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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 /> July 9, 2019 5.1 <br /> SUBJECT: <br /> Financial Report—May 2019 <br /> ACTION REQUESTED: <br /> Receive the May 2019 Financial Report <br /> DISCUSSION: <br /> Electric <br /> May's electric kWh sales are up from the prior year, 5%. For further breakdown: <br /> • Residential usage is up 11% <br /> • Small Commercial usage is up 3% <br /> • Large Commercial usage is up 3% <br /> Electric Operating Revenues for May of$2,816,330 are 2% more than the prior year and ahead <br /> of budget by 1%. May YTD is ahead of prior year by 2%and budget by 1%. The prior YTD <br /> variance is mainly due to not having the Dispersed Generation Credit since transitioning to <br /> MMPA. <br /> Other Revenue of$180,303 is less than the prior year by 20% but is in line with budget. Other <br /> Revenue YTD is below prior year by 24% but is ahead of budget by 5%. The main driver of the <br /> prior YTD variance is from Contributions from Customers (Otsego Street Light Asset Transfer). <br /> Overall, Total Revenues of$2,996,633 are in line with the prior year and are ahead of budget by <br /> 1%. YTD is also in line with the prior year and is ahead of budget by 1%. <br /> Purchased Power of$1,917,412 is less than the prior year by 5%, and below budget by 5%. YTD <br /> is less than prior year by 2% but is ahead of budget by 1%. <br /> Administrative Expenses of$263,649 are 24% more than the prior year, but 5% below budget. <br /> YTD costs are more than the prior year by 14%, but are less than budget by 7%. The main <br /> drivers of the prior YTD variance are Deferred Comp (which is due to a change in employer <br /> contribution), Salaries, Medical/Dental and Employee Vacation Pay (which is because of the <br /> change in when the PTO day is awarded). <br /> Page 1 of 2 <br /> 74 <br />