5.1. ERMUSR 10-08-2019 - 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: October 8, 2019 5.1 SUBJECT: Financial Report—August 2019 ACTION REQUESTED: Receive the August 2019 Financial Report DISCUSSION: Electric August's electric kWh sales are up from the prior year, 3%. For further breakdown: • Residential usage is up 7% • Small Commercial usage is down 2% • Large Commercial usage is up 1% Electric Operating Revenues for August of$4,072,114 are in line with the prior year but unfavorable to budget by 1%. August 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$231,640 are more than the prior year by 22% and favorable to budget by 36%. Other Revenue YTD is behind prior year by 12% but is favorable to budget by 14%. The main driver of the prior YTD variance is from Contributions from Customers (Otsego Street Light Asset Transfer). Overall, Total Revenues of$4,303,754 are more than the prior year by 1%and in line with budget. YTD is less than the prior year by 2%and unfavorable to budget by 2%. Purchased Power of$2,513,590 is less than the prior year by 19%and favorable to budget by 9%. YTD is less than prior year by 9%and favorable to budget by 1%. Administrative Expenses of$229,838 are 5% more than the prior year, but are favorable to budget by 9%. YTD costs are more than the prior year by 12%, but are favorable to budget by 8%. The main drivers of the prior YTD variance are Salaries, Medical/Dental, Insurance and Deferred Comp. Page 1 of 2 230