5.0 ERMUSR 02-09-2021______________________________________________________________________________
Page 1 of 2
UTILITIES COMMISSION MEETING
TO:
ERMU Commission
FROM:
Melissa Karpinski – Finance Manager
MEETING DATE:
February 9, 2021
AGENDA ITEM NUMBER:
5.1
SUBJECT:
Financial Report – December 2020
ACTION REQUESTED:
Receive the December 2020 Financial Report
DISCUSSION:
Please note that these are the preliminary unaudited financial statements.
Electric
December’s electric kWh sales are down from the prior year, 3%. For further breakdown:
• Residential usage is down 2%
• Small Commercial usage is down 11%
• Large Commercial usage is down 2%
Electric Operating Revenues for December of $2,617,735 are less than prior year by 1% and
unfavorable to budget by 3%. December 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 $221,878 are less than the prior year by 6% but are favorable to budget by
33%. Other Revenues YTD are less than the prior year by 9% but favorable to budget by 8%.
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 $2,839,614 are less than the prior year by 2% and unfavorable to
budget by 1%. YTD is in line with the prior year but unfavorable to budget by 1%.
Purchased Power of $1,830,208 is less than the prior year by 1% and favorable to budget by 3%.
YTD is less than prior year by 2% and is favorable to budget by 5%.
Administrative Expenses of $271,340 are less than the prior year by 6% and are favorable to
budget by 15%. YTD costs are more than the prior year by 9% but are favorable to budget by
6%. 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.
36
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Page 2 of 2
General Expenses of $43,682 are less than prior year by 19% but are unfavorable to budget by
2%. YTD costs are more than the prior year by 8% but are favorable to budget by 22%. The prior
YTD variance is due to Commercial Rebates, but this is still favorable to YTD budget.
Total expenses YTD are 2% less than prior year and are favorable to budget by 6%. The main
driver of the prior YTD variance is Purchased Power.
For December 2020, the Electric Department has a Net Loss of ($8,056) and YTD Net Profit of
$2,870,129. This is ahead of the budgeted monthly Net Loss of ($160,949) and is more than the
prior year monthly Net Loss of ($235,363). YTD is ahead of the budgeted YTD Net Profit of
$1,134,325 and is more than the prior YTD Net Profit of $2,600,307.
Water
December gallons of water sold are down from the prior year, 6%. For further breakdown:
• Residential use is up 4%
• Commercial use is down 15%
Water Operating Revenues for December of $120,842 are behind prior year by 1% and are
unfavorable to budget by 2%. YTD is ahead of prior year by 17% and is favorable to budget by
14%. The prior YTD variance is mainly due to Elk River Residential Sales.
Other Revenues of $249,826 are ahead of prior year by 281% and favorable to budget by 470%.
YTD is ahead of prior year by 22% are are favorable to budget by 72%. The main drivers causing
the prior YTD variance are Connection Fees.
Overall, Total Revenues of $370,668 are ahead of prior year by 97% and ahead of prior YTD by
18%. YTD Total Revenues are favorable to budget by 26%.
Total Expenses of $218,909 are more than prior year by 1% and are more than prior YTD by 1%.
YTD is favorable to budget by 12%.
For December 2020, the Water Department has a Net Profit of $151,759 and YTD Net Profit of
$833,996. This is ahead of the budgeted monthly Net Loss of ($95,998) and is ahead of the prior
year monthly Net Loss of ($28,252). YTD is significantly ahead of the budgeted YTD Net Loss of
($261,953) and prior YTD Net Profit of $315,993.
ATTACHMENTS:
• Balance Sheet 12.2020
• Summary Electric Statement of Revenues, Expenses and Changes in Net Position
12.2020
• Summary Water Statement of Revenues, Expenses and Changes in Net Position 12.2020
• Graphs Prior Year and YTD 2021
• Detailed Electric Statement of Revenues, Expenses and Changes in Net Position 12.2020
• Detailed Water Statement of Revenues, Expenses and Changes in Net Position 12.2020
37
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
COMBINED BALANCE SHEET
FOR PERIOD ENDING DECEMBER 2020
ELECTRIC WATER
ASSETS
CURRENT ASSETS
CASH 6,918,53913,665,883
ACCOUNTS RECEIVABLE 429,0571,756,653
