5.1 ERMUSR 5-12-2020UTILITIES COMMISSION MEETING
TO:FROM:
ERMU Commission Melissa Karpinski –Finance Manager
MEETING DATE: AGENDA ITEM NUMBER:
May 12, 2020 5.1
SUBJECT:
Financial Report – March 2020
ACTION REQUESTED:
Receive the March 2020Financial Report
DISCUSSION:
Please note that these are the preliminary unaudited financial statements.
Electric
March’selectric kWh sales are down from the prior year, 9%. For further breakdown:
Residential usage is down 11%
Small Commercial usage is down 12%
Large Commercial usage is down 7%
Electric Operating Revenues for March of $2,608,368 are less than prior year by 7% and
unfavorable to budget by 9%. March YTD is behind prior year by 5% and unfavorable to budget
by 7%. The prior YTD variance is mainly due to Elk River Sales.
Other Revenues of $239,612 are more than the prior year by 56% and favorable to budget by
46%. Other Revenues YTD are more than the prior year by 22% and favorable to budget by 22%.
Overall, Total Revenues of $2,847,980 are less than the prior year by 4% and unfavorable to
budget by 6%. YTD is less than the prior year by 3% and unfavorable to budget by 5%.
Purchased Power of $1,823,301 is less than the prior year by 8% and is favorable to budget by
5%. YTD is less than prior year by 8% and is favorable to budget by 7%.
Administrative Expenses of $259,812 are more than the prior year by 2% but are favorable to
budget by 14%. YTD costs are more than the prior year by 4% but are favorable to budget by
10%. The main driver of the prior YTD variance is Insurance.
General Expenses of $19,690 are less than prior year by 24% and are favorable to budget by
53%. YTD costs are more than the prior year by 9% but are favorable to budget by 39%.
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Total expensesYTDare 5% less than prior year andare favorable to budget by 7%. The main
driver of the prior YTD variance is Purchased Power.
For March2020, the Electric Department has a Net Profitof $119,909and YTD NetProfit of
$570,186. This is ahead of the budgeted monthly Net Profit of $88,988 and is more thanprior
year monthly Net Profit of $46,645. YTD is ahead of the budgeted YTD Net Profit of $427,950
and is morethan the prior YTD Net Profit of $491,737.
Water
March gallons of water sold are consistent with the prior year. For further breakdown:
Residential use is consistent with prior year
Commercial use is down 1%
Water Operating Revenues for Marchof $125,380are ahead of prior year by 2% and are
favorable to budget by 1%. YTDis ahead of prior year by 2% and is favorable to budget by 1%.
Other Revenues of $41,508 are behind prior year by 6% andunfavorable to budget by 6%. YTD
is ahead of prior YTD by 31% and are favorable to budget by 60%. The main driver causing the
prior YTD variance is Connection Fees.
Overall, Total Revenues of $166,889 are in line with prior year and are ahead of prior YTD by
11%. YTD Total Revenues are favorable to budget by 16%.
Total Expenses of $199,293 are less than prior year by 14% and less than the prior YTD by 7%.
YTD is also favorable to budget by 18%.
r March 2020, the Water Department has a Net Loss of ($32,404) and YTD Net Loss of
Fo
($47,947). This is ahead of the budgeted monthly Net Loss of ($85,404) and is ahead of the
prior year monthly Net Loss of ($63,334). YTD is significantly ahead of the budgeted YTD Net
Loss of ($268,761) and is ahead of the prior YTD Net Loss of ($155,036).
ATTACHMENTS:
Balance Sheet 03.2020
Summary Electric Statement of Revenues, Expenses and Changes in Net Position
03.2020
Summary Water Statement of Revenues,Expenses and Changes in Net Position 03.2020
Graphs Prior Year and YTD 2020
Detailed Electric Statement of Revenues, Expenses and Changes in Net Position 03.2020
Detailed Water Statement of Revenues, Expenses and Changes in Net Position 03.2020
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