5.1 ERMUSR 11-13-2018 - 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: November 13, 2018 5.1 SUBJECT: Financial Report — September 2018 ACTION REQUESTED: Receive the September 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 September's electric kWh sales are up from the prior year, 3%. For further breakdown: • Residential usage is up 6% • Small Commercial usage is down 6% • Large Commercial usage is up 2% Electric Operating Revenue for September was $3,551,685, 4% ahead of the prior year and less than 1 % above budget. 2017 included the pro -forma adjustment to show the demand adjustment credit being funded through reserves. Without this adjustment in 2017, September revenue would be 6% ahead of the prior year and 11 % ahead of prior YTD. Other Revenue of $182,978 is ahead of the prior year by 13%, and 18% above prior YTD. Other Revenue is also 34% above YTD budget which is largely due to the Contribution from the City of Otsego for its street lights. Overall, Total Revenues of $3,734,663 are ahead of prior year by 5% and ahead of prior YTD by 10%. YTD Total Revenues are ahead of budget by 7%. Purchased Power of $2,086,980 is above the prior year by 1%, but below budget by 6%. YTD costs are more than prior year by 6%, and are above YTD budget by 4%. Administrative Expenses of $357,826 are more than prior year by 55% which is mainly driven by bond issuance cost, and 23% over budget. The bond costs are just a timing issue with budgeting, as YTD costs are more than prior year by 3%, but are under budget by 10%. Page 1 of 2 45