NGEMC Annual Report
Financial Reports
2025 Financial Statements
Balance Sheet
Balance Sheet For Year Ended June 30, 2024
ASSETS
Fixed Assets:
Property, Plant and Equipment
592,863,383
592,863,383
Less Accumulated Depreciation
(165,605,271)
(165,605,271)
Total Fixed Assets
427,258,112
427,258,112
Current Assets:
Cash3,643,933
Accounts Receivable – Net14,419,226
Materials & Supplies6,766,343
Other Current Assets12,735,223
Total Current Assets
37,564,725
37,564,725
Other Assets:
Investments in Associated Organizations6,701,486
Emergency Funds812,517
Energy Right Program Loans3,836,141
Prepaid Expense & Clearing Accts1,471,992
Other Deferred Debits35,575
Total Other Assets
12,857,711
12,857,711
Total Assets
$477,680,548
$477,680,548
LIABILITIES AND NET WORTH
Current Liabilities:
Accounts Payable34,645,191
Other Current Liabilities14,401,087
Total Current Liabilities
49,046,278
49,046,278
Other Liabilities:
Energy Right Program Payable3,957,158
Long-Term Debt & Post Retire Benefits195,939,558
Total Other Liabilities
199,896,716
199,896,716
Capital Investments:
Memberships
877,270
877,270
Accumulated Earnings:
Beginning of Year220,126,303
Current Net Income7,733,981
Total Earnings Reinvested in System Assets
227,860,284
227,860,284
Total Liabilities and Net Worth
$477,680,548
$477,680,548
Reconciliation Statement
RECONCILIATION OF NET INCOME TO CASH EXPENDITURES FOR YEAR ENDED JUNE 30, 2024
Operating Revenue
Sales of Electric Energy
285,400,156
285,400,156
Other Revenue
11,015,769
11,015,769
Total Operating Revenue
296,415,925
296,415,925
OPERATING EXPENSES:
Purchased Power
219,053,978
219,053,978
Distribution
25,049,123
25,049,123
Customer Accounting & Collecting
6,875,372
6,875,372
Administration & General
11,352,356
11,352,356
Depreciation & Amortization
20,981,545
20,981,545
Total Operating Expenses
283,312,374
283,312,374
Operating Income
13,103,551
13,103,551
Misc. Income Deduction
(48,703)
(48,703)
Other Income – Interest
1,921,652
1,921,652
Other Expense – Interest
(7,242,519)
(7,242,519)
Net Income from Operations
7,733,981
7,733,981
Investment in Electric Plant
Year Ending June 30, 2025
(33,690,122)
(33,690,122)
Depreciation & Amortization – Net
8,251,425
8,251,425
Net Change in Long Term Debt
11,400,012
11,400,012
Net Change in Liabilities
10,592,480
10,592,480
Net Change in Assets
(2,668,750)
(2,668,750)
Net Change in Cash
1,619,026
1,619,026
2024 Financial Statements
Balance Sheet
Balance Sheet For Year Ended June 30, 2024
ASSETS
FIXED ASSETS:
Property, Plant and Equipment
559,174,689
559,174,689
Less Accumulated Depreciation
(157,353,846)
(157,353,846)
Total Fixed Assets
401,820,843
401,820,843
CURRENT ASSETS:
Cash2,024,906
Accounts Receivable – Net14,294,538
Materials & Supplies5,476,272
Other Current Assets12,125,336
Total Current Assets
33,921,052
33,921,052
OTHER ASSETS:
Investments in Associated Organizations5,584,135
Emergency Funds744,578
Energy Right Program Loans3,876,807
Prepaid Expense & Clearing Accts1,552,315
Other Deferred Debits454,345
Total Other Assets
12,212,180
12,212,180
Total Assets
447,954,075
447,954,075
LIABILITIES AND NET WORTH
CURRENT LIABILITIES:
Accounts Payable25,494,859
Other Current Liabilities13,175,113
Total Current Liabilities
38,669,972
38,669,972
OTHER LIABILITIES:
Energy Right Program Payable3,973,018
Long-Term Debt & Post Retire Benefits184,232,481
Total Other Liabilities
188,205,499
188,205,499
CAPITAL INVESTMENTS:
Memberships
869,830
869,830
ACCUMULATED EARNINGS:
Beginning of Year217,028,442
Current Net Income3,180,332
Total Earnings Reinvested in System Assets
220,208,774
220,208,774
