5.1 ERMUSR 04-13-2021UTILITIES COMMISSION MEETING
TO:FROM:
ERMU Commission Melissa Karpinski –Finance Manager
MEETING DATE: AGENDA ITEM NUMBER:
April 13, 2021 5.1
SUBJECT:
Financial Report – February 2021
ACTION REQUESTED:
Receive the February 2021 Financial Report
DISCUSSION:
Please note that these are the preliminary unaudited financial statements.
Electric
February’selectric kWh sales are up from the prior year, 4%. For further breakdown:
Residential usage is up 9%
Small Commercialusageis down 1%
Large Commercial usage is up 2%
Electric Operating Revenues for February of $2,851,025 are more than prior year by 4% and
favorable to budget by 1%. February YTD is ahead of prior year by 3% but unfavorable to
budget by 1%. The prior YTD variance is mainly due to Elk River Sales.
Other Revenues of $217,270 are more than the prior year by 42% and favorable to budgetby
32%. Other Revenues YTD is less than the prior year by 3% but is favorable to budget by 9%.
The prior YTD variance is mainly due to Landfill Gas Plant and Customer Penalties (due to not
charging penalties on delinquent accounts during the Emergency Peacetime Order), which are
partially offset by Contributions from Customers.
Overall, Total Revenues of $3,068,296 are more than the prior year by 6% and favorable to
budget by 2%. YTD is more than the prior year by 2% and is in line with budget.
Purchased Power of $1,942,498 is more than the prior year by 10% and is unfavorable to
budget by 9%. YTD is more than prior year by 9% and is unfavorable to budget by 4%.
Administrative Expenses of $261,096 are more than the prior year by 5% but are favorable to
budget by 15%. YTD costs are more than the prior year by 9% but are favorable to budget by
11%. The main driver of the prior YTD variance is Medical expense, which is due to the larger
employer contribution to employee HSA accounts.
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General Expenses of $26,596areless than prior yearby 30% andarefavorable to budget by
45%. YTD costs are lessthan the prior year by 20% but are favorable tobudget by 52%.
Total expensesYTDare 6% more than prior year butare favorable to budget by 1%. The main
driver causing the prior year variance is Purchased Power.
For February 2021, the Electric Department has a Net Profit of $152,176 and YTD Net Profit of
$245,095. This is ahead of the budgeted monthly Net Profit of $145,185 and is more than prior
year monthly Net Profit of $145,775. YTD is ahead of the budgeted YTD Net Profit of $222,033
but is less than the prior YTD Net Profit of $450,277.
Water
February gallons of water sold are down 1% from the prior year. For further breakdown:
Residential use is up 8%
Commercial use is down 9%
Water Operating Revenues for February of $124,914 are ahead of prioryearby 1% and are
favorable to budget by 14%. YTD is behind of prior year by 1% but is favorable to budget by
12%.
Other Revenues of $70,903 are behind prior year by 46% but favorable to budget by 79%. YTD
is behind prior YTD by 14% but are favorable to budget by 83%. The main driver causing the
prior YTD variance is Connection Fees.
Overall, Total Revenues of $195,817 are behind prior year by 23% and are behind prior YTD by
6%. YTD Total Revenues are favorable to budget by 30%.
al Expenses of $259,198 are more than prior year by 21% and morethan theprior YTDby
Tot
15%. YTD is favorable to budget by 7%.
For February 2021, the Water Department has a Net Loss of ($63,380)(typical for the water
department) and YTD Net Loss of ($108,871). This is ahead ofthe budgeted monthly Net Lossof
($110,997) but is behind the prior year monthly Net Profit of $40,260. YTD is ahead of the
budgeted YTD Net Loss of ($240,226) butis behind the prior YTD Net Loss of ($15,543).
ATTACHMENTS:
Balance Sheet 02.2021
SummaryElectric Statement of Revenues, Expenses and Changes in Net Position
02.2021
Summary Water Statement of Revenues, Expenses and Changes in Net Position 02.2021
Graphs Prior Year and YTD 2021
Detailed Electric Statement of Revenues, Expenses and Changes in Net Position 02.2021
Detailed Water Statement of Revenues, Expenses and Changes in Net Position 02.2021
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