The city of North Little Rock’s recently release audit of the electric department provides a significant amount of financial detail about how the utility is faring financially.
Total assets as of Dec. 31, 2013, were $170.36 million that exceeded liabilities that were $74.99 million.
Of the total net position, $85.3 million was invested in capital assets; $5.7 million was restricted to debt service and capital improvements; $10 million was restricted for working capital, and $3.71 million were unrestricted.
2013 NLRED assets totaled $44.36 million compared to $49.52 million for 2012, according to the audit.
NLRED’s total property, plant and equipment in 2013 was at valued at $125.99 million. In 2012, that figure was $121.68 million.
The following were capital improvements, additions or replacements for 2013:
Murray Hydro Electric Generation Plant — $393,000;
Distribution system (poles, wire, transformers, conductors, etc.) — $3.68 million;
Smart meters — $4.29 million;
Office furniture and fixtures, along with computer and communication equipment — $398,000;
Transportation, tools and power equipment — $484,000;
Smart meters, Seal System for Hydro and Galloway Substation — $3 million.
In all, total capital improvements made during 2013 came to $12.26 million.
NLRED’s operating expenses were up in 2013 compared to 2012, according to the report.
Operating revenues in 2013 totaled $93.37 million while one year earlier came to $91.84 million.
Operating expenses totaled $75.74 million in 2013 while in 2012 they were $74.22 million.
During both years, the department transferred $12 million to the city’s general operating revenues.
"NLRED operating revenues were about two percent higher than reported in 2012," according to the audit. "The majority of NLRED operating revenue is derived from residential and commercial customers."
In 2013, the NLRED had an average of 33,393 residential customers, 4,807 commercial customers and 173 large users.
Operating expenses, not including depreciation expense, increased 1.8 percent in 2013. Depreciation expense increased 4.5 percent in 2013.
Non-operating revenues increased 53 percent in 2013 and non-operating expenses decreased 0.8 percent in 2013.