5.1 ERMUSR 04-10-2018 - 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: April 10, 2018 5.1 SUBJECT: Financial Report - February 2018 ACTION REQUESTED: Receive the February 2018 Financial Report DISCUSSION: With the change in billing cycles,the revenue comparisons from the prior year will be skewed as they will not be comparing the same billing time frames. Also, budgeted numbers were not adjusted for the billing cycle change, as the data did not exist to estimate this impact. Please keep this in mind as we review the financials throughout 2018. Electric P&L February's electric kWh sales (from January consumption) are up from the prior year, 12%. For further breakdown: • Residential usage is up 27% • Small Commercial usage is up 16% • Large Commercial usage is up 5% Electric Operating Revenue for February was $3,060,715, 15% ahead of the prior year and 10% above budget. Other Revenue Total is ahead of the prior year by 191%, and 78% above YTD budget which is largely due to the Contribution from the City of Otsego for its street lights. Overall, Total Revenues of$3,465,204 are above both prior year and prior YTD by 23% and 10%, respectively. YTD Total Revenues are ahead of budget by 6%. Purchased Power of$2,057,117 is more than the prior year by 7%, but is under budget by 2%. YTD costs are more than prior year by 7%, and are at the YTD budgeted amount. Administrative Expenses of$232,979, are more than prior year by 6%, but 14% under budget. YTD costs are more than prior year by 2%, but are under budget by 13%. General Expenses of$16,472 are 63%more than the prior year, and are 17% over budget YTD. The main driver causing the variance to prior year is the new CIP labor allocations. Page 1 of 2 159