5.1 ERMUSR 07-12-2022 - Laserfiche WebLink

Home Browse Search

��i Elk River � Municipal Utilities UTILITIES COMMISSION MEETING TO: FROM: ERMU Commission Melissa Karpinski — Finance Manager MEETING DATE: AGENDA ITEM NUMBER: July 12, 2022 5.1 SUBJECT: Financial Report — May 2022 ACTION REQUESTED: Receive the May 2022 Financial Report DISCUSSION: Please note that these are the preliminary unaudited financial statements. Electric May's electric kWh sales are up from the prior year, 1%. For further breakdown: • Residential usage is up 6% • Small Commercial usage is up 8% • Large Commercial usage is down 2% Electric Operating Revenues for May of $3,168,266 are more than prior year by 19%o and favorable to budget by 15%. May YTD is more than prior year by 10% and favorable to budget by 6%. The prior YTD variance and budget YTD variance is mainly due to Power Cost Adjustment (PCA) revenue. Other Revenues of $172,856 are less than the prior year by 14% and unfavorable to budget by 13%. Other Revenues YTD is less than the prior year by 12% and is unfavorable to budget by 16%. The main driver of prior YTD variance and budget YTD variance is Interest & Dividend Income. Overall, Total Revenues of $3,341,123 are more than the prior year by 17% and favorable to budget by 13%. YTD is more than the prior year by 8% and favorable to budget by 4%. Purchased Power of $2,378,096 is more than the prior year by 17% and is unfavorable to budget by 22%. YTD is more than prior year by 17% and is unfavorable to budget by 18%. YTD Energy Adjustment Clause (EAC) charge is $1,422,444 more than prior year and $1,552,510 more than budget. EAC charge is partially offset by PCA revenue. Administrative Expenses of $292,981 are less than the prior year by 17% and favorable to budget by 1%. YTD costs are less than the prior year by 2% and are favorable to budget by 4%. Page 1 of 3 63