ERMUSR FINANCIALS 08-12-2008FINANCIAL INDEX
FINANCIALS Jun-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 ...... I.......
10
GRAPH #5 WATER SALES
11
DETAILED ELECTRIC P & L WITH BUDGET INFORMATION.......
12
.... I.........
13
.......... I...
14
..............
15
DETAILED WATER P & L WITH BUDGET INFORMATION..........
16
..............
17
..............
18
PROFIT AND LOSS NARRATIVE
19
..............
20
COMBINED BALANCE SHEETS
JUNE 2008
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
OTHER ASSETS
FIXED ASSETS (COST)
LESS ACCUMULATED DEPRECIATION
TOTAL FIXED ASSETS, NET
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
ELECTRIC
1,000,735 47
2,586,276.55
1,586,301.14
138,196.56
1,748,396.09
7,059,905.81
733,400.00
1,233,948 38
116,658.47
2, 084, 006.85
2,342,563.74
3,921,648.93
453,005.00
29,903,696.42
10, 308,194.55
46,929,108.64
(18,801,574.25)
28,127, 534.39
135,515.31
37,406,962.36
1,407,917 58
226,722.40
45,000 00
229,562.15
190,000.00
2,099,202.13
2,701,994,04
WATER
74,206 87
490,923.50
40, 745, 55
5,372.87
800,730.97
1,411,979.76
2,630,035.70
1,013,278.70
135,493.00
3,778,807.40
9,497,241.34
20,073,154 06
886,279.12
30,456,674.52
(7,567,752.99)
22,888,921.53
132,100.85
28,211,809.54
110,236.86
65,685.01
175,921.87
7,853,750.35 7,606,250.00
10,555,744.39 7,606,250.00
12,654,946.52 7,782,171.87
733,400.00
24,018,615.84 20,429,637.99
24,752,015.84 20,429,637.99
TOTAL LIABILITIES & FUND EQUITY 37,406,962.36 28,211,809.86
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ELk River Municipal Utilities Monthly Electrical Demand
50
45 -
40 �
i
35 �-
V 30
E 25
m 2007
20 —
15
e` e, e��zz
�0 Oeo
Months
Elk River Municipal Utilities Monthly Energy
Purchases
26,000
s
i 24,000
e
y 22,000
d
tlJ
20,000
7
T 18,000
D7
w 16,000
14,000 I
Q
10, Jco �J�9 Jyti °c
PJA
5eQ
Month
Elk River Municipal Utilities Monthly Total Electric Load
22,000
20,000 ��•��___��,
i�
E 18,000 ,
J 16,000 '
U �
14,000
U
w 12,000 2007
10,000 — —
8,000
�aF'
c v Q F F
)a tae Month P 0a O° ti°°,a O¢Ga
$2,500,000
$2,000,000
La
R
c $1,500,000
0
C_
N
m $1,000,000
N
$500,000
Elk River Municipal Utilities Monthly Electric Sales
$0 I
�acJa� a��Ja�
F
�a`°�•
PQ`\
mac
PJ0 �aQ O°1°
Month �° O¢
14,000
12,000
=10,000
8,000
r-
6,000 6,000
0
J 4,000
2,000
ELk River Municipal Utilities Monthly Residential, Commerical &
Industrial Loads
Industrial--- ♦<♦ _
.' ♦♦
0
z
Q
PoA mF
0Qti
Month 5
Elk River Municipal Utilities Monthly Residential, Commerical &
Industrial Sales
$1,200,000
$1,000,000
m
$800,000
c
$600,000
N
d
cz $400,000
$200,000
Industrial-___--
i�. ♦ `<<
' - Residential
2007
Commercial
$0
F
Month
Elk River Municipal Utilities Monthly Water Pumpage
160 ---
140
c 120 \
O J.
