5.1. ERMUSR 09-10-2019 - Laserfiche WebLink

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Elk River Municipal Utilities UTILITIES COMMISSION MEETING TO: FROM: ERMU Commission Theresa Slominski—Administrations Director MEETING DATE: AGENDA ITEM NUMBER: September 10, 2019 5.1 SUBJECT: Financial Report—July 2019 ACTION REQUESTED: Receive the July 2019 Financial Report DISCUSSION: Electric July's electric kWh sales are down from the prior year, 5%. For further breakdown: • Residential usage is down 9% • Small Commercial usage is down 8% • Large Commercial usage is down 3% Electric Operating Revenues for July of$3,285,749 are 6% less than the prior year and unfavorable to budget by 8%. July YTD is behind prior year by 2% and unfavorable to budget by 3%. 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$208,372 are more than the prior year by 21%and favorable to budget by 32%. Other Revenue YTD is behind prior year by 16% but is favorable to budget by 11%. The main driver of the prior YTD variance is from Contributions from Customers (Otsego Street Light Asset Transfer). Overall,Total Revenues of$3,494,121 are less than the prior year by 5% and unfavorable to budget by 6%. YTD is also less than the prior year by 3% and unfavorable to budget by 3%. Purchased Power of$2,784,087 is less than the prior year by 9%and favorable to budget by 9%. YTD is less than prior year by 6% and in line with budget. Administrative Expenses of$240,511 are 16% more than the prior year, but are favorable to budget by 11%. YTD costs are more than the prior year by 13%, but are favorable to budget by 8%. The main drivers of the prior YTD variance are Medical/Dental, Salaries, Insurance and Deferred Comp. Page 1 of 2 169