INVENTORIES 8,379843,909
PREPAID ITEMS 32,117212,432
CONSTRUCTION IN PROGRESS 11,2241,198,518
TOTAL CURRENT ASSETS 7,399,31617,677,395
RESTRICTED ASSETS
BOND RESERVE FUND 01,261,359
EMERGENCY RESERVE FUND 1,331,7372,813,184
UNRESTRICTED RESERVE FUND 00
TOTAL RESTRICTED ASSETS 1,331,7374,074,543
FIXED ASSETS
PRODUCTION 14,788,511645,379
LFG PROJECT 03,851,442
TRANSMISSION 02,305,024
DISTRIBUTION 23,082,16942,428,846
GENERAL 1,043,94211,474,012
FIXED ASSETS (COST)38,914,62260,704,701
LESS ACCUMULATED DEPRECIATION (19,869,847)(31,648,636)
TOTAL FIXED ASSETS, NET 19,044,77529,056,066
INTANGIBLE ASSETS
POWER AGENCY MEMBERSHIP BUY-IN 021,546,212
LOSS OF REVENUE INTANGIBLE 03,425,465
LESS ACCUMULATED AMORTIZATION 0(1,502,153)
TOTAL INTANGIBLE ASSETS, NET 023,469,524
OTHER ASSETS AND DEFERRED OUTFLOWS 44,569258,727
TOTAL ASSETS 27,820,39774,536,255
LIABILITIES AND FUND EQUITY
CURRENT LIABILITIES
ACCOUNTS PAYABLE 237,4964,755,194
SALARIES AND BENEFITS PAYABLE 154,925685,006
DUE TO CITY 793751,390
DUE TO OTHER FUNDS 00
NOTES PAYABLE-CURRENT PORTION 0206,616
BONDS PAYABLE-CURRENT PORTION 282,000953,000
UNEARNED REVENUE 127,4900
TOTAL CURRENT LIABILITIES 802,7037,351,206
LONG TERM LIABILITIES
LFG PROJECT 0209,124
DUE TO COUNTY 00
BONDS PAYABLE, LESS CURRENT PORTION 319,79619,075,944
PENSION LIABILITIES 418,1552,456,809
TOTAL LONG TERM LIABILITIES 737,95121,741,877
TOTAL LIABILITIES 1,540,65529,093,083
DEFERRED INFLOWS OF RESOURCES 88,042520,934
FUND EQUITY
CAPITAL ACCOUNT CONST COST 01,261,359
CONTRIBUTED CAPITAL 00
RETAINED EARNINGS 25,357,70440,790,749
NET INCOME (LOSS) (THROUGH PREVIOUS MONTH)833,9962,870,130
TOTAL FUND EQUITY 26,191,70044,922,238
TOTAL LIABILITIES & FUND EQUITY 27,820,39774,536,255
38
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FOR PERIOD ENDING DECEMBER 2020
2020
DECEMBER
2019
DECEMBER
2020
YTD
2019
YTD
2020
YTD
BUDGET
2020 YTD
Bud Var%
2019 v. 2020
Actual Var%
YTD
VARIANCE
2020
ANNUAL
BUDGETElectric
Revenue
Operating Revenue
Elk River 2,390,083 33,307,398 33,833,223 2,424,399 33,257,320(2)033,833,223 50,078
Otsego 178,473 2,591,307 2,708,979 184,239 2,636,691(4)(2)2,708,979 (45,383)
Rural Big Lake 12,890 186,728 184,467 13,092 180,1931 4184,467 6,534
Dayton 14,940 217,773 222,712 15,413 215,694(2)1222,712 2,079
Public St & Hwy Lighting 20,946 250,174 225,195 19,110 226,64911 10225,195 23,525
Other Electric Sales 400 4,800 4,800 400 4,8000 04,800 0
Total Operating Revenue 2,617,735 36,558,183 37,179,378 2,656,655 36,521,348(2)037,179,378 36,834
Other Operating Revenue
Interest/Dividend Income 8,198 135,013 100,000 13,450 159,01435 (15)100,000 (24,000)
Customer Penalties 0 42,555 210,000 18,481 254,552(80)(83)210,000 (211,997)
LFG Project 92,730 1,141,482 1,166,742 96,616 1,102,835(2)41,166,742 38,646
Connection Fees 14,255 160,186 150,000 13,009 194,2957 (18)150,000 (34,108)
Misc Revenue 106,694 757,337 438,080 95,481 740,99773 2438,080 16,339
Total Other Revenue 221,878 2,236,575 2,064,822 237,038 2,451,6958 (9)2,064,822 (215,119)
Total Revenue 2,839,614 38,794,759 39,244,200 2,893,693 38,973,043(1)039,244,200 (178,284)
Expenses
Purchased Power 1,830,208 24,240,439 25,507,848 1,854,125 24,851,301(5)(2)25,507,848 (610,861)
Operating & Mtce Expense 25,582 220,257 281,513 26,625 283,424(22)(22)281,513 (63,166)
Landfill Gas 98,337 726,101 751,277 63,491 737,382(3)(2)751,277 (11,280)
Transmission Expense 3,839 46,610 39,000 3,582 39,33120 1939,000 7,279
Distribution Expense 28,439 282,730 383,416 30,968 306,745(26)(8)383,416 (24,014)
Maintenance Expense 106,386 1,147,019 1,319,117 137,838 1,120,033(13)21,319,117 26,986
Depreciation & Amortization 245,426 2,896,838 3,030,678 246,334 2,856,257(4)13,030,678 40,581
Interest Expense 49,924 606,313 606,313 52,767 643,1610 (6)606,313 (36,847)
Other Operating Expense 1,556 24,183 117,439 245,631 330,257(79)(93)117,439 (306,073)
Customer Accounts Expense 27,097 346,088 338,525 25,217 317,9522 9338,525 28,136
Administrative Expense 271,340 3,418,575 3,639,601 288,480 3,148,446(6)93,639,601 270,128
General Expense 43,682 400,164 510,147 53,921 370,206(22)8510,147 29,957
Total Expenses(before Operating Transfers)2,731,821 34,355,325 36,524,874 3,028,985 35,004,500(6)(2)36,524,874 (649,175)
Operating Transfer
