5.2 ERMUSR 05-11-2021______________________________________________________________________________
Page 1 of 2
UTILITIES COMMISSION MEETING
TO:
ERMU Commission
FROM:
Melissa Karpinski – Finance Manager
MEETING DATE:
May 11, 2021
AGENDA ITEM NUMBER:
5.2
SUBJECT:
Financial Report – March 2021
ACTION REQUESTED:
Receive the March 2021 Financial Report
DISCUSSION:
Please note that these are the preliminary unaudited financial statements.
Electric
March’s electric kWh sales are up from the prior year, 7%. For further breakdown:
• Residential usage is up 13%
• Small Commercial usage is up 6%
• Large Commercial usage is up 4%
Electric Operating Revenues for March of $2,771,553 are more than prior year by 6% and
favorable to budget by 3%. March YTD is ahead of prior year by 4% and in line with budget. The
prior YTD variance is mainly due to Elk River Sales.
Other Revenues of $195,784 are less than the prior year by 18% but favorable to budget by 9%.
Other Revenues YTD is less than the prior year by 9% but is favorable to budget by 9%. The
prior YTD variance is mainly due to LFG Plant and Customer Penalties (due to not charging
penalties on delinquent accounts during the Emergency Peacetime Order).
Overall, Total Revenues of $2,967,338 are more than the prior year by 4% and favorable to
budget by 3%. YTD is more than the prior year by 3% and is favorable to budget by 1%.
Purchased Power of $1,929,172 is more than the prior year by 6% and is unfavorable to budget
by 11%. YTD is more than prior year by 8% and is unfavorable to budget by 6%.
Administrative Expenses of $291,848 are more than the prior year by 12% but are favorable to
budget by 2%. YTD costs are more than the prior year by 10% but are favorable to budget by
8%. The main driver of the prior YTD variance is Medical expense, which is due to the larger
employer contribution to employee HSA accounts.
221
______________________________________________________________________________
Page 2 of 2
General Expenses of $34,234 are more than prior year by 74% but are favorable to budget by
29%. YTD costs are more than the prior year by 4% but are favorable to budget by 44%.
Total expenses YTD are 8% more than prior year and are unfavorable to budget by 2%. The
main driver causing the prior YTD variance is Purchased Power.
For March 2021, the Electric Department has a Net Loss of ($46,062) and YTD Net Profit of
$199,032. This is behind of the budgeted monthly Net Profit of $92,543 and is less than prior
year monthly Net Profit of $119,909. YTD is behind the budgeted YTD Net Profit of $314,576
and is less than the prior YTD Net Profit of $570,186.
Water
March gallons of water sold are down 5% from the prior year. For further breakdown:
• Residential use is up 5%
• Commercial use is down 13%
Water Operating Revenues for March of $122,361 are behind prior year by 2% but are
favorable to budget by 10%. YTD is behind of prior year by 1% but is favorable to budget by
12%.
Other Revenues of $64,328 are ahead of prior year by 55% and favorable to budget by 62%.
YTD is behind prior year by 1% but favorable to budget by 76%.
Overall, Total Revenues of $186,690 are ahead of prior year by 12% but are behind prior YTD by
1%. YTD Total Revenues are favorable to budget by 28%.
Total Expenses of $240,091 are more than prior year by 20% and more than the prior YTD by
17%. YTD is favorable to budget by 5%.
For March 2021, the Water Department has a Net Loss of ($53,401) (typical for the water
department) and YTD Net Loss of ($162,272). This is ahead of the budgeted monthly Net Loss of
($92,486) but is behind the prior year monthly Net Loss of ($32,404). YTD is ahead of the
budgeted YTD Net Loss of ($332,712) but is behind the prior YTD Net Loss of ($47,947).
ATTACHMENTS:
• Balance Sheet 03.2021
• Summary Electric Statement of Revenues, Expenses and Changes in Net Position
03.2021
