5.1 ERMUSR 11-14-2017 - 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: November 14, 2017 5.1 SUBJECT: Financial Report- September 2017 ACTION REQUESTED: Receive the September 2017 Financial Report DISCUSSION: Electric P&L The Electric Department continues to be ahead of budgeted YTD Net Income. This month last year the Electric Department reflects the sale of the Security Department, which skews the comparison. September's electric kWh sales (from August consumption) are down from the prior year, 2%. For further breakdown: • Residential usage is down 11% • Small Commercial usage is up 8% • Large Commercial usage is up 2% Electric Operating Revenue for September was $3,406,575, 1%below the prior year and 18% below budget. This includes the pro-forma adjustment to show the demand adjustment credit being funded through reserves. This month the adjustment was $41,824. September's Operating Revenue would be $3,364,751 without the pro-forma adjustment,which is less than 1%above prior year without the pro-forma adjustment. Other Revenue Total is below the prior year by 70%,which is largely driven by the Security sale. Other Revenue is 33% above budget YTD. Overall, Total Revenues of$3,568,170 are below prior year by 10%but above prior YTD by 1%. YTD Total Revenues are below budget by 1%. Without the pro-forma adjustments YTD Total Revenues are above prior YTD by 2%. Purchased Power of$2,071,401 is more than the prior year by 19%, but below budget by 21%. YTD costs are more than prior year by 6%, but are below YTD budget by 2%. Administrative Expenses of$230,869 are 16% above prior year, but 4%below budget. YTD costs are above prior year by 3%, but are below budget by 4%. The increase over the prior YTD Page 1 of 3 41