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ELK RIVER MUNICIPAL UTILITIES
<br />ELK RIVER, MINNESOTA
<br />STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
<br />FOR PERIOD ENDING MARCH 2O23
<br />2023
<br />2023
<br />2023
<br />YTD
<br />2023 YTD
<br />2023
<br />2022
<br />2022
<br />YTD
<br />2022 v.
<br />Variance
<br />MARCH
<br />YTD
<br />YTD
<br />Budget
<br />Bud Var%
<br />ANNUAL
<br />MARCH
<br />YTD VARIANCE
<br />2023
<br />Item
<br />Electric
<br />BUDGET
<br />Variance
<br />BUDGET
<br />Actual
<br />Revenue
<br />Operating Revenue
<br />Elk River 2,947,128
<br />8,961,875
<br />9,030,657
<br />(68,782)
<br />(1)
<br />42,041,326
<br />2,615,694
<br />7,900,797
<br />1,061,078
<br />13
<br />Otsego 260,699
<br />829,891
<br />704,603 L 88
<br />3,385,657
<br />230,926
<br />687,702 '
<br />142,190
<br />-(1)
<br />Rural Big Lake 16,360
<br />54,555
<br />55,910
<br />(1,354)
<br />(2)
<br />238,658
<br />15,578
<br />47,175
<br />7,381
<br />16
<br />Dayton 20,005
<br />64,977
<br />67,184
<br />(2,207)
<br />(3)
<br />285,471
<br />19,401
<br />58,089
<br />6,888
<br />12
<br />Public St & Hwy Lighting 21,261
<br />64,707
<br />65,000
<br />(293)
<br />(0)
<br />260,000
<br />21,491
<br />64,268
<br />440
<br />1
<br />Other Electric Sales 400
<br />1,200
<br />1,200
<br />0
<br />0
<br />4,800
<br />353,851
<br />427,041
<br />(425,841)
<br />-(2)
<br />Total Operating Revenue 3,265,853
<br />9,977,206
<br />9,924,554
<br />52,652
<br />1
<br />46,215,912
<br />3,256,942
<br />9,185,071
<br />792,135
<br />9
<br />Other Operating Revenue
<br />Interest/Dividend Income 9,435
<br />17,901
<br />12,500
<br />5,401
<br />43
<br />50,000
<br />(45,493)
<br />(88,490)
<br />106,391.
<br />(3)
<br />Customer Penalties 25,220
<br />73,878
<br />62,500
<br />11,378
<br />18
<br />250,000
<br />23,493
<br />44,374
<br />29,504
<br />(4)
<br />LFG Project 0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />65,294
<br />238,553
<br />23,3,553
<br />(5)
<br />Connection Fees 7,832
<br />24,133
<br />55,000 r
<br />(30,867)-
<br />220,000
<br />7,580
<br />35,665
<br />(11,532)
<br />(32)
<br />(6)
<br />Misc Revenue 81,760
<br />212,827
<br />234,058
<br />(21,231)
<br />(9)
<br />936,231
<br />75,853
<br />190,027
<br />22,800
<br />12
<br />Total Other Revenue 124,247
<br />328,739
<br />364,058
<br />(35,319)
<br />(10)
<br />1,456,231
<br />126,726
<br />420,129
<br />(91,391)
<br />(22)
<br />Total Revenue 3,390,100
<br />10,305,945
<br />10,288,612
<br />17,333
<br />0
<br />47,672,143
<br />3,383,668
<br />9,605,200
<br />700,745
<br />7
<br />Expenses
<br />Purchased Power 2,331,856
<br />6,697,575
<br />7,238,872
<br />(541,296)
<br />(7)
<br />32,766,025
<br />2,299,042
<br />6,962,413
<br />(264,838)
<br />(4)
<br />Operating & Mtce Expense 52,234
<br />125,829
<br />95,550
<br />321,000
<br />22,600
<br />69,658
<br />56,171
<br />Landfill Gas 0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />53,783
<br />165,833
<br />(165,833)=(7)
<br />(8)
<br />Transmission Expense 5,361
<br />14,670
<br />17,500
<br />(2,830)
<br />(16)
<br />70,000
<br />5,348
<br />18,773
<br />(4,103)
<br />(22)
<br />Distribution Expense 82,832
<br />153,857
<br />91,763
<br />369,466
<br />47,278
<br />108132
<br />45,725
<br />(9)
<br />Maintenance Expense 200,829
<br />459,473
<br />478,875
