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2.3. ERMUSR 10-21-2014FINANCIAL INDEX Aug -14 PAGE P & L NARRATIVE .............. 35 COMBINED BALANCE SHEET ............... 37 ELECTRIC INCOME STATEMENT .............. 38 WATER INCOME STATEMENT .............. 40 GRAPH #1 ELECTRICAL PURCHASES .............. 41 GRAPH #2 ELECTRIC SALES .............. 42 GRAPH #3 ELECTRIC SALES /CUSTOMER CLASS .............. 43 GRAPH #4 WATER PRODUCTION .............. 44 GRAPH #5 WATER SALES .............. 45 DETAILED ELECTRIC P & L WITH BUDGET INFORMATION....... 46 .............. 47 .............. 48 .............. 49 .............. 50 .............. 51 DETAILED WATER P & L WITH BUDGET INFORMATION.......... 52 .............. 53 .............. 54 .............. 55 34 PROFIT AND LOSS NARRATIVE August 2014 As a reminder, the new financial statements are set up differently than the previous system's reports with a YTD Budget column and an Annual Budget column. The % variance column is the YTD actual numbers compared to the YTD Budgeted numbers. (Also, we are still working on the cash flow statements to be presented in future months.) Electric P &L August's electric kwh sales (for July usage) are down 3.6% overall from the prior year as a result of cooler weather: • Residential usage is down 4.1 % • Small Commercial usage is down 5.4% • Large Commercial usage is down 3.1% August Operating Revenue of $2,999,758 is under the prior year by 1.5 %, however year - to -date is up 6.2% and over year -to -date budgeted numbers by 1.7 %. The August Operating Revenue includes $26,080 in PCAs (1 mil) collected (year -to -date we have collected $333,676 in PCAs (15 mils). (Remember that the financials are reflecting the transfer from reserves of $500,000 to offset the PCAs that we are absorbing. This is shown, on a pro -forma basis, as a transfer to Revenue and distribution from Equity, to represent in the financials the reserve allocation that normally occurs at the end of the year. The line item is Other Revenue /CIP /Rate Increase /AC Credit.) Other Revenue is up 6% from the prior year and the prior year -to -date numbers, and 10% above the year -to -date budgeted amount. • Miscellaneous Revenue is increased over last year due to an $18,000 gain on disposition of property for the trade -in on the new bucket truck. • The remaining components of Other Revenue are, in total, consistent with the prior year, although some are up and some are down. Overall, Total Revenues are just under the prior year by 1 %, and increased 6% year to date, and are ahead of budget by 2.2 %. The total purchased power cost of $2,454,045 is down 3% from last year. The PCA included this month in our power bill is $30,021, for a year -to -date accumulated PCA of $832,328. As mentioned above, we charged our customers a PCA of 1 mil in August. 