• Summary Water Statement of Revenues, Expenses and Changes in Net Position 03.2021
• Graphs Prior Year and YTD 2021
• Detailed Electric Statement of Revenues, Expenses and Changes in Net Position 03.2021
• Detailed Water Statement of Revenues, Expenses and Changes in Net Position 02.2021
222
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
COMBINED BALANCE SHEET
FOR PERIOD ENDING MARCH 2021
ELECTRIC WATER
ASSETS
CURRENT ASSETS
CASH 6,863,66511,857,834
ACCOUNTS RECEIVABLE 234,6321,901,459
INVENTORIES 11,048909,760
PREPAID ITEMS 46,039269,262
CONSTRUCTION IN PROGRESS 23,8581,522,549
TOTAL CURRENT ASSETS 7,179,24316,460,863
RESTRICTED ASSETS
BOND RESERVE FUND 01,261,359
EMERGENCY RESERVE FUND 1,333,0082,818,269
UNRESTRICTED RESERVE FUND 00
TOTAL RESTRICTED ASSETS 1,333,0084,079,628
FIXED ASSETS
PRODUCTION 14,814,629645,379
LFG PROJECT 03,851,442
TRANSMISSION 02,305,024
DISTRIBUTION 23,632,64142,528,348
GENERAL 1,051,74211,549,362
FIXED ASSETS (COST)39,499,01260,879,553
LESS ACCUMULATED DEPRECIATION (20,159,090)(32,069,254)
TOTAL FIXED ASSETS, NET 19,339,92328,810,299
INTANGIBLE ASSETS
POWER AGENCY MEMBERSHIP BUY-IN 021,546,212
LOSS OF REVENUE INTANGIBLE 03,425,465
LESS ACCUMULATED AMORTIZATION 0(1,669,187)
TOTAL INTANGIBLE ASSETS, NET 023,302,491
OTHER ASSETS AND DEFERRED OUTFLOWS 46,904289,811
TOTAL ASSETS 27,899,07872,943,091
LIABILITIES AND FUND EQUITY
CURRENT LIABILITIES
ACCOUNTS PAYABLE 288,2693,680,605
SALARIES AND BENEFITS PAYABLE 181,720782,334
DUE TO CITY 1,724781,789
DUE TO OTHER FUNDS 00
NOTES PAYABLE-CURRENT PORTION 0154,962
BONDS PAYABLE-CURRENT PORTION 0185,000
UNEARNED REVENUE 94,7067,624
TOTAL CURRENT LIABILITIES 566,4195,592,314
LONG TERM LIABILITIES
LFG PROJECT 0209,124
DUE TO COUNTY 00
BONDS PAYABLE, LESS CURRENT PORTION 319,58919,063,077
PENSION LIABILITIES 446,5372,791,010
TOTAL LONG TERM LIABILITIES 766,12622,063,211
TOTAL LIABILITIES 1,332,54427,655,524
DEFERRED INFLOWS OF RESOURCES 21,807140,160
FUND EQUITY
CAPITAL ACCOUNT CONST COST 01,261,359
CONTRIBUTED CAPITAL 00
RETAINED EARNINGS 26,706,99943,687,015
NET INCOME (LOSS) (THROUGH PREVIOUS MONTH)(162,273)199,033
TOTAL FUND EQUITY 26,544,72645,147,407
TOTAL LIABILITIES & FUND EQUITY 27,899,07872,943,091
223
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FOR PERIOD ENDING MARCH 2021
2021
MARCH
2020
MARCH
2021
YTD
2020
YTD
2021
YTD
BUDGET
2021 YTD
Bud Var%
2020 v. 2021
Actual Var%
YTD
VARIANCE
2021
ANNUAL
BUDGETElectric
Revenue
Operating Revenue
Elk River 2,499,877 7,867,755 7,841,345 2,365,171 7,598,4440 434,369,210 269,311
Otsego 215,688 666,101 661,755 191,779 624,3701 72,745,252 41,731
Rural Big Lake 15,485 48,115 48,527 13,779 46,197(1)4196,078 1,918
Dayton 19,171 57,835 58,350 16,479 54,431(1)6233,388 3,404
Public St & Hwy Lighting 20,931 62,815 60,999 20,757 60,7793 3244,000 2,036
Other Electric Sales 400 1,200 1,200 400 1,2000 04,800 0
Total Operating Revenue 2,771,553 8,703,824 8,672,179 2,608,368 8,385,4220 437,792,730 318,401
Other Operating Revenue
Interest/Dividend Income 3,185 14,485 17,499 14,104 36,469(17)(60)70,000 (21,983)
Customer Penalties 0 0 0 7,828 42,8590 (100)0 (42,859)
LFG Project 80,086 246,052 296,576 91,156 292,681(17)(16)1,186,307 (46,628)
Connection Fees 38,945 65,550 36,000 21,680 36,71582 79145,000 28,835
Misc Revenue 73,568 225,068 156,612 104,842 196,45844 15626,451 28,610
Total Other Revenue 195,784 551,157 506,689 239,612 605,1839 (9)2,027,758 (54,026)
Total Revenue 2,967,338 9,254,981 9,178,868 2,847,980 8,990,6061 339,820,488 264,375
Expenses
Purchased Power 1,929,172 5,894,884 5,537,199 1,823,301 5,454,8736 825,546,479 440,010
Operating & Mtce Expense 23,178 70,933 81,054 17,946 73,939(12)(4)282,000 (3,005)
Landfill Gas 64,069 182,265 195,681 59,824 178,657(7)2782,725 3,608
Transmission Expense 6,433 13,917 18,500 3,981 11,119(25)2574,000 2,797
Distribution Expense 54,949 115,680 85,804 22,467 65,37935 77343,216 50,300
