5.1 ERMUSR 12-12-2021 - Laserfiche WebLink

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Elk River Municipal Utilities UTILITIES COMMISSION MEETING TO: FROM: ERMU Commission Melissa Karpinski—Finance Manager MEETING DATE: AGENDA ITEM NUMBER: December 14, 2021 5.1 SUBJECT: Financial Report—October 2021 ACTION REQUESTED: Receive the October 2021 Financial Report DISCUSSION: Please note that these are the preliminary unaudited financial statements. Electric October's electric kWh sales are down from the prior year, 6%. For further breakdown: • Residential usage is down 9% • Small Commercial usage is down 5% • Large Commercial usage is down 5% Electric Operating Revenues for October of$3,174,744 are less than prior year by 4% and unfavorable to budget by 7%. October YTD is ahead of prior year by 5% and favorable to budget by 1%.The main driver of prior YTD variance is increased usage. Other Revenues of$138,267 are less than prior year by 23% and unfavorable to budget by 22%. Other Revenues YTD are ahead of prior year by 12% and favorable to budget by 22%. Overall,Total Revenues of$3,313,012 are less than prior year by 5%and unfavorable to budget by 8%. YTD is more than prior year by 5%and is favorable to budget by 2%. Purchased Power of$2,393,971 is more than prior year by 29% and unfavorable to budget by 21%. YTD is more than prior year by 14% and is unfavorable to budget by 8%. YTD Energy Adjustment Clause charge is $1,996,120 more than prior year and $820,521 more than budget. YTD Other Operating Expense of ($153,645) is due to relieving the Other Postemployment Benefits (OPEB) liability ($208,273) due to the change from group-based medical premiums to age-based medical premiums. With this change ERMU no longer has an OPEB liability. Page 1 of 3 49