5.1 ERMUSR 12-08-2020 - Laserfiche WebLink

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UTILITIES COMMISSION MEETING TO: FROM: ERMU Commission Melissa Karpinski Finance Manager MEETING DATE: AGENDA ITEM NUMBER: December 8, 2020 5.1 SUBJECT: Financial Report October2020 ACTION REQUESTED: Receive the October 2020 Financial Report DISCUSSION: Please note that these are the preliminary ǒƓğǒķźƷĻķ financial statements. Electric October electric kWh sales are up from the prior year, 11%. For further breakdown: Residential usage is up 17% Small Commercial usage is up 14% Large Commercial usage is up 8% Electric Operating Revenues for October of $3,293,872 are more than prior year by 7% and favorable to budget by 5%. October YTD is 1% more than the prior year but unfavorable to budget by 1%. The YTDbudget variance is mainly due to Elk River Commercial Sales. Other Revenues of $179,923 are less than the prior year by 30% but are in line with budget. Other Revenues YTD are less than the prior year by7% but favorable to budget by 9%. The prior YTD variance is mainly due to Customer Penalties, due to not charging penalties on delinquent accounts during the Peacetime Emergency Order. Overall, Total Revenues of $3,473,795 are more than the prior year by 4% and favorable to budget by 5%. YTD is in line with the prior year and in line with budget. Purchased Power of $1,850,324 is more than the prior year by 4% but favorable to budget by 1%. YTD is less than prior year by 3% and is favorable to budget by 5%. Administrative Expenses of $263,806 are more than the prior year by 4% but are favorable to budget by 11%. YTD costs are more than the prior year by 11% but are favorable to budget by 4%. 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 due to COVID-19 as many trainings and meetings have been cancelled this year. ______________________________________________________________________________ Page 1 of 2 53