5.1 ERMUSR 5-12-2020 - Laserfiche WebLink

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UTILITIES COMMISSION MEETING TO:FROM: ERMU Commission Melissa Karpinski –Finance Manager MEETING DATE: AGENDA ITEM NUMBER: May 12, 2020 5.1 SUBJECT: Financial Report – March 2020 ACTION REQUESTED: Receive the March 2020Financial Report DISCUSSION: Please note that these are the preliminary unaudited financial statements. Electric March’selectric kWh sales are down from the prior year, 9%. For further breakdown: Residential usage is down 11% Small Commercial usage is down 12% Large Commercial usage is down 7% Electric Operating Revenues for March of $2,608,368 are less than prior year by 7% and unfavorable to budget by 9%. March YTD is behind prior year by 5% and unfavorable to budget by 7%. The prior YTD variance is mainly due to Elk River Sales. Other Revenues of $239,612 are more than the prior year by 56% and favorable to budget by 46%. Other Revenues YTD are more than the prior year by 22% and favorable to budget by 22%. Overall, Total Revenues of $2,847,980 are less than the prior year by 4% and unfavorable to budget by 6%. YTD is less than the prior year by 3% and unfavorable to budget by 5%. Purchased Power of $1,823,301 is less than the prior year by 8% and is favorable to budget by 5%. YTD is less than prior year by 8% and is favorable to budget by 7%. Administrative Expenses of $259,812 are more than the prior year by 2% but are favorable to budget by 14%. YTD costs are more than the prior year by 4% but are favorable to budget by 10%. The main driver of the prior YTD variance is Insurance. General Expenses of $19,690 are less than prior year by 24% and are favorable to budget by 53%. YTD costs are more than the prior year by 9% but are favorable to budget by 39%. ______________________________________________________________________________ Page 1 of 2 116