5.1 ERMUSR 2-11-2020UTILITIES COMMISSION MEETING
TO: FROM:
ERMU Commission Melissa Karpinski Finance Manager
MEETING DATE: AGENDA ITEM NUMBER:
February 11, 2020 5.1
SUBJECT:
Financial Report December 2019
ACTION REQUESTED:
Receive the December 2019 Financial Report
DISCUSSION:
The 2019 Financial Report is presented for your review. Please note that these are the
preliminary ǒƓğǒķźƷĻķ financial statements.
Electric
December electric kWh sales are down from the prior year, 4%. For further breakdown:
Residential usage is down 1%
Small Commercial usage is down 5%
Large Commercial usage is down 6%
Electric Operating Revenues for December of $2,656,655 are more than prior year by 2% and
favorable to budget by 3%. December YTD is behind prior year by 2% and unfavorable to
budget by 3%. 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 $231,321 are more than the prior year by 16% and favorable to budget by
46%. Other Revenue YTD is behind prior year by 9% but is favorable to budget by 23%. 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 $2,887,976 are more than the prior year by 3% and favorable to
budget by 6%. YTD is less than the prior year by 2% and unfavorable to budget by 1%.
Purchased Power of $1,854,125 is less than the prior year by 10% and is favorable to budget by
5%. YTD is less than prior year by 7% and is favorable to budget by 3%.
Administrative Expenses of $260,036 are more than the prior year by 4% but are favorable to
budget by 15%. YTD costs are more than the prior year by 3% but are favorable to budget by
9%. The main drivers of the prior YTD variance are Salaries and Medical/Dental.
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General Expenses of$53,827aremorethan the prior yearby 131% andareunfavorable to
budget by 20%. YTD costs are more than the prior year by 79% but are favorable to budget by
32%. The main driver causing the prior YTD variance is CIP Rebates being fully funded from
ERMU.
Total expenses YTD are 2% less than the prior year and are favorable to budget by 5%.
For December 2019, the Electric Department has a Net Profit of $34,948 and YTD Net Profit of
$2,870,618. This is ahead of the budgeted monthly Net Loss of ($344,908) and is more than the
prior year monthly Net Loss of ($132,783). YTD is ahead of the budgeted YTD Net Profit of
$1,593,658 but is less than the prior YTD Net Profit of $2,960,518.
Water
December gallons of water sold are down 4% from the prior year. For further breakdown:
Residential use is down 1%
Commercial use is down 7%
Water Operating Revenues for December of $122,337 are in line with the prior year and are
favorable to budget by 9%. YTD is behind prior year by 9% but is in line with budget.
Other Revenues of $66,042 are less than the prior year by 5% and are behind prior YTD by 26%.
The main driver causing the prior YTD variance is Connection Fees. Other Revenues YTD are
favorable to budget by 48%.
Overall, Total Revenues of $188,380 are behind the prior year by 2% and are behind prior YTD
by 14%. YTD Total Revenues are favorable to budget by 9%.
Total Expenses of $191,760 are more than the prior year by 5% but are in line with prior YTD.
YTD is also favorable to budget by 8%.
For December 2019, the Water Department has a Net Loss of ($3,379) and YTD Net Profit of
$340,865. This is ahead of the budgeted monthly Net Loss of ($63,592) but is slightly behind the
prior year monthly Net Profit of $10,661. YTD is significantly ahead of the budgeted YTD Net
Loss of ($144,494) but is behind the prior YTD Net Profit of $840,660.
ATTACHMENTS:
Balance Sheet 12.2019
Summary Electric Statement of Revenues, Expenses and Changes in Net Position
12.2019
Summary Water Statement of Revenues, Expenses and Changes in Net Position 12.2019
Graphs Prior Year and YTD 2020
Detailed Electric Statement of Revenues, Expenses and Changes in Net Position 12.2019
Detailed Water Statement of Revenues, Expenses and Changes in Net Position 12.2019
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60
61
62
63
Elk River Municipal Utilities Monthly Electrical Demand
75.0
70.0
65.0
60.0
55.0
50.0
Demand in MW
45.0
40.0
35.0
30.0
Month
20192020
Elk River Municipal Utilities Monthly Energy Purchases
34,000
29,000
24,000
19,000
Energy Purchases in MWH
14,000
Month
20192020
64
Elk River Municipal Utilities Monthly Total Electric Load
40,000
35,000
30,000
25,000
20,000
Electric Load in MWH
15,000
10,000
Month
20192020
Elk River Municipal Utilities Monthly Electric Sales
$4,500,000
$4,000,000
$3,500,000
$3,000,000
$2,500,000
Sales in Dollars
$2,000,000
$1,500,000
$1,000,000
Month
20192020
65
Elk River Municipal Utilities Monthly Residential, Commercial & Industrial
Loads
25,000
20,000
15,000
10,000
Loads in MWH
5,000
-
Month
2019 Residential2020 Residential2019 Commercial
2020 Commercial2019 Industrial2020 Industrial
Elk River Municipal Utilities Monthly Residential, Commercial & Industrial
Sales
$2,500,000
$2,000,000
$1,500,000
$1,000,000
Sales in Dollars
$500,000
$0
Month
2019 Residential2020 Residential2019 Commercial
2020 Commercial2019 Industrial2020 Industrial
66
Elk River Municipal Utilities Monthly Water Pumpage
140
120
100
80
60
40
Pumpage in Million Gal.
20
0
Month
20192020
Elk River Municipal Utilities Peak Day Pumpage
5.0
4.5
4.0
3.5
3.0
2.5
illion Gal.
2.0
1.5
1.0
Peak Day in M
0.5
0.0
Month
20192020
67
Elk River Municipal Utilities Monthly Water Sales
120.0
100.0
80.0
60.0
40.0
Sales in Million Gal.
20.0
0.0
Month
20192020
Elk River Municipal Utilities Monthly Water Sales
$400,000
$350,000
$300,000
$250,000
$200,000
$150,000
Sales in Dollars
$100,000
$50,000
$0
Month
20192020
68
69
70
71
72
73
74
75
76
77
78