5.1 ERMUSR 11-12-2019 - 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: November 12, 2019 5.1 SUBJECT: Financial Report—September 2019 ACTION REQUESTED: Receive the September 2019 Financial Report DISCUSSION: Electric September's electric kWh sales are down from the prior year, 7%. For further breakdown: • Residential usage is down 11% • Small Commercial usage is down 10% • Large Commercial usage is down 5% Electric Operating Revenues for September of$3,260,742 are behind the prior year by 8%and unfavorable to budget by 10%. September YTD is behind prior year by 3%and unfavorable to budget by 4%.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$217,717 are more than the prior year by 19%and favorable to budget by 31%. Other Revenue YTD is behind prior year by 9% but is favorable to budget by 16%. The main driver of the prior YTD variance is from Contributions from Customers (Otsego Street Light Asset Transfer). Overall, Total Revenues of$3,478,460 are less than the prior year by 7%and unfavorable to budget by 8%. YTD is less than the prior year by 3% and unfavorable to budget by 3%. Purchased Power of$2,290,480 is more than the prior year by 10% but is favorable to budget by 9%. YTD is less than prior year by 7%and is favorable to budget by 2%. Administrative Expenses of$255,120 are 29% less than the prior year, and are favorable to budget by 15%. YTD costs are more than the prior year by 5%, but are favorable to budget by 9%. The main drivers of the prior YTD variance are Salaries, Medical/Dental, Insurance and Deferred Comp. Page 1 of 2 171