2.3. ERMUSR 10-21-2014 - Laserfiche WebLink

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PROFIT AND LOSS NARRATIVE August 2014 As a reminder, the new financial statements are set up differently than the previous system's reports with a YTD Budget column and an Annual Budget column. The % variance column is the YTD actual numbers compared to the YTD Budgeted numbers. (Also, we are still working on the cash flow statements to be presented in future months.) Electric P &L August's electric kwh sales (for July usage) are down 3.6% overall from the prior year as a result of cooler weather: • Residential usage is down 4.1 % • Small Commercial usage is down 5.4% • Large Commercial usage is down 3.1% August Operating Revenue of $2,999,758 is under the prior year by 1.5 %, however year - to -date is up 6.2% and over year -to -date budgeted numbers by 1.7 %. The August Operating Revenue includes $26,080 in PCAs (1 mil) collected (year -to -date we have collected $333,676 in PCAs (15 mils). (Remember that the financials are reflecting the transfer from reserves of $500,000 to offset the PCAs that we are absorbing. This is shown, on a pro -forma basis, as a transfer to Revenue and distribution from Equity, to represent in the financials the reserve allocation that normally occurs at the end of the year. The line item is Other Revenue /CIP /Rate Increase /AC Credit.) Other Revenue is up 6% from the prior year and the prior year -to -date numbers, and 10% above the year -to -date budgeted amount. • Miscellaneous Revenue is increased over last year due to an $18,000 gain on disposition of property for the trade -in on the new bucket truck. • The remaining components of Other Revenue are, in total, consistent with the prior year, although some are up and some are down. Overall, Total Revenues are just under the prior year by 1 %, and increased 6% year to date, and are ahead of budget by 2.2 %. The total purchased power cost of $2,454,045 is down 3% from last year. The PCA included this month in our power bill is $30,021, for a year -to -date accumulated PCA of $832,328. As mentioned above, we charged our customers a PCA of 1 mil in August. 35