This is piggybacking off the previous question. Thank you greatly in advance, as this is due shortly this evening and I am scrambling at this point.

Memorandum To: Board of Directors From: [Click here and type name] Date: 9/20/2022 Re: Financial Performance of North Central Water Company Paragraph 1: Describe in at least 4-6 sentences, minimum, which revenues and expenses most significantly contributed to the change in financial performance for the Company between 2022 and 2021. As part of your description, include descriptions of changes in accounts in terms of dollar differences and changes in percentages of water revenue. Hint: also describe the changes in the number of customers and the sales amount per customer and how these two items might be driving the financial performance of the water company. Paragraph 2: Give your recommendation about how North Central's management might improve the financial performance in 2023 versus 2022 based on your initial budget projections for 2023 (3-5 sentences minimum). What will happen in 2023 based on what you see in your projections? Consider how management might specifically address the trends in its revenue and expenses to increase net income. Paragraph 3: In 2020 (not shown), North Central incurred a loss. The Board of directors of Northern Central is required by law to raise customer water rates if the Company experiences three straight years of losses. Because of the losses in 2020-2022, the Board must raise rates. However, the Board cannot agree on how to raise rates. The Board has three members; two of the board members prefer to make a significant one-time rate increase that might be sufficient to stabilize the Utility's financial performance for the next five years. The Utility will invest any excess funds and use the earnings to effectively save the Utility's customers more money than it would if it raised rates yearly. On the other hand, the third board member prefers to raise rates yearly over the next five years, arguing that it is not ethical to subject the Utility's lower-income customers to higher water rates with inflation currently at high levels. However, this plan will not generate as much extra income during the next five years as the other directors' plan. The board members cannot agree and have asked for your opinion. Which alternative seems best to you and why? Is one more ethical than the other? Do you have an alternative plan? Describe in 4-6 sentences minimum