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reflecting a summer rate for expenses and a winter rate for revenue;which we should see the flip <br /> side of in September. John Dietz asked if there was some way that we could put the same <br /> month's power bill into the financials as the month we were billing for.John expressed that it <br /> would make more sense to have the appropriate income lined up with the appropriate expense <br /> for that month. John directed staff to look into this option with our auditor at the end of the year. <br /> Troy Adams added that a few other contributing factors are the 0%electric rate increase and the <br /> $2.00 demand credit. With the$2.00 demand credit,we estimated the expense to be roughly <br /> $800,000 which would be funded from margins or reserves. Troy noted that if the reserves end <br /> up covering this,it's not being reflected on the income statement;also part of the exposure and <br /> why it's negative is that the funding that would normally be in the rates is in the reserves.Troy <br /> stated that we'll be able to quantify that amount at the end of the year.There was discussion. <br /> John Dietz had a question on the increase in the health insurance. Staff responded. <br /> Daryl Thompson moved to approve the Consent Agenda as follows: <br /> 2.1 July Check Register <br /> 2.2 July 12,2016 Regular Meeting Minutes <br /> 2.3 Financial Statements <br /> 2.4 2016 Second Quarter Performance Metrics an Incentive Compensation Update <br /> Al Nadeau seconded the motion. Motion carried 3-0. <br /> 3.0 OPEN FORUM <br /> No one appeared for open forum. <br /> 4.0 OLD BUSINESS <br /> 4.1 Historic Water Tower Renovation Update-Verbal <br /> At the March 15, 2016 Commission meeting, Zack Carlton, Planning Manager with the <br /> City of Elk River,provided an update on where they were at in the grant application <br /> process. At that time there were two grant opportunities they were looking at applying for. <br /> Zach Carlton was present and he informed the Commission that due to failure on the part of <br /> our consultant to provide the additional architectural drawings needed, we missed the <br /> deadline for the first grant which would have covered 100%of the remaining $80,000 of <br /> work. And that the second grant,the State Capital Project Grant, which would require a <br /> 50%match, is not an option due to there being no funds available for the program. As <br /> there are no grants currently available to fund the improvements to the tower,they are <br /> looking at waiting until next spring to apply for the Minnesota Historical and Cultural <br /> Heritage Grant which would cover 100%. As ERMU currently has money set aside for this <br /> Page 2 <br /> Regular Meeting of the Elk River Municipal Utilities Commission <br /> August 9,2016 <br />