5.1. ERMUSR 01-09-2018 - 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: January 9, 2018 5.1 SUBJECT: Financial Report-November 2017 ACTION REQUESTED: Receive the November 2017 Financial Report DISCUSSION: Electric P&L The Electric Department continues to be ahead of budgeted YTD Net Income. November's electric kWh sales (from October consumption) are up from the prior year, 13%. For further breakdown: • Residential usage is up 34% • Small Commercial usage is up 15% • Large Commercial usage is up 5% Electric Operating Revenue for November was $2,865,245, 15%above the prior year and 2% above budget. This includes the pro-forma adjustment to show the demand adjustment credit being funded through reserves. This month the adjustment was $39,552. November's Operating Revenue would be $2,825,692 without the pro-forma adjustment, which is 17%above prior year without the pro-forma adjustment. Other Revenue Total is below the prior year by 6%but is 36%above budget YTD. Overall, Total Revenues of$3,028,706 are above prior year by 13%and above prior YTD by 2%. YTD Total Revenues are above budget by 1%. Without the pro-forma adjustments YTD Total Revenues are above prior YTD by 4%. Purchased Power of$1,792,515 is more than the prior year by 7%, and above budget by 2%. YTD costs are more than prior year by 6%, but are below YTD budget by 2%. Administrative Expenses of$260,271 are 11%above prior year, and 10% above budget. YTD costs are above prior year by 2%, but are below budget by 4%. The increase over the prior YTD is most notably due to medical and dental insurances, which is $84,046 more than the prior YTD or 16%. The increase in medical expense is largely driven by the increase in premium costs. Page 1 of 2 55