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Elk River <br /> Municipal Utilities UTILITIES COMMISSION MEETING <br /> TO: FROM: <br /> ERMU Commission Theresa Slominski—Finance & Office Manager <br /> MEETING DATE: AGENDA ITEM NUMBER: <br /> February 12, 2019 5.1 <br /> SUBJECT: <br /> Financial Report—December 2018 <br /> ACTION REQUESTED: <br /> Receive the December 2018 Financial Report <br /> DISCUSSION: <br /> The 2018 Financial Report is presented for your review. Please note that these are the <br /> preliminary unaudited financial statements. <br /> Electric P&L <br /> December's electric kWh sales are down from the prior year, 2%. For further breakdown: <br /> • Residential usage is down 7% <br /> • Small Commercial usage is down 16% <br /> • Large Commercial usage is up 3% <br /> Electric Operating Revenue for December was$2,597,802, 7% ahead of the prior year but 5% <br /> below budget. YTD is ahead of prior YTD by 8% and ahead of budget YTD by 3%. <br /> Other Revenue of$181,563 is behind prior year by 13%, but 20%above prior YTD. Other <br /> Revenue is also 43%above YTD budget which is largely due to the Contribution from the City of <br /> Otsego for its street lights and interest on funds paid in advance for Minnesota Municipal <br /> Power Agency(MMPA) buy-in. <br /> Overall,Total Revenues of$2,779,366 are ahead of prior year by 6%and ahead of prior YTD by <br /> 8%. YTD Total Revenues are ahead of budget by 5%. <br /> Purchased Power of$2,055,335 is less than the prior year by 4%, and below budget by 4%. YTD <br /> costs are more than prior year by 5%, and are above YTD budget by 3%. <br /> Administrative Expenses of$244,043 are less than prior year by 28%, and are less than budget <br /> by 9%. YTD costs are more than prior year by 2%which is mainly driven by bond issuance <br /> services/fees, but are under budget by 9%. <br /> Page 1of2 <br /> 41 <br />