Operating Transfer/Other Funds 96,273 1,340,218 1,365,000 82,413 1,157,444(2)161,365,000 182,773
Utilities & Labor Donated 19,575 229,085 220,000 17,658 210,7904 9220,000 18,295
Total Operating Transfer 115,848 1,569,304 1,585,000 100,071 1,368,235(1)151,585,000 201,068
Net Income Profit(Loss)(8,056)2,870,129 1,134,325 (235,363)2,600,307153 101,134,325 269,822
39
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FOR PERIOD ENDING DECEMBER 2020
2020
DECEMBER
2019
DECEMBER
2020
YTD
2019
YTD
2020
YTD
BUDGET
2020 YTD
Bud Var%
2019 v. 2020
Actual Var%
YTD
VARIANCE
2020
ANNUAL
BUDGETWater
Revenue
Operating Revenue
Water Sales 120,842 2,613,812 2,285,109 122,337 2,235,22214 172,285,109 378,589
Total Operating Revenue 120,842 2,613,812 2,285,109 122,337 2,235,22214 172,285,109 378,589
Other Operating Revenue
Interest/Dividend Income 2,601 34,715 39,000 2,469 39,184(11)(11)39,000 (4,469)
Customer Penalties 0 3,801 15,000 1,458 17,864(75)(79)15,000 (14,063)
Connection Fees 223,730 652,413 225,000 39,989 479,244190 36225,000 173,168
Misc Revenue 23,494 263,534 274,473 21,702 247,870(4)6274,473 15,663
Total Other Revenue 249,826 954,464 553,473 65,619 784,16472 22553,473 170,299
Total Revenue 370,668 3,568,276 2,838,582 187,957 3,019,38726 182,838,582 548,889
Expenses
Production Expense 4,897 52,040 60,000 1,515 57,354(13)(9)60,000 (5,313)
Pumping Expense 42,598 450,595 527,124 36,000 459,090(15)(2)527,124 (8,495)
Distribution Expense 9,576 249,186 283,951 9,213 221,372(12)13283,951 27,814
Depreciation & Amortization 96,522 1,133,179 1,215,839 95,426 1,147,148(7)(1)1,215,839 (13,969)
Interest Expense 1,893 23,515 23,516 2,682 32,9380 (29)23,516 (9,422)
Other Operating Expense 34 3,516 11,776 7,037 11,659(70)(70)11,776 (8,142)
Customer Accounts Expense 5,242 66,509 67,861 4,997 61,799(2)867,861 4,709
Administrative Expense 57,672 744,099 897,113 58,763 699,853(17)6897,113 44,246
General Expense 470 11,174 11,724 572 10,594(5)511,724 579
Total Expenses(before Operating Transfers)218,909 2,733,817 3,098,905 216,209 2,701,810(12)13,098,905 32,006
Operating Transfer
Utilities & Labor Donated 0 463 1,630 0 1,583(72)(71)1,630 (1,120)
Total Operating Transfer 0 463 1,630 0 1,583(72)(71)1,630 (1,120)
Net Income Profit(Loss)151,759 833,996 (261,953)(28,252)315,993418 164(261,953)518,002
40
30.0
35.0
40.0
45.0
50.0
55.0
60.0
65.0
70.0
75.0
Demand in MWMonth
Elk River Municipal Utilities Monthly Electrical Demand
2020 2021
15,000
20,000
25,000
30,000
35,000
40,000
Energy Purchases in MWHMonth
Elk River Municipal Utilities Monthly Energy Purchases
2020 2021
41
15,000
20,000
25,000
30,000
35,000
40,000
Electric Load in MWHMonth
Elk River Municipal Utilities Monthly Total Electric Load
2020 2021
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
$3,500,000
$4,000,000
$4,500,000
Sales in DollarsMonth
Elk River Municipal Utilities Monthly Electric Sales
2020 2021
42
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
Loads in MWHMonth
Elk River Municipal Utilities Monthly Residential, Commercial & Industrial
Loads
2020 Residential 2021 Residential 2020 Commercial
2021 Commercial 2020 Industrial 2021 Industrial
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
Sales in DollarsMonth
Elk River Municipal Utilities Monthly Residential, Commercial & Industrial
Sales
2020 Residential 2021 Residential 2020 Commercial
2021 Commercial 2020 Industrial 2021 Industrial
43
0
20
40
60
80
100
120
140
160
Pumpage in Million Gal.Month
Elk River Municipal Utilities Monthly Water Pumpage
2020 2021
0.0
1.0
2.0
3.0
4.0
5.0
6.0
Peak Day in Million Gal.Month
Elk River Municipal Utilities Peak Day Pumpage
2020 2021
44
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
$450,000
$500,000
0
20
40
60
80
100
120
140
Sales In DollarsSales in Million Gal.Month
Elk River Municipal Utilities Monthly Water Sales
2020 MG 2021 MG 2020 $2021 $
45
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FOR PERIOD ENDING DECEMBER 2020
2020
DECEMBER
2019
DECEMBER
2020
YTD
2019
YTD
2020
YTD
BUDGET
2020 YTD
Bud Var%
2019 v. 2020
Actual Var%
YTD
VARIANCE
2020
ANNUAL
BUDGETElectric
Revenue
Operating Revenue
Elk River
ELECT SALES - ELK RIVER RESID 890,247 11,622,469878,801 11,827,24412,307,233 4 611,827,244 684,764
ELECT SALES - ELK RIVER NON-D 224,634 3,012,436202,399 3,142,8802,858,321 (9)(5)3,142,880 (154,114)
