5.1 ERMUSR 10-13-2020UTILITIES COMMISSION MEETING
TO:FROM:
ERMU Commission Melissa Karpinski –Finance Manager
MEETING DATE: AGENDA ITEM NUMBER:
October 13, 20205.1
SUBJECT:
Financial Report – August2020
ACTION REQUESTED:
Receive the August2020 Financial Report
DISCUSSION:
Please note that these are the preliminary unaudited financial statements.
Electric
August’s electric kWhsales are down from the prior year, 10%. For further breakdown:
Residential usageis down 11%
Small Commercial usage is down 16%
Large Commercial usage is down 9%
Electric Operating Revenues for August of $3,726,425 are less than prior year by 8% and
unfavorable to budget by 10%. August YTD is behind the prior year by 1% and unfavorable to
budget by 2%. The prior YTD variance is due to Commercial Sales.
Other Revenues of $213,347 are lessthan the prior year by 8% but favorable to budget by 25%.
Other Revenues YTD are more than the prior year by 1% and favorable to budget by 12%.
Overall, Total Revenues of $3,939,773 are less than the prior year by 8% and unfavorable to
budget by 9%. YTD is less than the prior year by 1% and is unfavorable to budget by 2%.
Purchased Power of $2,591,162 is more than the prior year by 3% but favorable to budget by
12%. YTD is less than prior year by 3% and is favorable to budget by 3%.
Administrative Expenses of $243,644 are more than the prior year by 6% but are favorable to
budget by 10%. YTD costs are more than the prior year by 12% but are favorable to budget by
3%. The main driver of the prior YTD variance is the recognition of $160,583 in Salaries expense
due to COVID-19. An area that has seen a reduction in expense is Schools & Meetings as many
trainings and meetings have been cancelled this year due to COVID-19.
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General Expensesof $25,171aremore than prior yearby 5% butarefavorable to budget by
41%. YTD costs are morethan the prior year by 7% but are favorabletobudget by 34%.
Total expensesYTDare 1% less than prior year andare favorable to budget by 4%. The main
driver of the prior YTD variance is Purchased Power.
For August 2020, the Electric Department has a Net Profit of $448,276 and YTD Net Profit of
$1,377,839. This is ahead of the budgeted monthly Net Profit of $340,252 but is less than the
prior year monthly Net Profit of $883,079. YTD is ahead of the budgeted YTD Net Profit of
$771,387 but is slightly less than the prior YTD Net Profit of $1,397,042.
Water
August gallons of water sold are up from the prior year, 3%. For further breakdown:
Residential use is up 3%
Commercial use is up 4%
Water Operating Revenues for August of $373,760 are ahead of prior year by 4% and are
favorable to budget by 1%. YTD is ahead of prior year by 20% and is favorable to budget by
18%. The prior YTD variance is mainly due to Elk River Residential Sales.
Other Revenues of $104,476 are ahead of prior year by 18% and favorable to budget by 51%.
YTD is behind prior year by 7% but are favorable to budget by 27%. The main driver causing the
prior YTD variance is Connection Fees.
Overall, Total Revenues of $478,237 are ahead of prior year by 7% and are ahead of prior YTD
by 13%. YTD Total Revenues are favorable to budget by 20%.
Total Expenses of $246,211 are ahead of prior year by 14% but are in line with prior YTD. YTD is
also favorable to budget by 12%.
For August 2020, the Water Department has a Net Profit of $232,025 and YTD NetProfit of
$454,158. This is ahead of the budgeted monthly Net Profit of $154,580 and is ahead of the
prior year monthly Net Profit of $229,275. YTD is significantly ahead of the budgeted YTD Net
Loss of ($171,855) and prior YTD Net Profitof $185,609.
ATTACHMENTS:
Balance Sheet 08.2020
Summary Electric Statement of Revenues, Expenses and Changes in Net Position
08.2020
Summary Water Statement of Revenues,Expenses and Changes in Net Position 08.2020
Graphs Prior Year and YTD 2020
Detailed Electric Statement of Revenues, Expenses and Changes in Net Position 08.2020
Detailed Water Statement of Revenues, Expenses and Changes in Net Position 08.2020
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39
40
41
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
40,000
35,000
30,000
25,000
20,000
Energy Purchases in MWH
15,000
Month
20192020
42
Elk River Municipal Utilities Monthly Total Electric Load
40,000
35,000
30,000
25,000
Electric Load in MWH
20,000
15,000
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
43
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
44
Elk River Municipal Utilities Monthly Water Pumpage
160
140
120
100
80
60
Pumpage in Million Gal.
40
20
0
Month
20192020
Elk River Municipal Utilities Peak Day Pumpage
6.0
5.0
4.0
3.0
illion Gal.
2.0
Peak Day in M
1.0
0.0
Month
20192020
45
Elk River Municipal Utilities Monthly Water Sales
140
$500,000
$450,000
120
$400,000
100
$350,000
$300,000
80
$250,000
60
$200,000
Sales In Dollars
$150,000
40
Sales in Million Gal.
$100,000
20
$50,000
$0
0
Month
2019 MG2020 MG2019 $2020 $
46
47
48
49
50
51
52
53
54
55
56