Kankakee Valley REMC continues to focus on cost-efficient provision of reliable electric service in this always challenging environment. As expected, most of our cooperatives assets are the member owned utility plants necessary for providing service to our membership. As of year-end, the cooperative owned just shy of $115 million worth of assets, and over 90% were the utility plant needed to serve the membership. Cash has stayed consistent with the prior year, and the balance sheet remains strong. Rate pressure is always a priority, and your cooperative continues to utilize borrowing from Rural Utility Services to continue the plant investments needed while spreading the costs over the years the plant will be in use for our members.

In the current year, total revenue collected was just over $44 million. The majority of this was to purchase the power needed to distribute to our members.

Administrative and operational expenses stayed consistent with prior years as the cooperative focused on efficiency. Net margins were higher due to allocations from our cooperative partner, which are also owned by the membership. The balance sheet remains strong for your cooperative, and the focus on reliable service efficiently provided is still a top priority.