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______________________________________________________________________________ <br /> <br />Page 1 of 2 <br /> <br /> <br /> <br /> <br /> <br />UTILITIES COMMISSION MEETING <br /> <br />TO: <br />ERMU Commission <br />FROM: <br />Melissa Karpinski – Finance Manager <br />MEETING DATE: <br />February 9, 2021 <br />AGENDA ITEM NUMBER: <br />5.1 <br />SUBJECT: <br />Financial Report – December 2020 <br />ACTION REQUESTED: <br />Receive the December 2020 Financial Report <br /> <br />DISCUSSION: <br />Please note that these are the preliminary unaudited financial statements. <br /> <br />Electric <br />December’s electric kWh sales are down from the prior year, 3%. For further breakdown: <br />• Residential usage is down 2% <br />• Small Commercial usage is down 11% <br />• Large Commercial usage is down 2% <br /> <br />Electric Operating Revenues for December of $2,617,735 are less than prior year by 1% and <br />unfavorable to budget by 3%. December 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 $221,878 are less than the prior year by 6% but are favorable to budget by <br />33%. Other Revenues YTD are less than the prior year by 9% but favorable to budget by 8%. <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 $2,839,614 are less than the prior year by 2% and unfavorable to <br />budget by 1%. YTD is in line with the prior year but unfavorable to budget by 1%. <br /> <br />Purchased Power of $1,830,208 is less than the prior year by 1% and favorable to budget by 3%. <br />YTD is less than prior year by 2% and is favorable to budget by 5%. <br /> <br />Administrative Expenses of $271,340 are less than the prior year by 6% and are favorable to <br />budget by 15%. YTD costs are more than the prior year by 9% but are favorable to budget by <br />6%. 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 />36