5.1 ERMUSR 08-11-2020 - Laserfiche WebLink

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UTILITIES COMMISSION MEETING TO:FROM: ERMU Commission Melissa Karpinski –Finance Manager MEETING DATE: AGENDA ITEM NUMBER: August 11, 2020 5.1 SUBJECT: Financial Report – June 2020 ACTION REQUESTED: Receive the June 2020Financial Report DISCUSSION: Please note that these are the preliminary unaudited financial statements. Electric June’s electric kWh sales are down from the prior year, 5%. For further breakdown: Residential usage is up 14% Small Commercial usage is down 17% Large Commercial usage is down 10% Electric Operating Revenues for June of $2,934,564 are less than prior year by 3% and unfavorable to budget by 4%. June YTD is behind prior year by 3% and unfavorable to budget by 5%. The prior YTD variance is mainly due to Elk River Commercial Sales. Other Revenues of $188,005 are lessthan the prior year by 14% but favorable to budget by 2%. Other Revenues YTD are more than the prior year by 6% and favorable to budget by 11%. Overall, Total Revenues of $3,122,570 are less than the prior year by 3% and unfavorable to budget by 4%. YTD is less than the prior year by 3% and unfavorable to budget by 4%. Purchased Power of $2,349,426 is more than the prior year by 1% and is unfavorable to budget by 2%. YTD is less than prior year by 5% and is favorable to budget by 3%. Administrative Expenses of $271,082 are more than the prior year by 10% but are favorable to budget by 6%. YTD costs are more than the prior year by 13% but are favorable to budget by 1%. The main driver of the prior YTD variance is the recognition of $160,583 in Salaries expense due to COVID-19. eral Expenses of $39,243 are more than prior year by 39% but are favorable to budget by Gen 7%. YTD costs are morethan the prior year by 3% but are favorable to budget by 34%. ______________________________________________________________________________ Page 1 of 2 49