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Elk River <br />Municipal Utilities <br />TO: <br />ERMU Commission <br />MEETING DATE: <br />June 11, 2019 <br />SUBJECT: <br />Financial Report —April 2019 <br />ACTION REQUESTED: <br />UTILITIES COMMISSION MEETING <br />FROM: <br />Theresa Slominski — Finance & Office Man <br />AGENDA ITEM NUMBER: <br />5.1 <br />I Receive the April 2019 Financial Report <br />DISCUSSION: <br />Electric <br />April's electric kWh sales are up from the prior year, less than 1%. For further breakdown: <br />• Residential usage is up 2% <br />• Small Commercial usage is down 7% <br />• Large Commercial usage is up 1% <br />Electric Operating Revenues for April of $2,600,650 are in line with the prior year but behind <br />budget by 1%. April YTD is ahead of prior year by 2% and budget by 1%. The prior YTD variance <br />is mainly due to not having the Dispersed Generation Credit since transitioning to MMPA. <br />Other Revenues of $175,087 is less than the prior year by 6% but is ahead of budget by 6%. <br />Other Revenue YTD is below prior year by 25% but is ahead of budget by 6%. The main driver <br />of the prior YTD variance is from Contributions from Customers (Otsego Street Light Asset <br />Transfer). <br />Overall, Total Revenues of $2,775,738 are below the prior year by 1% and are in line with <br />budget. YTD is above prior year by less than 1% and is ahead of budget by 1%. <br />Purchased Power of $1,792,410 is more than the prior year by 6%, and above budget by 3%. <br />YTD is less than prior year by 1% but is ahead of budget by 3%. <br />Administrative Expenses of $256,634 are 14% more than the prior year, but 8% below budget. <br />YTD costs are more than the prior year by 11%, but are less than budget by 7%. The main <br />drivers of the prior YTD variance are due to Employee Vacation Pay which is because of the <br />change in when the PTO day is awarded and Deferred Comp due to a change in employer <br />contribution. <br />Page 1 of 2 <br />44 <br />