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2.1 May 2020 Check Register <br /> 2.2 May 12,2020 Regular Meeting Minutes <br /> Motion carried 5-0. <br /> 3.0 OPEN FORUM <br /> No one appeared for open forum. <br /> 4.0 POLICY&COMPLIANCE <br /> Nothing was presented for policy&compliance. <br /> 5.0 BUSINESS ACTION <br /> 5.1 Financial Report—April 2020 <br /> Ms. Karpinski presented the April 2020 financial report as outlined in her memo. Chair <br /> Dietz had a question about the variance between sales and purchased power in the <br /> report. Staff responded that the cycles for tracking sales and}purchased power do not <br /> exactly correspond. Ms. Karpinski noted that financials for May should bring the totals <br /> closer. <br /> Moved by Commissioner Stewart and seconded by Commissioner Nadeau to receive the <br /> April 2020 Financial Report. Motion carried 5-0. <br /> 5.2 Electric and Water Cost of Service and Rate Design Study <br /> 'Mr. Berg returned, after appearing before the commission in May, to present the final <br /> reports for the Electric and Water Cost of Service and Rate Design Studies. <br /> As the Water Cost of Service and Rate Design Study final report had no changes from the <br /> preliminary report presented in May, Mr. Berg asked if there were any questions or <br /> further clarifications needed for the water study.There were none. <br /> Mr. Berg presented the Electric Cost of Service and Rate Design Study final report which <br /> included projections based on a 1.5%annual electric rate increase from 2021 to 2024. <br /> At last month's commission meeting, Commissioner Stewart requested that the <br /> amortization numbers shown on exhibit 3-A of the electric study be broken down in more <br /> detail related to actual contracts in existence, rather than estimates. In response to <br /> Elk River Municipal Utilities Commission Meeting Minutes <br /> June 9,2020 <br /> Page 2 <br />