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Accounts receivable remain in good standing. About 89% of balances are current, with <br />only 2% falling into the 90-day past -due category. Most outstanding balances come from <br />electric accounts, primarily inactive accounts that are being handled through Revenue <br />Recapture or collections. These will either be collected or written off after six years. <br />Assessment receivables were removed in November but still appear within total accounts <br />receivable on the balance sheet. <br />Electric usage and purchased power costs are both up approximately 4% from 2024, <br />Water usage is up 6% and revenue is up 8% compared to last year. <br />Chair Dietz asked a clarifying question regarding the $3 million dollars in accounts <br />receivable for electric. Ms. Karpinski explained the amount reflected the utility billing for <br />the previous month. She noted this amount can fluctuate based on the billing cycle which <br />ranges between 28 to 35 days. <br />Ms. Youngs further clarified that there can only be one billing date and one due date per <br />month, per cycle. <br />Chair Dietz asked if there were allowances for bad debt in both water and electric. Ms. <br />Karpinski confirmed that there were. <br />Moved by Commissioner Larson -Vito and seconded by Commissioner Westgaard to <br />receive the November 2025 Financial Report. Motion carried 5-0. <br />5.2 American Public Power Association CR7 Subaward Agreement <br />Mr. Theisen reviewed the subaward agreement memo. He explained that the grant will <br />cover all program costs for the first two years. After that period, the Commission will <br />evaluate the program's effectiveness and determine whether to approve ongoing <br />licensing costs. The equipment is expected to have a useful life of approximately 10 years. <br />Commissioner Stewart commended Mr. Theisen for his efforts in day-to-day ERMU <br />operations, as well as for the hard work and dedication required to secure the grant. <br />Moved by Commissioner Larson -Vito and seconded by Commissioner Westgaard to <br />approve the American Public Power Association CR7 Agreement, pending legal review. <br />Motion carried 5-0. <br />Elk River Municipal Utilities Commission Meeting Minutes <br />January 13, 2026 <br />Page 3 <br />