Maintenance Expense 127,420 353,687 385,374 81,508 350,588(8)11,331,500 3,099
Depreciation & Amortization 244,503 733,313 749,842 240,156 717,753(2)23,105,509 15,560
Interest Expense 47,756 145,437 145,437 50,653 154,0740 (6)571,390 (8,637)
Other Operating Expense 42,472 43,468 8,287 6,352 9,641424 351160,150 33,827
Customer Accounts Expense 27,696 81,208 86,000 28,462 82,757(6)(2)344,000 (1,548)
Administrative Expense 291,848 968,003 1,055,243 259,812 882,314(8)103,740,500 85,689
General Expense 34,234 80,864 144,712 19,690 78,043(44)4582,701 2,821
Total Expenses(before Operating Transfers)2,893,737 8,683,666 8,493,138 2,614,158 8,059,1412 836,864,171 624,524
Operating Transfer
Operating Transfer/Other Funds 100,664 316,719 313,653 95,269 305,8701 41,374,768 10,849
Utilities & Labor Donated 18,999 55,563 57,500 18,642 55,407(3)0230,000 155
Total Operating Transfer 119,664 372,283 371,153 113,912 361,2780 31,604,768 11,005
Net Income Profit(Loss)(46,062)199,032 314,576 119,909 570,186(37)(65)1,351,548 (371,153)
224
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FOR PERIOD ENDING MARCH 2021
2021
MARCH
2020
MARCH
2021
YTD
2020
YTD
2021
YTD
BUDGET
2021 YTD
Bud Var%
2020 v. 2021
Actual Var%
YTD
VARIANCE
2021
ANNUAL
BUDGETWater
Revenue
Operating Revenue
Water Sales 122,361 383,159 342,895 125,380 388,10612 (1)2,299,751 (4,947)
Total Operating Revenue 122,361 383,159 342,895 125,380 388,10612 (1)2,299,751 (4,947)
Other Operating Revenue
Interest/Dividend Income 796 3,621 9,750 3,495 9,027(63)(60)39,000 (5,406)
Customer Penalties 0 0 0 357 3,8010 (100)0 (3,801)
Connection Fees 39,920 134,976 38,500 16,858 135,907251 (1)154,000 (930)
Misc Revenue 23,611 70,830 70,754 20,797 62,4600 13285,980 8,370
Total Other Revenue 64,328 209,429 119,004 41,508 211,19676 (1)478,980 (1,767)
Total Revenue 186,690 592,588 461,900 166,889 599,30328 (1)2,778,731 (6,715)
Expenses
Production Expense 11,759 25,983 15,300 1,636 4,81270 44061,200 21,170
Pumping Expense 36,197 124,208 132,749 34,725 111,504(6)11531,000 12,704
Distribution Expense 17,655 64,580 78,024 9,519 36,991(17)75272,500 27,589
Depreciation & Amortization 96,722 289,242 297,275 94,568 283,649(3)21,182,604 5,592
Interest Expense 1,051 3,996 3,996 1,893 6,4700 (38)13,459 (2,473)
Other Operating Expense 2 6 375 1,429 1,614(98)(100)42,000 (1,608)
Customer Accounts Expense 6,136 16,691 17,124 5,498 15,673(3)668,500 1,017
Administrative Expense 69,045 227,630 245,978 49,269 184,793(7)23907,289 42,837
General Expense 1,520 2,520 3,412 752 1,741(26)4513,650 779
Total Expenses(before Operating Transfers)240,091 754,861 794,238 199,293 647,251(5)173,092,203 107,610
Operating Transfer
Utilities & Labor Donated 0 0 375 0 0(100)01,500 0
Total Operating Transfer 0 0 375 0 0(100)01,500 0
Net Income Profit(Loss)(53,401)(162,272)(332,712)(32,404)(47,947)51 (238)(314,972)(114,325)
225
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
226
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
227
-
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
228
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
229
$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 $
230
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FOR PERIOD ENDING MARCH 2021
2021
MARCH
2020
MARCH
2021
YTD
2020
YTD
2021
YTD
BUDGET
2021 YTD
Bud Var%
2020 v. 2021
Actual Var%
YTD
VARIANCE
2021
ANNUAL
BUDGETElectric
Revenue
Operating Revenue
Elk River
ELECT SALES - ELK RIVER RESID 852,693 2,888,769942,749 2,957,4843,101,548 5 712,599,984 212,778
ELECT SALES - ELK RIVER NON-D 228,289 730,971238,599 769,750719,887 (6)(2)3,009,962 (11,083)
ELECT SALES - ELK RIVER DEMA 1,284,188 3,978,7031,318,528 4,114,1104,046,319 (2)218,759,263 67,616
2,499,877 7,867,755 7,841,345 2,365,171 7,598,4440 4Total For Elk River:34,369,210 269,311
Otsego
ELECT SALES - OTSEGO RESIDEN 86,156 287,17897,053 299,655307,157 3 71,274,499 19,978
ELECT SALES - OTSEGO NON-DEM 25,650 82,74628,110 88,28785,440 (3)3395,301 2,694
