5.1 ERMUSR 01-12-2021UTILITIES COMMISSION MEETING
TO:FROM:
ERMU Commission Melissa Karpinski –Finance Manager
MEETING DATE: AGENDA ITEM NUMBER:
January 12, 2021 5.1
SUBJECT:
Financial Report – November2020
ACTION REQUESTED:
Receive the November 2020 Financial Report
DISCUSSION:
Please note that these are the preliminary unaudited financial statements.
Electric
November’selectric kWhsalesare down from the prior year, 8%. For further breakdown:
Residential usage is down 12%
Small Commercialusageis down 12%
Large Commercial usage is down 6%
Electric Operating Revenues for November of $2,711,966 are less than prior year by 7% and
unfavorable to budget by 9%. NovemberYTD 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 $168,391 are less than the prior year by 27% and are unfavorable to budget
by 15%. Other Revenues YTD are less than the prior year by 9% but favorable to budget by 6%.
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 $2,880,358 are less than the prior year by 9% and unfavorable to
budget by 9%. YTD is in line with the prior year but unfavorable to budget by 1%.
Purchased Power of $1,750,127 is more than the prior year by 5% but favorable to budget by
10%. YTD is less than prior year by 3% and is favorable to budget by 5%.
Administrative Expenses of $265,468 are in line with prior year and are favorable to budget by
16%. YTD costs are more than the prior year by 10% but are favorable to budget by 5%. 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 $38,994aremore than prior yearby 6% butarefavorable to budgetby 9%.
YTD costs are morethan the prior yearby 13% 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 1% less than prior year and are favorable to budget by 6%. The main
driver of the prior YTD variance is Purchased Power.
For November 2020, the Electric Department has a Net Profitof $227,627 and YTD Net Profit of
$2,878,186. This is ahead of the budgeted monthly Net Profitof $162,569but isless than the
prior year monthly Net Profit of $574,635. YTD is ahead of the budgeted YTD Net Profit of
$1,295,274 andis morethan the prior YTD Net Profit of $2,835,670.
Water
November gallons of water sold are down from the prior year, 8%. For further breakdown:
Residential use is down 4%
Commercial use is down 13%
Water Operating Revenues for November of $146,233 are behind prior year by 4% and are
unfavorable to budget by 5%. YTD is ahead of prior year by 18% and is favorable to budget by
15%. The prior YTD variance is mainly due to Elk River Residential Sales.
Other Revenues of $79,475 are ahead of prior year by 42% and favorable to budget by 80%.
YTD is behindprioryear by 2% butare favorable tobudget by 38%. The main drivers causing
the priorYTD variance are Customer Penaltiesand ConnectionFees.
Overall, Total Revenues of $225,709 are ahead of prior year by 9% and ahead of prior YTD by
13%. YTD Total Revenues are favorable to budget by 20%.
Total Expenses of $228,159 are more than prior year by 1% and are more than prior YTD by 1%.
YTD is favorable to budget by 11%.
For November 2020, the Water Department has a Net Loss of ($2,674) and YTD Net Profit of
$682,236. This is ahead of the budgeted monthly Net Loss of ($67,165) and is ahead of the
prior year monthly Net Loss of ($18,635). YTD is significantly ahead of the budgeted YTD Net
Loss of ($165,955) and prior YTD Net Profit of $344,245.
ATTACHMENTS:
Balance Sheet 11.2020
Summary Electric Statement of Revenues, Expenses and Changes in Net Position
11.2020
Summary Water Statement of Revenues, Expenses and Changes in Net Position 11.2020
Graphs Prior Year and YTD 2020
Detailed Electric Statement of Revenues, Expenses and Changes in Net Position 11.2020
Detailed Water Statement of Revenues, Expenses and Changes in Net Position 11.2020
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76
77
78
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
79
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
80
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
81
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
82
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 $
83
84
85
86
87
88
89
90
91
92
93