5.1 ERMUSR 08-08-2017 - 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: August 8, 2017 5.1 SUBJECT: Financial Report-June 2017 ACTION REQUESTED: Receive the June 2017 Financial Report DISCUSSION: Overall, the financials look good for the month of June, and the first six months of the year. We are ahead of budget in both departments' year to date Net Profit. Electric P&L June's electric kwh sales (from May consumption) are up from the prior year, 2%. For further breakdown: • Residential usage is down 4% • Small Commercial usage is up 11% • Large Commercial usage is up 4% Electric Operating Revenue for June was $2,927,518, 5%above the prior year and is in line with budget. This includes the pro-forma adjustment to show the demand adjustment credit being funded through reserves. This month the adjustment was $39,323. The adjustment didn't start being booked in 2016 until August. June's Operating Revenue would be $2,888,195 without the pro-forma adjustment, which is 4%above prior year and in line with budget. Other Revenue Total is above the prior year by 86%,which is largely driven by Contributions from Customers. Other Revenue is 40%above budget YTD. Overall, Total Revenues of$3,221,351 are above prior year by 10%and above prior YTD by 5%. YTD Total Revenues are above budget by 2%. Purchased Power of$2,607,568 is more than the prior year by 5%, and above budget by 5%. YTD costs are more than prior year by 7%, but are in line with budget. Administrative Expenses of$232,725 are 13%below the prior year, and 22%below budget. YTD costs are above prior year by 12%, but are below budget by 4%. The increase over the prior YTD is most notably due to medical and dental insurances,which is $63,994 more than the prior YTD or 22%. The increase in medical is largely driven by the increased participation in the Page 1 of 2 46