5.1 ERMUSR 08-13-2019 - Laserfiche WebLink

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Elk River — - Municipal Utilities TO: ERMU Commission MEETING DATE: August 13, 2019 SUBJECT: Financial Report—June 2019 UTILITIES COMMISSION MEETING FROM: Theresa Slominski — Finance & Office Manager AGENDA ITEM NUMBER: 5.1 ACTION REQUESTED: Receive the June 2019 Financial Report DISCUSSION: Electric June's electric kWh sales are down from the prior year, 13%. For further breakdown: • Residential usage is down 21% • Small Commercial usage is down 19% • Large Commercial usage is down 9% Electric Operating Revenues for June of $3,013,016 are 16% less than the prior year and unfavorable to budget by 16%. June YTD is behind prior year by 1% and unfavorable to budget by 2%. The prior YTD variance is mainly due to Elk River Sales (driven by a decrease in rates and usage) which are partially offset by not having the Dispersed Generation Credit since transitioning to MMPA. Other Revenues of $218,530 are less than the prior year by 8% but favorable to budget by 19%. Other Revenue YTD is behind prior year by 21% but is favorable to budget by 7%. The main driver of the prior YTD variance is from Contributions from Customers (Otsego Street Light Asset Transfer). Overall, Total Revenues of $3,231,547 are less than the prior year by 15% and unfavorable to budget by 14%. YTD is also less than the prior year by 3% and unfavorable to budget by 2%. Purchased Power of $2,327,622 is less than the prior year by 19%, and favorable to budget by 10%. YTD is less than prior year by 6% and is favorable to budget by 1%. Administrative Expenses of $247,156 are 5% more than the prior year, but favorable to budget by 9%. YTD costs are more than the prior year by 12%, but are favorable to budget by 7%. The main drivers of the prior YTD variance are Medical/Dental, Salaries and Deferred Comp. Page 1 of 2 74