Total Liabilities and Net Worth
447,954,075
447,954,075
Reconciliation Statement
RECONCILIATION OF NET INCOME TO CASH EXPENDITURES FOR YEAR ENDED JUNE 30, 2024
Operating Revenue
Sales of Electric Energy
259,944,492
259,944,492
Other Revenue
9,371,826
9,371,826
Total Operating Revenue
269,316,318
269,316,318
OPERATING EXPENSES:
Purchased Power
200,427,656
200,427,656
Distribution
24,895,161
24,895,161
Customer Accounting & Collecting
6,679,965
6,679,965
Administration & General
10,389,328
10,389,328
Depreciation & Amortization
19,301,399
19,301,399
Total Operating Expenses
261,693,509
261,693,509
Operating Income
7,622,809
7,622,809
Misc. Income Deduction
(127,696)
(127,696)
Other Income – Interest
1,700,655
1,700,655
Other Expense – Interest
(6,015,436)
(6,015,436)
Net Income from Operations
3,180,332
3,180,332
Investment in Electric Plant
Year Ending June 30, 2024
(37,353,485)
(37,353,485)
Depreciation & Amortization – Net
9,402,527
9,402,527
Net Change in Long Term Debt
26,414,008
26,414,008
Net Change in Liabilities
4,636,328
4,636,328
Net Change in Assets
(6,800,893)
(6,800,893)
Net Change in Cash
(521,183)
(521,183)
2023 Financial Statements
Balance Sheet
Balance Sheet For Year Ended June 30, 2023
ASSETS
FIXED ASSETS:
Property, Plant and Equipment
521,822,631
521,822,631
Less A.D.
(147,951,319)
(147,951,319)
Total Fixed Assets
373,871,312
373,871,312
CURRENT ASSETS:
Cash2,546,089
Accounts Receivable – Net10,279,444
Materials & Supplies6,543,729
Other Current Assets9,594,908
Total Current Assets
28,964,170
28,964,170
OTHER ASSETS:
Investments in Associated Organizations4,571,322
Emergency Funds641,785
Energy Right Program Loans3,887,002
Prepaid Expense & Clearing Accts1,555,882
Other Deferred Debits231,934
Total Other Assets
10,887,925
10,887,925
Total Assets
413,723,407
413,723,407
LIABILITIES AND NET WORTH
CURRENT LIABILITIES:
Accounts Payable20,529,895
Other Current Liabilities13,657,582
Total Current Liabilities
34,187,477
34,187,477
OTHER LIABILITIES:
Energy Right Program Payable4,021,621
Long-Term Debt & Post Retire Benefits157,421,669
Total Other Liabilities
161,443,290
161,443,290
CAPITAL INVESTMENTS:
Memberships
862,360
862,360
ACCUMULATED EARNINGS:
Beginning of Year216,818,765
Current Net Income411,515
Total Earnings Reinvested in System Assets
217,230,280
217,230,280
Total Liabilities and Net Worth
413,723,407
413,723,407
Reconciliation Statement
RECONCILIATION OF NET INCOME TO CASH EXPENDITURES FOR YEAR ENDED JUNE 30, 2023
Operating Revenue
Sales of Electric Energy
259,896,484
259,896,484
Other Revenue
8,416,355
8,416,355
Total Operating Revenue
268,312,839
268,312,839
OPERATING EXPENSES:
Purchased Power
207,196,751
207,196,751
Distribution
22,534,448
22,534,448
Customer Accounting & Collecting
6,323,751
6,323,751
Administration & General
9,535,185
9,535,185
Depreciation & Amortization
18,718,759
18,718,759
Total Operating Expenses
264,308,894
264,308,894
Operating Income
4,003,945
4,003,945
Misc. Income Deduction
(77,575)
(77,575)
Other Income – Interest
1,205,089
1,205,089
Other Expense – Interest
(4,719,944)
(4,719,944)
Net Income from Operations
411,515
411,515
Investment in Electric Plant
Year Ending June 30, 2023
(25,049,599)
(25,049,599)
Depreciation & Amortization – Net
5,506,853
5,506,853
Net Change in Long Term Debt
12,423,861
12,423,861
Net Change in Liabilities
(1,449,075)
(1,449,075)
Net Change in Assets
3,553,866
3,553,866
Net Change in Cash
(4,602,579)
(4,602,579)
2022 Financial Statements
Balance Sheet
Balance Sheet For Year Ended June 30, 2022
ASSETS
FIXED ASSETS:
Property, Plant and Equipment
496,774,459
496,774,459
Less A.D.
