5.2 ERMUSR 01-11-2022UTILITIES COMMISSION MEETING
TO:FROM:
ERMU Commission Melissa Karpinski –Finance Manager
MEETING DATE: AGENDA ITEM NUMBER:
January 11, 2022 5.2
SUBJECT:
Financial Report – November2021
ACTION REQUESTED:
Receive the November 2021 Financial Report
DISCUSSION:
Please note that these are the preliminary unaudited financial statements.
Electric
November’selectric kWhsales are down from the prior year, 4%. For further breakdown:
Residential usage is down 8%
Small Commercial usage is down 9%
Large Commercial usage is down 2%
Electric Operating Revenues for November of $3,346,086 are more than prior year by 23% and
favorable to budget by 19%. November YTD is ahead of prior year by 6% and favorable to
budget by 3%. The main driver of prior YTD variance is increased usage and PCA revenue.
Other Revenues of $162,803 are less than prior year by 3% and unfavorable to budget by 6%.
Other Revenues YTD are ahead of prior year by 10% and favorable to budget by 19%.
Overall, Total Revenues of $3,508,889 are more than prior year by 22% and favorable to budget
by 18%. YTD is more than prior year by 6% and is favorable to budget by 4%.
Purchased Power of $2,217,566 is more than prior year by 27% and unfavorable to budget by
16%. YTD is more than prior year by 15% and is unfavorable to budget by 9%. YTD Energy
Adjustment Clause charge is $2,473,337 more than prior year and $1,206,654 more than
budget.
Other Operating Expense of ($152,510) is due to relieving the Other Postemployment
YTD
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 $280,316are morethanprior yearby 6% butfavorable to budget by
11%. YTD costsare more than prior year by 2% but favorable to budget by 6%. The main driver
of the prior YTDvariance isDues &Subscriptions – Fees (bonding expenses).
General Expenses of $28,231 are less than prior year by 28% and favorable to budget by 42%.
YTD costs are less than prior year by 5% and favorable to budget by 37%.
Total expenses YTD are 12% more than prior year and unfavorable to budget by 4%. The main
driver causing the prior YTD variance is Purchased Power.
For November 2021, the Electric Department has a Net Profit of $312,712 and YTD Net Profit of
$1,498,748. This is better than the budgeted monthly Net Profit of $18,982 and is more than
prior year monthly Net Profit of $227,627. YTD is behind the budgeted YTD Net Profit of
$1,548,595 and is less than the prior YTD Net Profit of $2,878,186.
Water
November gallons of water sold are up 4% from the prior year. For further breakdown:
Residential use is up 1%
Commercial use is up 7%
Water Operating Revenues for Novemberof $155,509 are morethan prior year by 6% and
favorable to budget by 21%. YTDis aheadofprior year by17% andfavorable tobudgetby 33%.
The main driver of prior YTD varianceis increased usage.
Other Revenues of $73,992 are less than prior year by 7% butfavorable to budget by 83%. YTD
is ahead of prior year by 22% 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 $229,502 are more than prior year by 2% and areahead of prior YTD
by 18%. YTD Total Revenues are favorable to budget by 43%.
YTD Other Operating Expense of ($45,322) is dueto 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 19% but favorable to budget by 2%.
The main drivers of the prior YTD variance are Dues & Subscriptions – Fees (bonding expenses)
and Utility Share of Medical/Dental.
Total Expenses of $251,012 are more than prior year by 10% and more than priorYTD by 12%.
YTD is unfavorable to budget by 1%. The main drivers of the prior YTD variance are
Administrative Expense and Mtce of Structures, which is due to the transfer of the Jackson
Street water tower.
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For November2021, the Water Department has a Net Loss of ($21,510) and YTDNetProfitof
$935,851. This is better thanthe budgetedmonthly Net Loss of ($92,530)butless thanthe
prior year monthly Net Lossof ($2,674). YTD issignificantly aheadof the budgeted YTD Net Loss
of ($171,082) andis ahead ofthe prior YTD Net Profit of $682,236.
ATTACHMENTS:
Combined Balance Sheet 11.2021
Electric Balance Sheet 11.2021
Water Balance Sheet 11.2021
SummaryElectricStatement of Revenues, Expenses and Changes in Net Position
11.2021
Summary Water Statement of Revenues, Expenses and Changes in Net Position 11.2021
Graphs Prior Year and YTD 2021
Detailed ElectricStatement of Revenues, Expenses and Changes in Net Position 11.2021
Detailed Water Statement of Revenues, Expenses and Changes in Net Position 11.2021
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