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ERMUSR Financials 01-10-2006
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ERMUSR Financials 01-10-2006
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3/24/2009 9:32:52 AM
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City Government
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ERMUSR
date
1/10/2006
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PROFIT AND LOSS NARRATIVE <br />ELECTRIC <br />The Operating Revenue for November is higher than a year ago, 5%, due to a colder <br />month than normal. <br />Other Operating Revenue has an increase from a year ago. Two items contribute to this, <br />one is the Connection Fees which are approximately $50,000 over last year and the other <br />item is Interest Income reflects a CD that matured. It should be noted that even with the <br />large difference this month in Connection Fees, the year to date numbers are still lagging <br />behind last years'. <br />The purchased power cost is much higher, 20%, than the prior year. It is due, in part, to <br />the colder month this year but rising costs factor in as well. Administrative expense is <br />double what it was last year and a large part of the increase is due to the following: <br />insurance accrual costs $11,000, auditors costs for the court case $11,000, CIP energy <br />house expenses $15,000, and consulting fees for the Otsego substation and Target <br />$17,000, all of which were not present last year. <br />WATER <br />The Operating Revenue is also up from a year ago but it is due to rate increases, as the <br />usage is actually down. The Other Operating Revenue items are increased over last year, <br />but it is mostly a timing issue as there was in fact interest and penalties earned for <br />November but not posted until 2004 year end. Connection Fees, however, are in fact <br />down from last year. <br />The largest expense for water continues to be depreciation, and interest expense is <br />increased over last year due to the larger accrual. Administrative expense is increased <br />over last year for the shared costs in the insurance accrual and auditors cost, as noted <br />above in electric. There was also $5,000 for the Minnesota Department of Health <br />community water supply service connection fee. <br />°`~ <br />
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