(142,444,466)
(142,444,466)
Total Fixed Assets
354,329,993
354,329,993
CURRENT ASSETS:
Cash7,148,668
Accounts Receivable – Net14,644,576
Materials & Supplies3,990,423
Other Current Assets12,408,829
Total Current Assets
38,192,496
38,192,496
OTHER ASSETS:
Investments in Associated Organizations4,467,036
Other Special Funds574,497
Energy Right Program Loans3,931,937
Prepaid Expense & Clearing Accts841,147
Total Other Assets
9,814,617
9,814,617
Total Assets
402,337,106
402,337,106
LIABILITIES AND NET WORTH
CURRENT LIABILITIES:
Accounts Payable23,163,550
Other Current Liabilities12,603,959
Total Current Liabilities
35,767,509
35,767,509
OTHER LIABILITIES:
Energy Right Program Payable4,069,757
Long-Term Debt & Post Retire Benefits145,102,898
Total Other Liabilities
149,172,655
149,172,655
CAPITAL INVESTMENTS:
Memberships
855,420
855,420
ACCUMULATED EARNINGS:
Beginning of Year208,075,188
Current Net Income8,466,334
Total Earnings Reinvested in System Assets
216,541,522
216,541,522
Total Liabilities and Net Worth
402,337,106
402,337,106
Reconciliation Statement
RECONCILIATION OF NET INCOME TO CASH EXPENDITURES FOR YEAR ENDED JUNE 30, 2022
Operating Revenue
Sales of Electric Energy
251,057,259
251,057,259
Other Revenue
9,136,445
9,136,445
Total Operating Revenue
260,193,704
260,193,704
OPERATING EXPENSES:
Purchased Power
192,924,121
192,924,121
Distribution
21,804,920
21,804,920
Customer Accounting & Collecting
6,455,860
6,455,860
Administration & General
8,900,136
8,900,136
Depreciation & Amortization
17,864,986
17,864,986
Total Operating Expenses
247,950,023
247,950,023
Operating Income
12,243,681
12,243,681
Misc. Income Deduction
(111,011)
(111,011)
Other Income – Interest
817,401
817,401
Other Expense – Interest
(4,483,737)
(4,483,737)
Net Income from Operations
8,466,334
8,466,334
Investment in Electric Plant
Year Ending June 30, 2022
(16,468,851)
(16,468,851)
Depreciation & Amortization – Net
8,074,525
8,074,525
Net Change in L.T. Debt
(7,272,369)
(7,272,369)
Net Change in Liabilities
3,216,568
3,216,568
Net Change in Assets
(6,071,343)
(6,071,343)
Net Change in Cash
(10,055,136)
(10,055,136)
2021 Financial Statements
Balance Sheet
Balance Sheet For Year Ended June 30, 2021
ASSETS
FIXED ASSETS:
Property, Plant and Equipment
480,307,036
480,307,036
Less A.D.
