5.1 ERMUSR 09-11-2018 - 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: September 11, 2018 5.1 SUBJECT: Financial Report- July 2018 ACTION REQUESTED: Receive the July 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 July's electric kWh sales are up from the prior year, 1%. For further breakdown: • Residential usage is up 5% • Small Commercial usage is down 9% • Large Commercial usage is up less than 1% Electric Operating Revenue for July was $3,496,827, 2% ahead of the prior year but 2%below budget. 2017 included the pro-forma adjustment to show the demand adjustment credit being funded through reserves. Without this adjustment in 2017, July revenue would be 3%ahead of the prior year and 11% ahead of prior YTD. Other Revenue of$171,868 is behind the prior year by 5%, but 19% above prior YTD. Other Revenue is also 40%above YTD budget which is largely due to the Contribution from the City of Otsego for its street lights. Overall, Total Revenues of$3,668,695 are ahead of prior year by 1%and ahead of prior YTD by 11%. YTD Total Revenues are ahead of budget by 8%. Purchased Power of$3,063,320 is above the prior year by 1%, and above budget by 4%. YTD costs are more than prior year by 5%, and are above YTD budget by 5%. Administrative Expenses of$207,843 are less than prior year by 3%, and 17%under budget. YTD costs are less than prior year by 3%, and are under budget by 14%. Page 1 of 2 99