ERMUSR FINANCIALS 10-14-2008FINANCIAL INDEX
FINANCIALS Aug -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
COMBINED BALANCE SHEETS
August 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
913,587.24
2,846,052.11
1,511,608.84
130,801.46
310,197.50
5,712,247.15
733,400.00
1, 233, 948.38
116,658.47
2,084,006.85
2,342,56&74
4,131,648.93
474,335.00
31,531,779.21
10,317,275.55
48,797,602.43
(19,150, 742.03)
29, 646, 860.40
134,172.05
WATER
55,282.90
762,208.53
32,824.57
12,158.62
1,012,986 05
1,875,460.67
2,592,095.60
11013,278.70
135,493.00
3,740,867.30
9,497,241.34
20,081,274.80
886,279.12
30,464,795.26
(7,728,600.21)
22, 736,195.05
129,714.37
37,577,286.45 28,482,237.39
1,349,747.52
214,869.18
45,000.00
229,390.71
1,839,007.41
2,701,994.04
16,538.18
62,204.63
78,742.81
7,853,750.35 7,606,250.00
10,555,744.39 7,606,250.00
12,394,751.80 7,684,992.81
733,400.00
24,449,134.66 20,797,244.57
25,182,534.66 20,797,244.57
TOTAL LIABILITIES & FUND EQUITY 37,577,286.46 28,482,237.38
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2007
Elk River Municipal Utilities Monthly Energy
Purchases
26,000
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ELk River Municipal Utilities Monthly Electrical Demand
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2007
Elk River Municipal Utilities Monthly Energy
Purchases
26,000
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w 16,0002007
14,000
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Elk River Municipal Utilities Monthly Total Electric Load
$2,500,000
26,000
$2,000,000
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22,000
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2007
2007
Elk River Municipal Utilities Monthly Electric Sales
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ELk River Municipal Utilities Monthly Residential, Commerical &
Industrial Loads
-- Industrial-
2007
Elk River Municipal Utilities Monthly Residential, Commerical &
Industrial Sales
$1,300,000
$1,100,000
$900,000
o $700,000
w $500,000
m
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Industrial
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Residential 2007
$100,000 --
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Elk River Municipal Utilities Monthly Water Pumpage
160
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20
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Elk River Municipal Utilities Peak Day Pumpage
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Elk River Municipal Utilities Monthly Water Sales
$450,000
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$350,000 /
E $300,000
o $250,000 /
a $200,000
m / `
w $150,000
$100,000
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PROFIT AND LOSS NARRATIVE
August 2008
Electric P&L
The Operating Revenue for the month is up almost 23% over the prior year. Residential
and Commercial sales account for 9% of the increase, and Industrial sales are the
remaining 14%, which is largely from the data centers. Year to date operating revenues
are 67.44% of budget, and last year we were at 66.68% of budget at this time.
Other revenues are still down year-to-date from 2007, largely due to the decreased
Connection Fees. There was $24,000 invoiced to GRE in Misc Elec Revenue -Temp Chg
for the temporary electric charges in the cabling and transformer setup of their gas turbine
engine.
Purchased power is pretty consistent with the prior year, at 66.3% percent of budget.
Distribution expense has $32,891 expense in Temp Service -Install & Remove and
$24,000 of this is related to the temporary electric charges in revenue referenced above.
Maintenance expense has increases in Overhead and Underground Distribution as labor
resources are focused there. Conservation Imp Program (under Admin & Gen expenses)
has a credit for the month because of a $14,468 rebate we received for ER Area Schools,
but that will be passed on to the schools next month.
Net income for the month is ten times what is was last year, and yet we still are lagging
behind last year's year-to-date numbers approximately $500,000. Weather has impacted
that, and we have some economic impacts as well with the connection fees.
Water P&L
Water Sales are up 20% over last year with a 4% reduction in unit volume. Sales overall
are still down from last year for year to date numbers and we are still anticipating that we
will be under budget for the year. Connection Fees continue to be down.
The maintenance categories of the expense budget are at 56% of total budget, but slightly
ahead of last year. Overall, expenses are pretty consistent with last year. Total expenses
are at 65% of budget, last year they were at 63%, and the linear benchmark would be
66%.
Net income for the month ends up being slightly ahead of last year, but we still lag
significantly behind last year's year-to-date numbers. Here too, as in the electric, the
weather has impacted this greatly, and an economic impact as well with the connection
fees.
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