The Hibbing Public Utilities Commission on Aug. 12 voted to table approval of the July 2025 interim financial statements after commissioners expressed concern they had insufficient time to review materials prepared for an earlier-than-usual meeting.
Staff noted the packet included interim financials through July 31, showing operating income of about $1.3 million for seven months and overall change in net position of about $3.2 million, up from $1.9 million the same period last year, largely due to additional grant proceeds (including mineral-article funds). Staff also presented summary ratios: overall debt ratio about 7% (versus industry average 27.5%), current ratio about 5.2 (industry 3.1), return on assets about 1% (industry target 5%), and a current profit margin of about 8%.
Several commissioners asked to delay action because the packet arrived later than usual and large invoices (for example Minnesota Power and the Connect invoice) can materially affect monthly numbers. Chair Bayless asked whether to table the approval so commissioners could review the interim statements further; a motion to table was made and carried by voice vote.
Why this matters: Interim financial statements provide the commission and public with an update on operations, cash position and capital funding activity. Commissioners preferred additional review time before formally placing the interim financials on file.
Next steps: Staff will post the packet for additional review and place the July interim financials on a future meeting agenda for approval after commissioners have had more time to examine the materials.