5.1 ERMUSR 08-14-2018 - 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: August 14, 2018 5.1 SUBJECT: Financial Report- June 2018 ACTION REQUESTED: Receive the June 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 June's electric kWh sales are up from the prior year, 20%. For further breakdown: • Residential usage is up 45% • Small Commercial usage is up 12% • Large Commercial usage is up 12% Electric Operating Revenue for June was $3,575,524, 22%ahead of the prior year and 18% above budget. 2017 included the pro-forma adjustment to show the demand adjustment credit being funded through reserves. Without this adjustment in 2017, June revenue would be 24% ahead of the prior year and 13%ahead of prior YTD. Other Revenue of$237,284 is behind the prior year by 19%,but 23%above prior YTD. Other Revenue is also 46% above YTD budget which is largely due to the Contribution from the City of Otsego for its street lights. Overall, Total Revenues of$3,812,809 are ahead of prior year by 18% and ahead of prior YTD by 12%. YTD Total Revenues are ahead of budget by 10%. Purchased Power of$2,865,560 is above the prior year by 10%, and above budget by 16%. YTD costs are more than prior year by 6%, and are above YTD budget by 5%. Administrative Expenses of$234,366 are more than prior year by 1%, but 11%under budget. YTD costs are less than prior year by 3%, and are under budget by 14%. Page 1 of 2 38