5.1 ERMUSR 01-09-20244r,;.Z,
Elk Riv
Municipal Utilities UTILITIES COMMISSION MEETING
TO:
FROM:
ERMU Commission
Melissa Karpinski — Finance Manager
MEETING DATE:
AGENDA ITEM NUMBER:
January 9, 2024
5.1
SUBJECT:
Financial Report — November 2023
ACTION REQUESTED:
Receive the November 2023 Financial Report
DISCUSSION:
Please note that these are the preliminary unaudited financial statements.
Electric
November year to date (YTD) electric kWh sales are down less than 1% from the prior year. For
further breakdown:
• Residential usage is up 4%
• Small Commercial usage is up 8%
• Large Commercial usage is down 4%
For November 2023, the Electric Department overall is ahead of prior YTD 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.
At the previous commission meeting there was an error presented on the graphs attachment for
data being reported from November's electric load. This has been corrected in the graphs being
presented.
Water
November YTD gallons of water sold are up 20% from the prior year. For further breakdown:
• Residential use is up 17%
• Commercial use is up 24%
For November 2023, the Water Department overall is behind prior YTD but favorable to budget
YTD. Additional variance analysis can be found on the Summary Water Statement of Revenues,
Expenses and Changes in Net Position attachment.
ATTACHMENTS:
• Balance Sheet 11.2023
• Electric Balance Sheet 11.2023
• Water Balance Sheet 11.2023
Page 1of2
W.
• Summary Electric Statement of Revenues, Expenses and Changes in Net Position
11.2023
• Summary Water Statement of Revenues, Expenses and Changes in Net Position 11.2023
• Graphs Prior Year and YTD 2023
• Detailed Electric Statement of Revenues, Expenses and Changes in Net Position 11.2023
• Detailed Water Statement of Revenues, Expenses and Changes in Net Position 11.2023
• Budget vs Actual Graphs — Electric 11.2023
• Budget vs Actual Graphs — Water 11.2023
Page 2of2
. •
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
COMBINED BALANCE SHEET
FOR PERIOD ENDING NOVEMBER 2023
ELECTRIC
ASSETS
CURRENT ASSETS
CASH
ACCOUNTS RECEIVABLE
INVENTORIES
PREPAID ITEMS
CONSTRUCTION IN PROGRESS
TOTAL CURRENT ASSETS
RESTRICTED ASSETS
BOND RESERVE FUND
EMERGENCY RESERVE FUND
UNRESTRICTED RESERVE FUND
TOTAL RESTRICTED ASSETS
FIXED ASSETS
PRODUCTION
LFG PROJECT
TRANSMISSION
DISTRIBUTION
GENERAL
FIXED ASSETS (COST)
LESS ACCUMULATED DEPRECIATION
TOTAL FIXED ASSETS, NET
INTANGIBLE ASSETS
POWER AGENCY MEMBERSHIP BUY -IN
LOSS OF REVENUE INTANGIBLE
LESS ACCUMULATED AMORTIZATION
TOTAL INTANGIBLE ASSETS, NET
OTHER ASSETS AND DEFERRED OUTFLOWS
TOTAL ASSETS
LIABILITIES AND FUND EQUITY
CURRENT LIABILITIES
ACCOUNTS PAYABLE
SALARIES AND BENEFITS PAYABLE
DUE TO CITY
DUE TO OTHER FUNDS
NOTES PAYABLE -CURRENT PORTION
BONDS PAYABLE -CURRENT PORTION
UNEARNED REVENUE
TOTAL CURRENT LIABILITIES
LONG TERM LIABILITIES
OPEB LIABILITY
LFG PROJECT
DUE TO COUNTY
DUE TO CITY
BONDS PAYABLE, LESS CURRENT PORTION
PENSION LIABILITIES
TOTAL LONG TERM LIABILITIES
TOTAL LIABILITIES
DEFERRED INFLOWS OF RESOURCES
FUND EQUITY
CAPITAL ACCOUNT CONST COST
CONTRIBUTED CAPITAL
RETAINED EARNINGS
NET INCOME (LOSS) (THROUGH PREVIOUS MONTH)
TOTAL FUND EQUITY
TOTAL LIABILITIES & FUND EQUITY
11,198,133
3,002,100
1,054,079
231,621
2,677,087
18,163,019
1,779,016
2,944,240
0
4,723,256
824,065
0
2,305,024
48,121,819
23,147,919
74,398,827
(34,236,977)
40,161,850
21,546,212
