5.2 ERMUSR 07-10-2018 - 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: July 10, 2018 5.2 SUBJECT: Financial Report- May 2018 ACTION REQUESTED: Receive the May 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 May's electric kWh sales are up from the prior year, 12%. For further breakdown: • Residential usage is up 21% • Small Commercial usage is up 6% • Large Commercial usage is up 10% Electric Operating Revenue for May was $2,761,765, 14% ahead of the prior year and 11% above budget. 2017 included the pro-forma adjustment to show the demand adjustment credit being funded through reserves. Without this adjustment in 2017, May revenue would be 16% ahead of the prior year and 11% ahead of prior YTD. Other Revenue of$225,344 is ahead of the prior year by 46%, and 39% above YTD budget which is largely due to the Contribution from the City of Otsego for its street lights. Overall, Total Revenues of$2,987,110 are ahead of prior year by 16% and ahead of prior YTD by 11%. YTD Total Revenues are ahead of budget by 7%. Purchased Power of$2,010,823 is above the prior year by 7%, and above budget by 15%. YTD costs are more than prior year by 5%, and are above YTD budget by 3%. Administrative Expenses of$212,527 are less than prior year by 25%, and 24% under budget. YTD costs are less than prior year by 4%, and are under budget by 14%. General Expenses of$17,079 are 22%over budget, and are 20%over budget YTD. The main driver causing the variance is the new CIP labor allocations. Page 1 of 2 79