5.2 ERMUSR 05-11-2021 - Laserfiche WebLink

Home Browse Search

______________________________________________________________________________ Page 1 of 2 UTILITIES COMMISSION MEETING TO: ERMU Commission FROM: Melissa Karpinski – Finance Manager MEETING DATE: May 11, 2021 AGENDA ITEM NUMBER: 5.2 SUBJECT: Financial Report – March 2021 ACTION REQUESTED: Receive the March 2021 Financial Report DISCUSSION: Please note that these are the preliminary unaudited financial statements. Electric March’s electric kWh sales are up from the prior year, 7%. For further breakdown: • Residential usage is up 13% • Small Commercial usage is up 6% • Large Commercial usage is up 4% Electric Operating Revenues for March of $2,771,553 are more than prior year by 6% and favorable to budget by 3%. March YTD is ahead of prior year by 4% and in line with budget. The prior YTD variance is mainly due to Elk River Sales. Other Revenues of $195,784 are less than the prior year by 18% but favorable to budget by 9%. Other Revenues YTD is less than the prior year by 9% but is favorable to budget by 9%. The prior YTD variance is mainly due to LFG Plant and Customer Penalties (due to not charging penalties on delinquent accounts during the Emergency Peacetime Order). Overall, Total Revenues of $2,967,338 are more than the prior year by 4% and favorable to budget by 3%. YTD is more than the prior year by 3% and is favorable to budget by 1%. Purchased Power of $1,929,172 is more than the prior year by 6% and is unfavorable to budget by 11%. YTD is more than prior year by 8% and is unfavorable to budget by 6%. Administrative Expenses of $291,848 are more than the prior year by 12% but are favorable to budget by 2%. YTD costs are more than the prior year by 10% but are favorable to budget by 8%. The main driver of the prior YTD variance is Medical expense, which is due to the larger employer contribution to employee HSA accounts. 221