Page 13 - 2023 Moreno Valley Popular Annual Financial Report

Moreno Valley Electric Utility (MVU): This fund is an Enterprise Fund which is used to account for

the operations of MVU, with a mission to provide safe, reliable, and economical electric service to
consumers in the City’s newly developed areas under the “Greenfield” concept. The City began
serving its first customers in February 2004.

CSD REVENUES FY 20/21 FY 21/22 FY 22/23 MORENO V ALLEY
Taxes $13,097 $13,702 $14,558
Charges for Services $4,772 $5,599 $6,099 As an Enterprise Fund, MVU generates most of
Other* $2,005 $4,004 $9,322 its revenues from charges for services provided,
much like a business. As such, the primary source of E L E C T R i C U T i L i T Y
Total Revenues $19,874 $23,305 $29,979 revenue for MVU is sales and service charges which
saw an 9.4% increase over the prior year. In total,
CSD EXPENDITURES FY 20/21 FY 21/22 FY 22/23 MVU revenues increased 19.4% to $53.4 million
Community and Cultural $12,364 $14,677 $15,772
Public Works $6,852 $6,203 $6,347
Other* $70 $1,587 $1,013 Electricity purchases, MVU’s largest expense, experienced a 10.8% increase over the prior year. Other operating expenses
Total Expenditures $19,286 $22,467 $23,132 include cost of services, depreciation, services and supplies, and distribution share expenses. These expenses increased
21.5%, and interest expense decreased 47.7%. In total, MVU expenditures increased 11.4% to $40.9 million.
Change in Fund Balance $588 $838 $6,847
Total Fund Balance $22,438 $23,276 $30,123

* Includes Transfers In/Out FY 22/23 TOTALNET POSITION The Net Position for
ELECTRIC UTILITY EXPENSES FY 2018/19 FY 2019/20 FY 2020/21 FY 2021/22 FY 2022/23 MVU indicates a positive
percentage change of
17.6% from FY 21/22.
56% Positive percentage
Other $80 changes in Net Position
Expenses
indicate that the
financial position of the
$60
40% Moreno Valley Electric
MILLIONS $44 $52 $63 $71 $83
Electricity Utility has improved.
Purchased $40

4% $20
Interest Expense

$0
MORENO VALLEY UTILITY CHANGES INNET POSITION (IN $000’S)

MVU REVENUES FY 20/21 FY 21/22 FY 22/23
Sales and Service Charges $39,507 $45,340 $49,581
Miscellaneous* $4,478 $(598) $3,834
Total Revenues $43,985 $44,742 $53,415

MVU EXPENDITURES FY 20/21 FY 21/22 FY 22/23
Electricity Purchased $13,933 $14,787 $16,386
Other Expenses** $16,465 $18,856 $22,910
Interest Expense $2,464 $3,080 $1,612
Total Expenditures $32,862 $36,723 $40,908
Change in Net Position $11,123 $8,019 $12,507

*Includes “other” revenues such as contributed capital and interest revenue, as well as GASB 31 fair value adjustment of investments to recognize
unrealized gain or loss of securities (in FY 21/22 the fair market value adjustment of investments recognized a loss) **Includes loss on disposal
of capital assets
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