
Qty
Unit
Due Date
Unit Price
Ext. Amount
HTI SUBSTATION TRANSFORMER REPAIR -
MFG. PART:
1
1.00
EA
$140,563.000
$140,563.00
Total: 140,563.00
Date Printed: 03/18/2025 Requisitioned By: dhunstad Page: 1/1
I
March 10, 2025. Quote 4GQ3030
Dave Hunstad
Electric Transmission/Distribution Manager
Hutchinson Utilities Commission
320-583-9330
�.v
Subject: Cooper #4C-46559-1-1 -HTI Substation -Active Live Replacement Proposal
Mr. Hunstad,
Global Transformer Solutions Corp. is pleased to provide a proposal to perform the Load
550B Tap Changer (LTC) active live replacement on the Cooper44C-46559-1-1
Transformer located at the HTI substation in the city of Hutchinson, MN. The following
is the proposed scope of work.
➢ One mobilization /de -mobilization to the jobsite (Hutchinson, MN).
➢ Supply a crew of 5 qualified transformer technicians for four days onsite.
➢ Supply our 48-foot Barron's Oil Processing Unit (OPU) with all the necessary hand
tools, safety equipment and containment.
➢ Supply a clean certified tanker to store the entire contents of oil from the transformer.
➢ Drain the entire contents of oil from the unit while backfilling with onboard -55
dewpoint breathing air.
➢ Perform confined space entry to remove all internal LTC tap winding leads.
➢ Remove old LTC active assembly, back board, and gasket.
➢ Hutchinson Utility is to supply boom truck to assist GTS in the removal and
installation of the active live.
➢ Supply and install new remanufactured 550B LRV Tap (Active Core Exchange)
Assembly/ Contacts, Panelboard, Stuffing box and door gasket. (Unit includes new
bearings, with upgraded G10 insulation material utilized on the backboard and
standoffs).
➢ Re -terminate all internal LTC tap leads and torque to specifications.
➢ Perform field installation startup on LTC including timing, sequence and operation
check out.
➢ Supply and replace the main tank pressure relief device indicator flag.
➢ Supply and replace the top access handhole cover gasket.
➢ Supply and install a new liquid level gauge on LTC.
➢ Supply equipment and weld main tank leaking seam.
1
➢ Perform a vacuum leak up test, continue to pull vacuum for 12 hours under 1 Torr, fill
unit with dielectrically acceptable and reconditioned degassed oil. Perform 1
recirculation finishing pass on the nameplate volume of oil.
➢ Supply 188 gallons of new mineral oil type 2 for the LTC compartment.
➢ Condition and fill LTC compartment with new GTS supplied oil.
➢ Perform the following commissioning field tests: Insulation Resistance, Power
Factor Testing, Overall, Excitation (as found DETC tap), Turn to Turns Ratio (All
LTC Taps), Winding Resistance (All LTC Taps), and provide two Oil Analytical
Samples to be sent to an independent lab for analysis.
➢ Furnish a formal written field report with our comments, recommendations, test data
and its supporting field pictures taken at the time of service.
For this service we propose a fixed price cost of $140,563.00.
Clarifications and conditions to the proposal
We have assumed weekday working hours, Monday through Friday. The proposal does not
include any holidays. The customer is responsible for de -energizing the equipment which should
include switching, grounding, and lock -out / tag -out of the system. The quote is only valid for
transformers with oil less than two PPM PCBs (Test date must be within six months of project
date). Delays caused by others will be billed and submitted at our T&M rates. All taxes, if
applicable, would be in addition to the quoted prices. The quote is valid for 30 days. An invoice
will be sent at the conclusion of the fieldwork and is due on Net 15.
Please feel free to call me at any time with your comments, questions, or other
requests at (612) 710-6088. We look forward to working for you.
Sincerely,
Brett Ptacek
Director of Operations
Global Transformer Solutions Corp.
1584 Reidner LN
Centuria WI, 54824
612-710-6088 cellular
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Site Information
Service Date: January 30, 2024
Site Location: H1 Substation
Customer: Hutchinson Utilities
Contractor: GTS / Brett Ptacek (612) 710-6088
Site Representative: Daniel Lang (320) 583-7908
Transformer's Characteristics
Manufacturer:
Cooper Transformer
Serial Number:
4C-46559-1-1
Configuration:
Delta -Wye
Year:
1989
Voltage:
69,000- 13,800Y/7970
Rating:
15/20/25 MVA
LTC:
Cooper
Type:
550-B
Serial Number:
C-46616-1
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February 2, 2025
DANIEL LANG I Engineering Services Manager
Hutchinson Utilities Commission
main: 320.587.4746 1 direct: 320.234.0564
cell: 320.583.7908 1 fax: 320.587.4721
HutchinsonUtilities.com
Subject: Cooper #4C-46559-1-1-HTI Substation -LTC Inspection & Evaluation
Mr. Lang,
Global Transformer Solutions would like to thank you for the opportunity to perform the
inspection and evaluation on your 550-B Load tap changer located at the HTI Substation. A
description of the work performed, its findings, recommendations, and pictures taken in the field
at the time of service can be found below.
Initial Overview & external Inspection
We performed an overall visual inspection on the exterior of load tap changer (LTC)
compartment and transformer. The transformer has a leaking 2-inch drain valve, and a DETC
packing gland leak. The LTC board has been leaking causing the main tank to overfill the LTC
compartment. The tap changer was found ranging between 4 raise and 4 lower. The operation
counter was left at 95,747 after the inspection and repair had been completed. The 550-B load
tap changer has a recommended contact replacement at 5 years or 50,000 operations.
