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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 /> March 12, 2019 5.1 Financial Report—January 2019 <br /> SUBJECT: <br /> January 2019 <br /> ACTION REQUESTED: <br /> Receive the January 2019 Financial Report <br /> DISCUSSION: <br /> Electric P&L <br /> January's electric kWh sales are down from the prior year, 3%. For further breakdown: <br /> • Residential usage is up 6% <br /> • Small Commercial usage is down 6% <br /> • Large Commercial usage is down 6% <br /> Electric Operating Revenues for January of$2,857,071 are above the prior year by 3%and <br /> ahead of budget by 1%. The prior year variance is mainly due to not having the Dispersed <br /> Generation Credit since transitioning to MMPA. <br /> Other Revenue of$170,043 is above the prior year by 42%and is 15%ahead of budget. The <br /> main drivers of the prior year variance are from Customer Penalties not being billed in January <br /> 2018 due to the change to multiple billing cycles and from an increase in Transmission <br /> Investment revenue. <br /> Overall,Total Revenues of$3,027,114 are above the prior year by 4% and ahead of budget by <br /> 2%. <br /> Purchased Power of$2,120,990 is less than the prior year by 7%, and above budget by 10%. <br /> (Spoiler alert: next month this swings the other way related to budget. The polar vortex at the <br /> end of January is the culprit!) <br /> Administrative Expenses of$345,332 are 17% more than the prior year, and 2%above budget. <br /> The main driver of the prior year variance is due to Employee Vacation Pay which is because of <br /> the change in when the PTO day is awarded. <br /> Page 1 of 2 <br /> 52 <br />