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CITY OF NEW ALBANY, DEPARTMENT OF ELECTRICITY-Continued

Results of operations as reported by New Albany with subsequent deductions for known subsidies--Continued

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Source: New Albany's annual reports to Tennessee Valley Authority with adjustments as follows: (a) Adjusted to include only revenue from the "yardstick" rate.

(b) Adjusted to include a proration of loss in Mississippi on power sales. (c) Adjusted to include a proration of Tennessee Valley Authority's promotional expense.

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CITY OF OKOLONA, DEPARTMENT OF ELECTRICITY

Results of operations as reported by Okolona with subsequent deductions for known subsidies

[Figures in parentheses are losses]

Available for taxes, etc....

Tax expense.

Available for depreciation, etc

Available for interest, etc..

Interest expense.

Return on city's equity.

Available for return on city's equity.

Net income before nonoperating income.

Nonoperating income.

Net income per city's report...

Less known subsidies:

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1 Covers the period from July 14, 1935 to June 30, 1936.

For sources of above data see title page of this exhibit.

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Results of operations adjusted for known subsidies

[Figures in parentheses are losses]

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1 Covers the period from July 14, 1935, to June 30, 1936.

Source: Okolona's annual reports to Tennessee Valley Authority with adjustments as follows: (a) Adjusted to include revenue from "yardstick" rate only. (b) Adjusted to

include a proration of loss in Mississippi on power sales. (c) Adjusted to include a proration of Tennessee Valley Authority's promotional expense.

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