5.1 ERMUSR 06-12-2018 - 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: June 12, 2018 5.1 SUBJECT: Financial Report-April 2018 ACTION REQUESTED: Receive the April 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 April's electric kWh sales are down from the prior year, 3%. For further breakdown: • Residential usage is down 8% • Small Commercial usage is down 5% • Large Commercial usage is down 1% • Electric Operating Revenue for April was $2,609,987, 2%behind the prior year and 6%below budget. 2017 included the pro-forma adjustment to show the demand adjustment credit being funded through reserves. Without this adjustment in 2017, April revenue would be 1%behind the prior year but 10%ahead of prior YTD. Other Revenue of$185,942 is ahead of the prior year by 2%, and 38%above YTD budget which is largely due to the Contribution from the City of Otsego for its street lights. Overall, Total Revenues of$2,795,930 are behind prior year by 2%but ahead of prior YTD by 10%. YTD Total Revenues are ahead of budget by 6%. Purchased Power of$1,690,448 is above the prior year by 2%, but is below budget by 5%. YTD costs are more than prior year by 5%, but are in line with YTD budget. Administrative Expenses of$225,272 are more than prior year by 2%, but 13%under budget. YTD costs are more than prior year by 2%, but are under budget by 12%. Page 1 of 2 49