5.1 ERMUSR 11-13-2018Elk River
Municipal Utilities UTILITIES COMMISSION MEETING
TO:
FROM:
ERMU Commission
Theresa Slominski — Finance & Office Manager
MEETING DATE:
AGENDA ITEM NUMBER:
November 13, 2018
5.1
SUBJECT:
Financial Report — September 2018
ACTION REQUESTED:
Receive the September 2018 Financial Report
DISCUSSION:
With the change in billing cycles, the revenue comparisons from the prior year will be skewed as
they will not be comparing the same billing time frames. Also, budgeted numbers were not
adjusted for the billing cycle change, as the data did not exist to estimate this impact. Please
keep this in mind as we review the financials throughout 2018.
Electric P&L
September's electric kWh sales are up from the prior year, 3%. For further breakdown:
• Residential usage is up 6%
• Small Commercial usage is down 6%
• Large Commercial usage is up 2%
Electric Operating Revenue for September was $3,551,685, 4% ahead of the prior year and less
than 1 % above budget. 2017 included the pro -forma adjustment to show the demand adjustment
credit being funded through reserves. Without this adjustment in 2017, September revenue
would be 6% ahead of the prior year and 11 % ahead of prior YTD.
Other Revenue of $182,978 is ahead of the prior year by 13%, and 18% above prior YTD. Other
Revenue is also 34% above YTD budget which is largely due to the Contribution from the City
of Otsego for its street lights.
Overall, Total Revenues of $3,734,663 are ahead of prior year by 5% and ahead of prior YTD by
10%. YTD Total Revenues are ahead of budget by 7%.
Purchased Power of $2,086,980 is above the prior year by 1%, but below budget by 6%. YTD
costs are more than prior year by 6%, and are above YTD budget by 4%.
Administrative Expenses of $357,826 are more than prior year by 55% which is mainly driven
by bond issuance cost, and 23% over budget. The bond costs are just a timing issue with
budgeting, as YTD costs are more than prior year by 3%, but are under budget by 10%.
Page 1 of 2
45
General Expenses of $15,845 are 64% under budget, and are 30% under budget YTD.
For expenses, in total they are 5% more than the prior year, and 6% more than prior YTD, and
are over budget YTD by 1 %.
For September 2018, the Electric Department has a Net Profit of $743,003 and YTD Net Profit
of $2,090,204. This is above the budgeted monthly Net Profit of $585,906, as well as ahead of
the prior year monthly Net Profit of $726,935, and is significantly ahead of prior YTD Net Profit
of $875,082.
Water P&L
September gallons of water sold are up 4% from the prior year. For further breakdown:
• Residential use up 12%
• Commercial use down 2%
Water Operating Revenue for September was $323,630, 6% ahead of prior year and ahead of
YTD budget by 15%.
Other Revenues of $85,699 are behind the prior year by 3%, and behind prior YTD by 10%. The
main drivers causing the prior YTD variance are Contributions from Developers and Connection
Fees. Other Revenues are ahead of YTD budget by 200%.
Overall, Total Revenues of $409,329 are ahead of the prior year by 4%, and ahead of prior YTD
by 4% with Water Sales being the driving force. YTD Total Revenues are ahead of budget by
42%.
Expenses are more than the prior year by 10%, but are under YTD budget by 9%.
For September 2018, the Water Department has a Net Profit of $183,588, which is slightly
behind last year's Net Profit of $189,160. September YTD Net Profit is $795,366, which is
ahead of the prior YTD Net Profit of $762,606, and is significantly ahead of the budgeted YTD
Net Loss of $232,564.
ATTACHMENTS:
• Balance Sheet 9.2018
• Summary Electric Statement of Revenues, Expenses and Changes in Net Position 9.2018
• Summary Water Statement of Revenues, Expenses and Changes in Net Position 9.2018
• Graphs Prior Year and YTD 2018
• Detailed Electric Statement of Revenues, Expenses and Changes in Net Position 9.2018
• Detailed Water Statement of Revenues, Expenses and Changes in Net Position 9.2018
Page 2 of 2
0
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
COMBINED BALANCE SHEET
FOR PERIOD ENDING SEPTEMBER 2018
ASSETS
CURRENT ASSETS
CASH
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
LTG PROJECT
TRANSMISSION
DISTRIBUTION
GENERAL
FIXED ASSETS (COST)
LESS ACCUMULATED DEPRECIATION
TOTAL FIXED ASSETS, NET
INTANGIBLE ASSETS
POWER AGENCY MEMBERSHIP BUY -IN
LOSS OF REVENUE INTANGIBLE
LESS ACCUMULATED AMORTIZATION
TOTAL INTANGIBLE ASSETS, NET
OTHER ASSETS AND DEFERRED OUTFLOWS
TOTAL ASSETS
LIABILITIES AND FUND EQUITY
CURRENT LIABILITIES
ACCOUNTSPAYABLE
SALARIES AND BENEFITS PAYABLE
DUE TO CITY
DUE TO OTHER FUNDS
NOTES PAYABLE -CURRENT PORTION
BONDS PAYABLE -CURRENT PORTION
UNEARNED REVENUE
TOTAL CURRENT LIABILITIES
LONG TERM LIABILITIES
LFG PROJECT
DUE TO COUNTY
BONDS PAYABLE, LESS CURRENT PORTION
PENSION LIABILITIES
TOTAL LONG TERM LIABILITIES
TOTAL LIABILITIES
DEFERRED INFLOWS OF RESOURCES
FUND EQUITY
CAPITAL ACCOUNT CONST COST
CONTRIBUTED CAPITAL
RETAINED EARNINGS
NET INCOME (LOSS) (THROUGH PREVIOUS MONTH)
TOTAL FUND EQUITY
TOTAL LIABILITIES & FUND EQUITY
ELECTRIC
10,058,875
2,803,787
701,607
t06,073
1,115,998
14,786,339
1,261,359
2,619,879
38,884
3,920,122
6457285
3,801,373
2.3017867
38,648,176
10,106,791
55,503,491
(27,230,356)
28,273,135
21,101,819
981,883
0
22,083,701
911.386
69,974,682
3,687,610
540,463
740,612
0
49,563
0
2,568
5,020,815
820,608
0
22,008,748
2,890,601
25,719,957
30,740,772
651,486
1,261,359
0
35,229,923
2,090,205
38,581,486
69,973,744
1S9:V 1181.N
4,975,252
556,691
13,476
13,657
290,189
5,849,264
0
1,179,308
113,824
1,293,132
13,528,683
0
0
22,740,586
1,019,980
37,289,250
(17,326,738)
19,962,512
0
0
0
0
177,225
27,282,132
206,844
108,140
2,227
0
0
0
152,582
469,793
0
0
1,134,662
556,723
1,691,385
2,161,177
125,475
0
0
24,201,051
795,366
24,996,417
27,283,070
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