ERMUSR FINANCIALS 07-15-2008FINANCIAL INDEX
FINANCIALS May -08
PAGE
COMBINED BALANCE SHEET ...........
1
ELECTRIC INCOME STATEMENT .............
2
WATER INCOME STATEMENT
3
CASH FLOW BY MONTH
4
ELECTRIC CASH FLOW DETAIL ..............
5
WATER CASH FLOW DETAIL ..............
6
GRAPH #1 ELECTRICAL PURCHASES ..............
7
GRAPH #2 ELECTRIC SALES ..............
8
GRAPH #3 ELECTRIC SALES/CUSTOMER CLASS ..............
9
GRAPH #4 WATER PRODUCTION ..............
10
GRAPH #5 WATER SALES ..............
11
DETAILED ELECTRIC P & L WITH BUDGET INFORMATION.......
12
..............
13
..............
14
..............
15
DETAILED WATER P & L WITH BUDGET INFORMATION..........
16
..............
17
...........
18
PROFIT AND LOSS NARRATIVE ..............
19
..............
20
COMBINED BALANCE SHEETS
May 2008
733,400.00
2,630,035.70
ASSETS
ELECTRIC
WATER
CURRENTASSETS
116,658.47
135,493.00
CASH & TEMPORARY INVESTMENTS
1,349,822.77
316,730.44
ACCOUNTS RECEIVABLE
1,810,445.04
402,549.05
INVENTORIES
1,450,868.51
42,710.95
PREPAID ITEMS
157,382.49
11,198.04
CONSTRUCTION IN PROGRESS
1,709,745.35
559,162.47
TOTAL CURRENT ASSETS
6,478,264.16
1,332,350.95
RESTRICTED ASSETS
BOND RESERVE FUND
733,400.00
2,630,035.70
EMERGENCY RESERVE FUND
1,214,131.21
1,006,673.98
UNRESTRICTED RESERVE FUND
116,658.47
135,493.00
TOTAL RESTRICTED ASSETS
2,064,189.68
3,772,202.68
FIXED ASSETS
PRODUCTION
2,342,563.74
9,497,241.34
LFG PROJECT
3,921,648.93
-
TRANSMISSION
453,005.00
190,000.00
DISTRIBUTION
29,858,439.06
20,064,652.17
GENERAL
10,092,056.68
886,279.12
FIXED ASSETS (COST)
46,667,713.41
30,448,172.63
LESS ACCUMULATED DEPRECIATION
(18,631,011.36)
(7,488,210.23)
TOTAL FIXED ASSETS, NET
28,036,702.05
22,959,962.40
OTHER ASSETS
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
TOTAL CURRENT LIABILITIES
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
TOTAL FUND EQUITY
136,186.94 133,294.09
36,715,342.83 28,197,810.12
1,339,831.32
83,823.32
227,263.45
65,903.71
42,118.24
-
226,938.53
-
190,000.00
-
2,026,151.54
149,727.03
2,701,994.04
7,853,750.35
7,606,250.00
10,555,744.39
7,606,250.00
12,581,895.93 7,755,977.03
733,400.00
23,400,046.90 20,441,833.41
24,133,446.90 20,441,833.41
TOTAL LIABILITIES & FUND EQUITY 36,715,342.83 28,197,810.44
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i
2007
Elk River Municipal Utilities Monthly Energy
Purchases
24,000 ._
322,000
20,000 '
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16,000
a 16,000
LM
OC 14,000 2007
LU
12,000
Month
ELk River Municipal Utilities Monthly Electrical Demand
50
45
40
35
a
30
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15
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2007
Elk River Municipal Utilities Monthly Energy
Purchases
24,000 ._
322,000
20,000 '
U)
tN I `
16,000
a 16,000
LM
OC 14,000 2007
LU
12,000
Month
24,000
22,000
20,000
5 18,000
a
0 16,000
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10,000
8,000
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Month �° Oe
Elk River municipal Utilities Monthly Total Electric Load
�%
O—.-�
2007
$2,500,000
$2,000,000
N
N
o $1,500,000
0
c
N
$1,000,000
$500,000
Elk River Municipal Utilities monthly Electric Sales
$0 I
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14,000
12,000
=10,000
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2,000
0
ELk River Municipal Utilities Monthly Residential, Commerical &
Industrial Loads
Jac1 act e�On Qt\ �a� Jce SQA J5� oe� oel'14D6 pec
) PSA eQ�ecc OG�o ce°ems
Month 5
Elk River Municipal Utilities Monthly Residential, Commerical &
Industrial Sales
$1,200,000
$1,000,000
124 $800,000
A
e
$600,000
ayi
7i $400,000
$200,000
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i
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Month 5
Elk River Municipal Utilities Monthly Residential, Commerical &
Industrial Sales
$1,200,000
$1,000,000
124 $800,000
A
e
$600,000
ayi
7i $400,000
$200,000
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i
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$0
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Eliz River Municipal Utilities Monthly Water Pumpage
160
140
♦ `
c 120 ♦ ,`
o f %%
100 ♦ ♦ ` `
S 80 ♦ `%
R 60
CL
%�
40
20
2007
0
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Elk River Municipal Utilities Peak Day Pumpage
g
♦ -----`
2
y
i
%`
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S
♦
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♦
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a
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2007
0
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Fz P eQtie
e
pu o�z �e
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160
140
120
c 100
0
80
c
60
a
W 40
$450,000
$400,000
$350,000
A $300,000
0 $250,000
N $200,000
w$150,000
$100,000
$50,000
$0
Elk River Municipal Utilities Monthly Water Sales
i
s
i
i
2007
�eQ Ou�o� Oyu
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PROFIT AND LOSS NARRATIVE
May 2008
Electric P&L
Overall, we are in line with budgets and projections. Given the cooler spring weather and
slower economy, this is good news.
