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PROFIT AND LOSS NARRATIVE <br /> July 2016 <br /> Electric P&L <br /> July's electric kwh sales (from June consumption) are up from the prior year, 12.6%. For <br /> further breakdown: <br /> • Residential usage is up 22% <br /> • Small Commercial usage is down 6% <br /> • Large Commercial usage is up 11% <br /> July Operating Revenue of$3,207,499 is increased 11%over the prior year, and is 6% <br /> ahead of prior YTD. July's revenues were strong yet 1.5% short of budget. Revenues <br /> are ahead of the previous year and they still lag the YTD budget by 5%,but better than <br /> the 6%lag last month. We still have two more months of the summer rate (August& <br /> September)to narrow the budget lag. <br /> Other Revenue is down 22%from the prior year as a result of decreased Connection <br /> Fees, and down 7.5%from budget. YTD,however,total Other Revenues are increased <br /> 8%over budget. <br /> Overall, Total Revenues of$3,365,790 are above the prior year by 9%, and YTD ahead <br /> by 6%, however under YTD budget by 4%. <br /> Purchased Power of$2,846,894 is greater than the prior year by 25%, and over the <br /> budget by 9%. Our YTD costs are slightly over YTD budget now by 2%. This month <br /> Operating Revenues of$3,207,499 leave a margin of only$360,605. Again,the summer <br /> months ahead will be monitored closely, and hopefully the margins widen. (We only <br /> have one more month of the purchased power higher summer rate, compared to the two <br /> months for the revenue summer rate mentioned above.) <br /> For other expenses, in total they are over the prior year by 24%yet still under YTD <br /> budget by 1.4%. We have an additional $112,000 in expenses related to the bond issue <br /> that were unbudgeted ($27,000 for bond consultation& legal expenses, and $85,000 for <br /> issuance and discount expenses) and are one time only expenses. We still have some <br /> landfill expenses to pay for the repair of engine#4 for$85,000 but received notice that <br /> we will be reimbursed approximately$35,000 from insurance. <br /> For July 2016,the Electric Department has a Net Loss of($305,302)and a YTD Net Loss <br /> of($4,045), both under the prior year budgeted($12,000) loss, and behind YTD Budget <br /> Net Profit of$644,974. <br /> 35 <br />