ELECT SALES - ELK RIVER DEMA 1,309,517 18,622,4141,308,882 18,863,09918,141,843 (4)(3)18,863,099 (480,570)
2,390,083 33,307,398 33,833,223 2,424,399 33,257,320(2)0Total For Elk River:33,833,223 50,078
Otsego
ELECT SALES - OTSEGO RESIDEN 83,575 1,164,31982,769 1,196,3361,221,434 2 51,196,336 57,114
ELECT SALES - OTSEGO NON-DEM 24,995 395,77024,005 412,758370,490 (10)(6)412,758 (25,280)
ELECT SALES - OTSEGO DEMAND 75,668 1,076,60071,698 1,099,884999,382 (9)(7)1,099,884 (77,218)
178,473 2,591,307 2,708,979 184,239 2,636,691(4)(2)Total For Otsego:2,708,979 (45,383)
Rural Big Lake
ELECT SALES - BIG LAKE RESIDE 12,938 176,48412,736 180,370182,865 1 4180,370 6,380
ELECT SALES - BIG LAKE NON-DE 154 3,7081544,0973,862 (6)44,097 153
12,890 186,728 184,467 13,092 180,1931 4Total For Rural Big Lake:184,467 6,534
Dayton
ELECT SALES - DAYTON RESIDEN 12,896 180,89512,550 186,725183,877 (2)2186,725 2,982
ELECT SALES - DAYTON NON-DE 2,517 34,7982,389 35,98633,896 (6)(3)35,986 (902)
14,940 217,773 222,712 15,413 215,694(2)1Total For Dayton:222,712 2,079
Public St & Hwy Lighting
ELECT SALES - SEC LTS 19,110 226,64920,946 225,195250,174 11 10225,195 23,525
20,946 250,174 225,195 19,110 226,64911 10Total For Public St & Hwy Lighting:225,195 23,525
Other Electric Sales
SUB-STATION CREDIT 400 4,8004004,8004,800 0 04,800 0
400 4,800 4,800 400 4,8000 0Total For Other Electric Sales:4,800 0
Total Operating Revenue
2,656,655 36,521,3482,617,735 37,179,37836,558,183 (2)037,179,378 36,834
Other Operating Revenue
Interest/Dividend Income
INTEREST & DIVIDEND INCOME 13,450 159,0148,198 100,000135,013 35 (15)100,000 (24,000)
8,198 135,013 100,000 13,450 159,01435 (15)Total For Interest/Dividend Income:100,000 (24,000)
Customer Penalties
CUSTOMER DELINQUENT PENALT 18,481 254,5520210,00042,555 (80)(83)210,000 (211,997)
0 42,555 210,000 18,481 254,552(80)(83)Total For Customer Penalties:210,000 (211,997)
LFG Project 46
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FOR PERIOD ENDING DECEMBER 2020
2020
DECEMBER
2019
DECEMBER
2020
YTD
2019
YTD
2020
YTD
BUDGET
2020 YTD
Bud Var%
2019 v. 2020
Actual Var%
YTD
VARIANCE
2020
ANNUAL
BUDGETElectric
LFG PROJECT 96,616 1,102,83592,730 1,166,7421,141,482 (2)41,166,742 38,646
92,730 1,141,482 1,166,742 96,616 1,102,835(2)4Total For LFG Project:1,166,742 38,646
Connection Fees
DISCONNECT & RECONNECT CHA 13,009 194,29514,255 150,000160,186 7 (18)150,000 (34,108)
14,255 160,186 150,000 13,009 194,2957 (18)Total For Connection Fees:150,000 (34,108)
Misc Revenue
MISC ELEC REVENUE - TEMP CHG 150 60015002,700 0 35002,100
STREET LIGHT 0 21,59905,00020,100 302 (7)5,000 (1,499)
TRANSMISSION INVESTMENTS 82,420 422,22172,865 300,000442,112 47 5300,000 19,890
MISC NON-UTILITY 4,149 114,43314,208 50,00087,200 74 (24)50,000 (27,232)
GAIN ON DISPOSITION OF PROPER 0 15,00014,000 023,317 0 5508,317
PERA PENSION REVENUE 5,717 5,7170000 (100)0 (5,717)
RENTAL PROPERTY INCOME 2,020 25,66208,0807,350 (9)(71)8,080 (18,312)
CONTRIBUTIONS FROM CUSTOME 1,024 125,7645,470 75,000174,556 133 3975,000 48,792
CONTRIBUTIONS FROM GRANTS 0 10,0000000 (100)0 (10,000)
106,694 757,337 438,080 95,481 740,99773 2Total For Misc Revenue:438,080 16,339
Total Other Revenue
237,038 2,451,695221,878 2,064,8222,236,575 8 (9)2,064,822 (215,119)
221,878 2,236,575 2,064,822 237,038 2,451,6958 (9)Total For Total Other Revenue:2,064,822 (215,119)
2,893,693 38,973,0432,839,614 39,244,200 Total Revenue 38,794,759 (1)039,244,200 (178,284)
Expenses
Purchased Power
PURCHASED POWER 1,854,125 24,851,3011,830,208 25,507,84824,240,439 (5)(2)25,507,848 (610,861)
1,830,208 24,240,439 25,507,848 1,854,125 24,851,301(5)(2)Total For Purchased Power:25,507,848 (610,861)
Operating & Mtce Expense
OPERATING SUPERVISION 7,494 103,80710,502 109,513100,964 (8)(3)109,513 (2,843)
DIESEL OIL FUEL 537 14,45568417,0006,672 (61)(54)17,000 (7,783)
NATURAL GAS 2,999 24,9944,017 27,00026,403 (2)627,000 1,409
ELECTRIC & WATER CONSUMPTI 3,446 31,2892,909 33,00026,370 (20)(16)33,000 (4,919)
PLANT SUPPLIES & OTHER EXPEN 234 8,3687147,0009,865 41 187,000 1,497
MISC POWER GENERATION EXPE 381 5,8412687,0005,747 (18)(2)7,000 (93)
MAINTENANCE OF STRUCTURE -2,200 30,6311,292 19,00012,406 (35)(59)19,000 (18,225)
MTCE OF PLANT ENGINES/GENER 922 19,82553232,00016,224 (49)(18)32,000 (3,601)