35 For other expenses, they are just under the prior year by less than 1 %: • Maintenance Expense is increased 21% due to focus on maintenance of overhead lines and meters. Depreciation Expense is reduced as actual monthly expense is calculated in NISC versus an annual estimate being distributed. Other Operating Expense is reduced due to amortization of debt discount not present in 2013. Administrative & General Expense in increased 7% over the prior year. This month is largely due to the NISC recognition of benefit insurance expenses and so the comparison to the prior year is skewed - and it will be skewed the next month also. Year -to -date this line is under budget by 9 %. For August, the Electric Department has a Net Profit of $37,160 compared to the prior year loss of ($12,459). Year -to -date we are at a net income of $698,403, which is ahead of year -to -date budget of $379,787. Water P &L Water Operating Revenues for August are increased over last year, increased 6.5 %. Year - to -date revenues are slightly ahead by 2% and better than year -to -date budgeted revenues by 7.6 %. Usage in August is up 2.6% overall: • Residential use down .2% • Commercial use up 11% Other Revenues of $28,296 are down significantly from the prior year: • Decreased Connection Fees of $16,580 August 2014, versus August 2013 $77,434. Total Revenues for August of $430,238 are behind the prior year by 7.8 %, however increased over the year to date budget by 15 %. Expenses are over the prior year by 1.7 %, however decreased from year -to -date budget 1.5 %. • Administrative and General Expense is increased over the prior year for the same reason as noted above in the Electric Department. For August, the Water Department has a net profit of $216,658, which is slightly behind last year's profit of $256,746. Year -to -date, the Water Department has a net loss of ($91,395) which is far ahead of year -to -date budgeted loss of ($320,376). 36 COMBINED BALANCE SHEET ELECTRIC ASSETS CURRENT ASSETS CASH & TEMPORARY INVESTMENTS ACCOUNTS RECEIVABLE INVENTORIES PREPAID ITEMS CONSTRUCTION IN PROGRESS TOTAL CURRENT ASSETS RESTRICTED ASSETS BOND RESERVE FUND EMERGENCY RESERVE FUND UNRESTRICTED RESERVE FUND TOTAL RESTRICTED ASSETS FIXED ASSETS PRODUCTION LFG PROJECT TRANSMISSION DISTRIBUTION GENERAL FIXED ASSETS (COST) LESS ACCUMULATED DEPRECIATION TOTAL FIXED ASSETS, NET OTHER ASSETS AND DEFFERED OUTFLOWS TOTAL ASSETS LIABILITIES AND FUND EQUITY CURRENT LIABILITIES ACCOUNTS PAYABLE SALARIES AND BENEFITS PAYABLE DUE TO CITY DUE TO OTHER FUNDS BONDS PAYABLE - CURRENT PORTION UNEARNED REVENUE TOTAL CURRENT LIABLITIES LONG TERM LIABILITIES LFG PROJECT DUE TO COUNTY BONDS PAYABLE, LESS CURRENT PORTION TOTAL LONG TERM LIABILITIES TOTAL LIABILITIES FUND EQUITY CAPITAL ACCOUNT CONST COST CONTRIBUTED CAPITAL RETAINED EARNINGS NET INCOME (LOSS) (THROUGH PREVIOUS MONTH) TOTAL FUND EQUITY TOTAL LIABILITIES & FUND EQUITY 37 7,312,815 3,460,088 1,084,708 163,346 1,075,908 13,096,864 490,500 2,474,140 38,884 3,003,523 390,868 3,844,628 710,988 33,105,816 7,397,043 45,449,343 (19,530,428) 25,918,915 (82,283) 41,937,020 3,778,713 258,423 185,307 0 0 3,376 4,225,820 1,599,871 0 4,272,976 5,872,847 10,098,666 490,500 0 30,649,451 698,403 31,838,353 41,937,020 WATER 1,510,596 569,741 19,574 33,684 166,814 2,300,408 0 1,142,912 113,824 1,256,735 10,975,602 0 0 21,900,820 846,706 33,723,128 (12,671,171) 21,051,956 (6,950) 24,602,149 80,802 92,605 0 0 0 67,006 240,414 0 0 2,076,994 2,076,994 2,317,408 0 0 22,376,136 (91,395) 22,284,741 24,602,149 N �..i S2 N O 00 ^ v N 00 O O l� G O 'Cc 1� M 10 N N O In O [- 00 In O vi vi O V �o 'n 00 r- �c — O, O r o0 O 0 � �^ N l- o0 N On r- � Q W M \O 01 7 n lc � Ln kn �c 0� D, N J` N [-- N W [� v1 l� 00 In N M M 00 In M N kn J` ,-. 