ELECT SALES - OTSEGO DEMAND 79,973 254,44590,524 273,812273,503 0 71,075,451 19,058
215,688 666,101 661,755 191,779 624,3701 7Total For Otsego:2,745,252 41,731
Rural Big Lake
ELECT SALES - BIG LAKE RESIDE 13,625 45,71915,330 48,04147,636 (1)4192,154 1,917
ELECT SALES - BIG LAKE NON-DE 153 478154485479(1)03,923 0
15,485 48,115 48,527 13,779 46,197(1)4Total For Rural Big Lake:196,078 1,918
Dayton
ELECT SALES - DAYTON RESIDEN 13,929 46,21516,299 49,99649,384 (1)7198,924 3,169
ELECT SALES - DAYTON NON-DE 2,550 8,2152,871 8,3538,451 1 334,464 235
19,171 57,835 58,350 16,479 54,431(1)6Total For Dayton:233,388 3,404
Public St & Hwy Lighting
ELECT SALES - SEC LTS 20,757 60,77920,931 60,99962,815 3 3244,000 2,036
20,931 62,815 60,999 20,757 60,7793 3Total For Public St & Hwy Lighting:244,000 2,036
Other Electric Sales
SUB-STATION CREDIT 400 1,2004001,2001,200 0 04,800 0
400 1,200 1,200 400 1,2000 0Total For Other Electric Sales:4,800 0
Total Operating Revenue
2,608,368 8,385,4222,771,553 8,672,1798,703,824 0 437,792,730 318,401
Other Operating Revenue
Interest/Dividend Income
INTEREST & DIVIDEND INCOME 14,104 36,4693,185 17,49914,485 (17)(60)70,000 (21,983)
3,185 14,485 17,499 14,104 36,469(17)(60)Total For Interest/Dividend Income:70,000 (21,983)
Customer Penalties
CUSTOMER DELINQUENT PENALT 7,828 42,8590000 (100)0 (42,859)
0 0 0 7,828 42,8590 (100)Total For Customer Penalties:0 (42,859)
LFG Project 231
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FOR PERIOD ENDING MARCH 2021
2021
MARCH
2020
MARCH
2021
YTD
2020
YTD
2021
YTD
BUDGET
2021 YTD
Bud Var%
2020 v. 2021
Actual Var%
YTD
VARIANCE
2021
ANNUAL
BUDGETElectric
LFG PROJECT 91,156 292,68180,086 296,576246,052 (17)(16)1,186,307 (46,628)
80,086 246,052 296,576 91,156 292,681(17)(16)Total For LFG Project:1,186,307 (46,628)
Connection Fees
DISCONNECT & RECONNECT CHA 21,680 36,71538,945 36,00065,550 82 79145,000 28,835
38,945 65,550 36,000 21,680 36,71582 79Total For Connection Fees:145,000 28,835
Misc Revenue
MISC ELEC REVENUE - TEMP CHG 150 7501,362 1251,362 990 82500612
STREET LIGHT 13,500 13,50018,000 1,25018,000 1,340 335,000 4,500
TRANSMISSION INVESTMENTS 27,680 93,04531,842 115,237101,478 (12)9460,951 8,433
MISC NON-UTILITY 4,971 15,9325,280 15,00016,027 7 160,000 95
GAIN ON DISPOSITION OF PROPER 0 2,3170000 (100)0 (2,317)
RENTAL PROPERTY INCOME 2,020 6,0600000 (100)0 (6,060)
CONTRIBUTIONS FROM CUSTOME 56,521 64,85317,082 24,99988,200 253 36100,000 23,347
73,568 225,068 156,612 104,842 196,45844 15Total For Misc Revenue:626,451 28,610
Total Other Revenue
239,612 605,183195,784 506,689551,157 9 (9)2,027,758 (54,026)
195,784 551,157 506,689 239,612 605,1839 (9)Total For Total Other Revenue:2,027,758 (54,026)
2,847,980 8,990,6062,967,338 9,178,868 Total Revenue 9,254,981 1 339,820,488 264,375
Expenses
Purchased Power
PURCHASED POWER 1,823,301 5,454,8731,929,172 5,537,1995,894,884 6 825,546,479 440,010
1,929,172 5,894,884 5,537,199 1,823,301 5,454,8736 8Total For Purchased Power:25,546,479 440,010
Operating & Mtce Expense
OPERATING SUPERVISION 10,014 28,66610,779 30,24928,381 (6)(1)121,000 (285)
DIESEL OIL FUEL 0 2,2135553,7501,862 (50)(16)15,000 (351)
NATURAL GAS 2,051 8,4882,312 9,5009,994 5 1827,000 1,506
ELECTRIC & WATER CONSUMPTI 2,042 8,4061,796 9,5557,755 (19)(8)33,000 (651)
PLANT SUPPLIES & OTHER EXPEN 36 2,0651,625 2,4993,526 41 7110,000 1,460
MISC POWER GENERATION EXPE 542 1,5071,668 1,7492,198 26 467,000 691
MAINTENANCE OF STRUCTURE -906 3,6061,494 4,7493,176 (33)(12)19,000 (430)
MTCE OF PLANT ENGINES/GENER 2,327 9,5959825,0003,133 (37)(67)20,000 (6,462)
MTCE OF PLANT/LAND IMPROVE 26 9,3871,964 14,00010,904 (22)1630,000 1,517
23,178 70,933 81,054 17,946 73,939(12)(4)Total For Operating & Mtce Expense:282,000 (3,005)
Landfill Gas 232
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FOR PERIOD ENDING MARCH 2021
2021
MARCH
2020
MARCH
2021
YTD
2020
YTD
2021
