5.1 ERMUSR 03-10-2020UTILITIES COMMISSION MEETING
TO:FROM:
ERMU Commission Melissa Karpinski –Finance Manager
MEETING DATE: AGENDA ITEM NUMBER:
March 10, 2020 5.1
SUBJECT:
Financial Report – January 2020
ACTION REQUESTED:
Receive the January 2020Financial Report
DISCUSSION:
Please note that these are the preliminary unaudited financial statements.
Electric
January’s electric kWh sales are upfrom the prior year, 11%. For further breakdown:
Residential usage is up 22%
Small Commercial usage is up 17%
Large Commercial usage is up 4%
Electric Operating Revenues for January of $3,040,420 are above the prior year by 6% and
favorable to budget by 5%. The prior year variance is mainly due to the amount of days in billing
cycles.
Other Revenue of $213,039 is above the prior year by 25% and is favorable to budget by 32%.
Overall, Total Revenues of $3,253,549 are above the prior year by 7%, and favorable to budget
by 6%.
Purchased Power of $1,863,589 is less than the prior year by 12%, and favorable to budget by
1%.
Administrative Expenses of $374,416 are 8% more than the prior year, and unfavorable to
budget by 1%.
General Expenses of $20,282 are 7% more than the prior year but are favorable to budget by
52%.
For expenses, in total they are 7% less than the prior year and are favorable to budget by 2%.
The main driver causing the prior year variance is Purchased Power.
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For January 2020, the Electric Department has a Net Profitof $304,501. This is more than the
budgeted Net Profitof $69,319 andisahead ofthe prior year Net Lossof ($124,452).
Water
January gallons of water sold are up17% from the prior year. For further breakdown:
Residential use is up 20%
Commercial use is up 15%
Water Operating Revenues for Januaryof $138,522are above the prior year by 15% and
favorable to budgetby 14%. The prior year variance is mainly due to the amount of days in
billing cycles.
Other Revenues of $39,337 are less than the prior year by 33% and unfavorable to budget by
11%. The main driver of the prior year variance is due to WAC Fees ($16,744).
Overall, Total Revenues of $177,860 are less than the prior year by 1% but are favorable to
budget by 8%.
Total Expenses of $233,664 are less than the prior year by 6% and are favorable to budget by
16%.
For January 2020, the Water Departmenthas a Net Lossof ($55,803) (typical for the water
department), which is better than last year’s Net Loss of ($68,220) and better than the
budgeted Net Loss of ($111,635).
ATTACHMENTS:
Balance Sheet 01.2020
Summary Electric Statement of Revenues, Expenses and Changes in Net Position
01.2020
Summary Water Statement of Revenues, Expenses and Changes in Net Position 01.2020
Graphs Prior Year and YTD 2020
Detailed Electric Statement of Revenues, Expenses and Changes in Net Position 01.2020
tailed Water Statement of Revenues, Expenses and Changes in Net Position 01.2020
De
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ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
COMBINED BALANCE SHEET
FOR PERIOD ENDING JANUARY 2020
ELECTRICWATER
ASSETS
CURRENT ASSETS
CASH12,741,9606,420,341
ACCOUNTS RECEIVABLE2,311,039276,126
INVENTORIES1,007,6437,711
PREPAID ITEMS226,28827,629
CONSTRUCTION IN PROGRESS713,909338,466
TOTAL CURRENT ASSETS17,000,8407,070,272
RESTRICTED ASSETS
BOND RESERVE FUND1,261,3590
EMERGENCY RESERVE FUND2,762,2551,319,005
UNRESTRICTED RESERVE FUND00
TOTAL RESTRICTED ASSETS4,023,6141,319,005
FIXED ASSETS
PRODUCTION645,28513,567,845
LFG PROJECT3,851,4420
TRANSMISSION2,305,0240
DISTRIBUTION40,971,51323,042,971
GENERAL10,758,4071,032,460
FIXED ASSETS (COST)58,531,67037,643,276
LESS ACCUMULATED DEPRECIATION(29,756,560)(18,849,560)
TOTAL FIXED ASSETS, NET28,775,11018,793,716
INTANGIBLE ASSETS
POWER AGENCY MEMBERSHIP BUY-IN21,546,2120
LOSS OF REVENUE INTANGIBLE2,567,9270
LESS ACCUMULATED AMORTIZATION(889,696)0
TOTAL INTANGIBLE ASSETS, NET23,224,4430
OTHER ASSETS AND DEFERRED OUTFLOWS264,85346,101
73,288,86027,229,094
TOTAL ASSETS
LIABILITIES AND FUND EQUITY
CURRENT LIABILITIES
ACCOUNTS PAYABLE4,733,859276,774
SALARIES AND BENEFITS PAYABLE719,687141,763
DUE TO CITY967,87034,559
DUE TO OTHER FUNDS00
NOTES PAYABLE-CURRENT PORTION186,9560
BONDS PAYABLE-CURRENT PORTION840,000250,000
UNEARNED REVENUE14,273115,345
TOTAL CURRENT LIABILITIES7,462,645818,440
LONG TERM LIABILITIES
LFG PROJECT415,7400
DUE TO COUNTY00
BONDS PAYABLE, LESS CURRENT PORTION20,076,123602,556
PENSION LIABILITIES2,456,809418,155
TOTAL LONG TERM LIABILITIES22,948,6721,020,711
30,411,3171,839,152
TOTAL LIABILITIES
DEFERRED INFLOWS OF RESOURCES520,93488,042
FUND EQUITY
CAPITAL ACCOUNT CONST COST1,261,3590
CONTRIBUTED CAPITAL00
RETAINED EARNINGS40,790,74825,357,704
NET INCOME (LOSS) (THROUGH PREVIOUS MONTH)304,502(55,804)
TOTAL FUND EQUITY42,356,60925,301,900
73,288,86027,229,094
TOTAL LIABILITIES & FUND EQUITY
51
52
53
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
54
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
55
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
56
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
2.0
1.5
1.0
Peak Day in Million Gal.
0.5
0.0
Month
20192020
57
Elk River Municipal Utilities Monthly Water Sales
120
$350,000
100
$300,000
80$250,000
$200,000
60
$150,000
40
Sales In Dollars
$100,000
Sales in Million Gal.
20
$50,000
0$0
Month
2019 MG2020 MG2019 $2020 $
58
59
60
61
62
63
64
65
66
67
68