5.1 ERMUSR 06-08-2021UTILITIES COMMISSION MEETING
TO:FROM:
ERMU Commission Melissa Karpinski –Finance Manager
MEETING DATE: AGENDA ITEM NUMBER:
June 8, 2021 5.1
SUBJECT:
Financial Report – April 2021
ACTION REQUESTED:
Receive the April 2021Financial Report
DISCUSSION:
Please note that these are the preliminary unaudited financial statements.
Electric
April’selectric kWh sales are upfrom the prior year, 3%. For further breakdown:
Residential usageis down 5%
Small Commercialusageis up 6%
Large Commercial usage is up 7%
Electric Operating Revenues for April of $2,915,609 are more than prior year by 2% but
unfavorable to budget by 1%. April YTD is ahead of prior year by 3% and in line with budget.
The prior YTD variance is mainly due to Elk River Sales.
Other Revenues of $184,897 are more than the prior year by 4% andfavorable tobudgetby
13%. Other Revenues YTD is less than the prior year by 6% but is favorable to budget by 10%.
The prior YTD variance is mainly due to Interest/Dividend Income, LFG Plant and Customer
Penalties (due to not charging penalties on delinquent accounts during the Emergency
Peacetime Order).
Overall, Total Revenues of $3,100,507 are more than the prior year by 2% and in line with
budget. YTD is more than the prior year by 3% and is favorable to budget by 1%.
Purchased Power of $1,851,855 is more than the prior year by 6% but is in line with budget.
YTD is more than prior year by 8% and is unfavorable to budget by 5%.
Administrative Expenses of $291,148 are more than the prior year by 16% and are unfavorable
to budget by 1%. YTD costs are more than the prior year by 11% but are favorable to budget by
6%. The main driver of the prior YTD variance is Medical expense, which is due to the larger
employer contribution to employee HSA accounts.
______________________________________________________________________________
Page 1 of 2
62
General Expenses of $28,552areless than prior yearby 9% andarefavorable to budget by 41%.
YTD costs are in line withthe prior year and are favorable tobudget by 43%.
Total expensesYTDare 8% more than prior year andare unfavorable tobudget by 1%. The
main driver causing the prior YTD variance is Purchased Power.
For April 2021, the Electric Department has a Net Profit of $249,376 and YTD NetProfit of
$448,409. This is ahead of the budgeted monthly Net Profit of $233,389 but is less thanprior
year monthly Net Profit of $359,579. YTD is behind the budgeted YTD Net Profit of $547,965
and is less than the prior YTD Net Profit of $929,765.
Water
April gallons of water sold are down 1% from the prior year. For further breakdown:
Residential use is down 4%
Commercial use is up 2%
Water Operating Revenues for April of $143,852 are behind prior year by 1% but are favorable
to budget by 12%. YTD is behind prior year by 1% but is favorable to budget by 12%.
Other Revenues of $105,864 are ahead of prior year by 211% and favorable to budget by 167%.
YTD is ahead of prior year by 29% and favorable to budget by 99%. The main driver of the YTD
variance to prior year and budget are Connection Fees.
Overall, Total Revenues of $249,717 areahead of prior year by 39% and are ahead of prior YTD
by 8%. YTD Total Revenues are favorableto budget by 34%.
Total Expenses of $323,641are morethanprior yearby 62% andmorethan theprior YTDby
27%. YTD is unfavorable to budget by 4%. The main driver of the prior YTD variance is from
Mtce of Structures, which is due to the transfer of the Jackson Street water tower.
For April 2021, the Water Department has a Net Loss of ($74,020) (typical for the water
department) and YTD Net Loss of ($236,293). This is slightly behind the budgeted monthly Net
Loss of ($71,757) and is behind the prior year monthly Net Loss of ($20,604). YTD is ahead of
the budgeted YTD Net Loss of ($404,469) but is behind the prior YTD Net Loss of ($68,551).
ATTACHMENTS:
Balance Sheet 04.2021
Summary Electric Statement of Revenues, Expenses and Changes in Net Position
04.2021
Summary Water Statement of Revenues, Expenses and Changes in Net Position 04.2021
Graphs Prior Year and YTD 2021
Detailed Electric Statement of Revenues, Expenses and Changes in Net Position 04.2021
Detailed Water Statement of Revenues, Expenses and Changes in Net Position 04.2021
______________________________________________________________________________
Page 2 of 2
63