The Operating Revenue is up again this month, 9% over the prior year (excluding the
PCA.) The Power Cost Adjustment (PCA) charge was $111,000. We still have
approximately $90,000 to recover, and then we will be caught up, barring any further
adjustments we are billed from Connexus. Year to date operating revenues are 37% of
budget, and 42% would be typical. Over the next few summer months we should see
revenues pick up, weather permitting.
Other revenues, taken as a whole, are down slightly from a year ago. Connection Fees are
down considerably for the month, but year to date are pretty even with last year. We had
a few CDs mature and so the interest revenue is higher than last year.
Purchased power continues to be the largest operating expense variance over last year, up
38% for the month as compared to last year, and up 35% for the year to date comparison.
The Other Operating Expense category is up from last year (if you remember last month,
it was down considerably) but, again, year to date it is reasonable - at 31 % of budget.
Landfill Gas expenses are right on with projections. There is an increase over last year
and it is due to a $10,000 bonus payment made to the county in lieu of interest payments.
Distribution and General Maintenance expenses are up over last year, as has been noted
in prior months, and are still in line with the projections. Distribution and Maintenance
expenses are at approximately 47% of budgeted amounts, and 42% would be typical for
May. Again, there is more of a focus on maintenance this year as the capital projects have
slowed down. We will continue to monitor this category.
Depreciation Expense is a truer number now as our fixed asset schedules are being
updated throughout the year and the actual current depreciation is being calculated
(thanks to Lorrie, the Assistant Accountant)!
Services to the City has been addressed before. As a reminder, it is a $10,000/ month
increase over last year for the 3% of revenues payment, we have made one additional
payment year to date this year as compared to last year, and the donated electricity is up
with the new library and some park accounts added. Customer Accounts Expenses are
right on target with projections and year to date comparisons. Administrative and General
Expenses are at 39% of budget, and so in line with projections.
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When comparing year to date net income profit/loss, it is at 9% this year and was at 46%
last year. The early very warm spring of 2007 really made the financials look good very
early in the year. This year we are dealing with a cooler spring and a cooler start of
summer, still recovering the PCA, and more maintenance.
Water P&L
Water Sales are ahead year to date by $7,000 but down for the month by $12,000. The
spring was much warmer last year and there was more lawn watering because of it. As
we head into the summer months, and hopefully warmer weather, our revenue will
increase. Water Sales are at 21% of budget, which is typical. The majority of the water
revenue for the year is earned in the summer months.
Interest Income is higher reflecting the interest on some CDs that matured. Connection
Fees are down for the month and for the year, but this is an item that varies considerably
from year to year as to when it is collected.
Pumping expense is comparable to last year. Distribution expense is up and this is due
largely to the maintenance of meters and hydrants. Both are at just over 30% of budget
and a good benchmark would be 42%.
Depreciation, as mentioned above with the electric department, is a truer number now as
our fixed asset schedules are being updated throughout the year and the actual current
depreciation is being calculated.
Other Operating Expense is higher due to the amortization of the bond refunding that was
done this year. (This amortization was not a budgeted line item.) Customer Accounts
Expense is in line with budgeted projections, at 37% of budget. Administration and
General Expense is at 36% of budget, again, right in line with budgeted projections. Here
too, a good benchmark is 42%.
The monthly and year to date loss remains on target for the year's budgeted numbers.
We should start seeing those positive numbers again as we move through the summer
months.
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