5.1 ERMUSR 12-08-2020UTILITIES COMMISSION MEETING
TO: FROM:
ERMU Commission Melissa Karpinski Finance Manager
MEETING DATE: AGENDA ITEM NUMBER:
December 8, 2020 5.1
SUBJECT:
Financial Report October2020
ACTION REQUESTED:
Receive the October 2020 Financial Report
DISCUSSION:
Please note that these are the preliminary ǒƓğǒķźƷĻķ financial statements.
Electric
October electric kWh sales are up from the prior year, 11%. For further breakdown:
Residential usage is up 17%
Small Commercial usage is up 14%
Large Commercial usage is up 8%
Electric Operating Revenues for October of $3,293,872 are more than prior year by 7% and
favorable to budget by 5%. October YTD is 1% more than the prior year but unfavorable to
budget by 1%. The YTDbudget variance is mainly due to Elk River Commercial Sales.
Other Revenues of $179,923 are less than the prior year by 30% but are in line with budget.
Other Revenues YTD are less than the prior year by7% but favorable to budget by 9%. 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 $3,473,795 are more than the prior year by 4% and favorable to
budget by 5%. YTD is in line with the prior year and in line with budget.
Purchased Power of $1,850,324 is more than the prior year by 4% but favorable to budget by
1%. YTD is less than prior year by 3% and is favorable to budget by 5%.
Administrative Expenses of $263,806 are more than the prior year by 4% but are favorable to
budget by 11%. YTD costs are more than the prior year by 11% but are favorable to budget by
4%. 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 Expenses of $26,738 areless than prior year by 8% and are favorable to budgetby 37%.
YTD costs are morethan the prior year by 14% but are favorable to budget by 25%. The prior
YTD variance is due to Commercial Rebates, but this is still favorable to YTD budget.
Total expenses YTD are 1% less than prior year and are favorable to budget by 5%. The main
driver of the prior YTD variance is Purchased Power.
For October 2020, the Electric Department has a Net Profit of $676,186 and YTD Net Profit of
$2,650,559. This is ahead of the budgeted monthly Net Profit of $402,215 and is more than the
prior year monthly Net Profit of $618,529. YTD is ahead of the budgeted YTD Net Profit of
$1,132,705 and is more than the prior YTD Net Profit of $2,261,035.
Water
Octobergallonsof water sold areupfrom the prior year, 42%.For furtherbreakdown:
Residential use is up 74%
Commercial use is up 21%
Water Operating Revenues for October of $267,917 are ahead of prior year by 40% and are
favorable to budget by 37%. YTD is ahead of prior year by 20% and is favorable to budget by
17%. The prior YTD variance is mainly due to Elk River Residential Sales.
Other Revenues of $77,916 are ahead of prior year by 32% and favorable to budget by 76%.
YTD is behind prior year by 6% but are favorable to budget by 34%. The main driver causing the
prior YTD variance is Connection Fees.
Overall, Total Revenues of $345,834 are ahead of prior year by 38% and ahead of prior YTD by
13%. YTD Total Revenues are favorable to budget by 20%.
Total Expenses of $212,132 are less than prior yearby 3% but are ahead of prior YTD by 1%.
YTD is also favorable to budget by 11%.
For October 2020, the Water Department has a Net Profit of $133,678 and YTD Net Profit of
$684,911. Thisis ahead of the budgeted monthly Net Loss of ($5,862) and is ahead of the prior
year monthly Net Profit of $32,567. YTD is significantly ahead of the budgeted YTD Net Loss of
($98,790) and prior YTD Net Profit of $362,880.
ATTACHMENTS:
Balance Sheet 10.2020
Summary Electric Statement of Revenues, Expenses and Changes in Net Position
10.2020
Summary Water Statement of Revenues, Expenses and Changes in Net Position 10.2020
Graphs Prior Year and YTD 2020
Detailed Electric Statement of Revenues, Expenses and Changes in Net Position 10.2020
Detailed Water Statement of Revenues, Expenses and Changes in Net Position 10.2020
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55
56
57
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
58
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
59
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
60
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
61
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 $
62
63
64
65
66
67
68
69
70
71
72