MTCE OF PLANT/LAND IMPROVE 8,409 44,2094,660 30,00015,603 (48)(65)30,000 (28,606)
47
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FOR PERIOD ENDING DECEMBER 2020
2020
DECEMBER
2019
DECEMBER
2020
YTD
2019
YTD
2020
YTD
BUDGET
2020 YTD
Bud Var%
2019 v. 2020
Actual Var%
YTD
VARIANCE
2020
ANNUAL
BUDGETElectric
25,582 220,257 281,513 26,625 283,424(22)(22)Total For Operating & Mtce Expense:281,513 (63,166)
Landfill Gas
LANDFILL GAS PLANT PURCHASE 15,112 172,28614,145 180,000177,007 (2)3180,000 4,720
LANDFILL GAS PLANT OPERATIO 31,697 529,31181,799 511,277526,092 3 (1)511,277 (3,219)
LANDFILL GAS PLANT ADMINIST 15,156 17,45076235,0002,482 (93)(86)35,000 (14,967)
LANDFILL GAS PLANT INSURANC 1,525 17,1601,607 25,00018,797 (25)1025,000 1,637
LANDFILL GAS PLANT MTCE 0 1,1722201,721 0 470548
98,337 726,101 751,277 63,491 737,382(3)(2)Total For Landfill Gas:751,277 (11,280)
Transmission Expense
TRANSMISSION MTCE AND EXPE 3,582 39,3313,839 39,00046,610 20 1939,000 7,279
3,839 46,610 39,000 3,582 39,33120 19Total For Transmission Expense:39,000 7,279
Distribution Expense
REMOVE EXISTING SERVICE & M 0 2,08001,6002,143 34 31,600 63
SCADA EXPENSE 6,498 39,7045,123 42,03242,057 0 642,032 2,353
TRANSFORMER EXPENSE OH & U 791 10,7941,293 20,00013,069 (35)2120,000 2,274
MTCE OF SIGNAL SYSTEMS 0 3101752,0001,928 (4)5202,000 1,618
METER EXPENSE - REMOVE & RE 6,228 6,38801,200996 (17)(84)1,200 (5,391)
TEMP SERVICE - INSTALL & REM 137 89401,2003,049 154 2411,200 2,154
MISC DISTRIBUTION EXPENSE 14,896 241,73919,429 312,968217,068 (31)(10)312,968 (24,670)
INTERCONNECTION CARRYING C 2,416 4,8322,416 2,4162,416 0 (50)2,416 (2,416)
28,439 282,730 383,416 30,968 306,745(26)(8)Total For Distribution Expense:383,416 (24,014)
Maintenance Expense
MTCE OF STRUCTURES 29 5,0361,763 21,50025,672 19 41021,500 20,636
MTCE OF SUBSTATIONS 1,559 25,43110028,00020,420 (27)(20)28,000 (5,011)
MTCE OF SUBSTATION EQUIPME 8,255 26,1812,382 30,00017,044 (43)(35)30,000 (9,136)
MTCE OF OH LINES/TREE TRIM 30,429 106,712685171,000123,979 (27)16171,000 17,267
MTCE OF OH LINES/STANDBY 2,755 29,0722,355 31,00031,013 0 731,000 1,941
MTCE OF OH PRIMARY 12,994 125,15322,909 140,000169,229 21 35140,000 44,076
MTCE OF URD PRIMARY 14,950 132,92110,919 130,000136,565 5 3130,000 3,644
LOCATE ELECTRIC LINES 4,853 90,1914,865 95,00089,734 (6)(1)95,000 (456)
LOCATE FIBER LINES 0 37301,0001,053 5 1821,000 680
MTCE OF LINE TRANSFORMERS 6,219 42,1842,735 51,00029,844 (41)(29)51,000 (12,339)
MTCE OF STREET LIGHTING 4,290 41,7487,067 45,00043,064 (4)345,000 1,315
MTCE OF SECURITY LIGHTING 189 8,43126112,00010,951 (9)3012,000 2,520
MTCE OF METERS 5,949 76,8664,568 107,00069,319 (35)(10)107,000 (7,546)
48
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FOR PERIOD ENDING DECEMBER 2020
2020
DECEMBER
2019
DECEMBER
2020
YTD
2019
YTD
2020
YTD
BUDGET
2020 YTD
Bud Var%
2019 v. 2020
Actual Var%
YTD
VARIANCE
2020
ANNUAL
BUDGETElectric
VOLTAGE COMPLAINTS 601 9,0871,093 10,0007,385 (26)(19)10,000 (1,702)
SALARIES TRANSMISSION & DIST 2,866 39,2472,846 45,61733,966 (26)(13)45,617 (5,281)
ELECTRIC MAPPING 10,284 91,74410,832 115,00084,282 (27)(8)115,000 (7,462)
MTCE OF OH SECONDARY 1,201 16,5401,293 20,00019,657 (2)1920,000 3,116
MTCE OF URD SECONDARY 2,970 33,3479,982 41,00049,083 20 4741,000 15,735
TRANSPORTATION EXPENSE 27,436 219,76019,722 225,000184,749 (18)(16)225,000 (35,010)
106,386 1,147,019 1,319,117 137,838 1,120,033(13)2Total For Maintenance Expense:1,319,117 26,986
Depreciation & Amortization
DEPRECIATION 190,656 2,188,122189,748 2,362,5432,228,703 (6)22,362,543 40,581
AMORTIZATION 55,677 668,13555,677 668,135668,135 0 0668,135 0
245,426 2,896,838 3,030,678 246,334 2,856,257(4)1Total For Depreciation & Amortization:3,030,678 40,581
Interest Expense
INTEREST EXPENSE - BONDS 57,056 694,63054,213 657,782657,782 0 (5)657,782 (36,847)
INTEREST EXPENSE - DEFEASED (276)(3,316)(276)(3,317)(3,316)0 0(3,317)0
AMORTIZATION OF DEBT DISCOU (4,012)(48,151)(4,012)(48,152)(48,151)0 0(48,152)0
49,924 606,313 606,313 52,767 643,1610 (6)Total For Interest Expense:606,313 (36,847)
Other Operating Expense
EV CHARGING EXPENSE 298 4,5283284,8774,310 (12)(5)4,877 (217)
LOSS ON DISPOSITION OF PROP (C 0 17,049012,63055 (100)(100)12,630 (16,994)
