5.1 ERMUSR 10-10-2023UTILITIES COMMISSION MEETING
TO:FROM:
ERMU Commission Melissa Karpinski –Finance Manager
MEETING DATE: AGENDA ITEM NUMBER:
October 10, 20235.1
SUBJECT:
Financial Report – August2023
ACTION REQUESTED:
Receive the August2023 Financial Report
DISCUSSION:
Please note that these are the preliminary unaudited financial statements.
Electric
August year to date (YTD)electric kWh sales aredown 3% fromthe prior year. For further
breakdown:
Residential usageis up less than 0.5%
Small Commercial usage is up 6%
LargeCommercial usage is down 5%
For August 2023, the Electric Department overall is ahead of priorYTD and favorable to budget
YTD. Additional variance analysis can be found on the Summary Electric Statement of Revenues,
Expenses and Changes in Net Position attachment.
Water
August YTD gallons of water sold are up 21% from the prior year. For further breakdown:
Residential use is up 18%
Commercial use is up 26%
For August 2023, the Water Department overall is behind prior YTD but favorable to budget
YTD. Additional variance analysis can be found on the Summary Water Statementof Revenues,
Expenses and Changes in Net Position attachment.
ATTACHMENTS:
Balance Sheet 08.2023
Electric Balance Sheet 08.2023
Water Balance Sheet 08.2023
Summary Electric Statement of Revenues, Expenses and Changes in Net Position
08.2023
Summary Water Statement of Revenues,Expenses and Changes in Net Position 08.2023
Graphs Prior Year and YTD 2023
______________________________________________________________________________
Page 1 of 2
38
Detailed Electric Statement of Revenues, Expenses and Changes in Net Position 08.2023
Detailed Water Statement of Revenues, Expenses and Changes in Net Position 08.2023
Budget vs Actual Graphs – Electric 08.2023
Budget vs Actual Graphs – Water 08.2023
______________________________________________________________________________
Page 2 of 2
39
40
41
42
Variance Item
999046(3)9(6)25609
(0)(0)(4)(9)(11)
14
45(7)30(9)141517(12)1066
(41)(5)(27)
154(2)146(10)
(100)(1)(100)(4)(100)(8)
Var%
2023 Actual
(40)
694
11,72314,93911,09376,02371,98571,28930,24636,41982,76491,36925,997
(58,784)(35,950)(23,427)(23,586)
305,720189,782567,755144,082109,446140,454117,366367,624
(669,995)(451,880)(438,152)
2,177,4091,019,635
(1,490,850)
YTD2022 v.
2022
5,58944,0651,14320,693
92,995669,99558,212438,152
2022
AUGUSTYTDVARIANCE
4,800128,5911,494,050
BUDGET
ANNUAL
Bud Var%
2023 YTD
0000810,83269,425568,611
52601,681,653147,527995,080
(743)(0)260,00021,637171,896
43
YTD 2023
3,2009,19941,74045474,109
2023
YTDBudget
BUDGETVariance
ELK RIVER, MINNESOTA
ELK RIVER MUNICIPAL UTILITIES
FOR PERIOD ENDING AUGUST 2023
3,200
2023
000000000000
400
9,88366,46733,33333,1339950,00010,955(123,316)
5,79644,02546,667(2,642)(6)70,0008,64950,939
20,418144,278155,955(11,678)(7)238,65820,980132,55526,224178,518187,866(9,348)(5)285,47126,465163,57921,602172,590173,33332,012194,817166,66728,15117250,00047,847183,72511,94584,886146,667(61,781)(42
)220,00039,875143,67024,544231,735209,83321,90110321,00019,179159,75030,933309,929244,70065,22927369,46624,182238,64066,412545,184545,18435,408286,178267,66718,5117401,50033,324249,76029,782251,08838
8,406(137,318)(35)582,60945,199274,67318,333177,795160,00017,79511240,00019,581151,798
376,5732,441,4272,165,809275,618133,385,657354,0412,135,707
148,817890,812620,821269,99143936,231162,319814,788202,6561,236,982967,487269,494281,456,231353,9911,688,862199,4301,146,4721,056,00090,47291,540,500114,1521,002,390263,7692,108,3022,120,232(11,930)(
1)3,220,836251,0801,998,857301,9812,580,5062,753,618(173,113)(6)4,128,585287,4962,440,052155,2201,086,4491,085,923173,5531,264,2441,245,92318,32111,921,653167,1071,146,877
(158,536)(187,783)(257,721)69,937271,465,02894,381(555,407)
3,863,09026,206,94227,148,073(941,131)(3)42,041,3263,670,65324,029,5334,308,30829,146,95529,834,237(687,283)(2)46,215,9124,222,36628,127,3204,510,96430,383,93630,801,725(417,788)(1)47,672,1434,576,35
829,816,1823,529,24421,753,11822,172,017(418,899)(2)32,766,0253,405,88921,789,068
4,495,94829,307,47629,813,522(506,047)(2)44,285,4624,314,86929,224,712
2023
STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
AUGUSTYTD
YTD Budget variance is due to an even budget spread for misc distribution expense. PYTD variance is mainly due to increased labor (inventory, tool repair, maintenance of rubber goods,
electrical apparatus maintenance/repair, and grounds testing/maintenance) expense in 2023 (inventory & procurement assistant).
YTD Budget and PYTD variance is due to less than average connection fees in 2023.YTD Budget variance is mainly due to a conservative budgeted amount for contribution from customers.YTD
Budget variance is mainly due to increased interest rate on deposits and timing issue of budgeted amount for loss on disposition of property. PTYD variance id due mainly due to increased
interest rates on deposits in 2023.YTD Budget variance is mainly due to less rebate dollars spent than budgeted.PYTD variance due to Furniture & Things energy audit expense of $29K.
