Company: MSEX
Filing Date: 2025-03-11
Form Type: 10-K/A
Source: 0001174947-25-000318
Chunk: 5

Company: MIDDLESEX WATER CO
Filing Date: 2025-03-11
Form: 10-K/A
Chunk 5
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 provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Critical Audit Matters Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. We determined that there are no critical audit matters. /s/ Baker Tilly US, LLP Baker Tilly US, LLP We have served as the Company's auditor since 2006. Philadelphia, Pennsylvania February 28, 2025 2 MIDDLESEX WATER COMPANY CONSOLIDATED STATEMENTS OF INCOME (In thousands except per share amounts)

|                                              |     | Years Ended December 31, |    2024 |     |   |    2023 |     |   |    2022 |
|:---------------------------------------------|:----|:-------------------------|--------:|:----|:--|--------:|:----|:--|--------:|
| Operating Revenues                           |     | $                        | 191,877 |     | $ | 166,274 |     | $ | 162,434 |
| Operating Expenses:                          |     |                          |         |     |   |         |     |   |         |
| Operations and Maintenance                   |     |                          |  92,363 |     |   |  83,113 |     |   |  79,096 |
| Depreciation                                 |     |                          |  24,430 |     |   |  25,194 |     |   |  23,029 |
| Other Taxes                                  |     |                          |  21,874 |     |   |  18,744 |     |   |  18,208 |