5.1 ERMUSR 06-09-2020UTILITIES COMMISSION MEETING
TO:FROM:
ERMU Commission Melissa Karpinski –Finance Manager
MEETING DATE: AGENDA ITEM NUMBER:
June 9, 2020 5.1
SUBJECT:
Financial Report – April 2020
ACTION REQUESTED:
Receive the April 2020Financial Report
DISCUSSION:
Please note that these are the preliminary unaudited financial statements.
Electric
April’selectric kWh sales are upfrom the prior year, 10%. For further breakdown:
Residential usageis up29%
Small Commercial usage is up 3%
Large Commercial usage is up 3%
Electric Operating Revenues for April of $2,854,268 are more thanprior year by 10% and
favorable to budget by 8%. April YTD isbehind prior year by 2% and unfavorable to budget by
3%. The prior YTDvariance is mainly due to Elk River Commercial Sales.
Other Revenues of $177,209 are more thanthe prior year by 1% and favorable to budget by
4%. Other Revenues YTD are more than the prior year by 16% and favorable to budget by 17%.
Overall, Total Revenues of $3,031,477 are more than the prior year by 9% and favorable to
budget by 8%. YTD is less than the prior year by 1% and unfavorable to budget by 2%.
Purchased Power of $1,745,434 is less than the prior year by 3% but is unfavorable to budget by
1%. YTD is less than prior year by 7% and is favorable to budget by 5%.
Administrative Expenses of $250,162 are less than the prior year by 3% and are favorable to
budget by 14%. YTD costs are more than the prior year by 3% but are favorable to budget by
11%. The main driver of the prior YTD variance is Insurance.
General Expenses of $31,296 are less than prior year by 1% and are favorable to budget by 26%.
YTD costs are more than the prior year by 6% but are favorable to budget by 35%.
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Total expensesYTDare 5% less than prior year andare favorable to budget by 6%. The main
driver of the prior YTD variance is Purchased Power.
For April2020, the Electric Department has a Net Profitof $359,579and YTD NetProfit of
$929,765. This is ahead of the budgeted monthly Net Profit of $65,521 and is more thanprior
year monthly Net Profit of $42,462. YTD is ahead of the budgeted YTD Net Profit of $493,471
and is morethan the prior YTD Net Profit of $534,199.
Water
April gallons of water sold areup from the prior year, 24%. For further breakdown:
Residential use is up 40%
Commercial use is up 11%
Water Operating Revenues for April of $145,452 are ahead of prior year by 20% and are
favorable to budget by 19%. YTD is ahead of prior year by 6% and is favorable to budget by 5%.
Other Revenues of $34,031 are behind prior year by 3% and unfavorable to budget by 23%.
YTD is ahead of prior YTD by 25% and are favorable to budget by 39%. The main driver causing
the prior YTD variance is Connection Fees.
Overall, Total Revenues of $179,484 are ahead of prior year by 15% and are ahead of prior YTD
by 11%. YTD Total Revenues are favorable to budget by 14%.
Total Expenses of $200,089 are less than prior year by 6% and less than the prior YTD by 7%.
YTD is also favorable to budget by 18%.
r April 2020, the Water Department has a Net Loss of ($20,604) and YTD Net Loss of
Fo
($68,551). This is ahead of the budgeted monthly Net Loss of ($78,687) and isahead of the
prior year monthly Net Loss of ($56,108). YTD is significantly ahead of the budgeted YTD Net
Loss of ($347,448) and is ahead of the prior YTD Net Loss of ($211,144).
ATTACHMENTS:
Balance Sheet 04.2020
Summary Electric Statement of Revenues, Expenses and Changes in Net Position
04.2020
Summary Water Statement of Revenues, Expenses and Changes in Net Position 04.2020
Graphs Prior Year and YTD 2020
Detailed Electric Statement of Revenues, Expenses and Changes in Net Position 04.2020
Detailed Water Statement of Revenues, Expenses and Changes in Net Position 04.2020
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