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SOUTH BEND MUNICIPAL SEWAGE WORKS
<br />South Bend, Indiana
<br />Adjusted Statement of Income
<br />Operatina Revenues
<br />Metered Residential Sales
<br />Metered Commercial Sales
<br />Metered Industrial Sales
<br />Metered Sales to Multi - Family Dwellings
<br />Metered Institutional Sales
<br />Metered Sales to Public Authorities
<br />Sales for Resale
<br />Forfeited Discounts
<br />Miscellaneous Operating Revenues
<br />Total Operating Revenues
<br />Operating Expenses
<br />Operation and Maintenance Expenses
<br />Depreciation Expense
<br />Amortization of Bond Issuance Costs
<br />Taxes Other Than Income Taxes
<br />Total Operating Expenses
<br />December 31,
<br />2012
<br />$ 15,431,819
<br />6,531,044
<br />4,325,634
<br />2,221,458
<br />253,328
<br />1,042,655
<br />128,804
<br />567,083
<br />437,466
<br />30,939,291
<br />14,358,710
<br />4,945,992
<br />79,783
<br />Adiustments
<br />Amount Ref.
<br />$ 1,388,864
<br />(3)
<br />587,794
<br />(3)
<br />(2,235,917)
<br />(1)
<br />400,000
<br />(2)
<br />224,075
<br />(3)
<br />199,931
<br />(3)
<br />22,800
<br />(3)
<br />93,839
<br />(3)
<br />11,592
<br />(3)
<br />692,978
<br />705,601 (4)
<br />119,952 (5)
<br />141,519 (6)
<br />EXHIBIT C
<br />Adjusted
<br />$ 16,820,683
<br />7,118,838
<br />2,713,792
<br />2,421,389
<br />276,128
<br />1,136,494
<br />140,396
<br />567,083
<br />437,466
<br />31,632,269
<br />15,184,263
<br />5,087,511
<br />79,783
<br />2,714,454 68,779 (7) 3,153,498
<br />370,265 (8)
<br />22,098,939 1,406,116 23,505,055
<br />Net Operating Income $ 8,840,352 $ (713,138) $ 8,127,214
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