5,290,120
(3,450,881)
23,385,451
1,187,557
87,621,133
4,029,210
621,036
745,285
0
0
0
144,986
5,540,517
0
0
0
0
29,220,250
3,789,381
33,009,631
38,550,148
54,129
1,779,016
0
45,204,945
2,032,895
49,016,856
87,621,133
WATER
9,585,625
5,616,821
12,939
48,079
1,463,212
16,726,676
0
1,364,501
0
1,364,501
16,525,311
0
0
26,875,344
1,205,204
44,605,858
(23,167,379)
21,438,480
0
0
0
0
226,587
39,756,243
275,999
135,740
901
0
0
0
438,961
851,600
0
0
0
0
1,622,500
725,038
2,347,538
3,199,138
5,121,831
0
0
30,887,406
547,868
31,435,274
39,756,243
50
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
ELECTRIC BALANCE SHEET
Current Month
Change from
November 30, 2023
October 31, 2023
Prior Month
ASSETS
CURRENT ASSETS
CASH
11,198,133
11,372,408
(174,275)
ACCOUNTS RECEIVABLE
3,002,100
2,454,403
547,698
INVENTORIES
1,054,079
1,112,052
(57,973)
PREPAID ITEMS
231,621
260,994
(29,374)
CONSTRUCTION 1N PROGRESS
2,677,087
2,631,049
46,038
TOTAL CURRENT ASSETS
18,163,019
17,830,905
332,114
RESTRICTED ASSETS
BOND RESERVE FUND
1,779,016
1,779,016
0
EMERGENCY RESERVE FUND
2,944,240
2,943,090
1,151
TOTAL RESTRICTED ASSETS
4,723,256
4,722,105
1,151
FIXED ASSETS
PRODUCTION
824,065
824,065
0
TRANSMISSION
2,305,024
2,305,024
0
DISTRIBUTION
48,121,819
47,950,378
171,441
GENERAL
23,147,919
23,149,360
(1,441)
FIXED ASSETS (COST)
74,398,827
74,228,827
170,000
LESS ACCUMULATED DEPRECIATION
(34,236,977)
(34,054,500)
(182,477)
TOTAL FIXED ASSETS, NET
40,161,850
40,174,327
(12,477)
INTANGIBLE ASSETS
POWER AGENCY MEMBERSHIP BUY -IN
21,546,212
21,546,212
0
LOSS OF REVENUE INTANGIBLE
5,290,120
5,290,120
0
LESS ACCUMULATED AMORTIZATION
(3,450,881)
(3,395,203)
(55,678)
TOTAL INTANGIBLE ASSETS, NET
23,385,451
23,441,129
(55,678)
OTHER ASSETS AND DEFERRED OUTFLOWS
1,187,557
1,187,557
0
TOTAL ASSETS
87,621,133
87,356,023
265,110
LIABILITIES AND FUND EQUITY
CURRENT LIABILITIES
ACCOUNTS PAYABLE
4,029,210
4,352,383
(323,173)
SALARIES AND BENEFITS PAYABLE
621,036
582,037
38,998
DUE TO CITY
745,285
930,252
(184,967)
UNEARNED REVENUE
144,986
146,983
(1,998)
TOTAL CURRENT LIABILITIES
5,540,517
6,011,656
(471,139)
LONG TERM LIABILITIES
BONDS PAYABLE, LESS CURRENT PORTION
29,220,250
29,225,239
(4,989)
PENSION LIABILITIES
3,789,381
3,789,381
0
TOTAL LONG TERM LIABILITIES
33,009,631
33,014,620
(4,989)
TOTAL LIABILITIES
38,550,148
39,026,276
(476,128)
DEFERRED INFLOWS OF RESOURCES
54,129
54,129
0
FUND EQUITY
CAPITAL ACCOUNT CONST COST
1,779,016
1,779,016
0
RETAINED EARNINGS
45,204,945
45,204,945
0
NET INCOME (LOSS) (THROUGH PREVIOUS MONTH)
2,032,895
1,291,657
741,238
TOTAL FUND EQUITY
49,016,856
48,275,618
741,238
TOTAL LIABILITIES & FUND EQUITY
87,621,133
87,356,023
265,110
51
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
WATER BALANCE SHEET
November 30, 2023 October 31, 2023
ASSETS
CURRENT ASSETS
CASH
9,585,625
9,722,565
ACCOUNTS RECEIVABLE
5,616,821
5,617,495
INVENTORIES
12,939
13,222
PREPAID ITEMS
48,079
54,335
CONSTRUCTION IN PROGRESS
1,463,212
1,387,698
TOTAL CURRENT ASSETS
RESTRICTED ASSETS
EMERGENCY RESERVE FUND
TOTAL RESTRICTED ASSETS
FIXED ASSETS
PRODUCTION
DISTRIBUTION
GENERAL
FIXED ASSETS (COST)
LESS ACCUMULATED DEPRECIATION
TOTAL FIXED ASSETS, NET
INTANGIBLE ASSETS
OTHER ASSETS AND DEFERRED OUTFLOWS
TOTAL ASSETS
LIABILITIES AND FUND EQUITY
CURRENT LIABILITIES
ACCOUNTS PAYABLE
SALARIES AND BENEFITS PAYABLE
DUE TO CITY
UNEARNED REVENUE
TOTAL CURRENT LIABILITIES