YTD
BUDGET
2021 YTD
Bud Var%
2020 v. 2021
Actual Var%
YTD
VARIANCE
2021
ANNUAL
BUDGETElectric
LANDFILL GAS PLANT PURCHASE 14,743 44,40016,883 45,50043,850 (4)(1)182,000 (549)
LANDFILL GAS PLANT OPERATIO 42,606 127,81943,229 129,681129,687 0 1518,725 1,867
LANDFILL GAS PLANT ADMINIST 156 46960414,2502,158 (85)36057,000 1,689
LANDFILL GAS PLANT INSURANC 1,525 4,5751,607 5,0004,823 (4)520,000 247
LANDFILL GAS PLANT MTCE 792 1,3921,745 1,2501,745 40 255,000 353
64,069 182,265 195,681 59,824 178,657(7)2Total For Landfill Gas:782,725 3,608
Transmission Expense
TRANSMISSION MTCE AND EXPE 3,981 11,1196,433 18,50013,917 (25)2574,000 2,797
6,433 13,917 18,500 3,981 11,119(25)25Total For Transmission Expense:74,000 2,797
Distribution Expense
REMOVE EXISTING SERVICE & M 0 005000(100)02,000 0
SCADA EXPENSE 4,940 10,1825,123 10,70010,580 (1)442,800 398
TRANSFORMER EXPENSE OH & U 1,292 3,0089723,9992,656 (34)(12)16,000 (351)
MTCE OF SIGNAL SYSTEMS 0 0194500194(61)02,000 194
METER EXPENSE - REMOVE & RE 126 22402490(100)(100)1,000 (224)
TEMP SERVICE - INSTALL & REM 205 94230850074850 (21)2,000 (194)
MISC DISTRIBUTION EXPENSE 15,902 51,02248,351 68,750101,500 48 99275,000 50,478
INTERCONNECTION CARRYING C 0 006030(100)02,416 0
54,949 115,680 85,804 22,467 65,37935 77Total For Distribution Expense:343,216 50,300
Maintenance Expense
MTCE OF STRUCTURES 3,545 7,1341,916 6,8755,382 (22)(25)27,500 (1,751)
MTCE OF SUBSTATIONS 1,602 4,3621,109 6,9991,442 (79)(67)28,000 (2,920)
MTCE OF SUBSTATION EQUIPME 819 2,1779,646 14,25016,962 19 67957,000 14,785
MTCE OF OH LINES/TREE TRIM 22,057 116,91218,413 90,00055,753 (38)(52)150,000 (61,158)
MTCE OF OH LINES/STANDBY 2,978 7,7783,137 8,0008,663 8 1132,000 885
MTCE OF OH PRIMARY 11,974 31,69513,960 39,99930,374 (24)(4)160,000 (1,321)
MTCE OF URD PRIMARY 11,719 28,20115,480 38,75029,775 (23)6155,000 1,574
LOCATE ELECTRIC LINES 3,974 11,1029,304 24,24915,307 (37)3897,000 4,205
LOCATE FIBER LINES 30 304724979(68)1551,000 48
MTCE OF LINE TRANSFORMERS 1,510 4,9031,326 11,25027,380 143 45845,000 22,477
MTCE OF STREET LIGHTING (5,495)7,221(154)11,2507,932 (29)1045,000 710
MTCE OF SECURITY LIGHTING 101 6742,860 2,4992,977 19 34110,000 2,302
MTCE OF METERS 4,718 21,8864,409 21,24914,680 (31)(33)85,000 (7,206)
VOLTAGE COMPLAINTS 437 1,6271302,499794 (68)(51)10,000 (833)
SALARIES TRANSMISSION & DIST 3,816 10,8122,507 10,7496,641 (38)(39)43,000 (4,171)233
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FOR PERIOD ENDING MARCH 2021
2021
MARCH
2020
MARCH
2021
YTD
2020
YTD
2021
YTD
BUDGET
2021 YTD
Bud Var%
2020 v. 2021
Actual Var%
YTD
VARIANCE
2021
ANNUAL
BUDGETElectric
ELECTRIC MAPPING 6,436 29,8128,319 24,99929,575 18 (1)100,000 (236)
MTCE OF OH SECONDARY 555 3,4451,235 5,0003,070 (39)(11)20,000 (374)
MTCE OF URD SECONDARY 1,786 7,3018,604 10,25012,267 20 6841,000 4,966
TRANSPORTATION EXPENSE 8,940 53,50625,165 56,25084,625 50 58225,000 31,118
127,420 353,687 385,374 81,508 350,588(8)1Total For Maintenance Expense:1,331,500 3,099
Depreciation & Amortization
DEPRECIATION 184,478 550,719188,826 582,808566,280 (3)32,437,374 15,560
AMORTIZATION 55,677 167,03355,677 167,033167,033 0 0668,135 0
244,503 733,313 749,842 240,156 717,753(2)2Total For Depreciation & Amortization:3,105,509 15,560
Interest Expense
INTEREST EXPENSE - BONDS 54,942 166,94252,045 158,304158,304 0 (5)622,859 (8,637)
INTEREST EXPENSE - DEFEASED (276)(829)(276)(829)(829)0 0(3,317)0
AMORTIZATION OF DEBT DISCOU (4,012)(12,037)(4,012)(12,038)(12,037)0 0(48,152)0
47,756 145,437 145,437 50,653 154,0740 (6)Total For Interest Expense:571,390 (8,637)
Other Operating Expense
EV CHARGING EXPENSE 247 7992861,1621,137 (2)424,650 338
LOSS ON DISPOSITION OF PROP (C 0 5542,111 3,12542,111 1,248 76,46512,500 42,056
OTHER DONATIONS 0 17607500(100)(100)3,000 (176)
PENSION EXPENSE 0 00000 082,000 0
OPEB EXPENSE 0 00000 045,000 0
INTEREST EXPENSE - METER DEP 1,058 3,167743,249219 (93)(93)13,000 (2,948)
