Laserfiche WebLink
UTILITIES COMMISSION MEETING <br />TO:FROM: <br />ERMU Commission Melissa Karpinski –Finance Manager <br />MEETING DATE: AGENDA ITEM NUMBER: <br />January 12, 2021 5.1 <br />SUBJECT: <br />Financial Report – November2020 <br />ACTION REQUESTED: <br />Receive the November 2020 Financial Report <br />DISCUSSION: <br />Please note that these are the preliminary unaudited financial statements. <br />Electric <br />November’selectric kWhsalesare down from the prior year, 8%. For further breakdown: <br /> Residential usage is down 12% <br />Small Commercialusageis down 12% <br /> Large Commercial usage is down 6% <br /> <br />Electric Operating Revenues for November of $2,711,966 are less than prior year by 7% and <br />unfavorable to budget by 9%. NovemberYTD 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 $168,391 are less than the prior year by 27% and are unfavorable to budget <br />by 15%. Other Revenues YTD are less than the prior year by 9% but favorable to budget by 6%. <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 $2,880,358 are less than the prior year by 9% and unfavorable to <br />budget by 9%. YTD is in line with the prior year but unfavorable to budget by 1%. <br /> <br />Purchased Power of $1,750,127 is more than the prior year by 5% but favorable to budget by <br />10%. YTD is less than prior year by 3% and is favorable to budget by 5%. <br /> <br />Administrative Expenses of $265,468 are in line with prior year and are favorable to budget by <br />16%. YTD costs are more than the prior year by 10% but are favorable to budget by 5%. The <br />main driver of the prior YTD variance is the recognition of $160,583 in Salaries expense due to <br />COVID-19. An area that has seen a reduction in expense is Schools & Meetings due to COVID-19 <br />as many trainings and meetings have been cancelled this year. <br /> <br />______________________________________________________________________________ <br />Page 1 of 2 <br />74 <br />