<br />(19,402)
<br />(4)
<br />1,540,500
<br />170,908
<br />381:994
<br />(10)
<br />Depreciation & Amortization 263,779
<br />792,681
<br />795,087
<br />(2,406)
<br />(0)
<br />3,220,836
<br />249,971
<br />749,782
<br />42,899
<br />6
<br />Interest Expense 68,225
<br />205,874
<br />205,874
<br />0
<br />0
<br />810,832
<br />70,862
<br />215,738
<br />(9,865)
<br />(5)
<br />Other Operating Expense 3,489
<br />12,314
<br />3,686
<br />8,628
<br />234
<br />74,109
<br />289
<br />2,984
<br />9,330
<br />313
<br />Customer Accounts Expense 34,014
<br />95,281
<br />100,375
<br />(5,094)
<br />(5)
<br />401,500
<br />29,580
<br />85,650
<br />9,631
<br />11
<br />Administrative Expense 331,780
<br />1,106,308
<br />1,158,043
<br />(51,735)
<br />(4)
<br />4,128,585
<br />309,253
<br />995,755
<br />110,553
<br />11
<br />General Expense 35,714
<br />108,023
<br />145,652
<br />(37,630)-
<br />582,609
<br />29,953
<br />80,293
<br />27,730
<br />Total Expenses(before Operating Transfers) 3,410,113
<br />9,771,885
<br />10,331,276
<br />(559,391)
<br />(5)
<br />44,285,462
<br />3,288,866
<br />9,837,005
<br />(65,120)
<br />(1)
<br />Operating Transfer
<br />Operating Transfer/Other Funds 124,155
<br />387,902
<br />361,226
<br />26,676
<br />7
<br />1,681,653
<br />111,024
<br />335,706
<br />52,196
<br />-(12)
<br />Utilities & Labor Donated 18,480
<br />58,127
<br />60,000
<br />(1,873)
<br />(3)
<br />240,000
<br />19,363
<br />56,811
<br />1,316
<br />2
<br />Total Operating Transfer 142,636
<br />446,029
<br />421,226
<br />24,803
<br />6
<br />1,921,653
<br />130,387
<br />392,517
<br />53,512
<br />14
<br />Net Income Profit(Loss) (162,648)
<br />88,031
<br />(463,891)
<br />551,921
<br />119
<br />1,465,028
<br />(35,584)
<br />(624,322)
<br />712,352
<br />114
<br />Item Variance of+/- $25,000 and+/- 15%
<br />(1) YTD Budget variance due to increased usage. Prior Year to Date (PYTD) variance is mainly due to 2023 PCA revenue, increased usage and rate increase.
<br />(2) PYTD variance due to accrual of PCA revenue in 2022 (See Rate Increase
<br />on Detailed Statement).
<br />(3) PYTD variance is due to the change in Fair Market Value of Investments.
<br />(4) PYTD variance is due to not billing penalties in January
<br />2022.
<br />(5) PYTD variance is due to the LFG Project coming to an end in 2022.
<br />(6) YTD Budget variance is due to a even budget spread.
<br />(7) YTD Budget and PYTD variance is mainly due to increase labor for snow
<br />removal, additional
<br />supplies and increased
<br />electric and natural gas expense for new
<br />field services
<br />building in
<br />2023.
<br />(8) PYTD variance is due to the LFG Project coming to an end in 2022.
<br />(9) YTD Budget variance is due to an even budget spread for misc distribution expense. PYTD variance is due to increased labor and uniform
<br />expense in 2023.
<br />(10) PYTD variance is mainly due to contracted tree trimming
<br />(2022 and 2023
<br />had contracted
<br />tree trimming,
<br />but more was completed in 2023) and increased mapping
<br />labor.
<br />(11) YTD Budget variance is mainly due to less rebate dollars spent than budgeted. PYTD variance is mainly due to more
<br />commerical rebates in 2023.
<br />(12) PYTD variance due to increased PCA revenue.
<br />65
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