RENTAL PROPERTY EXPENSE 5,046 5,4420000 (100)0 (5,442)
42,472 43,468 8,287 6,352 9,641424 351Total For Other Operating Expense:160,150 33,827
Customer Accounts Expense
METER READING EXPENSE 2,583 7,1513,123 8,4999,394 11 3134,000 2,242
DISCONNECT/RECONNECT EXPEN 484 2,2241,596 3,7504,059 8 8215,000 1,834
MISC CUSTOMER ACCOUNTS EXP 24,517 68,30922,202 68,75066,490 (3)(3)275,000 (1,819)
BAD DEBT EXPENSE & RECOVER 877 5,0707745,0001,264 (75)(75)20,000 (3,806)
27,696 81,208 86,000 28,462 82,757(6)(2)Total For Customer Accounts Expense:344,000 (1,548)
Administrative Expense
SALARIES OFFICE & COMMISSION 57,020 174,51675,406 190,500200,418 5 15762,000 25,902
SALARIES COVID-19 0 021,040 021,040 0 0021,040
TEMPORARY STAFFING 0 009990(100)04,000 0
OFFICE SUPPLIES 3,559 16,5866,322 41,25025,702 (38)55165,000 9,115
ELECTRIC & WATER CONSUMPTI 1,992 5,7852,100 7,7495,943 (23)331,000 158
234
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FOR PERIOD ENDING MARCH 2021
2021
MARCH
2020
MARCH
2021
YTD
2020
YTD
2021
YTD
BUDGET
2021 YTD
Bud Var%
2020 v. 2021
Actual Var%
YTD
VARIANCE
2021
ANNUAL
BUDGETElectric
BANK FEES 179 532208660599(9)122,640 66
LEGAL FEES 2,043 7,7332,399 8,0006,491 (19)(16)32,000 (1,241)
AUDITING FEES 1,380 4,1401,500 4,5004,500 0 918,000 360
INSURANCE 31,007 55,44113,106 43,74939,319 (10)(29)175,000 (16,122)
UTILITY SHARE - DEFERRED COM 11,291 36,33611,422 29,37540,439 38 11117,500 4,102
UTILITY SHARE - MEDICAL/DENT 51,359 221,97553,973 294,468279,517 (5)26807,166 57,542
UTILITY SHARE - PERA 21,038 61,08621,982 67,48560,643 (10)(1)269,940 (442)
UTILITY SHARE - FICA 19,592 56,84821,701 63,16258,714 (7)3252,650 1,866
EMPLOYEE SICK PAY 9,068 37,5249,187 31,74933,891 7 (10)127,000 (3,633)
EMPLOYEE HOLIDAY PAY 0 37,765037,77237,156 (2)(2)138,500 (609)
EMPLOYEE VACATION & PTO PA 15,328 73,41314,888 77,81867,855 (13)(8)230,000 (5,557)
UPMIC DISTRIBUTION 14,307 14,30711,643 15,50011,643 (25)(19)62,000 (2,664)
CONSULTING FEES 864 1,3122,012 18,0502,512 (86)9172,200 1,200
TELEPHONE 2,397 7,1932,994 7,7498,107 5 1331,000 913
ADVERTISING 840 3,6641,280 3,7504,537 21 2415,000 873
DUES & SUBSCRIPTIONS - FEES 8,938 26,58010,221 55,02330,002 (45)13220,093 3,421
SCHOOLS & MEETINGS 6,724 36,9377,860 53,67927,176 (49)(26)198,811 (9,761)
MTCE OF GENERAL PLANT & OFFI 877 2,6315962,2501,789 (20)(32)9,000 (841)
291,848 968,003 1,055,243 259,812 882,314(8)10Total For Administrative Expense:3,740,500 85,689
General Expense
CIP REBATES - RESIDENTIAL 2,825 6,7791,325 16,7627,812 (53)1567,050 1,033
CIP REBATES - COMMERCIAL 2,920 24,7085,240 55,5506,848 (88)(72)222,200 (17,860)
CIP - ADMINISTRATION 44 14442420,4171,434 (93)89781,668 1,290
CIP - MARKETING 620 3,9063,685 11,4996,945 (40)7846,000 3,038
CIP - LABOR 10,968 33,95614,605 25,02036,560 46 8100,083 2,603
CIP REBATES - LOW INCOME 0 003,8755,770 49 015,500 5,770
CIP - LOW INCOME LABOR 583 2,1371,043 3,8752,688 (31)2615,500 550
ENVIRONMENTAL COMPLIANCE 2,372 7,1092,394 7,0867,173 1 132,200 63
MISC GENERAL EXPENSE (643)(699)5,514 6245,631 801 9062,500 6,331
34,234 80,864 144,712 19,690 78,043(44) 4Total For General Expense:582,701 2,821
Total Expenses(before Operating Transfers)
2,614,158 8,059,1412,893,737 8,493,1388,683,666 2 836,864,171 624,524
Operating Transfer
Operating Transfer/Other Funds
TRANSFER TO CITY ELK RIVER R 95,269 305,870100,664 313,653316,719 1 41,374,768 10,849235
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FOR PERIOD ENDING MARCH 2021
2021
MARCH
2020
MARCH
2021
YTD
2020
YTD
2021
YTD
BUDGET
2021 YTD
Bud Var%
2020 v. 2021
Actual Var%
YTD
VARIANCE
2021
ANNUAL
BUDGETElectric
100,664 316,719 313,653 95,269 305,8701 4Total For Operating Transfer/Other Funds:1,374,768 10,849
Utilities & Labor Donated
UTILITIES & LABOR DONATED TO 18,642 55,40718,999 57,50055,563 (3)0230,000 155
18,999 55,563 57,500 18,642 55,407(3)0Total For Utilities & Labor Donated:230,000 155
