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Elk River <br />Municipal Utilities UTILITIES COMMISSION MEETING <br />TO: <br />FROM: <br />ERMU Commission <br />Melissa Karpinski — Finance Manager <br />MEETING DATE: <br />AGENDA ITEM NUMBER: <br />May 14, 2024 <br />6.1c <br />SUBJECT: <br />Staff Update <br />ACTION REQUESTED: <br />None <br />DISCUSSION: <br />• Creating quality audited financial statements requires significant time and effort. I'd like <br />to express my gratitude to the accounting department for their consistent dedication <br />and pride in their work. Their commitment ensures a seamless audit process. <br />The Energy Information Administration (EIA) reports 860, 861, and 923 for 2023 have all <br />been filed. These are federal reports that are required to be filed annually related to the <br />output of our plant standby engines and fuel sources; our system distribution numbers <br />in MW, revenues, and meters served; wind and solar participation; and reliability <br />numbers. <br />• Our payroll specialist attended Payroll Congress which is sponsored by PayrollOrg <br />(formerly American Payroll Association) the week of May 6. <br />We received our property and liability insurance renewal for July 1, 2024 to July 1, 2025. <br />The total premium decrease is approximately 0.36% compared to prior year; $152,013 <br />compared to $151,473. A breakdown of the premium decrease is below. <br />Premium <br />Coverage <br />2024 <br />2023 <br />% Change <br />Property <br />$ <br />58,352 <br />$ <br />57,312 <br />1.81% <br />Mobile Property <br />$ <br />1,743 <br />$ <br />1,684 <br />3.50% <br />First Party Cyber <br />$ <br />5,897 <br />$ <br />5,897 <br />0.00% <br />Municipal Liability <br />$ <br />30,238 <br />$ <br />33,470 <br />-9.66% <br />Auto Liability <br />$ <br />3,915 <br />$ <br />3,843 <br />1.87% <br />Auto Physical Damage <br />$ <br />4,296 <br />$ <br />3,769 <br />13.98% <br />Bond <br />$ <br />589 <br />$ <br />592 <br />-0.51% <br />Equipment breakdown <br />$ <br />46,443 <br />$ <br />45,446 <br />2.19% <br />Total Premium <br />$ <br />151,473 <br />$ <br />152,013 <br />-0.36% <br />Page 1 of 2 <br />219 <br />