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Total expensesYTDare 2% less than prior year andare favorable to budget by 3%. The main <br />driver of the prior YTD variance is Purchased Power. <br />For July 2020, the Electric Department has a Net Profit of $477,470 and YTD Net Profit of <br />$929,562. This is ahead of the budgeted monthly Net Loss of ($166,481) and is more than prior <br />year monthly Net Loss of ($173,931). YTD is ahead of the budgeted YTD Net Profit of $431,135 <br />and is more than the prior YTD Net Profit of $513,962. <br /> <br />Water <br /> <br />July gallons of water sold are up from the prior year, 62%. For further breakdown: <br /> Residential use is up 80% <br /> Commercial use is up 43% <br /> <br />Water Operating Revenues for July of $463,966 are ahead of prior year by 67% and are <br />favorable to budget by 63%. YTD is ahead of prior year by 25% and is favorable to budget by <br />23%. The prior YTD variance is mainly due to Elk River Residential Sales. <br /> <br />Other Revenues of $45,362 are behind prior year by 36% but favorable to budget by 3%. Other <br />revenues YTD are behind by 13% butare favorable to budget by 22%. The main driver causing <br />the prior YTD variance is Connection Fees. <br /> <br />Overall, Total Revenues of $509,329 are ahead of prior year by 46% and are ahead of prior YTD <br />by 15%. YTD Total Revenues are favorable to budget by 23%. <br /> <br />Total Expenses of $217,133 are ahead of prior year by 1% but are less than the prior YTD by 2%. <br />YTD is alsofavorable to budget by 12%. <br /> <br />For July 2020, the Water Department has a Net Profit of $292,134 and YTD Net Profit of <br />$222,132. This is ahead of the budgeted monthly Net Profit of $78,403and is ahead of the prior <br />year monthly Net Profit of $133,742. YTD is significantly ahead of the budgeted YTD Net Loss of <br />($326,435) and prior YTD Net Loss of ($43,665). <br /> <br />ATTACHMENTS: <br /> Balance Sheet 07.2020 <br /> Summary Electric Statement of Revenues, Expenses and Changes in Net Position <br />07.2020 <br /> Summary Water Statement of Revenues, Expenses and Changes in Net Position 07.2020 <br /> Graphs Prior Year and YTD 2020 <br /> Detailed Electric Statement of Revenues, Expenses and Changes in Net Position 07.2020 <br /> Detailed Water Statement of Revenues, Expenses and Changes in Net Position 07.2020 <br /> <br />______________________________________________________________________________ <br />Page 2 of 2 <br />39 <br />