Total Operating Transfer
119,664 372,283 371,153 113,912 361,2780 3Total For Total Operating Transfer:1,604,768 11,005
119,909 570,186(46,062)314,576 Net Income Profit(Loss)199,032 (37)(65)1,351,548 (371,153)
236
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FOR PERIOD ENDING MARCH 2021
2021
MARCH
2020
MARCH
2021
YTD
2020
YTD
2021
YTD
BUDGET
2021 YTD
Bud Var%
2020 v. 2021
Actual Var%
YTD
VARIANCE
2021
ANNUAL
BUDGETWater
Revenue
Operating Revenue
Water Sales
WATER SALES RESIDENTIAL 76,747 237,73978,965 198,302249,711 26 51,256,746 11,972
WATER SALES COMMERCIAL 47,074 145,83541,900 140,624128,713 (8)(12)800,700 (17,121)
WATER SALES IRRIGATION 1,559 4,5321,495 3,9674,734 19 4242,304 202
122,361 383,159 342,895 125,380 388,10612 (1)Total For Water Sales:2,299,751 (4,947)
Total Operating Revenue
125,380 388,106122,361 342,895383,159 12 (1)2,299,751 (4,947)
122,361 383,159 342,895 125,380 388,10612 (1)Total For Total Operating Revenue:2,299,751 (4,947)
Other Operating Revenue
Interest/Dividend Income
INTEREST & DIVIDEND INCOME 3,495 9,0277969,5003,621 (62)(60)38,000 (5,406)
OTHER INTEREST/MISC REVENUE 0 002490(100)01,000 0
796 3,621 9,750 3,495 9,027(63)(60)Total For Interest/Dividend Income:39,000 (5,406)
Customer Penalties
CUSTOMER PENALTIES 357 3,8010000 (100)0 (3,801)
0 0 0 357 3,8010 (100)Total For Customer Penalties:0 (3,801)
Connection Fees
WATER/ACCESS/CONNECTION FE 16,560 130,30038,206 27,500125,434 356 (4)110,000 (4,866)
CUSTOMER CONNECTION FEES 0 3,6551,714 7,5009,489 27 16030,000 5,834
BULK WATER SALES/HYDRANT R 298 1,95203,50053 (98)(97)14,000 (1,898)
39,920 134,976 38,500 16,858 135,907251 (1)Total For Connection Fees:154,000 (930)
Misc Revenue
RENTAL PROPERTY INCOME 505 1,5150000 (100)0 (1,515)
HYDRANT MAINTENANCE PROGR 940 2,8889852,8742,950 3 211,500 62
WATER TOWER LEASE 19,352 58,05722,626 67,87967,879 0 17274,480 9,822
23,611 70,830 70,754 20,797 62,4600 13Total For Misc Revenue:285,980 8,370
Total Other Revenue
41,508 211,19664,328 119,004209,429 76 (1)478,980 (1,767)
64,328 209,429 119,004 41,508 211,19676 (1)Total For Total Other Revenue:478,980 (1,767)
166,889 599,303186,690 461,900 Total Revenue 592,588 28 (1)2,778,731 (6,715)
Expenses
Production Expense
237
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FOR PERIOD ENDING MARCH 2021
2021
MARCH
2020
MARCH
2021
YTD
2020
YTD
2021
YTD
BUDGET
2021 YTD
Bud Var%
2020 v. 2021
Actual Var%
YTD
VARIANCE
2021
ANNUAL
BUDGETWater
MTCE OF STRUCTURES 1,636 4,81211,759 15,30025,983 70 44061,200 21,170
11,759 25,983 15,300 1,636 4,81270 440Total For Production Expense:61,200 21,170
Pumping Expense
SUPERVISION 5,030 13,9135,518 15,75014,844 (6)763,000 930
ELECTRIC & GAS UTILITIES 18,249 54,23014,334 60,00052,677 (12)(3)240,000 (1,552)
SAMPLING 643 2,0856533,7502,963 (21)4215,000 877
CHEMICAL FEED 3,841 6,3133926,9993,077 (56)(51)28,000 (3,236)
MTCE OF ELECTRIC PUMPING EQ 0 000360 0036
MTCE OF WELLS 6,762 34,41514,546 43,74949,493 13 44175,000 15,077
SCADA - PUMPING 197 5457522,4991,116 (55)10510,000 570
36,197 124,208 132,749 34,725 111,504(6)11Total For Pumping Expense:531,000 12,704
Distribution Expense
MTCE OF WATER MAINS 2,107 4,2692,047 21,24912,508 (41)19385,000 8,238
LOCATE WATER LINES 213 6441,595 3,9994,126 3 54116,000 3,482
WATER METER SERVICE 2,049 7,4353,123 11,25010,182 (9)3745,000 2,746
BACKFLOW DEVICE INSPECTION 0 06782,4002,034 (15)015,000 2,034
MTCE OF CUSTOMERS SERVICE 1,805 5,4142,183 6,2496,431 3 1925,000 1,016
WATER MAPPING 131 5544993,0001,442 (52)16012,000 888
MTCE OF WATER HYDRANTS - PU 112 4286185,0001,066 (79)14920,000 638
MTCE OF WATER HYDRANTS - PR 0 001,7490 (100)07,000 0
WATER CLOTHING/PPE 1,832 2,0635,031 2,4997,733 209 27510,000 5,670
WAGES WATER 536 1,6856341,8751,663 (11)(1)7,500 (21)
TRANSPORTATION EXPENSE 730 2,0998993,7502,515 (33)2015,000 415
WATER PERMIT 0 12,39634515,00014,875 (1)2015,000 2,478
17,655 64,580 78,024 9,519 36,991(17)75Total For Distribution Expense:272,500 27,589