ItemVariance of +/- $25,000 and +/- 15%(1)PYTD variance is due to accrual of PCA revenue in 2022 (See Rate Increase on Detailed Statement). (2)Budget variance is due to conservative
budgeted amount. PYTD variance is due to the change in Fair Market Value of Investments. (3)Budget variance is due to higher than average over last two years.(4)PYTD variance is due
to the LFG Project coming to an end in 2022.(5)(6)(7)PYTD variance is mainly due to increased labor for snow removal, additional supplies and increased electric and natural gas expense
for new field services building in 2023. (8)PYTD variance is due to the LFG Project coming to an end in 2022.(9)(10)(11)(12)
ElectricRevenueOperating Revenue Elk River Otsego Rural Big Lake Dayton Public St & Hwy Lighting Other Electric Sales
Total Operating RevenueOther Operating Revenue Interest/Dividend Income Customer Penalties LFG Project Connection Fees Misc Revenue
Total Other Revenue Total RevenueExpenses Purchased Power Operating & Mtce Expense Landfill Gas Transmission
Expense Distribution Expense Maintenance Expense Depreciation & Amortization Interest Expense Other Operating Expense Customer
Accounts Expense Administrative Expense General Expense Total Expenses(before Operating Transfers)Operating Transfer Operating Transfer/Other
Funds Utilities & Labor Donated Total Operating Transfer Net Income Profit(Loss)
Variance Item(1)(2)(3)(4)
762600
(8)(9)
15
151813311320
(89)(95)(87)(30)(92)
(215)
Var%
2023 Actual
00
629759
6,576
(1,240)(2,571)
52,54710,85727,52827,64543,52913,348
285,195285,195128,300
(187,182)(980,556)
(1,129,877)(1,265,751)(1,108,856)
YTD2022 v.
00
2,011
2022
00
213
3,625(24,451)6,62515,5218,80559,9323,11227,2716,91751,832
2022
2,470
BUDGET
ANNUAL
2023 YTD Bud Var%
0036,349
3,7631536,5001,15012376,03424,914197,6989,3764337,65035,669214,7641,87101,202,93792,094737,5261,296962,161484,370
YTD 2023
44
9,3671,3451,000(1,000)(100)1,5001,000(1,000)(100)1,500
2023
YTDBudget
BUDGETVariance
ELK RIVER, MINNESOTA
00
ELK RIVER MUNICIPAL UTILITIES
FOR PERIOD ENDING AUGUST 2023
2,6414,49412,433(7,939)(64)18,650(1,401)3,735
2023
00
97510,516123415
4,05828,09624,333
3,69314,28118,667(4,386)(23)28,0008,47270,78960,00010,7891890,0002,91224,69924,6997,48258,40856,247
12,270135,645345,333(209,688)(61)518,00048,1431,265,52220,996188,538397,700(209,162)(53)958,53483,3071,454,28956,796414,086402,00012,0863603,00055,022386,55827,932242,409233,03398,352781,055779,18479
,211629,036704,147(75,112)(11)1,032,65584,247615,688
451,1942,137,1711,603,896533,275332,503,414457,3081,851,976451,1942,137,1711,603,896533,275332,503,414457,3081,851,976
472,1902,325,7092,001,596324,113163,461,948540,6153,306,266281,6962,227,6172,273,089(45,472)(2)3,408,081284,6772,099,317190,49498,093(272,493)370,58513652,367255,9381,206,949
2023
STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
AUGUSTYTDAUGUSTYTDVARIANCE
Variance of +/- $15,000 and +/- 15%
m
(1)YTD Budget variance is due to usage being higher than budgeted and PYTD variance is due to rate increase and higher usage in 2023.(2)PYTD variance is due to the change in Fair Market
Value of Investments. (3)YTD Budget variance is due to less than average connection fees. PYTD variance is due to more Connection Fees in 2022.(4)PYTD variance is due to Water Tower
lease revenue being recognized annually in 2023 vs monthly in 2022 (GASB 87).
Ite
WaterRevenueOperating Revenue Water Sales Total Operating RevenueOther Operating Revenue Interest/Dividend Income Customer Penalties
Connection Fees Misc Revenue Total Other Revenue Total RevenueExpenses Production Expense Pumping Expense
Distribution Expense Depreciation & Amortization Interest Expense Other Operating Expense Customer Accounts Expense Administrative
Expense General Expense Total Expenses(before Operating Transfers)Operating Transfer Utilities & Labor Donated Total Operating
Transfer Net Income Profit(Loss)
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
20222023
Elk River Municipal Utilities Monthly Energy Purchases
40,000
35,000
30,000
25,000
20,000
Energy Purchases in MWH
15,000
Month
20222023
45
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
20222023
Elk River Municipal Utilities Monthly Electric Sales
$5,000,000
$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
20222023
46
Elk River Municipal Utilities Monthly Residential, Commercial & Industrial
Loads
25,000
20,000
15,000
10,000
Loads in MWH
5,000
-
Month
2022 Residential2023 Residential2022 Commercial
2023 Commercial2022 Industrial2023 Industrial
Elk River Municipal Utilities Monthly Residential, Commercial & Industrial
Sales
$3,000,000
$2,500,000
$2,000,000
$1,500,000
$1,000,000
Sales in Dollars
$500,000
$0
Month
2022 Residential2023 Residential2022 Commercial
2023 Commercial2022 Industrial2023 Industrial
47
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
20222023
Elk River Municipal Utilities Peak Day Pumpage
8.0
7.0
6.0
5.0
4.0
illion Gal.
3.0
2.0
Peak Day in M
1.0
0.0
Month
20222023
48
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
2022 MG2023 MG2022 $2023 $
49
50
51
52
53
54
55
56
57
58
59
60
61