5.1 ERMUSR 07-11-2017 - Laserfiche WebLink

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Elk River �. Municipal Utilities UTILITIES COMMISSION MEETING TO: FROM: ERMU Commission Theresa Slominski—Finance & Office Manager MEETING DATE: AGENDA ITEM NUMBER: July 11, 2017 5.1 SUBJECT: Financial Report- May 2017 ACTION REQUESTED: Receive the May 2017 Financial Report DISCUSSION: Electric P&L May's electric kwh sales (from April consumption) are up from the prior year, 1%. For further breakdown: • Residential usage is down 4% • Small Commercial usage is up 7% • Large Commercial usage is up 2% Electric Operating Revenue for May was $2,414,841, 5% above the prior year and 1%below budget. This includes the pro-forma adjustment to show the demand adjustment credit being funded through reserves. This month the adjustment was $37,268. The adjustment didn't start being booked in 2016 until August. May's Operating Revenue would be $2,377,573 without the pro-forma adjustment, which is 3% above prior year and 1%below budget. Other Revenue Total is below the prior year by 21%, which is largely driven by the sale of the security division. Other Revenue is 23% above budget YTD. Overall, Total Revenues of$2,569,515 are above prior year by 3% and above prior YTD by 4%. YTD Total Revenues are above budget by 1%. Purchased Power of$1,880,589 is more than the prior year by 9%, but is under the budget by 2%. YTD costs are more than prior year by 7%, but are still under budget by 1%. Administrative Expenses of$283,760 are 44% above the prior year, and 19% above budget. YTD costs are above prior year by 18%, and are above budget by 1%. The increase over the prior YTD is most notably due to medical and dental insurances, which is $59,307 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. Also notable is the annual deferred compensation match being reported in May rather Page 1 of 2 170