00 1- Ci 10 r- O N t` N h O �c 0� M <}' [� 7 v'i �O �t --� N �n �p M O l� 7 M N M O N �n N -- It kf) d ~ z N In O Cl O oo � M �c C� kn 00 01 O O 7 M o0 [� vi ,-. 00 �' 00 �0 vl H O� oo [- 01 N � �-• kn 01 O �c vi l� oo 00 O rt M 7 00 M 00 N 01 'n 01 v1 N N --� D; N O M o0 10 -- l- r- 00 o O M M V1 01 V1 N V1 O \O 00 CN U1 N V1 M In M It Fl W �^ N l- o0 N On r- O \O 01 7 n -- D, N J` N [-- N Ch N N O V7 7 N N O N --� M N 00 --� M t` Q1 --� 1O M --� N V1 kr) M O �c O� �0 M Vl 41 J` O N l- N O N �n N -- d z H O 01 ^ 00 00 O N M 00 N 01 .�-...r- o W z r N N 00 �c x �c - O x J` 00 O ao O O O O D, O O O O O C O O v'i -- 0, Ol It 0\ O O O O O O O O O O M �o O O M O O o0 M lc � N -- , 00 N O O M O O lD Clr -- 171 h O O O O -- O IC� O O CIO) �% A M --� Q, 00 01 C� 10 O o0 O M [� O 00 O v1 'tT W -- kn vi 10 00 00 7 N N N v1 vi N �c �-• 00 O -- v� O O �o O, vi -- O � r M W) � O W �D N M N N N V M N O N r 00 N V'J N l� N r- M �--� N N h N N O '_' M N N N E F" U 0 V1 M M �n r m d' Z M M 00 r r- r O O M V1 a0 O [� r0 00 In M 'c 00 O OMO O M 000 DD D1 r- � N 00 O N 00 b O O a�0 [� -- O M D M O O N M M N 7 oo M oo 01 a 7 M M 00 CT l� D, M M V'1 7 M UWL1N oo - C; N O M M_ 10 O �0 -- O� �n �o 10 1_O r- oc a, M N M N D\ 01 01 D\ 7 O V O 00 N IC � M 01 N M M M Q, N DD M !` lr M ke N o0 D\ n D\ M N M N -� 01 M o0 o0 Uj O > r�i w Rwi N �' O -" •-• ,-• N M N n --� -- n ^ M V1 M --� 7--� v1 N--. .-� in w In t O N N ID t'- O O C 7 t ` N O .... d N N F., z w w H d H b u U d 6 c c , a' W °c 3 >1 > y aci co a>i o w Q y o o' C o U e W P a~i > > p0 Fr u O o .d 5 o, w n w W N O Ca O 0 c j cx � a cz ma n O U a'= ♦+ L y y y o w a o w y y �ll I� b � V G o � :C H ll: vl M W d VL C O o0 'D �t O, kn �O M 00 ul M o0 O V l� O kn M h M O In O V O o0 N N �D M z a 0 � o In 10 vi � 0 0 . w � z �' H N �000� r-c v) O It w o ° � N z�o�ca Q z Q 7 Q c7 Z U Q O rq a O Vl M M 00 [� M �Q > x O m o o0 7 WRwi ON ,H., O kn M 00 rq W h N x O Wx H 7 N M ON O _ 7 10 u'" O C7 O o0 7 M M H z w w H H y y �ll I� b � 0. 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Q Q� O U¢ F- O O H y a L d W O O It 65 60 55 50 C 45 c 40 • E 0 35 -- 30 25 20 Elk River Municipal Utilities Monthly Electrical Demand 2014 Ooez ♦♦ J� ♦ i� ♦ 2013 L F 34,000 x .S 29,000 0 d y f6 t i 24,000 a a� 19,000 w 14,000 Month Elk River Municipal Utilities Monthly Energy Purchases F O 2014 . - - - -♦ 2013 CPI-O Month 41 M m 0 J �L as n. 30,000 28,000 26,000 24,000 22,000 20,000 18,000 16,000 14,000 12,000 10,000 $3,500,000 $3,000,000 c $2,500,000 0 S N $2,000,000 U) $1,500,000 Elk River Municipal Utilities Monthly Total Electric Load 2014 ,f - - - -� 2013 o�c a�Jac1 c1 �r PQ�\ ��� ,J�� �J�� 5'� �c Month Elk River Municipal Utilities Monthly Electric Sales -% 2014 _ r�� `%` Al 2013 `% $1,000,000 --I �a�Ja� ���J�� �a`G•� PQ`\ Month 42 c a M 0 J m 0 0 y f9 Cn 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 Elk River Municipal Utilities Monthly Residential, Commercial & Industrial Loads Industrial Residential 2014 _ 2013 Commercial F C6 Month Elk River Municipal Utilities Monthly Residential, Commercial & Industrial Sales $1,800,000 $1,600,000 $1,400,000 $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000 $0 Industrial�i'• •�� '�� Residential 2013 2014 Commercial 43 Month ° q, °c CP 140 120 0 100 80 c 60 ca a E 40 a 20 6 5 is c 4 0 c 3 Y 2 l6 d a 1 0 Month I Elk River Municipal Utilities Monthly Water Pumpage IrA OG�o��c �� �` F P S�Q l�� Month Elk River Municipal Utilities Peak Day Pumpage 44 140 120 m 100 c ° 80 60 N d � 40 Elk River Municipal Utilities Monthly Water Sales $500,000 $450,000 $400,000 $350,000 o $300,000 .c $250,000 U) $200,000 in $150,000 $100,000 $50,000 $0 40°r Month Elk River Municipal Utilities Monthly Water Sales F i 2014 2013 Month w C o •� �, �O 7 vl v1 00 00 N 'D O l- M M l- O N n kn N O N l- 00 N �D M Vl 00 00 (7, �D O If) ON h D\ O O O N ~ M O � N N N n v1 N M Ol Q\ �•'� A �D �n 00 Vl It M M N �O N N �D N Wn Ol O l- - N kn N N M 00 l- Ol �D ON �O vl O_ l0 N �O l- C' O It Vl M vl M lD M M It 00 n O 00 O Vl N ON Ol N [� [� Ol _ vl Vl In kn M N �D 00 00 O N M Ol O M 00 00 M M Q O F, w O vi O �D as N O N M N M as r- 00 �D N N 00 N M M M N M O\ vl N O+ N ON O\ FA � 7 rr, O h Ol O M O M Ol O 00 \.O t} V 00 - 01 00 00 00 M l� l- N N O N N M M 00 Vl N 00 Vl O N N M N M r- N 7 N 7 N -- O N 7 "t as N - N z 0 (71 O O ° o j w M M 00 00 O O N N 00 lO 00 lD �o 00 O M O 00 00 �D O l- M N 00 I 7 V) lO lD lD l- Vl O 7 00 It 00 �n d vl N N lD M lc n M O M h O --: n O O r- 00 lc O 00 M O lD N N O W eY O l� It � O, \D M M --� O_ �--� n �o h Cl) h - Ol 00 00 00 ~ 00 a, M M v'l ON �c a\ 00 � 00 -- W z O A U vl N V1 �D - M 00 M N N N N N N N QW ~ N U V O A �:) M wl �--� Vl M M_ M_ N N Ol O O --� N M Vl l- N r- -� M vl O l- M O Vl 00 l� Vl M Yl M W W %. uH-1 Q Q �_ A N r- --� h --� O M N 00 O� Vl cl �n 00 N O �D 00 \O M M N �--� 00 00 l- M lD N M Ol D\ z 0 H (,] O r a' N .� M M t- N h 00 N ~ ~ z It X [-- M h O O O Ol O N Ol l- O_ r- M_ `D Vl �D Vl M W 0 O O O\ r- 00 00 V1 00 Vl Cl --i Ol �1 O, M r- 00 00 -•+ 00 Ol e}• ♦ 'W7 W� ~ W O M � N � O 7t N % O, M vl O �O M a, r- M N O 00 M M N N lD O O O� rx. 0W0 C O W W � , O1 N N M � N 00 M O M O ON O M O 00 M lD l� In N l- 00 �O vl V' O+ 00 M 7 vl r- �c '� N 7 N 00 �c G^r7i O �D kn M C M 00 N l- O N 00 00 r � M OO l0 00 N ON � a V' wl 00 r- N O N M N vl N v1 N ~ d � z w > d w z .� Cd 4 o o d a H w v 3 z w �W' o x x w q z x o z o a W o w U w F w w a o rs z w H H w' Z W F a O O O O �xy z z z z v > H xzA uW co �nU) cn �a WA ���cn o000 cnW)o eee u xw o W d W d W d W d w Q o W d w d w d w d w Q w Q w Q W d w d w d oq F U o F" on on cn Cl) v1 g U d H U F-4 U H U H U i s U U U U U U U U U U U W W W W a W W W W W W W W W W W Pa �q a U a ta [ Sf N ML w w O OG A a C7 w a/ O O O N •^ O 00 00 ^ M M N N � W 00 0o O O U .N^+ N C. o •� O F O O O O O oo oo O �_ l- n 00 00 00 00 Vl O to O t� [� O ON O Ol ON vn O O O N O O O 00 M _� O O N � O O vl M D, 0 M M N N N tn V1 V1 Vl Vl ON V1 ON �o M �O M d' '7 N •-- M O �O o0 d• �}' 'n vi O vl O wl ON O w% oo -- `O M O O V1 O O M M O-- •-• It t Ow O� M M M N O F r-: r 00 .--i r- O t" O r- r- 00 00 00 00 V M 00 p N M M M M F O 00 Cl oo � O ^ O O N N M 00 M W 00 01 0o 01 N (� N l� N �' N oo o0 oo o0 O O O C N O cn v) M v) vl N N 00 00 N N N Ol M p (J N O n O O O w ll N N Q\ Q\ N N N z 0 •^ N N O O oo N Cl O 7 d' a, cn cl Cd o W �. 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