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PROFIT AND LOSS NARRATIVE <br /> November 2016 <br /> Electric P&L <br /> November's electric kwh sales (from October consumption) are up from the prior year, <br /> .3%. For further breakdown: <br /> • Residential usage is down 11% <br /> • Small Commercial usage is up .5% <br /> • Large Commercial usage is up 5% <br /> November Operating Revenue of$2,496,486 again includes a pro-forma adjustment to <br /> show the demand adjustment credit being funded through reserves, this month it is <br /> $75,555 (year-to-date the amount of the demand adjustment credit is $816,528). Without <br /> the pro-forma adjustment,the November Operating Revenue is $2,420,931 which is <br /> increased 10% over the prior year, and is 6%ahead of prior YTD. November's revenues <br /> were 2.1% ahead of budget. Revenues are ahead of the previous year; however,they still <br /> lag the YTD budget by 2.9%. <br /> Other Revenue Total is increased over the prior YTD by 23%and increased 35%over <br /> budget YTD, due to increased Connection Fees and the Security sale. <br /> Overall, Total Revenues of$2,670,818 are above the prior year by 8.7%, and YTD ahead <br /> by 9%, however under YTD budget by less than 1%. <br /> Purchased Power of$1,682,071 is more than the prior year by 8.7%, and under the <br /> budget by 5.6%. Our YTD costs are under YTD budget now by 6%. <br /> Administrative Expenses are $234,456, 10.2%more than the prior year, and YTD 13% <br /> higher than the prior year. Prior year increase is most notably in the medical and dental <br /> insurances at $89,527 more than the prior YTD or 20%, and bond issuance costs <br /> (including consulting costs at$71,734 more than the prior YTD and fees of$108,195 <br /> more than the prior YTD.) The bond issuance costs were significant; however,they are <br /> not recurring annual items. <br /> General Expenses are $20,247, 5,802%more than the prior year, and YTD 39%higher <br /> than the prior year. Most of the General Expenses are posted at the end of the year with <br /> the recognition of ERMU's share of expenses related to the building, shared IT services, <br /> etc. General Expenses are currently under budget by 28% YTD. <br /> For expenses, in total they are more than the prior year by 6%, but are under YTD budget <br /> by 7%. <br /> 32 <br />