(134,369,941)
(134,369,941)
Total Fixed Assets
345,937,095
345,937,095
CURRENT ASSETS:
Cash17,203,804
Accounts Receivable – Net11,867,799
Materials & Supplies3,522,371
Other Current Assets9,421,598
Total Current Assets
42,015,572
42,015,572
OTHER ASSETS:
Investments in Associated Organizations4,264,360
Other Special Funds614,250
Energy Right Program Loans4,245,820
Prepaid Expense & Clearing Accts849,476
Other Deferred Debits–
Total Other Assets
9,973,906
9,973,906
Total Assets
397,926,573
397,926,573
LIABILITIES AND NET WORTH
CURRENT LIABILITIES:
Accounts Payable19,838,886
Other Current Liabilities12,509,879
Total Current Liabilities
32,348,765
32,348,765
OTHER LIABILITIES:
Energy Right Program Payable4,366,862
Long-Term Debt & Post Retire Benefits152,665,097
Total Other Liabilities
157,031,959
157,031,959
CAPITAL INVESTMENTS:
Memberships
848,150
848,150
ACCUMULATED EARNINGS:
Beginning of Year200,358,431
Current Net Income7,339,268
Total Earnings Reinvested in System Assets
207,697,699
207,697,699
Total Liabilities and Net Worth
397,926,573
397,926,573
Reconciliation Statement
RECONCILIATION OF NET INCOME TO CASH EXPENDITURES FOR YEAR ENDED JUNE 30, 2021
Operating Revenue
Sales of Electric Energy
231,938,376
231,938,376
Other Revenue
8,080,523
8,080,523
Total Operating Revenue
240,018,899
240,018,899
OPERATING EXPENSES:
Purchased Power
176,139,589
176,139,589
Distribution
21,334,098
21,334,098
Customer Accounting & Collecting
4,345,108
4,345,108
Administration & General
9,733,106
9,733,106
Depreciation & Amortization
17,152,245
17,152,245
Total Operating Expenses
228,704,146
228,704,146
Operating Income
11,314,753
11,314,753
Misc. Income Deduction
(18,070)
(18,070)
Other Income – Interest
638,867
638,867
Other Expense – Interest
(4,596,282)
(4,596,282)
Net Income from Operations
7,339,268
7,339,268
Investment in Electric Plant
Year Ending June 30, 2021
(18,018,638)
(18,018,638)
Depreciation & Amortization – Net
5,366,469
5,366,469
Net Change in L.T. Debt
18,093,318
18,093,318
Net Change in Liabilities
(1,344,715)
(1,344,715)
Net Change in Assets
(1,666,356)
(1,666,356)
Net Change in Cash
9,769,346
9,769,346
2020 Financial Statements
Balance Sheet
Balance Sheet For Year Ended June 30, 2020
ASSETS
FIXED ASSETS:
Property, Plant and Equipment
462,289,825
462,289,825
Less A.D.
(129,003,472)
(129,003,472)
Total Fixed Assets
333,286,353
333,286,353
CURRENT ASSETS:
Cash7,434,459
Accounts Receivable – Net11,291,590
Materials & Supplies2,824,112
Other Current Assets8,594,802
Total Current Assets
30,144,963
30,144,963
OTHER ASSETS:
Investments in Associated Organizations4,103,558
Other Special Funds488,178
Energy Right Program Loans4,647,367
Prepaid Expense & Clearing Accts814,430
Other Deferred Debits353,854
Total Other Assets
10,407,387
10,407,387
Total Assets
373,838,703
373,838,703
LIABILITIES AND NET WORTH
CURRENT LIABILITIES:
Accounts Payable22,263,067
Other Current Liabilities11,225,268
Total Current Liabilities
33,488,335
33,488,335
OTHER LIABILITIES:
Energy Right Program Payable4,799,816
Long-Term Debt & Post Retire Benefits134,032,839
Total Other Liabilities
138,832,655
138,832,655
CAPITAL INVESTMENTS:
Memberships
839,130
839,130
ACCUMULATED EARNINGS:
Beginning of Year194,799,731
Current Net Income5,878,852
Total Earnings Reinvested in System Assets
200,678,583
200,678,583
Total Liabilities and Net Worth
373,838,703
373,838,703
