5.1 ERMUSR 11-10-2020UTILITIES COMMISSION MEETING
TO:FROM:
ERMU Commission Melissa Karpinski –Finance Manager
MEETING DATE: AGENDA ITEM NUMBER:
November10, 2020 5.1
SUBJECT:
Financial Report – September 2020
ACTION REQUESTED:
Receive the September 2020 Financial Report
DISCUSSION:
Please note that these are the preliminary unaudited financial statements.
Electric
September’s electric kWh sales are up from the prior year, 6%. For further breakdown:
Residential usageis up22%
Small Commercial usage is down 2%
Large Commercial usage is upless than 1%
Electric Operating Revenues for Septemberof $3,496,148are more than prior year by 7% and
favorable tobudget by 5%. September YTD is in line with the prior year but unfavorable to
budget by 2%. The YTD budget variance is mainly due to Elk River Commercial Sales.
Other Revenues of $147,538 are less than the prior year by 32% and unfavorable to budget by
11%. Other Revenues YTD are less than the prior year by 4% but favorable tobudget by 10%.
The prior YTD variance is mainly due to Customer Penalties, due to not charging penalties on
delinquent accounts during the Peacetime Emergency Order.
Overall, Total Revenues of $3,643,687 are more than the prior year by 5% and favorable to
budget by 5%. YTD is in line with the prior year but is unfavorable to budget by 1%.
Purchased Power of $2,039,119 is less than the prior year by 11% and favorable to budget by
17%. YTD is less than prior year by 4% and is favorable to budget by 5%.
Administrative Expenses of $287,046 are more than the prior year by 13% but are favorable to
budget by 8%. 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 due to
COVID-19 as many trainings and meetings have been cancelled this year.
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General Expensesof $65,720aremore than prior yearby 65% andareunfavorable to budgetby
54%. YTD costs are morethan the prior year by 16% but are favorabletobudget by 24%.The
prior YTD variance is due to Commercial Rebates, but this is still favorable toYTD budget.
Total expenses YTD are 2% less than prior year and are favorable to budget by 5%. The main
driver of the prior YTD variance is Purchased Power.
For September 2020, the Electric Department has a Net Profit of $596,533 and YTD Net Profit of
$1,974,372. This is ahead of the budgeted monthly Net Loss of ($40,897) andis more thanthe
prior year monthly Net Profit of $245,463. YTD is ahead of the budgeted YTD Net Profit of
$730,490 and is more than the prior YTD Net Profit of $1,642,505.
Water
September gallons of water sold are up from the prior year, 5%. For furtherbreakdown:
Residential use is up 12%
Commercial use is down 1%
Water Operating Revenues for September of $286,928 are ahead of prior year by 3% but are
unfavorable to budget by 1%. YTD is ahead of prior year by 17% and is favorable to budget by
15%. The prior YTD variance is mainly due to Elk River Residential Sales.
Other Revenues of $67,374 are behind prior year by 21% but favorable to budget by 52%. YTD
is behind prior year by 9% but are favorable to budget by 30%. The main driver causing the
prior YTD variance is Connection Fees.
verall, Total Revenues of $354,302 are behind prior yearby 3% but areahead of prior YTD by
O
11%. YTD Total Revenues are favorable to budget by 18%.
TotalExpenses of $257,213 are ahead of prior year by 17% and are ahead of prior YTD by 2%.
YTD is also favorable to budget by 11%.
For September 2020, the Water Department has a Net Profit of $97,073 and YTD Net Profit of
$551,232. This is ahead of the budgeted monthly Net Profit of $78,927 but is behind the prior
year monthly Net Profit of $144,703. YTD is significantly ahead of the budgeted YTD Net Loss of
($92,928) and prior YTD Net Profit of $220,919.
ATTACHMENTS:
Balance Sheet 09.2020
SummaryElectric Statement of Revenues, Expenses and Changes in Net Position
09.2020
Summary Water Statement of Revenues,Expenses and Changes in Net Position 09.2020
Graphs Prior Year and YTD 2020
Detailed Electric Statement of Revenues, Expenses and Changes in NetPosition 09.2020
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Detailed Water Statement of Revenues, Expenses and Changes in Net Position 08.2020
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41
42
43
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
44
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
45
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
46
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
47
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 $
48
49
50
51
52
53
54
55
56
57
58