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UTILITIES COMMISSION MEETING <br />TO: FROM: <br />ERMU Commission Melissa Karpinski Finance Manager <br />MEETING DATE: AGENDA ITEM NUMBER: <br />February 11, 2020 5.1 <br />SUBJECT: <br />Financial Report December 2019 <br />ACTION REQUESTED: <br />Receive the December 2019 Financial Report <br /> <br />DISCUSSION: <br />The 2019 Financial Report is presented for your review. Please note that these are the <br />preliminary ǒƓğǒķźƷĻķ financial statements. <br /> <br />Electric <br />December electric kWh sales are down from the prior year, 4%. For further breakdown: <br />Residential usage is down 1% <br />Small Commercial usage is down 5% <br />Large Commercial usage is down 6% <br /> <br />Electric Operating Revenues for December of $2,656,655 are more than prior year by 2% and <br />favorable to budget by 3%. December YTD is behind prior year by 2% and unfavorable to <br />budget by 3%. The prior YTD variance is mainly due to Elk River Sales (driven by a decrease in <br />rates and usage) which are partially offset by not having the Dispersed Generation Credit since <br />transitioning to MMPA. <br /> <br />Other Revenues of $231,321 are more than the prior year by 16% and favorable to budget by <br />46%. Other Revenue YTD is behind prior year by 9% but is favorable to budget by 23%. The <br />main drivers of the prior YTD variance are from Contributions from Customers (Otsego Street <br />Light Asset Transfer) and Interest Income (due to MMPA buy-in). <br /> <br />Overall, Total Revenues of $2,887,976 are more than the prior year by 3% and favorable to <br />budget by 6%. YTD is less than the prior year by 2% and unfavorable to budget by 1%. <br /> <br />Purchased Power of $1,854,125 is less than the prior year by 10% and is favorable to budget by <br />5%. YTD is less than prior year by 7% and is favorable to budget by 3%. <br /> <br />Administrative Expenses of $260,036 are more than the prior year by 4% but are favorable to <br />budget by 15%. YTD costs are more than the prior year by 3% but are favorable to budget by <br />9%. The main drivers of the prior YTD variance are Salaries and Medical/Dental. <br />______________________________________________________________________________ <br />Page 1 of 2 <br />59 <br />