Reconciliation Statement
RECONCILIATION OF NET INCOME TO CASH EXPENDITURES FOR YEAR ENDED JUNE 30, 2020
Operating Revenue
Sales of Electric Energy
230,644,556
230,644,556
Other Revenue
7,652,713
7,652,713
Total Operating Revenue
238,297,269
238,297,269
OPERATING EXPENSES:
Purchased Power
177,956,255
177,956,255
Distribution
20,187,267
20,187,267
Customer Accounting & Collecting
5,573,271
5,573,271
Administration & General
8,303,357
8,303,357
Depreciation & Amortization
16,451,046
16,451,046
Total Operating Expenses
228,471,196
228,471,196
Operating Income
9,826,073
9,826,073
Misc. Income Deduction
(55,058)
(55,058)
Other Income – Interest
1,634,405
1,634,405
Other Expense – Interest
(5,526,568)
(5,526,568)
Net Income from Operations
5,878,852
5,878,852
Investment in Electric Plant
Year Ending June 30, 2020
(20,891,164)
(20,891,164)
Depreciation & Amortization – Net
6,701,386
6,701,386
Net Change in L.T. Debt
12,443,033
12,443,033
Net Change in Liabilities
(5,317,579)
(5,317,579)
Net Change in Assets
3,152,382
3,152,382
Net Change in Cash
1,966,910
1,966,910
2019 Financial Statements
Balance Sheet
Balance Sheet For Year Ended June 30, 2019
ASSETS
FIXED ASSETS:
Property, Plant and Equipment
441,400,088
441,400,088
Less A.D.
(122,302,086)
(122,302,086)
Total Fixed Assets
319,098,002
319,098,002
CURRENT ASSETS:
Cash5,467,549
Accounts Receivable – Net13,634,331
Materials & Supplies2,861,484
Other Current Assets9,232,006
Total Current Assets
31,195,430
31,195,430
OTHER ASSETS:
Investments in Associated Organizations3,919,655
Emergency Funds594,239
Energy Right Program Loans5,162,763
Prepaid Expense & Clearing Accts864,308
Other Deferred Debits–
Total Other Assets
10,540,965
10,540,965
Total Assets
360,834,397
360,834,397
LIABILITIES AND NET WORTH
CURRENT LIABILITIES:
Accounts Payable21,460,135
Other Current Liabilities16,967,396
Total Current Liabilities
38,427,531
38,427,531
OTHER LIABILITIES:
Energy Right Program Payable5,311,230
Long-Term Debt & Post Retire Benefits122,206,278
Total Other Liabilities
127,517,508
127,517,508
CAPITAL INVESTMENTS:
Memberships
828,430
828,430
ACCUMULATED EARNINGS:
Beginning of Year188,734,200
Current Net Income5,326,728
Total Earnings Reinvested in System Assets
194,060,928
194,060,928
Total Liabilities and Net Worth
360,834,397
360,834,397
Reconciliation Statement
RECONCILIATION OF NET INCOME TO CASH EXPENDITURES FOR YEAR ENDED JUNE 30, 2019
Operating Revenue
Sales of Electric Energy
241,063,716
241,063,716
Other Revenue
8,243,419
8,243,419
Total Operating Revenue
249,307,135
249,307,135
OPERATING EXPENSES:
Purchased Power
186,125,116
186,125,116
Distribution
19,935,935
19,935,935
Customer Accounting & Collecting
6,643,662
6,643,662
Administration & General
12,209,184
12,209,184
Depreciation & Amortization
15,559,854
15,559,854
Total Operating Expenses
240,473,751
240,473,751
Operating Income
8,833,384
8,833,384
Misc. Income Deduction
(120,775)
(120,775)
Other Income – Interest
2,429,074
2,429,074
Other Expense – Interest
(5,814,955)
(5,814,955)
Net Income from Operations
5,326,728
5,326,728
Investment in Electric Plant
Year Ending June 30, 2019
(16,968,542)
(16,968,542)
Depreciation & Amortization – Net
7,193,100
7,193,100
Net Change in L.T. Debt
(8,192,282)
(8,192,282)
Net Change in Liabilities
7,905,747
7,905,747
Net Change in Assets
1,032,618
1,032,618
Net Change in Cash
(3,702,631)
(3,702,631)