5.1 ERMUSR 11-09-2021UTILITIES COMMISSION MEETING
TO:FROM:
ERMU Commission Melissa Karpinski –Finance Manager
MEETING DATE: AGENDA ITEM NUMBER:
November9, 2021 5.1
SUBJECT:
Financial Report – September 2021
ACTION REQUESTED:
Receive the September 2021 Financial Report
DISCUSSION:
Please note that these are the preliminary unaudited financial statements.
Electric
September’s electric kWh sales are up from the prior year, 16%. For further breakdown:
Residential usage is up 25%
Small Commercial usage is up 28%
Large Commercial usage is up 11%
Electric Operating Revenues for September of $4,001,123 are more than prior year by 14% and
favorable to budget by 11%. September YTD is ahead of prior year by 6% and favorable to
budget by 2%. The main driver of prior YTD variance is increased usage.
Other Revenues of $232,603 are more than prior year by 58% and favorable to budget by 31%.
Other Revenues YTD are ahead of prior year by 15% and favorable to budget by 27%.
Overall, Total Revenues of $4,233,727 are more than prior year by 16% and favorable to budget
by 12%. YTD is more than prior year by 6% and is favorable to budget by 4%.
Purchased Power of $2,437,905 is more than prior year by 20% but favorable to budget by 2%.
YTD is more than prior year by 13% and is unfavorable to budget by 7%. YTD Energy Adjustment
Clause charge is $1,503,901 more than prior year and $369,756 more than budget.
YTD Other Operating Expense of ($154,788) is due to relieving the Other Postemployment
Benefits (OPEB) liability ($208,273) due to the change from group-based medical premiums to
age-based medical premiums. With this change ERMU no longer has an OPEB liability.
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Administrative Expenses of $281,700are lessthanprior yearby 2% andfavorable to budget by
10%. YTD costs are more than prior year by 1% butfavorable to budget by 5%. The main driver
of the prior YTDvariance isDues &Subscriptions – Fees (bonding expenses).
General Expenses of $51,151 are less than prior year by 22% but unfavorable to budget by 5%.
YTD costs are in line with prior year and favorable to budget by 34%.
Total expenses YTD are 10% more than prior year and are unfavorable to budget by 3%. The
main driver causing the prior YTD variance is Purchased Power.
For September 2021, the Electric Department has a Net Profit of $750,798 and YTD Net Profit of
$1,241,869. This is ahead of the budgeted monthly Net Profitof $221,853and is more than
prior year monthly Net Profit of $596,533. YTD is ahead of the budgeted YTD Net Profit of
$977,283 but is less than the prior YTD Net Profit of $1,974,372.
Water
September gallons of water sold are up 45% from the prior year. For further breakdown:
Residential use is up 58%
Commercial use is up 33%
Water Operating Revenues for September of $426,254 are ahead of prior year by 49% and
favorable to budget by 68%. YTD is ahead of prior year by 20% and favorable to budget by 37%.
The main driver of prior YTD variance is increased usage.
Other Revenues of $57,831 are less than prior year by 14% but favorable to budget by 43%.
YTD is ahead of prior year by 28% and favorable to budget by 95%. The main driver of the YTD
variance to prior year and budget are Connection Fees.
Overall, Total Revenues of $484,086 are ahead of prior year by 37% and are ahead of prior YTD
by 22%. YTD Total Revenues are favorable to budget by 46%.
YTD Other Operating Expense of ($45,965) is due to relieving the OPEB liability ($44,525) due to
the change from group-based medical premiums to age-based medical premiums. With this
change ERMU no longer has an OPEB liability.
YTD Administrative Expenses are more than prior year by 18% but favorable to budget by 3%.
The main driver of the prior YTD variance are Dues & Subscriptions – Fees (bonding expenses).
Total Expenses of $242,995 are less than prior year by 6% but more than prior YTD by 13%. YTD
is unfavorable to budget by 2%. 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 September 2021, the Water Department has a Net Profit of $240,773 and YTD Net Profit of
$853,155. This is better than the budgeted monthly Net Profit of $46,930 and better than the
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prior year monthly Net Profitof $97,073. YTD issignificantly aheadof the budgeted YTD Net
Loss of ($115,173) andis ahead ofthe prior YTDNet Profit of $551,232.
ATTACHMENTS:
Combined Balance Sheet 09.2021
Electric Balance Sheet 09.2021
Water Balance Sheet 09.2021
Summary Electric Statement of Revenues, Expenses and Changes in Net Position
09.2021
Summary Water Statement of Revenues, Expenses and Changes in Net Position 09.2021
Graphs Prior Year and YTD 2021
Detailed Electric Statement of Revenues, Expenses and Changes in Net Position 09.2021
Detailed Water Statement of Revenues, Expenses and Changes in Net Position 09.2021
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