Laserfiche WebLink
PROFIT AND LOSS NARRATIVE <br />Electric P&L <br />Revenues are again higher than last year for the month, 23% higher. Warmer weather <br />and growth, both Elk River and Otsego, factor into this. Interest revenue is greater than <br />last year because we are earning interest on the bond funds that have not been spent yet. <br />Security Revenues continue to increase. <br />Purchased power is actually lower this year than last year because we have a distributed <br />generation credit of $22,000 and a power cost adjustment credit of $20,000 on the current <br />usage. Last year we had no distributed generation credit and a power cost adjustment <br />charge of $41,000. These items combined are an $80,000 swing in our favor this year. <br />Customer accounts expense is higher due to the write-offs that were approved at the last <br />meeting. Administrative and General expense is higher for a number of reasons. Wages <br />and Insurance costs are higher (which we planned for), more vacation has been used this <br />year, the employer's contribution to the deferred comp plan ($36,000) was made on 6/1 <br />this year and 5/31 last year, and the conservation improvement program had double the <br />expense as last year (This is pretty random activity that can vary from year to year. We <br />had a lot of air conditioner tune-ups and rebates distributed in June.) Also, last year there <br />was a credit of $22,000 in miscellaneous expense for a refund check received from the <br />IRS. <br />Water P&L <br />Water usage is up 78% over last year due to warmer weather and the related revenues are <br />up 65%. Connection fees are up this month compared to last year but can vary greatly <br />from year to year and month to month. <br />Distribution Expense is higher this month compared to last year due some SCADA <br />(Supervisory Control And Data Acquisition) system maintenance. Administrative and <br />General Expense has the same comments as addressed above for electric. <br />~~ <br />