5.1 ERMUSR 10-13-2020 - Laserfiche WebLink

Home Browse Search

UTILITIES COMMISSION MEETING TO:FROM: ERMU Commission Melissa Karpinski –Finance Manager MEETING DATE: AGENDA ITEM NUMBER: October 13, 20205.1 SUBJECT: Financial Report – August2020 ACTION REQUESTED: Receive the August2020 Financial Report DISCUSSION: Please note that these are the preliminary unaudited financial statements. Electric August’s electric kWhsales are down from the prior year, 10%. For further breakdown: Residential usageis down 11% Small Commercial usage is down 16% Large Commercial usage is down 9% Electric Operating Revenues for August of $3,726,425 are less than prior year by 8% and unfavorable to budget by 10%. August YTD is behind the prior year by 1% and unfavorable to budget by 2%. The prior YTD variance is due to Commercial Sales. Other Revenues of $213,347 are lessthan the prior year by 8% but favorable to budget by 25%. Other Revenues YTD are more than the prior year by 1% and favorable to budget by 12%. Overall, Total Revenues of $3,939,773 are less than the prior year by 8% and unfavorable to budget by 9%. YTD is less than the prior year by 1% and is unfavorable to budget by 2%. Purchased Power of $2,591,162 is more than the prior year by 3% but favorable to budget by 12%. YTD is less than prior year by 3% and is favorable to budget by 3%. Administrative Expenses of $243,644 are more than the prior year by 6% but are favorable to budget by 10%. YTD costs are more than the prior year by 12% but are favorable to budget by 3%. The main driver of the prior YTD variance is the recognition of $160,583 in Salaries expense due to COVID-19. An area that has seen a reduction in expense is Schools & Meetings as many trainings and meetings have been cancelled this year due to COVID-19. ______________________________________________________________________________ Page 1 of 2 37