5.1 ERMUSR 08-09-2022______________________________________________________________________________
Page 1 of 2
UTILITIES COMMISSION MEETING
TO:
ERMU Commission
FROM:
Melissa Karpinski – Finance Manager
MEETING DATE:
August 9, 2022
AGENDA ITEM NUMBER:
5.1
SUBJECT:
Financial Report – June 2022
ACTION REQUESTED:
Receive the June 2022 Financial Report
DISCUSSION:
Please note that these are the preliminary unaudited financial statements.
Electric
June’s electric kWh sales are up from the prior year, 8%. For further breakdown:
• Residential usage is up 8%
• Small Commercial usage is up 18%
• Large Commercial usage is up 7%
Electric Operating Revenues for June of $4,046,789 are more than prior year by 24% and
favorable to budget by 20%. June YTD is more than prior year by 12% and favorable to budget
by 8%. The prior YTD variance and budget YTD variance is mainly due to Power Cost Adjustment
(PCA) revenue.
Other Revenues of $240,998 are more than the prior year by 9% and favorable to budget by
18%. Other Revenues YTD is less than the prior year by 8% and is unfavorable to budget by 11%.
The main driver of prior YTD variance and budget YTD variance is Interest & Dividend Income.
Overall, Total Revenues of $4,287,787 are more than the prior year by 23% and favorable to
budget by 20%. YTD is more than the prior year by 11% and favorable to budget by 7%.
Purchased Power of $3,429,170 is more than the prior year by 18% and is unfavorable to
budget by 26%. YTD is more than prior year by 17% and is unfavorable to budget by 20%. YTD
Energy Adjustment Clause (EAC) charge is $2,032,274 more than prior year and $2,093,563
more than budget. EAC charge is partially offset by PCA revenue.
Administrative Expenses of $302,445 are more than the prior year by 16% and unfavorable to
budget by 2%. YTD costs are more than the prior year by 1% but are favorable to budget by 3%.
54
______________________________________________________________________________
Page 2 of 2
General Expenses of $77,567 are more than prior year by 202% and are unfavorable to budget
by 59%. YTD costs are more than the prior year by 28% but are still favorable to budget by 31%.
Total expenses YTD are 15% more than prior year and are unfavorable to budget by 12%. The
main driver causing the prior YTD variance and budget YTD variance is Purchased Power.
For June 2022, the Electric Department has a Net Loss of ($259,606) and YTD Net Loss of
($582,321). This is behind the budgeted monthly Net Loss of ($205,929) and is behind the prior
year monthly Net Loss of ($202,730). YTD is behind the budgeted YTD Net Profit of $278,639
and is less than the prior YTD Net Profit of $74,805.
Water
June gallons of water sold are down 6% from the prior year. For further breakdown:
• Residential use is down 6%
• Commercial use is down 6%
Water Operating Revenues for June of $288,571 are less than prior year by 7% but are
favorable to budget by 21%. YTD is less than prior year by 5% but favorable to budget by 8%.
Other Revenues of $168,078 are more than prior year by 103% and favorable to budget by
124%. YTD is more than prior YTD by 100% and favorable to budget by 108%. The main driver
causing the prior YTD variance and budget YTD variance is Connection Fees.
Overall, Total Revenues of $456,649 are more than prior year by 17% and more than prior YTD
by 28%. YTD Total Revenues are favorable to budget by 41%.
Total Expenses of $252,206 are more than prior year by 1% but less than the prior YTD by 1%.
YTD is favorable to budget by 3%.
For June 2022, the Water Department has a Net Profit of $204,443 and YTD Net Profit of
$332,282. This is ahead of the budgeted monthly Net Loss of ($41,007) and ahead of prior year
monthly Net Profit of $140,680. YTD is ahead of the budgeted YTD Net Loss of ($272,420) and is
ahead of the prior YTD Net Loss of ($99,005).
ATTACHMENTS:
• Balance Sheet 06.2022
• Electric Balance Sheet 06.2022
• Water Balance Sheet 06.2022
• Summary Electric Statement of Revenues, Expenses and Changes in Net Position
06.2022
• Summary Water Statement of Revenues, Expenses and Changes in Net Position 06.2022
• Graphs Prior Year and YTD 2022
• Detailed Electric Statement of Revenues, Expenses and Changes in Net Position 06.2022
• Detailed Water Statement of Revenues, Expenses and Changes in Net Position 06.2022
55