5.1 ERMUSR 02-13-2018 - Laserfiche WebLink

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Elk River Municipal Utilities UTILITIES COMMISSION MEETING TO: FROM: ERMU Commission Theresa Slominski—Finance & Office Manager MEETING DATE: AGENDA ITEM NUMBER: February 13, 2018 5.1 SUBJECT: Financial Report- December 2017 ACTION REQUESTED: Receive the December 2017 Financial Report DISCUSSION: Electric P&L The Electric Department continues to be ahead of budgeted YTD Net Income. December's electric kWh sales (from November consumption) are up from the prior year, 11%. For further breakdown: • Residential usage is up 28% • Small Commercial usage is up 25% • Large Commercial usage is up 2% Electric Operating Revenue for December was $2,417,120, 46% above the prior year but 8% below budget. This includes the pro-forma adjustment to show the demand adjustment credit being funded through reserves. This month the adjustment was $37,587, and also this month the pro-forma reversal for the annual amount of$459,747. December's Operating Revenue would be $2,839,280 without the pro-forma adjustments, which is 15%above prior year without the pro- forma adjustment. Other Revenue Total is above the prior year by 24% and is 37%above budget YTD. Overall, Total Revenues of$2,623,718 are above prior year by 44%and above prior YTD by 5%. YTD Total Revenues are at the budgeted amount. Without the pro-forma adjustments YTD Total Revenues are above prior YTD by 5%. Purchased Power of$2,150,983 is more than the prior year by 7%, and above budget by 12%. YTD costs are more than prior year by 6%, but are below YTD budget by 1%. Administrative Expenses of$345,369 are 8%below prior year, and 44% above budget. YTD costs are above prior year by 1%, and are at the budgeted amount. The increase over the prior YTD is most notably due to medical and dental insurances, which is $87,042 more than the prior Page 1 of 3 119