5.1. ERMUSR 12-17-2019 - Laserfiche WebLink

Home Browse Search

UTILITIES COMMISSION MEETING TO: FROM: ERMU Commission Theresa Slominski Administrations Director MEETING DATE: AGENDA ITEM NUMBER: December 17, 2019 5.1 SUBJECT: Financial Report October 2019 ACTION REQUESTED: Receive the October 2019 Financial Report DISCUSSION: Electric Residential usage is up 2% Small Commercial usage is down 7% Large Commercial usage is down 1% Electric Operating Revenues for October of $3,076,940 are in line with prior year but unfavorable to budget by 1%. October YTD is behind prior year by 2% 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 $256,608 are less than the prior year by 37% but favorable to budget by 53%. Other Revenue YTD is behind prior year by 14% but is favorable to budget by 20%. The main drivers of the prior YTD variance are from Contributions from Customers (Otsego Street Light Asset Transfer) and Interest Income (due to MMPA buy-in). Overall, Total Revenues of $3,333,549 are less than the prior year by 5% but favorable to budget by 2%. YTD is less than the prior year by 3% and unfavorable to budget by 2%. Purchased Power of $1,777,166 is more than the prior year by 1% but is favorable to budget by 7%. YTD is less than prior year by 6% and is favorable to budget by 3%. Administrative Expenses of $254,609 are 8% less than the prior year, and are favorable to budget by 4%. YTD costs are more than the prior year by 4%, but are favorable to budget by 8%. The main drivers of the prior YTD variance are Salaries and Medical/Dental. ______________________________________________________________________________ Page 1 of 2 533