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line to the meter which the Utility pays for noting the amount of electricity being used is <br />miniscule and is factored into the Utilities' line loss. <br />Mr. Hanson reviewed the 2023 Annual Business Plan stating that overall electric utility <br />performance for 2023 was positive. He explained the electric unaudited financials indicate <br />revenues were unfavorable to budget by 3% but expenses were favorable to budget by 4% <br />which resulted in a 4% margin overall. Mr. Hanson continued his review noting that overall <br />water utility performance for 2023 was very positive. He explained the water unaudited <br />financials indicate that revenues were favorable to budget by 10% and expenses were <br />favorable to budget by 6% for a 16% margin overall. <br />There were no questions from the Commission regarding the Review of the 2023 Annual <br />Business Plan. <br />Mr. Hanson asked the Commission if they find the Strategic Plan update a valuable use of <br />their time, specifically, hearing from each staff person as they review their department's <br />initiatives. <br />Commissioner Stewart commented she enjoys hearing from each staff member as it <br />showcases their pride in the work being done and their appreciation for the staff they work <br />with. <br />Commissioner Westgaard agreed with Commissioner Stewart stating he appreciates having <br />the time for discussions and interactions with other staff. <br />Mr. Hanson informed the commission that the 2024-25 Strategic Plan will focus more on <br />major initiatives. He explained that previously there has been at least one initiative for every <br />planning theme but, unless directed otherwise by the Commission, he was planning to focus <br />on the necessary projects which may or may not cover every theme. <br />The Commission was agreeable to this approach. <br />5.4 Compensation Study Update <br />Mr. Hanson presented the Compensation Study Update noting that Baker Tilly has <br />recommended a list of 10 comparable and competitive peer organizations plus two backup <br />options to include in the study. Mr. Hanson then reviewed the methodology behind Baker <br />Tilly's process for gathering reliable comparison data. <br />Commissioner Stewart asked if someone would reach out to the comparable utilities prior to <br />the survey going out to them. Mr. Hanson replied that with the Commission's approval of the <br />list that would be the next step. <br />Elk River Municipal Utilities Commission Meeting Minutes <br />February 13, 2024 <br />Page 6 <br />MI <br />