Depreciation & Amortization
DEPRECIATION 94,568 283,64996,722 297,275289,242 (3)21,182,604 5,592
96,722 289,242 297,275 94,568 283,649(3)2Total For Depreciation & Amortization:1,182,604 5,592
Interest Expense
INTEREST EXPENSE - BONDS 1,962 6,6771,120 4,2034,203 0 (37)14,288 (2,473)
INTEREST EXPENSE - DEFEASED (69)(207)(69)(207)(207)0 0(829)0
1,051 3,996 3,996 1,893 6,4700 (38)Total For Interest Expense:13,459 (2,473)
Other Operating Expense
LOSS ON DISPOSITION OF PROP (C 0 180000 (100)0 (18)
DAM MAINTENANCE EXPENSE 134 13402490(100)(100)1,000 (134)
238
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FOR PERIOD ENDING MARCH 2021
2021
MARCH
2020
MARCH
2021
YTD
2020
YTD
2021
YTD
BUDGET
2021 YTD
Bud Var%
2020 v. 2021
Actual Var%
YTD
VARIANCE
2021
ANNUAL
BUDGETWater
PENSION EXPENSE 0 00000 020,500 0
OPEB EXPENSE 0 00000 020,000 0
INTEREST EXPENSE - METER DEP 33 10121256(94)(93)500 (94)
RENTAL PROPERTY EXPENSE 1,261 1,3600000 (100)0 (1,360)
2 6 375 1,429 1,614(98)(100)Total For Other Operating Expense:42,000 (1,608)
Customer Accounts Expense
METER READING EXPENSE 88 570144624446(28)(22)2,500 (123)
MISC CUSTOMER ACCOUNTS EXP 5,409 15,1035,991 16,25016,244 0 865,000 1,141
BAD DEBT EXPENSE & RECOVER 0 002490(100)01,000 0
6,136 16,691 17,124 5,498 15,673(3)6Total For Customer Accounts Expense:68,500 1,017
Administrative Expense
SALARIES OFFICE & COMMISSION 15,875 49,19221,763 52,74957,562 9 17211,000 8,370
SALARIES COVID-19 0 01,791 01,791 0 001,791
TEMPORARY STAFFING 0 002490(100)01,000 0
OFFICE SUPPLIES 979 2,97675710,3126,197 (40)10841,250 3,220
ELECTRIC & WATER CONSUMPTI 498 1,4465252,0001,485 (26)38,000 39
BANK FEES 54 14852174162(7)970014
LEGAL FEES 510 1,6685992,0001,322 (34)(21)8,000 (345)
AUDITING FEES 345 1,0353751,1251,125 0 94,500 90
INSURANCE 1,695 5,7152,130 6,5006,390 (2)1226,000 674
UTILITY SHARE - DEFERRED COM 1,530 4,6301,652 5,0004,883 (2)520,000 253
UTILITY SHARE - MEDICAL/DENT 12,731 48,21718,082 71,01065,321 (8)35208,500 17,104
UTILITY SHARE - PERA 3,011 9,4344,236 11,49911,823 3 2546,000 2,389
UTILITY SHARE - FICA 2,690 8,4574,125 11,25011,438 2 3545,000 2,980
EMPLOYEE SICK PAY 1,318 5,0779377,5004,480 (40)(12)30,000 (596)
EMPLOYEE HOLIDAY PAY 0 4,87207,6367,239 (5)4928,000 2,366
EMPLOYEE VACATION & PTO PA 2,093 13,20079814,63611,225 (23)(15)40,000 (1,974)
UPMIC DISTRIBUTION 2,455 2,4552,197 2,6252,197 (16)(11)10,500 (257)
WELLHEAD PROTECTION 0 00000 020,000 0
CONSULTING FEES 216 3284,550 3,3754,841 43 1,37613,500 4,513
TELEPHONE 479 1,4286631,5001,875 25 316,000 447
ADVERTISING 210 8353201,7491,142 (35)377,000 307
DUES & SUBSCRIPTIONS - FEES 1,017 17,1641,493 20,08018,305 (9)780,327 1,141
SCHOOLS & MEETINGS 1,337 5,8511,842 12,3286,368 (48)949,312 516
MTCE OF GENERAL PLANT & OFFI 219 657149675447(34)(32)2,700 (209)239
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FOR PERIOD ENDING MARCH 2021
2021
MARCH
2020
MARCH
2021
YTD
2020
YTD
2021
YTD
BUDGET
2021 YTD
Bud Var%
2020 v. 2021
Actual Var%
YTD
VARIANCE
2021
ANNUAL
BUDGETWater
69,045 227,630 245,978 49,269 184,793(7)23Total For Administrative Expense:907,289 42,837
General Expense
CIP REBATES - RESIDENTIAL 50 225501,125335 (70)494,500 110
CIP REBATES - COMMERCIAL 0 001250(100)05000
CIP - MARKETING 40 4001250(100)(100)500 (40)
CIP - LABOR 410 1,1374411,1751,066 (9)(6)4,700 (71)
ENVIRONMENTAL COMPLIANCE 251 338219549310(44)2,200
MISC GENERAL EXPENSE 0 08093128091591,250
(28) (8)
810 0
1,520 2,520 3,412 752 1,741(26)(45)Total For General Expense:13,650 779
Total Expenses(before Operating Transfers)
199,293 647,251240,091 794,238754,861 (5)3,092,203 107,610 0
Operating Transfer
Utilities & Labor Donated
WATER & LABOR DONATED TO CI 0 003750(100)1,500 0 0
Total Operating Transfer
0 0 375 0 0(100)0Total For Total Operating Transfer:1,500 0
(32,404)(47,947)(53,401)(332,712)Net Income Profit(Loss)(162,272)51(314,972)(114,325) (238)
240