5.1 ERMUSR 05-09-2017 - Laserfiche WebLink

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Elk River Municipal Utilities UTILITIES COMMISSION MEETING TO: FROM: ERMU Commission Theresa Slominski - Finance & Office Manager MEETING DATE: AGENDA ITEM NUMBER: May 9, 2017 5.1 SUBJECT: Financial Report March 2017 ACTION REQUESTED: Receive the March 2017 Financial Report DISCUSSION: Electric P&L March's electric kwh sales (from February consumption) are down from the prior year, 3%. For further breakdown: • Residential usage is down 9% • Small Commercial usage is up 6% • Large Commercial usage is down 2% Electric Operating Revenue for March was $2,150,865, 9% below the prior year and 13% below budget. This includes the PCA refund to customer of$245,799, which reduces the total revenue billed. This also includes the pro-forma adjustment to show the demand adjustment credit being funded through reserves. This month the adjustment was $33,472. The adjustment didn't start being booked in 2016 until August. March's Operating Revenue would be $2,117,393 without the pro-forma adjustment, which is 10% below prior year and 13%below budget. Other Revenue Total is above the prior year by 33%, which is largely due to disconnect and reconnect fees. Other Revenue is 18% above budget YTD. Overall, Total Revenues of$2,358,209 are below prior year by 6% but above prior YTD by 2%. YTD Total Revenues are under budget by 1%. Purchased Power of$1,782,995 is more than the prior year by 7%, and is over the budget by 3%. YTD costs are more than prior year by 5%, but are still under budget by 1%. Administrative Expenses of$233,751, 22%more than the prior year, and 3% under budget. YTD costs are more than prior year by 14%, but are under budget by 3%. The increase over the prior YTD is most notably due to medical and dental insurances, which is $48,120 more than the prior YTD or 29%. The increase in medical is largely driven by the increased participation in the HSA plan, which increased the employer HSA contribution made in January by $21,202 over last year. Page 1 of 2 AR