OTHER DONATIONS 0 2,8561104,1041,261 (69)(56)4,104 (1,595)
MUTUAL AID 0 29,5770000 (100)0 (29,577)
PENSION EXPENSE 150,775 150,775060,0000 (100)(100)60,000 (150,775)
OPEB EXPENSE 92,537 92,53703,0000 (100)(100)3,000 (92,537)
INTEREST EXPENSE - METER DEP 1,877 22,7541,116 23,82812,852 (46)(44)23,828 (9,902)
RENTAL PROPERTY EXPENSE 144 10,17909,0005,705 (37)(44)9,000 (4,474)
1,556 24,183 117,439 245,631 330,257(79)(93)Total For Other Operating Expense:117,439 (306,073)
Customer Accounts Expense
METER READING EXPENSE 2,501 27,2983,939 29,29938,938 33 4329,299 11,639
DISCONNECT/RECONNECT EXPEN 954 14,5211,078 15,2268,738 (43)(40)15,226 (5,783)
MISC CUSTOMER ACCOUNTS EXP 21,181 264,30321,537 279,000276,766 (1)5279,000 12,462
BAD DEBT EXPENSE & RECOVER 579 11,82854115,00021,645 44 8315,000 9,817
27,097 346,088 338,525 25,217 317,9522 9Total For Customer Accounts Expense:338,525 28,136
Administrative Expense
SALARIES OFFICE & COMMISSION 66,797 697,44663,909 755,000723,368 (4)4755,000 25,921
SALARIES COVID-19 0 000160,583 0 00160,583
49
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FOR PERIOD ENDING DECEMBER 2020
2020
DECEMBER
2019
DECEMBER
2020
YTD
2019
YTD
2020
YTD
BUDGET
2020 YTD
Bud Var%
2019 v. 2020
Actual Var%
YTD
VARIANCE
2020
ANNUAL
BUDGETElectric
TEMPORARY STAFFING 0 004,0000 (100)04,000 0
OFFICE SUPPLIES 14,006 86,045(2,928)197,570103,131 (48)20197,570 17,086
ELECTRIC & WATER CONSUMPTI 1,537 28,7991,950 30,58726,068 (15)(9)30,587 (2,731)
BANK FEES 189 2,2513603,0002,396 (20)63,000 144
LEGAL FEES 3,968 26,7862,566 27,50034,975 27 3127,500 8,188
AUDITING FEES 1,553 16,7201,700 17,36016,560 (5)(1)17,360 (160)
INSURANCE 10,276 162,84316,206 175,000172,405 (1)6175,000 9,561
UTILITY SHARE - DEFERRED COM 3,357 89,0013,194 103,00090,533 (12)2103,000 1,532
UTILITY SHARE - MEDICAL/DENT 54,989 714,62261,034 780,000745,160 (4)4780,000 30,538
UTILITY SHARE - PERA 18,671 241,52922,014 255,000251,913 (1)4255,000 10,384
UTILITY SHARE - FICA 18,944 227,28121,144 241,500236,291 (2)4241,500 9,010
EMPLOYEE SICK PAY 9,238 131,69510,979 120,983123,663 2 (6)120,983 (8,032)
EMPLOYEE HOLIDAY PAY 24,229 131,79724,105 131,643135,152 3 3131,643 3,355
EMPLOYEE VACATION & PTO PA 15,376 222,21816,189 224,957226,668 1 2224,957 4,449
UPMIC DISTRIBUTION 6,359 51,6856,094 65,00048,212 (26)(7)65,000 (3,472)
CONSULTING FEES 2,090 19,6557330,00053,763 79 17430,000 34,107
TELEPHONE 2,394 22,5192,645 23,50029,555 26 3123,500 7,035
ADVERTISING 1,160 16,6861,197 15,00010,932 (27)(34)15,000 (5,754)
DUES & SUBSCRIPTIONS - FEES 10,622 97,4659,078 162,800110,501 (32)13162,800 13,035
SCHOOLS & MEETINGS 20,545 154,2388,945 270,360106,213 (61)(31)270,360 (48,025)
MTCE OF GENERAL PLANT & OFFI 2,172 7,1558775,84110,524 80 475,841 3,368
271,340 3,418,575 3,639,601 288,480 3,148,446(6)9Total For Administrative Expense:3,639,601 270,128
General Expense
CIP REBATES - RESIDENTIAL 2,031 35,6401,912 75,62537,703 (50)675,625 2,063
CIP REBATES - COMMERCIAL 35,635 112,42224,523 210,200146,859 (30)31210,200 34,436
CIP - ADMINISTRATION 68 6,6064647204,377 508 (34)720 (2,228)
CIP - MARKETING 2,338 17,2292,298 43,40017,266 (60)043,400 36
CIP - LABOR 10,641 150,34411,158 135,338142,996 6 (5)135,338 (7,347)
CIP REBATES - LOW INCOME 0 8,40505,00012,000 140 435,000 3,594
CIP - LOW INCOME LABOR 746 9,6618684,5008,874 97 (8)4,500 (786)
ENVIRONMENTAL COMPLIANCE 2,462 29,1882,513 30,56430,134 (1)330,564 945
MISC GENERAL EXPENSE (2)708(56)4,800(47)(101)(107)4,800 (756)
43,682 400,164 510,147 53,921 370,206(22)8Total For General Expense:510,147 29,957
Total Expenses(before Operating Transfers)
3,028,985 35,004,5002,731,821 36,524,87434,355,325 (6)(2)36,524,874 (649,175)50
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FOR PERIOD ENDING DECEMBER 2020
2020
DECEMBER
2019
DECEMBER
2020
YTD
2019
YTD
2020
YTD
BUDGET
2020 YTD
Bud Var%
2019 v. 2020
Actual Var%
YTD
VARIANCE
2020
ANNUAL
BUDGETElectric
Operating Transfer
Operating Transfer/Other Funds
TRANSFER TO CITY ELK RIVER R 82,413 1,157,44496,273 1,365,0001,340,218 (2)161,365,000 182,773
96,273 1,340,218 1,365,000 82,413 1,157,444(2)16Total For Operating Transfer/Other Funds:1,365,000 182,773
Utilities & Labor Donated
UTILITIES & LABOR DONATED TO 17,658 210,79019,575 220,000229,085 4 9220,000 18,295