LONG TERM LIABILITIES
BONDS PAYABLE, LESS CURRENT PORTION
PENSION LIABILITIES
TOTAL LONG TERM LIABILITIES
TOTAL LIABILITIES
DEFERRED INFLOWS OF RESOURCES
FUND EQUITY
RETAINED EARNINGS
NET INCOME (LOSS) (THROUGH PREVIOUS MONTH)
TOTAL FUND EQUITY
TOTAL LIABILITIES & FUND EQUITY
16,726,676
1,364,501
1,364,501
16,525,311
26,875,344
1,205,204
44,605,858
(23167,379)
21,438,480
226,587
39,756,243
275,999
135,740
901
438,961
851,600
1,622,500
725,038
2,347,538
3,199,138
5,121,831
30,887,406
547,868
31,435,274
39,756,243
16,795,314
1,364,213
1,364,213
16,525,311
26,858,844
1,204,196
44,588,350
(23,069,785)
21,518,566
226,587
39,904,680
438,705
127,906
2,993
438,961
1,008,564
1,623,054
725,038
2,348,092
3,356,656
5,121,831
30,887,406
538,787
31,426,193
39,904,680
Current Month
Change from
Prior Month
(136,939)
(674)
(282)
(6,256)
75,514
(68,639)
288
288
0
16,500
1,008
17,508
(97,594)
(80,086)
0
(148,437)
(162,706)
7,833
(2,092)
0
(156,964)
(554)
0
(554)
(157,518)
0
0
9,082
9,082
(148,437)
52
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Elk River Municipal Utilities Monthly Electrical Demand
80.0
75.0
70.0
65.0
rill
2
60.0
c
-
55.0
R
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0
50.0
45.0
40.0
35.0
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Month
-♦--2022
f2023
Elk River Municipal Utilities Monthly Energy Purchases
40,000
35,000
30,000 �` / / ♦♦ 'A
c �♦
25,000
t
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ai
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Month
-♦--2022 f2023
55
Elk River Municipal Utilities Monthly Total Electric Load
40,000
35,000
x
c
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0
25,000
m
w
20,000
15,000
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OQ,G
-..o--2022
-t 2023
Elk River Municipal Utilities Monthly Electric Sales
$5,000,000
$4,500,000
$4,000,000 —
i $3,500,000
o $3,000,000
c
.N
$2,500,000
Cn
$2,000,000
$1,500,000
$1,000,000
Month
-2022 2023
56
Elk River Municipal Utilities Monthly Residential, Commercial & Industrial
Loads
25,000
20,000
15,000 4z
; —
x
10,000 -
0
J
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� '�o� OP owe ego
Month `'
—--2022 Residential t2023 Residential 2022 Commercial
--*(--2023 Commercial --X -2022 Industrial — —2023 Industrial
Elk River Municipal Utilities Monthly Residential, Commercial & Industrial
Sales
$3,000,000
$2,500,000
N $2,000,000
R
0
$1,500,000
C
m
Cn $1,000,000
$500,000
$0
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—--2022 Residential t2023 Residential 2022 Commercial
--)(---2023 Commercial --Y— -2022 Industrial — —2023 Industrial
57
Elk River Municipal Utilities Monthly Water Pumpage
180.0
160.0
140.0
0
120.0
100.0
c
ai
80.0
R
a
60.0
E
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40.0
20.0
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--#--2022 ■
2023
Elk River Municipal Utilities Peak Day Pumpage
8.0
7.0
6.0
5.0
c
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4.0
C
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0
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Month
-�--2022
2023
I
I ♦
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Elk River Municipal Utilities Monthly Water Sales
180 $600,000
160
$500,000
140
120 $400,000 i
i ��
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$300,000
5 80
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