2.3 ERMU FINANCIALS 03-13-2017 - Laserfiche WebLink

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PROFIT AND LOSS NARRATIVE January 2017 Electric P&L January's electric kwh sales (from December consumption) are up from the prior year, 6%. For further breakdown: • Residential usage is up 5% • Small Commercial usage is up 9% • Large Commercial usage is up 5% Electric Operating Revenue for January was $2,832,065, 8%over the prior year and 4% above budget. This includes the pro-forma adjustment to show the demand adjustment credit being funded through reserves. This month the adjustment was $33,906. The adjustment didn't start being booked in 2016 until August. January's Operating Revenue would be $2,798,159 without the pro-forma adjustment, which is 7%above prior year and 2%above budget. Other Revenue Total is under the prior year by 23%, which is largely due to the security sale. Other Revenue is 7%below budget. Overall, Total Revenues of$2,954,377 are above prior year by 6%, and above budget by 3%. Purchased Power of$2,121,088 is more than the prior year by 5%, and under the budget by less than 1%. Administrative Expenses are $296,777, 19%more than the prior year, and 1%higher than budget. The increase over the prior year is most notably in the medical and dental insurances at$34,658 more than the prior or 45%. The increase in medical is largely driven by the increased participation in the HSA plan,which increased the employer HSA contribution made in January by $21,202 over last year. General Expenses are $7,965, 110%more than the prior year, but are 54%under budget. The main driver causing the variance to prior year is labor and rebates. For expenses, in total they are more than the prior year by 7%,but are under YTD budget by 1%. For January 2017,the Electric Department has a Net Profit of$4,765. This is ahead of the budgeted Net Loss of$121,875, but behind prior year Net Profit of$25,929. 31