5.1 ERMUSR 12-12-2017 - 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: December 12, 2017 5.1 SUBJECT: Financial Report - October 2017 ACTION REQUESTED: Receive the October 2017 Financial Report DISCUSSION: Electric P&L The Electric Department continues to be ahead of budgeted YTD Net Income. October's electric kWh sales (from September consumption) are up from the prior year, 5%. For further breakdown: • Residential usage is up 2% • Small Commercial usage is up 8% • Large Commercial usage is up 6% Electric Operating Revenue for October was $3,230,381, 7% above the prior year and 11% above budget. This includes the pro-forma adjustment to show the demand adjustment credit being funded through reserves. This month the adjustment was $43,666. October's Operating Revenue would be $3,186,715 without the pro-forma adjustment, which is 8% above prior year without the pro-forma adjustment. . Other Revenue Total is above the prior year by 5%. Other Revenue is 38% above budget YTD. Overall, Total Revenues of$3,485,535 are above prior year by 7% and above prior YTD by 1%. YTD Total Revenues are above budget by 1%. Without the pro-forma adjustments YTD Total Revenues are above prior YTD by 3%. Purchased Power of$1,649,641 is less than the prior year by 1%, and below budget by 7%. YTD costs are more than prior year by 6%, but are below YTD budget by 3%. Administrative Expenses of$211,336 are 9%below prior year, and 11%below budget. YTD costs are above prior year by 1%, but are below budget by 5%. The increase over the prior YTD is most notably due to medical and dental insurances, which is $80,716 more than the prior YTD or 17%. The increase in medical expense is largely driven by the increase in premium costs. Page 1 of 2 75