5.1. ERMUSR 12-17-2019UTILITIES COMMISSION MEETING
TO: FROM:
ERMU Commission Theresa Slominski Administrations Director
MEETING DATE: AGENDA ITEM NUMBER:
December 17, 2019 5.1
SUBJECT:
Financial Report October 2019
ACTION REQUESTED:
Receive the October 2019 Financial Report
DISCUSSION:
Electric
Residential usage is up 2%
Small Commercial usage is down 7%
Large Commercial usage is down 1%
Electric Operating Revenues for October of $3,076,940 are in line with prior year but
unfavorable to budget by 1%. October YTD is behind prior year by 2% and unfavorable to
budget by 4%. The prior YTD variance is mainly due to Elk River Sales (driven by a decrease in
rates and usage) which are partially offset by not having the Dispersed Generation Credit since
transitioning to MMPA.
Other Revenues of $256,608 are less than the prior year by 37% but favorable to budget by
53%. Other Revenue YTD is behind prior year by 14% but is favorable to budget by 20%. The
main drivers of the prior YTD variance are from Contributions from Customers (Otsego Street
Light Asset Transfer) and Interest Income (due to MMPA buy-in).
Overall, Total Revenues of $3,333,549 are less than the prior year by 5% but favorable to
budget by 2%. YTD is less than the prior year by 3% and unfavorable to budget by 2%.
Purchased Power of $1,777,166 is more than the prior year by 1% but is favorable to budget by
7%. YTD is less than prior year by 6% and is favorable to budget by 3%.
Administrative Expenses of $254,609 are 8% less than the prior year, and are favorable to
budget by 4%. YTD costs are more than the prior year by 4%, but are favorable to budget by
8%. The main drivers of the prior YTD variance are Salaries and Medical/Dental.
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General Expenses of $29,188 are 58% more than the prior year, but are favorable to budget by
35%. YTD costs are more than the prior year by 66% but are favorable to budget by 38%. The
main driver causing the prior YTD variance is CIP Rebates being fully funded from ERMU.
Total expenses YTD are 1% less than the prior year, and are favorable to budget by 4%.
For October 2019, the Electric Department has a Net Profit of $618,529 and YTD Net Profit of
$2,261,035. This is ahead of the budgeted monthly Net Profit of $240,549, but is less than the
prior year monthly Net Profit of $793,835. YTD is ahead of the budgeted YTD Net Profit of
$1,846,767, but is less than the prior YTD Net Profit of $2,884,040.
Water
October gallons of water sold are down 10% from the prior year. For further breakdown:
Residential use is down 12%
Commercial use is down 9%
Water Operating Revenues for October of $191,287 are behind prior year by 7%, but are
favorable to budget by 1%. YTD is behind prior year by 10%, and is unfavorable to budget by
1%.
Other Revenues of $59,048 are more than the prior year by 14%, but are behind prior YTD by
28%. The main driver causing the prior YTD variance is Connection Fees. Other Revenues YTD
are favorable to budget by 58%.
Overall, Total Revenues of $250,335 are behind the prior year by 3% and are behind prior YTD
by 15%. YTD Total Revenues are favorable to budget by 9%.
Total Expenses of $217,768 are less than the prior year by 1% and YTD are favorable to budget
by 7%.
For October 2019, the Water Department has a Net Profit of $32,567 and YTD Net Profit of
$362,880. This is ahead of the budgeted monthly Net Loss of ($3,796), but is slightly behind the
prior year monthly Net Profit of $38,823. YTD is significantly ahead of the budgeted YTD Net
Loss of ($12,450), but is behind the prior YTD Net Profit of $834,190.
ATTACHMENTS:
Balance Sheet 10.2019
Summary Electric Statement of Revenues, Expenses and Changes in Net Position
10.2019
Summary Water Statement of Revenues, Expenses and Changes in Net Position 10.2019
Graphs Prior Year and YTD 2019
Detailed Electric Statement of Revenues, Expenses and Changes in Net Position 10.2019
Detailed Water Statement of Revenues, Expenses and Changes in Net Position 10.2019
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