5.1 ERMUSR 09-08-2020 - Laserfiche WebLink

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UTILITIES COMMISSION MEETING TO:FROM: ERMU Commission Melissa Karpinski –Finance Manager MEETING DATE: AGENDA ITEM NUMBER: September 8, 20205.1 SUBJECT: Financial Report – July 2020 ACTION REQUESTED: Receive the July 2020Financial Report DISCUSSION: Please note that these are the preliminary unaudited financial statements. Electric July’s electric kWhsales areupfrom the prior year, 26%. For further breakdown: Residential usageis up57% Small Commercial usage is up21% Large Commercial usage is up11% Electric Operating Revenues for Julyof $4,060,205are more than prior year by 24% and favorable to budget by 21%. July YTD is ahead of prior year by 1% but unfavorable to budget by 1%. The prior YTD variance is mainly due to Elk River Residential Sales. Other Revenues of $175,004 are less than the prior year by 16% butfavorable tobudgetby 5%. Other Revenues YTD are more than the prior year by 2% and favorable to budget by 10%. Overall, Total Revenues of $4,235,210 are more than the prior year by 21% and favorable to budget by 21%. YTD is more than the prior year by 1% and is in line with budget. Purchased Power of $2,781,902 is in line with the prior year but is unfavorable to budget by 4%. YTD is less than prior year by 4% and is favorable to budget by 2%. Administrative Expenses of $254,132 are more than the prior year by 6% but are favorable to budget by 8%. YTD costs are more than the prior year by 12% but are favorable to budgetby 2%. The main driver of the prior YTD variance is the recognition of $160,583 in Salaries expense due to COVID-19. eral Expenses of $32,515 are more than prior year by 37% but are favorable to budget by Gen 24%. YTD costs are more than the prior year by 7% but are favorable to budget by 33%. ______________________________________________________________________________ Page 1 of 2 38