5.1 ERMUSR 05-10-2022UTILITIES COMMISSION MEETING
TO:FROM:
ERMU Commission Melissa Karpinski –Finance Manager
MEETING DATE: AGENDA ITEM NUMBER:
May 10, 2022 5.1
SUBJECT:
Financial Report – March 2022
ACTION REQUESTED:
Receive the March 2022Financial Report
DISCUSSION:
Please note that these are the preliminary unaudited financial statements.
Electric
March’selectric kWh sales are upfrom the prior year, 1%. For further breakdown:
Residential usageis up 3%
Small Commercial usage is up 3%
Large Commercial usage is down less than 1%
Electric Operating Revenues for Marchof $3,256,941 are more than prior year by 18% and
favorable tobudget by 13%. March YTD is more than prior year by 6% and favorable to budget
by 2%. The budget YTD variance is mainly due to the accrual of the power cost adjustment
(PCA) under Other Electric Sales – Rate Increase.
Other Revenues of $126,725 are lessthan the prior year by 35% and unfavorable to budget by
41%. Other Revenues YTD is less than the prior year by 24% and is unfavorable to budget by
29%. The prior YTD variance and budget YTD variance is mainly due to Interest & Dividend
Income and Contributions from Customers.
Overall, Total Revenues of $3,383,667 are more than the prior year by 14% and favorable to
budget by 10%. YTD is more than the prior year by 4% and in line with budget.
Purchased Power of $2,299,042 is more than the prior year by 19% and is unfavorable to
budget by 22%. YTD is more than prior year by 18% and is unfavorable to budget by 19%. YTD
Energy Adjustment Clause (EAC) charge is $823,733 more than prior year and $925,841 more
than budget. EAC charge is partially offset by PCA revenue accrual.
ministrative Expenses of $309,252are more thanthe prior year by 6% and unfavorable to
Ad
budget by 3%. YTD costs are more than the prior year by 3% but are favorable to budget by 5%.
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General Expenses of $29,952areless than prior yearby 13% andarefavorable to budget by
38%. YTD costs are lessthan the prior year by 1% and are favorable to budget by 45%.
Total expenses YTD are 13% more than prior year and are unfavorable to budget by 10%. The
main driver causing the prior YTD variance and budget YTD variance is Purchased Power.
For March 2022, the Electric Department has a Net Loss of ($35,584) and YTD Net Loss of
($624,321). This is behind the budgeted monthly Net Profit of $96,842but is better than prior
year monthly Net Loss of ($46,062). YTD is behind the budgeted YTD Net Profit of $296,778 and
is less than the prior YTD Net Profit of $199,032.
Water
March gallons of water sold are up 1% from the prior year. For further breakdown:
Residential use is down 1%
Commercial use is up 3%
Water Operating Revenues for March of $129,788 are ahead of prior year by 6% and are
favorable to budget by 10%. YTD is ahead of prior year by 1% and is favorable to budget by 6%.
Other Revenues of $69,425 are ahead of prior year by 8% but unfavorable to budget by 7%.
YTD is in line with prior YTD but unfavorable to budget by 6%. The main driver causing the
budget YTD variance is Interest & Dividend Income.
Overall, Total Revenues of $199,213 are ahead of prior year by 7% and ahead of prior YTD by
1%. YTD Total Revenues are favorable to budget by 1%.
Total Expenses of $249,555 are more thanprior year by 4% and morethan the prior YTD by 5%.
YTD is favorable to budget by 4%.
For March 2022, the Water Department has a Net Loss of ($50,342) (typical for the water
department) and YTD Net Loss of ($193,256). This is ahead ofthe budgeted monthly Net Loss of
($60,069) and ahead of the prior year monthly Net Loss of ($53,401). YTD is ahead of the
budgeted YTD Net Loss of ($235,972) but is behind the prior YTD Net Loss of ($162,272).
ATTACHMENTS:
Balance Sheet 03.2022
Electric Balance Sheet 03.2022
Water Balance Sheet 03.2022
Summary Electric Statement of Revenues, Expenses and Changes in Net Position
03.2022
Summary Water Statement of Revenues,Expenses and Changes in Net Position 03.2022
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Graphs Prior Year and YTD 2022
Detailed Electric Statement of Revenues, Expenses and Changes in Net Position 03.2022
Detailed Water Statement of Revenues, Expenses and Changes in Net Position 03.2022
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64
65
66
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Elk River Municipal Utilities Monthly Electrical Demand
80.0
75.0
70.0
65.0
60.0
55.0
Demand in MW 50.0
45.0
40.0
35.0
Month
20212022
Elk River Municipal Utilities Monthly Energy Purchases
40,000
35,000
30,000
25,000
20,000
Energy Purchases in MWH
15,000
Month
20212022
68
Elk River Municipal Utilities Monthly Total Electric Load
40,000
35,000
30,000
25,000
Electric Load in MWH
20,000
15,000
Month
20212022
Elk River Municipal Utilities Monthly Electric Sales
$4,500,000
$4,000,000
$3,500,000
$3,000,000
$2,500,000
Sales in Dollars
$2,000,000
$1,500,000
$1,000,000
Month
20212022
69
Elk River Municipal Utilities Monthly Residential, Commercial & Industrial
Loads
25,000
20,000
15,000
10,000
Loads in MWH
5,000
-
Month
2021 Residential2022 Residential2021 Commercial
2022 Commercial2021 Industrial2022 Industrial
Elk River Municipal Utilities Monthly Residential, Commercial & Industrial
Sales
$2,500,000
$2,000,000
$1,500,000
$1,000,000
Sales in Dollars
$500,000
$0
Month
2021 Residential2022 Residential2021 Commercial
2022 Commercial2021 Industrial2022 Industrial
70
Elk River Municipal Utilities Monthly Water Pumpage
180.0
160.0
140.0
120.0
100.0
80.0
60.0
Pumpage in Million Gal.
40.0
20.0
0.0
Month
20212022
Elk River Municipal Utilities Peak Day Pumpage
7.0
6.0
5.0
4.0
illion Gal.
3.0
2.0
Peak Day in M
1.0
0.0
Month
20212022
71
Elk River Municipal Utilities Monthly Water Sales
180$600,000
160
$500,000
140
120$400,000
100
$300,000
80
Sales In Dollars
60$200,000
Sales in Million Gal.
40
$100,000
20
0$0
Month
2021 MG2022 MG2021 $2022 $
72
73
74
75
76
77
78
79
80
81
82