5.1. ERMUSR 05-14-2019 - 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: May 14, 2019 5.1 SUBJECT: Financial Report - March 2019 ACTION REQUESTED: Receive the March 2019 Financial Report DISCUSSION: Electric March's electric kWh sales are up from the prior year, 5%. For further breakdown: • Residential usage is up 11% • Small Commercial usage is down 2% • Large Commercial usage is up 3% Electric Operating Revenues for March of$2,814,861 are above the prior year by 4%and ahead of budget by 2%. March YTD is also ahead of prior year by 3 % and budget by 2%. The prior YTD variance is mainly due to not having the Dispersed Generation Credit since transitioning to MMPA. Other Revenues of$153,353 is less than the prior year by 17%and behind budget by 8%. Other Revenue YTD is below prior year by 30% but is ahead of budget by 6%. The main driver of the prior YTD variance is from Contributions from Customers. Overall, Total Revenues of$2,968,214 are above the prior year by 2% and are ahead of budget by 1%. YTD is above prior year by 1% and is ahead of budget by 2%. Purchased Power of$1,978,384 is more than the prior year by 10%, and above budget by 9%. YTD is less than prior year by 3% but is ahead of budget by 3%. The 5% kWh increase noted above in usage, is approximately 1 MW in total and the additional cost compared to budget is an increase in the following: Demand charges of$35k, Energy charges of$49k, and the EAC of $78k. Please note the actual margin on sales only decreased 1% compared to budget. Administrative Expenses of$255,696 are 7% more than the prior year, but 11% below budget. YTD costs are more than the prior year by 11%, but are less than budget by 7%. The main drivers of the prior YTD variance are due to Employee Vacation Pay (which is because of the change in when the PTO day is awarded) and the increase in Medical Insurance costs. Page 1 of 2 362