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Elk River <br /> Municipal Utilities UTILITIES COMMISSION MEETING <br /> TO: FROM: <br /> ERMU Commission Theresa Slominski—Finance & Office Manager <br /> MEETING DATE: AGENDA ITEM NUMBER: <br /> October 10, 2017 5.1 <br /> SUBJECT: <br /> Financial Report-August 2017 <br /> ACTION REQUESTED: <br /> Receive the August 2017 Financial Report <br /> DISCUSSION: <br /> For August 2017, both Electric and Water are ahead of budget in both departments' YTD Net <br /> Profit. Despite the seemingly cooler weather in August,the residential usage showed a reduction <br /> in electric usage and an increase in water usage,while the commercial usage showed an increase <br /> in electric usage and flat water usage from the prior year. <br /> Electric P&L <br /> August's electric kwh sales (from July consumption) are up from the prior year, 4%. For further <br /> breakdown: <br /> • Residential usage is down 4% <br /> • Small Commercial usage is up 14% <br /> • Large Commercial usage is up 7% <br /> Electric Operating Revenue for August was $3,511,359, 10%below the prior year but is 2% <br /> above budget. This includes the pro-forma adjustment to show the demand adjustment credit <br /> being funded through reserves. This month the adjustment was $42,115. The adjustment didn't <br /> start being booked in 2016 until August. August's Operating Revenue would be $3,469,244 <br /> without the pro-forma adjustment, which is 5%above prior year and 2% above budget. <br /> Other Revenue Total is below the prior year by 23%, which is largely driven by <br /> Disconnect/Reconnect Charges. Other Revenue is 35%above budget YTD. <br /> Overall, Total Revenues of$3,678,794 are below prior year by 10%but above prior YTD by 3%. <br /> YTD Total Revenues are above budget by 2%. <br /> Purchased Power of$2,732,371 is less than the prior year by 3%, and below budget by 5%. <br /> YTD costs are more than prior year by 5%, but are on budget. <br /> Administrative Expenses of$228,437 are 5%below the prior year, and 4%below budget. YTD <br /> costs are above prior year by 1%,but are below budget by 4%. The increase over the prior YTD <br /> is most notably due to medical and dental insurances,which is $79,787 more than the prior YTD <br /> Page 1 of 2 <br /> 50 <br />