5.1 ERMUSR 10-11-2022UTILITIES COMMISSION MEETING
TO:FROM:
ERMU Commission Melissa Karpinski –Finance Manager
MEETING DATE: AGENDA ITEM NUMBER:
October 11, 20225.1
SUBJECT:
Financial Report – August2022
ACTION REQUESTED:
Receive the August2022 Financial Report
DISCUSSION:
Please note that these are the preliminary unaudited financial statements.
Electric
August’s electric kWhsales are down from the prior year, 10% (error in July 2021 Large
Commercial billing with adjustment done in August 2021 – factoring in adjustment usage would
be down 4%). For further breakdown:
Residential usage is down 5%
Small Commercial usage is down 2%
Large Commercial usage is down 14% (error in July 2021 billing with adjustment done in
August 2021 – factoring in adjustment usage would be down 3%)
Electric Operating Revenues for August of $4,222,366 are more than prior year by 10% and
favorable to budget by 7%. August YTD is more than prior year by 10% and favorable to budget
by 6%. The prior YTD variance and budget YTD variance is mainly due to PCA revenue of
$2,466,488.
Other Revenues of $353,991 are more than the prior year by 39% and favorable to budget by
77%. Other Revenues YTD are in line with prior year and favorable to budget by 6%. The main
driver of budget YTD variance is Contributions from Customers.
Overall, Total Revenues of $4,576,357 are more than the prior year by 12% and favorable to
budget by 10%. YTD is more than the prior year by 10% and favorable tobudget by 6%.
Purchased Power of $3,405,889 is more than the prior year by 14% and is unfavorable to
budget by 16%. YTD is more than prior year by 16% and unfavorable to budget by 18%. YTD EAC
charge is $2,765,393 more than prior year and $2,966,488 more than budget. EAC charge is
partially offset by PCA revenue of $2,466,488.
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Administrative Expenses of $287,496are morethanthe prior yearby 13% andunfavorable to
budgetby 3%. YTD costs are morethan the prior year by 3% butare favorable tobudgetby 3%.
General Expenses of $45,198aremore thanprior yearby 90% butfavorable to budget by 8%.
YTD costs are more than the prior year by 15% but are still favorable to budget by 30%.
Total expenses YTD are 14% 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
(majority of other expenses are favorable to budget).
For August 2022, the Electric Department has a Net Profit of $94,381 and YTD Net Lossof
($555,407). This is behind the budgeted monthly Net Profit of $165,073 and is slightly behind
the prior year monthly Net Profit of $97,503. YTD is behind the budgeted YTD Net Profit of
$740,523 and is less than the prior YTD Net Profit of $491,071.
Overall, the electric department has decreased usage YTD (3% less than budget and 2% less
than prior year) but increased PCA revenue due to passing along the EAC charge from our
purchased power cost. YTD total operating revenue excluding PCA revenue would be
unfavorable to budget by 3% (due to decreased usage) and about .5% more than prior year
(due to decreased usage being offset by the rate increase). Total expenses excluding purchased
power are favorable to budget by 3%. The YTD variance for purchased power is unfavorable to
budget by $3,290,760 and YTD total expense variance is unfavorable to budget by $3,039,007
(total expense variance is less than the purchased power variance because other expenses are
coming in favorable to budget).
Water
August gallons of water sold aredown 5% from the prior year. For further breakdown:
Residential use is down 2%
Commercial use is down 9%
Water Operating Revenues for August of $457,307 are less than prior year by 5% butfavorable
to budget by 31%. YTD is less than prior year by 10% but favorable to budget by 11%.
Other Revenues of $83,307 are more than prior year by 5% and favorable to budget by 11%.
YTD is more than prior YTD by 126% andfavorable tobudget by 144%. The main driver causing
the prior YTD variance and budget YTD varianceis Connection Fees.
Overall, Total Revenues of $540,615 are less thanprior year by 3% butmore than prior YTD by
22%. YTD Total Revenues are favorable to budgetby 46%.
Total Expenses of $284,677 are more than prior year by 11% but in line with prior YTD. YTD is
favorable to budget by 2%.
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For August2022, the Water Department has a Net Profitof $255,937andYTD NetProfitof
$1,206,948. This isahead of the budgeted monthly Net Profitof $157,358butbehindprior year
monthlyNet Profitof $302,102. YTD isahead of the budgeted YTD Net Profitof $136,471andis
ahead ofthe prior YTDNet Profitof $612,381.
ATTACHMENTS:
Balance Sheet 08.2022
Electric Balance Sheet 08.2022
Water Balance Sheet 08.2022
SummaryElectric Statementof Revenues, Expenses and Changes in Net Position
08.2022
Summary Water Statement of Revenues, Expenses and Changes in Net Position 08.2022
Graphs Prior Year and YTD 2022
Detailed Electric Statement of Revenues, Expenses and Changes in Net Position 08.2022
Detailed Water Statement of Revenues, Expenses and Changes in Net Position 08.2022
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