5.1. ERMUSR 01-08-2019 - 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: January 8, 2019 5.1 SUBJECT: Financial Report—November 2018 ACTION REQUESTED: Receive the November 2018 Financial Report DISCUSSION: Electric P&L November's electric kWh sales are up from the prior year,4%. For further breakdown: • Residential usage is up 6% • Small Commercial usage is down 3% • Large Commercial usage is up 5% Electric Operating Revenue for November was $2,863,304, on target with the prior year but 3% below budget. This revenue included PCAs of$166,248.94,which offsets against revenue, reducing the actual number. 2017 included the pro-forma adjustment to show the demand adjustment credit being funded through reserves. Without this adjustment in 2017,November revenue would be 1% ahead of prior year and 9% ahead of prior YTD. Other Revenue of$192,503 is ahead of the prior year by 18%, and 23%above prior YTD. Other Revenue is also 45% 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$3,055,808 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$1,950,511 is above the prior year by 9%, and above budget by 5%. YTD costs are more than prior year by 6%, and are above YTD budget by 3%. Administrative Expenses of$282,712 are more than prior year by 9%which is mainly driven by safety training usually occurring in December, but are on target with budget. YTD costs are more than prior year by 6%which is mainly driven by bond issuance services/fees, but are under budget by 9%. General Expenses of$14,349 are 83%under budget, and are 52%under budget YTD. Page 1 of 2 76