5.2 ERMUSR 09-12-2017 - Laserfiche WebLink

Home Browse Search

Elk River Municipal Utilities UTILITIES COMMISSION MEETING TO: FROM: ERMU Commission Theresa Slominski—Finance & Office Manager MEETING DATE: AGENDA ITEM NUMBER: September 12, 2017 5.2 SUBJECT: Financial Report- July 2017 ACTION REQUESTED: Receive the July 2017 Financial Report DISCUSSION: For July 2017,both Electric and Water are ahead of budget in both departments' YTD Net Profit. Electric performed very close to budget for the month, and Water approximately 85%better than budget for the month. Electric P&L July's electric kwh sales (from June consumption) are up from the prior year, 3%. For further breakdown: • Residential usage is down 2% • Small Commercial usage is up 13% • Large Commercial usage is up 4% Electric Operating Revenue for July was $3,435,694, 7%above the prior year and is 2% above budget. This includes the pro-forma adjustment to show the demand adjustment credit being funded through reserves. This month the adjustment was $44,074. The adjustment didn't start being booked in 2016 until August. July's Operating Revenue would be $3,391,620 without the pro-forma adjustment,which is 6%above prior year and 2%above budget. Other Revenue Total is above the prior year by 14%, which is largely driven by Misc Non- Utility for Mutual Aid to Connexus and Detroit Lakes. Other Revenue is 38%above budget YTD. Overall, Total Revenues of$3,615,916 are above prior year by 7%and above prior YTD by 5%. YTD Total Revenues are above budget by 2%. Purchased Power of$3,033,002 is more than the prior year by 7%, and above budget by 8%. YTD costs are more than prior year by 7%, and are 1%above budget. Administrative Expenses of$213,463 are 37%below the prior year, and 10%below budget. YTD costs are above prior year by 2%, but are below budget by 5%. The increase over the prior YTD is most notably due to medical and dental insurances, which is $74,322 more than the prior Page 1 of 2 56