5.1 ERMUSR 12-11-2018 - 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—October 2018 ACTION REQUESTED: Receive the October 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 October's electric kWh sales are down from the prior year, 3%. For further breakdown: • Residential usage is down 2% • Small Commercial usage is down 12% • Large Commercial usage is down 3% Electric Operating Revenue for October was $3,085,232, 4%behind the prior year and 8%below budget. 2017 included the pro-forma adjustment to show the demand adjustment credit being funded through reserves. Without this adjustment in 2017, October revenue would be 3%behind the prior year but 10%ahead of prior YTD. Other Revenue of$407,721 is ahead of the prior year by 60%, and 24% above prior YTD. Other Revenue is also 47% above YTD budget which is largely due to the Contribution from the City of Otsego for its street lights and interest on funds paid in advance for MMPA buy-in. Overall, Total Revenues of$3,492,954 are ahead of prior year by less than 1% and ahead of prior YTD by 9%. YTD Total Revenues are ahead of budget by 6%. Purchased Power of$1,758,586 is above the prior year by 7%,but below budget by 5%. YTD costs are more than prior year by 6%, and are above YTD budget by 3%. Administrative Expenses of$275,772 are more than prior year by 30%which is mainly driven by bond issuance services/fees, but 13%under budget. YTD costs are more than prior year by 5%, but are under budget by 10%. Page 1 of 2 60