3.1.C. ERMUSR Financial Statements 09-15-2010

Home Browse Search

PROFIT AND LOSS NARRATIVE July 2010 Electric P&L Electric Operating Revenue is up $357,576 or 16.6% from last yeaz, and in line with the budgeted amount. The actual increase in kwh usage is 14.3%, and usage is up in all categories. Compared to a year ago, residential usage is up 17%, small commercial usage is up 20%, industrial usage is up 4.9%, and the data centers' usage is up 29%. Both data centers show an increase over last year this month, with United Healthcare significantly increasing their usage by 46%, while Target is slightly above last year's usage by 2.8%. Other Revenue is comparable to last year. Connection Fees are always difficult to compare year to year, but a credit isn't typical. Another anomaly is Miscellaneous Revenue would typically be a credit in July from the controlled air conditioning credit that is given to customers participating in the Cycled AC conservation program. Both of these atypical amounts are a result of an invoice that was voided in our Miscellaneous AR and posted to the customer's utility account to facilitate collection. For Operating Expenses, purchased power is up $197,274 or 11 %, consistent with the increased usage mentioned above. Operating Maintenance is up $6,794 or 82%. This year we have $2,412 in Landfill expense from an AC repair, and last year there was a $3,268 reimbursement credit from GRE for running our engines upon request. Most Expenses are either below or on target with last year's expenses. Services to the City are higher than last year as the contribution for 3% revenue is increased, $14,000 more. Administrative & General expenses are higher than the prior year largely due to fees paid for MMTG and CAPX involvement. Net profit for the month is $91,469 with a year to date net profit of $487,497. Last year there was a net loss for the month of $102,476 with a yeaz to date net profit of $71,936. Water P&L While temperatures were near normal for July, the rainfall was above average, which resulted in less water used for irrigation. Water Operating Revenue is down $86,316 or 26% compared to last year, and down 5% from the budgeted amount. Residential usage was down 28% again this month. Commercial usage was down as well, by 18%. Other Operating Revenue is up due to connection fees of approximately $92,000 over last year for the remaining fees on an apartment building. All Expenses are down from the prior year with the exception of Distribution expense which is up from the prior year, by $2,888 or 22%, but down 26% from budget. There were more expenses related to maintaining meters and customer services as we install more radio read meters in homes. Net profit for the month is $186,162 with a year to date net loss of j ust $29. Last year net profit for the month was $165,788 with a year to date net loss of $179,748.