5.1 ERMUSR 06-13-2017 - Laserfiche WebLink

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Elk River .M Municipal Utilities UTILITIES COMMISSION MEETING TO: FROM: ERMU Commission Theresa Slominski—Finance & Office Manager MEETING DATE: AGENDA ITEM NUMBER: June 13, 2017 5.1 SUBJECT: Financial Report-April 2017 ACTION REQUESTED: Receive the April 2017 Financial Report DISCUSSION: Electric P&L April's electric kwh sales (from March consumption) are up from the prior year, 6%. For further breakdown: • Residential usage is up 6% • Small Commercial usage is up 14% • Large Commercial usage is up 4% Electric Operating Revenue for April was $2,669,975, 10%above the prior year and 5%above budget. This includes the pro-forma adjustment to show the demand adjustment credit being funded through reserves. This month the adjustment was $33,666. The adjustment didn't start being booked in 2016 until August. April's Operating Revenue would be $2,636,310 without the pro-forma adjustment,which is 9%above prior year and 5% above budget. Other Revenue Total is below the prior year by 9%, which is largely driven by the sale of the security division. Other Revenue is 53% above budget YTD. Overall, Total Revenues of$2,852,103 are above prior year by 9%and above prior YTD by 4%. YTD Total Revenues are above budget by 1%. Purchased Power of$1,652,793 is more than the prior year by 11%, but is under the budget by 3%. YTD costs are more than prior year by 6%, but are still under budget by 1%. Administrative Expenses of$221,333 are 8%above the prior year, but 7%under budget. YTD costs are above prior year by 12%, but are under budget by 4%. The increase over the prior YTD is most notably due to medical and dental insurances, which is $51,246 more than the prior YTD or 24%. 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. Page 1 of 2 62