19,575 229,085 220,000 17,658 210,7904 9Total For Utilities & Labor Donated:220,000 18,295
Total Operating Transfer
115,848 1,569,304 1,585,000 100,071 1,368,235(1)15Total For Total Operating Transfer:1,585,000 201,068
(235,363)2,600,307(8,056)1,134,325 Net Income Profit(Loss)2,870,129 153 101,134,325 269,822
51
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FOR PERIOD ENDING DECEMBER 2020
2020
DECEMBER
2019
DECEMBER
2020
YTD
2019
YTD
2020
YTD
BUDGET
2020 YTD
Bud Var%
2019 v. 2020
Actual Var%
YTD
VARIANCE
2020
ANNUAL
BUDGETWater
Revenue
Operating Revenue
Water Sales
WATER SALES RESIDENTIAL 76,019 1,224,74379,997 1,242,9621,506,673 21 231,242,962 281,930
WATER SALES COMMERCIAL 44,493 804,62339,355 801,361830,369 4 3801,361 25,745
WATER SALES IRRIGATION 1,825 205,8551,488 240,785276,768 15 34240,785 70,913
120,842 2,613,812 2,285,109 122,337 2,235,22214 17Total For Water Sales:2,285,109 378,589
Total Operating Revenue
122,337 2,235,222120,842 2,285,1092,613,812 14 172,285,109 378,589
120,842 2,613,812 2,285,109 122,337 2,235,22214 17Total For Total Operating Revenue:2,285,109 378,589
Other Operating Revenue
Interest/Dividend Income
INTEREST & DIVIDEND INCOME 1,925 38,0962,049 38,00033,610 (12)(12)38,000 (4,485)
OTHER INTEREST/MISC REVENUE 543 1,0875521,0001,104 10 11,000 16
2,601 34,715 39,000 2,469 39,184(11)(11)Total For Interest/Dividend Income:39,000 (4,469)
Customer Penalties
CUSTOMER PENALTIES 1,458 17,864015,0003,801 (75)(79)15,000 (14,063)
0 3,801 15,000 1,458 17,864(75)(79)Total For Customer Penalties:15,000 (14,063)
Connection Fees
WATER/ACCESS/CONNECTION FE 33,960 428,661209,512 200,000595,482 198 39200,000 166,820
CUSTOMER CONNECTION FEES 2,909 35,8875,019 20,00031,329 57 (13)20,000 (4,558)
BULK WATER SALES/HYDRANT R 3,119 14,6959,198 5,00025,601 412 745,000 10,906
223,730 652,413 225,000 39,989 479,244190 36Total For Connection Fees:225,000 173,168
Misc Revenue
MISC NON-UTILITY 0 000550 0055
PERA PENSION REVENUE 973 9730000 (100)0 (973)
RENTAL PROPERTY INCOME 505 6,41502,0001,837 (8)(71)2,000 (4,578)
TRANSFER IN FROM CITY 0 0025,0000 (100)025,000 0
GAIN ON DISPOSITION OF PROPER 0 0003,525 0 003,525
MISCELLANEOUS REVENUE 0 44800240 (95)0 (424)
HYDRANT MAINTENANCE PROGR 980 12,98398011,76014,461 23 1111,760 1,477
WATER TOWER LEASE 19,244 227,04922,514 235,713243,631 3 7235,713 16,582
23,494 263,534 274,473 21,702 247,870(4)6Total For Misc Revenue:274,473 15,663
Total Other Revenue
65,619 784,164249,826 553,473954,464 72 22553,473 170,299
52
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FOR PERIOD ENDING DECEMBER 2020
2020
DECEMBER
2019
DECEMBER
2020
YTD
2019
YTD
2020
YTD
BUDGET
2020 YTD
Bud Var%
2019 v. 2020
Actual Var%
YTD
VARIANCE
2020
ANNUAL
BUDGETWater
249,826 954,464 553,473 65,619 784,16472 22Total For Total Other Revenue:553,473 170,299
187,957 3,019,387370,668 2,838,582 Total Revenue 3,568,276 26 182,838,582 548,889
Expenses
Production Expense
MTCE OF STRUCTURES 1,515 57,3544,897 60,00052,040 (13)(9)60,000 (5,313)
4,897 52,040 60,000 1,515 57,354(13)(9)Total For Production Expense:60,000 (5,313)
Pumping Expense
SUPERVISION 3,793 49,4554,494 55,00052,580 (4)655,000 3,124
ELECTRIC & GAS UTILITIES 19,873 229,10021,781 230,000250,804 9 9230,000 21,704
SAMPLING 657 13,68190618,00010,959 (39)(20)18,000 (2,721)
CHEMICAL FEED 0 18,43539228,00022,817 (19)2428,000 4,382
MTCE OF WELLS 11,525 144,64914,845 186,124110,967 (40)(23)186,124 (33,682)
SCADA - PUMPING 149 3,76717810,0002,464 (75)(35)10,000 (1,302)
42,598 450,595 527,124 36,000 459,090(15)(2)Total For Pumping Expense:527,124 (8,495)
Distribution Expense
MTCE OF WATER MAINS 988 69,7331,658 87,220113,488 30 6387,220 43,754
LOCATE WATER LINES 536 15,70453016,00011,136 (30)(29)16,000 (4,567)
WATER METER SERVICE 2,656 41,5783,224 45,14334,367 (24)(17)45,143 (7,211)
INSTALL & MTCE IRRIGATION ME 0 000310 0031
BACKFLOW DEVICE INSPECTION 0 067811,7824,747 (60)011,782 4,747
MTCE OF CUSTOMERS SERVICE 1,878 22,1431,890 27,80524,341 (12)1027,805 2,197
WATER MAPPING 953 12,40428216,0008,353 (48)(33)16,000 (4,050)
MTCE OF WATER HYDRANTS - PU 1,216 18,159(236)25,0009,398 (62)(48)25,000 (8,761)
MTCE OF WATER HYDRANTS - PR 0 2,89709,0004,594 (49)599,000 1,696
WATER CLOTHING/PPE 0 7,8233629,0009,845 9 269,000 2,022
WAGES WATER 402 6,1214667,0004,716 (33)(23)7,000 (1,404)