j \\
100 \ \
I \
5 80 —__—%
A
\\
60
Q \
♦�
20 -- —
2007
0
10 e�`J�c1
1-Q 110
e�110 e�,oet
F �eQ O �o� Oeu
Month
Elk River Municipal Utilities Peak Day Pumpage
7
6
i \
c
5
o
\
4,
%%
._
—
%
3
0
m
-
\
\\
m
2
,
1
2007
0
P )
)ao
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00
onto oe�c e4e�c
? O
Month
Elk River Municipal Utilities Monthly Water Sales
160
140
120
m
C7
c 100
0
g 80
c
60
to 40
20
0
acJacl �`Jac1 �a�cc PQc` �a� �Jce �a�� J�JS` e�ozc Giooec ��IV e�,oat
Month
$450,000
$400,000
$350,000
12 $300,000
o $250,000
N $200,000
W $150,000
$100,000
$50,000
$0
Elk River Municipal Utilities Monthly Water Sales
i
$450,000
$400,000
$350,000
12 $300,000
o $250,000
N $200,000
W $150,000
$100,000
$50,000
$0
Elk River Municipal Utilities Monthly Water Sales
Month
/OP
2007
Month
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PROFIT AND LOSS NARRATIVE
June 2008
Electric P&L
The Operating Revenue is up 1.6% over the prior year. This includes the remaining
Power Cost adjustment amount we collected, $90,652. Residential and commercial sales
are down and this is probably due to both weather and reduced growth, maybe some
intentional conservation. The large industrial sales are up with the data centers running
and that is making up for the low sales in other categories. Year to date operating
revenues are 47% of budget, and over 50% would be typical. We'll see how these next
few months fare for sales but we are anticipating that we will be slightly under budget for
the year, unless we have an earlier, colder winter. At this point it seems like it will be
around $100,000. We will be able to cutback on some capital projects to offset this.
Other revenues are down from a year ago. The capital equipment refund of sales tax was
received in June last year and so that is a $240,000 difference. (We submitted $148,000
this year and should probably receive that in August .) Connection Fees are pretty even
with last year at this point, but we don't expect to have much more, if any, for the rest of
the year.
This probably sounds like a broken record now - purchased power continues to be the
largest operating expense variance over last year, up 19% year to date. The Other
Operating Expense category is down again this month. We received our reimbursement
from GRE for the urge testing of our diesel generator plant, $6,865, and these funds are
offset against the fuel and engine maintenance costs. Year to date these expenses are
reasonable - at 34% of budget.
Distribution Expense is higher this month due to the purchasing of our PPE (Personal
Protective Equipment) clothing of shirts and pants, for approximately $19,000.
Maintenance expenses have the largest increase in underground distribution and this line
item accounts for the majority of the increase in the whole maintenance category. Again,
there is more of a focus on maintenance this year as the new construction projects have
slowed down, and we will continue to monitor it.
Customer Accounts expense is down 60% compared to last year, but write-offs were
included in June 2007, and for 2008 they were done in July. Administrative and General
expenses are down from last year but in line with budgets and projections. Last year we
purchased computers in June and that accounts for an $18,000 difference. We also had
three pay periods in June last year and so that accounts for a $22,000 difference.
101
Water P&L
Water Sales are up this month as compared to the prior months, and yet is still down from
last year for the month and year to date numbers. We are anticipating that we will be
under budget for the year, at this point approximately $200,000. We will most likely see
this impact as a draw -down of reserves.
Connection Fees are down for the month and for the year, and just like electric, we do not
anticipate that there will be much, if any, more for the remainder of the year.
Production expense is up due to a water tower inspection this year. Pumping expense is
down slightly as well as Distribution expense. Both are at just over 40% of budget and a
good benchmark would be 50%.
In Other Operating Expense we'll continue to see a higher amount for the amortization of
the bond refunding that was done this year. (This amortization was not a budgeted line
item.) Customer Accounts Expense is down due to the write-offs being in June of 2007,
and July of 2008, but this will correct itself next month. Administration and General
Expense is comparable to last year. Total expenses are down 2% from last year.
in