5.1 ERMUSR 05-08-2018 - 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: May 8, 2018 5.1 SUBJECT: Financial Report-March 2018 ACTION REQUESTED: Receive the March 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 March's electric kWh sales are up from the prior year, 13%. For further breakdown: • Residential usage is up 19% • Small Commercial usage is up 16% • Large Commercial usage is up 10% The increase over the prior year in usage (and resulting revenue) could be attributed to the colder weather and snow in 2018, and an increase in customer base. Electric Operating Revenue for March was $2,714,477, 26% ahead of the prior year and 22%above budget. 2017 included the pro-forma adjustment to show the demand adjustment credit being funded through reserves. Without this adjustment in 2017, March revenue would be 28%ahead of the prior year and 13% ahead of prior YTD. Other Revenue of$183,941 is behind the prior year by 11%, but 47%above YTD budget which is largely due to the Contribution from the City of Otsego for its street lights. Overall, Total Revenues of$2,898,419 are above both prior year and prior YTD by 23%and 14%, respectively. YTD Total Revenues are ahead of budget by 10%. Purchased Power of$1,790,924 is in line with the prior year, but is over budget by 5%. This increase directly correlates to the increased usage noted above. YTD costs are more than prior year by 5%, and are 1%more than the YTD budget amount. Page 1 of 3 54