2.3. ERMUSR 08-13-2013 - Laserfiche WebLink

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PROFIT AND LOSS NARRATIVE June 2013 Electric P&L June Operating Revenue of$2,614,439 is ahead of budgeted numbers by 5%and the prior year 4.3%. Weather temperatures warmed up a little in June but were much cooler than the prior year. There was an overall 2%increase in usage but the increase is attributed to the small and large commercial customers, while the residential usage decreased. Other Operating Revenue is behind the budgeted numbers by 9%and behind the prior year numbers 15%. Investment earnings are a loss this month. All of our investments have some negative accrual adjustment with the 2"d quarter market adjustment reflected. Security and Customer Penalties are the two other revenue categories with an increase over the prior year. Even with the decrease in Other Revenue, Total Revenue remains ahead of budget and the prior year. Purchased Power of$1,529,265 is only slightly increased over the prior year.3%and under budgeted numbers by 5%. Landfill Expense is decreased with the reduction in anticipated additional repairs and maintenance. Donated Electricity is increased over the prior year with the new City Streets facility,and the 3%transfer is increased with the increase in revenue noted above. Administrative and General Expense in increased due to a$12,000 reclassification of an asset to an expense reflecting an MMTG organizational fee structure change. (Previously these funds were classified as a reserve balance for MMTG future project spending at our discretion. With some MISO changes,they are now set aside as zonal funds for spending at MMTG discretion and so are considered a fee expense to us.) Other expenses are in line with the prior year and budget. Total expenses of$2,231,076 are under the budgeted numbers by 7%and slightly ahead of the prior year by .3%. For June,the Electric Department has a Net Profit of$508,921, which is ahead of budget by $275,749 or 118%,and the prior year by $78,307 or 18%. Water P&L Water Operating Revenues are behind last year by 4.2%at$174,521 and ahead of budget by 4.1%. Year-to-date, water revenues are ahead of last year by 2.3%. Other Revenue of$28,993 is slightly behind budget yet down from the prior year 58%. Last year there were Connection Fees in June of$60,000. Year-to-date the Connection Fees of$105,352 have far surpassed the budget projections of$22,984. Expenses are 15% behind budget, and under the prior year by 19%. Distribution Expense is increased with the pressure reducing project, as that was over budget by 12,000. Other Operating Expense reflects the invoicing of the UHG meter,and thus has a credit(reduced expense)amount this month. For June, the Water Department has a net profit of$20,412, which is$33,265 ahead of budget and$27,422 behind last year.