Laserfiche WebLink
UTILITIES COMMISSION MEETING <br />TO:FROM: <br />ERMU Commission Melissa Karpinski –Finance Manager <br />MEETING DATE: AGENDA ITEM NUMBER: <br />November10, 2020 5.1 <br />SUBJECT: <br />Financial Report – September 2020 <br />ACTION REQUESTED: <br />Receive the September 2020 Financial Report <br />DISCUSSION: <br />Please note that these are the preliminary unaudited financial statements. <br />Electric <br /> <br />September’s electric kWh sales are up from the prior year, 6%. For further breakdown: <br /> Residential usageis up22% <br /> Small Commercial usage is down 2% <br /> Large Commercial usage is upless than 1% <br />Electric Operating Revenues for Septemberof $3,496,148are more than prior year by 7% and <br />favorable tobudget by 5%. September YTD is in line with the prior year but unfavorable to <br />budget by 2%. The YTD budget variance is mainly due to Elk River Commercial Sales. <br /> <br />Other Revenues of $147,538 are less than the prior year by 32% and unfavorable to budget by <br />11%. Other Revenues YTD are less than the prior year by 4% but favorable tobudget by 10%. <br />The prior YTD variance is mainly due to Customer Penalties, due to not charging penalties on <br />delinquent accounts during the Peacetime Emergency Order. <br /> <br />Overall, Total Revenues of $3,643,687 are more than the prior year by 5% and favorable to <br />budget by 5%. YTD is in line with the prior year but is unfavorable to budget by 1%. <br /> <br />Purchased Power of $2,039,119 is less than the prior year by 11% and favorable to budget by <br />17%. YTD is less than prior year by 4% and is favorable to budget by 5%. <br /> <br />Administrative Expenses of $287,046 are more than the prior year by 13% but are favorable to <br />budget by 8%. YTD costs are more than the prior year by 12% but are favorable to budget by <br />3%. The main driver of the prior YTD variance is the recognition of $160,583 in Salaries expense <br />due to COVID-19. An area that has seen a reduction in expense is Schools & Meetings due to <br />COVID-19 as many trainings and meetings have been cancelled this year. <br />______________________________________________________________________________ <br />Page 1 of 3 <br />38 <br />