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4r,;.Z, <br />Elk Riv <br />Municipal Utilities UTILITIES COMMISSION MEETING <br />TO: <br />FROM: <br />ERMU Commission <br />Melissa Karpinski — Finance Manager <br />MEETING DATE: <br />AGENDA ITEM NUMBER: <br />August 12, 2025 <br />6.1c <br />SUBJECT: <br />Staff Update <br />ACTION REQUESTED: <br />None <br />DISCUSSION: <br />We received our property and liability insurance renewal for July 1, 2025 to July 1, 2026. <br />The total premium decreased $50,501. A breakdown of the premium decrease is below. <br />Premium <br />Coverage <br />Property <br />$ <br />2025 <br />51,806 <br />$ <br />i- <br />58,352 <br />% Change <br />-11.22% <br />Mobile Property <br />$ <br />1,355 <br />$ <br />1,743 <br />-22.26% <br />First Party Cyber <br />$ <br />5,425 <br />$ <br />5,897 <br />-8.00% <br />Municipal Liability <br />$ <br />27,530 <br />$ <br />30,238 <br />-8.96% <br />Auto Liability <br />$ <br />3,898 <br />$ <br />3,915 <br />-0.43% <br />Auto Physical Damage <br />$ <br />4,320 <br />$ <br />4,296 <br />0.56% <br />Bond <br />$ <br />611 <br />$ <br />589 <br />3.74% <br />Equipment breakdown <br />$ <br />6,027 <br />$ <br />46,443 <br />-87.02% <br />Total Premium <br />$ <br />00 <br />, <br />*This revision is updating the replacement cost limits at location #1 (Power Plant) (No <br />longer covering the decommissioned engines, just the building). Also updated is the <br />equipment breakdown coverage, since the equipment breakdown coverage is no longer <br />needed on the decommissioned engines. <br />• Bi-annual bond payments due July 31 and totaling $966,428.13 have been paid. The <br />bond payments due were: the bonds from 2016 and 2018 for our Minnesota Municipal <br />Power Agency (MMPA) buy -in maturing in 2036 and 2048, respectively; and 2021 <br />electric bond and 2021 water bond for the new field services building maturing in 2051 <br />and 2041, respectively. <br />o Interest rates on our outstanding bonds have a variable interest rate over their <br />lifetime. Remaining rates are as follows: <br />■ 2016A Bonds 2%-3% <br />Page 1of2 <br />129 <br />