TRANSPORTATION EXPENSE 580 11,07372015,00011,768 (22)615,000 694
WATER PERMIT 0 13,733015,00012,396 (17)(10)15,000 (1,336)
9,576 249,186 283,951 9,213 221,372(12)13Total For Distribution Expense:283,951 27,814
Depreciation & Amortization
DEPRECIATION 95,426 1,147,14896,522 1,215,8391,133,179 (7)(1)1,215,839 (13,969)
96,522 1,133,179 1,215,839 95,426 1,147,148(7)(1)Total For Depreciation & Amortization:1,215,839 (13,969)
Interest Expense
INTEREST EXPENSE - BONDS 2,751 33,7671,962 24,34524,344 0 (28)24,345 (9,422)
53
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FOR PERIOD ENDING DECEMBER 2020
2020
DECEMBER
2019
DECEMBER
2020
YTD
2019
YTD
2020
YTD
BUDGET
2020 YTD
Bud Var%
2019 v. 2020
Actual Var%
YTD
VARIANCE
2020
ANNUAL
BUDGETWater
INTEREST EXPENSE - DEFEASED (69)(829)(69)(829)(829)0 0(829)0
1,893 23,515 23,516 2,682 32,9380 (29)Total For Interest Expense:23,516 (9,422)
Other Operating Expense
LOSS ON DISPOSITION OF PROP (C 0 000180 0018
DAM MAINTENANCE EXPENSE 0 1,44208931,663 86 15893221
PENSION EXPENSE (17,722)(17,722)0 5,0000 (100)1005,000 17,722
OPEB EXPENSE 24,663 24,66303,0000 (100)(100)3,000 (24,663)
INTEREST EXPENSE - METER DEP 60 73034758408(46)(44)758 (322)
RENTAL PROPERTY EXPENSE 36 2,54402,1251,426 (33)(44)2,125 (1,118)
34 3,516 11,776 7,037 11,659(70)(70)Total For Other Operating Expense:11,776 (8,142)
Customer Accounts Expense
METER READING EXPENSE 120 1,3342031,7612,321 32 741,761 986
MISC CUSTOMER ACCOUNTS EXP 4,876 60,4655,038 65,10064,188 (1)665,100 3,722
BAD DEBT EXPENSE & RECOVER 0 001,0000 (100)01,000 0
5,242 66,509 67,861 4,997 61,799(2)8Total For Customer Accounts Expense:67,861 4,709
Administrative Expense
SALARIES OFFICE & COMMISSION 18,527 197,08417,817 212,000202,992 (4)3212,000 5,908
SALARIES COVID-19 0 00030,762 0 0030,762
TEMPORARY STAFFING 0 001,0000 (100)01,000 0
OFFICE SUPPLIES 3,431 18,533(529)54,16225,021 (54)3554,162 6,487
ELECTRIC & WATER CONSUMPTI 381 7,1994877,3536,517 (11)(9)7,353 (682)
BANK FEES 47 54290800615(23)1380072
LEGAL FEES 1,478 6,2644595,5267,841 42 255,526 1,576
AUDITING FEES 388 4,1804254,3404,140 (5)(1)4,340 (40)
INSURANCE 1,525 23,3912,302 24,00024,458 2 524,000 1,067
UTILITY SHARE - DEFERRED COM 394 14,61233722,00012,487 (43)(15)22,000 (2,125)
UTILITY SHARE - MEDICAL/DENT 13,594 174,91714,120 208,455159,305 (24)(9)208,455 (15,611)
UTILITY SHARE - PERA 2,669 41,1093,830 48,95340,304 (18)(2)48,953 (804)
UTILITY SHARE - FICA 2,710 38,5233,718 43,99038,423 (13)043,990 (100)
EMPLOYEE SICK PAY 1,938 26,3701,774 30,00019,527 (35)(26)30,000 (6,842)
EMPLOYEE HOLIDAY PAY 3,708 22,2454,755 28,27421,872 (23)(2)28,274 (372)
EMPLOYEE VACATION & PTO PA 2,609 35,6142,820 37,00036,154 (2)237,000 540
UPMIC DISTRIBUTION 773 7,4211,693 11,0007,886 (28)611,000 464
CONSULTING FEES 360 4,6621834,00013,254 (61)18434,000 8,592
TELEPHONE 543 5,4874785,5005,700 4 45,500 21354
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FOR PERIOD ENDING DECEMBER 2020
2020
DECEMBER
2019
DECEMBER
2020
YTD
2019
YTD
2020
YTD
BUDGET
2020 YTD
Bud Var%
2019 v. 2020
Actual Var%
YTD
VARIANCE
2020
ANNUAL
BUDGETWater
ADVERTISING 290 6,5752207,0005,481 (22)(17)7,000 (1,094)
DUES & SUBSCRIPTIONS - FEES 1,327 43,9751,180 52,00066,567 28 5152,000 22,592
SCHOOLS & MEETINGS 1,517 19,3521,451 57,87012,155 (79)(37)57,870 (7,196)
MTCE OF GENERAL PLANT & OFFI 545 1,7882191,8892,628 39 471,889 839
57,672 744,099 897,113 58,763 699,853(17)6Total For Administrative Expense:897,113 44,246
General Expense
CIP REBATES - RESIDENTIAL 208 4,0051004,6053,830 (17)(4)4,605 (175)
CIP REBATES - COMMERCIAL 0 0001,000 0 001,000
CIP - MARKETING 0 210047740(92)(81)477 (170)
CIP - LABOR 352 4,2263174,4894,345 (3)34,489 119
ENVIRONMENTAL COMPLIANCE 37 934441,0031,936 93 1071,003 1,001
MISC GENERAL EXPENSE (26)1,21681,15021 (98)(98)1,150 (1,195)
470 11,174 11,724 572 10,594(5)5Total For General Expense:11,724 579
Total Expenses(before Operating Transfers)
216,209 2,701,810218,909 3,098,9052,733,817 (12)13,098,905 32,006
Operating Transfer
Utilities & Labor Donated
WATER & LABOR DONATED TO CI 0 1,58301,630463 (72)(71)1,630 (1,120)
Total Operating Transfer
0 463 1,630 0 1,583(72)(71)Total For Total Operating Transfer:1,630 (1,120)
(28,252)315,993151,759 (261,953) Net Income Profit(Loss)833,996 418 164(261,953)518,002
55