Final Drive Cabinet Inspection & Repair
The drive and control cabinet were found sealed and dry with no signs of moisture. All relays,
motor, and switches have been recently replaced. We found the tap changer off tap timing
position. When electrically operating the unit, it would stop 25 degrees short of being on time
and on tap position in both directions! I reviewed the S1 seal in switch. The mounting hardware
was tight but the microswitch was not staying sealed in allowing the full 180-degree rotation
prior to dropping out on the cam. I loosened the switch and adjusted it in about 1/8 inch towards
the cam, so it had positive seal in circuit throughout the whole rotation. I electrically operated
and manually operated the unit. All contactors and limit switches were left operating correctly.
Proper sequence timing and breaking was observed and left functioning properly. We observed
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and function checked the lower and raise limit switches. Both Switches left satisfactory. We
verified the safety motor cut off switch on the maintenance handle. Deadman switch was found
functioning properly. The cabinet heater was found to be in good working order as well.
Tap Compartment Inspection & Evaluation
We removed the oil from the load tap changer compartment utilizing our filter pump cart that
has a 1/z micron filter press in line. We pumped the entire contents of oil into a clean dry tote to
enable our inspection of the active live unit. We performed an overall visual inspection. We
verified the proper functionality of the oil level gauge. The level gauge float operates correctly
but the external gauge hangs up in both directions causing faulty oil level readings. Recommend
replacing the gauge. We wiped down the entire unit with clean, lint free cotton rags.
We found the main active live backboard leaking primarily on the top edge of the board along
with several standoff hubs leaking as well. These leaks are allowing the nitrogen blanket from
the transformer compartment to push oil into the LTC compartment until it reaches oil level
equilibrium.
The unit has had a rebuild field contact kit installed within the last 5 years. The inspection
disclosed several very unusual anomalies considering the age of contact replacement. We found
a small burning and pitting area on the c-phase reversing switch. The B-phase rear moveable
contact is beginning to form filming, sludge and coking. B=Phase tap winding contacts have
uneven and leading contact wear due to mis alignment of the carrier contact to the collector ring.
These are all associated signs of the backboard warping. The Pennsylite (Micarta) backboard is
prone to absorbing moisture over time and warping. The three phases of the active unit mount on
the board which are gasketed on the outside edge. The board bows on center causing most of the
issues on the B-phase alignment and contact wear.
We lubricated the door gasket with Molykote I I I and torqued the door back to 45 ft/lbs. Once
sealed we filtered the oil back into the unit. We restored all control switches, handles, and tap
position back to the as found status. Please see the pictures below for further details.
Comments and Recommendations
1. Main TX drain valve is leaking. Recommend replacing.
2. The LTC level gauge float operates correctly but the external gauge hangs up in both
directions causing faulty level readings. Recommend replacing gauge.
3. Leaking DETC packing gland is leaking.
4. Motor control fuse periodically blowing is typically associated with a warped back
board causing contact misalignment or extremely worn and damaged contacts. The
results in this case are center phase collector ring and moveable contact alignment
failure and misaligned moveable and uneven wear on stationary contacts as seen in
this case.
5. We would recommend an active live upgraded replacement unit. To make repairs it
will expose the internal windings. Oil processing will be required for repair.
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Please feel free to call me at any time with your comments, questions, or other requests at
(612) 710-6088. We look forward to working for you again in the future.
Sincerely,
Brett Ptacek
Director of Operations
Global Transformer Solutions Corp.
1584 Reidner LN
Centuria WI, 54824
612-710-6088 cellular
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As left.
January 27, 2024. Quote 4GQ3011
Dave Hunstad
Electric Transmission/Distribution Manager
Hutchinson Utilities Commission
320-583-9330
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Subject: Cooper #4C-46559-1-1 -HTI Substation -LTC Inspection & Evaluation Proposal
Mr. Hunstad,
Global Transformer Solutions Corp. is pleased to provide a proposal to perform the Load
550B Tap Changer (LTC) inspection and evaluation on the Cooper44C-46559-1-1
Transformer located at the HTI substation in the city of Hutchinson, MN. The following
is the proposed scope of work.
➢ One mobilization /de -mobilization to the jobsite (Hutchinson, MN).
➢ Supply a crew of 2 qualified transformer technicians for one day onsite.
➢ Supply all necessary equipment such as hand tools, scaffolding, oil filter
press (0.5 micron), test equipment and clean dry oil storage to enable the
technicians to conduct the overall evaluation of the LTC active live
compartment.
➢ Perform the manufacturers recommended internal inspection to include and
identify leak origins, contact integrity inspections, wear, timing sequence, and
operational function checks, safety features.
➢ Identify any deficiencies to determine proper corrective actions for future
repair.
➢ Remove transformer top inspection handhole cover to document the height of
backboard vs core and coil assembly height to determine if processing is
required when repairing back board repairs.
➢ Furnish a formal written field report with our comments, recommendations, and its
supporting pictures taken in the field at the time of service.
For this service we propose a fixed price cost of $5,562.00.
Clarifications and conditions to the proposal
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We have assumed weekday working hours, Monday through Friday. The proposal does not
include any holidays. The customer is responsible for de -energizing the equipment which should
include switching, grounding, and lock -out / tag -out of the system. Delays caused by others will
be billed and submitted at our T&M rates. All taxes, if applicable, would be in addition to the
quoted prices. The quote is valid for 30 days. An invoice will be sent at the conclusion of the
fieldwork and is due on Net 15.
Please feel free to call me at any time with your comments, questions, or other
requests at (612) 710-6088. We look forward to working for you.
Sincerely,
Brett Ptacek
Director of Operations
Global Transformer Solutions Corp.
1584 Reidner LN
Centuria WI, 54824
612-710-6088 cellular
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