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5.1 ERMUSR 05-14-2024Elk River Municipal Utilities UTILITIES COMMISSION MEETING TO: FROM: ERMU Commission Melissa Karpinski — Finance Manager MEETING DATE: AGENDA ITEM NUMBER: May 14, 2024 5.1 SUBJECT: Financial Report — March 2024 ACTION REQUESTED: Receive the March 2024 Financial Report DISCUSSION: Please note that these are the preliminary unaudited financial statements. Electric March year to date (YTD) electric kWh sales are down 5% from the prior year. For further breakdown: • Residential usage is down 6% • Small Commercial usage is down 6% • Large Commercial usage is down 5% For March 2024, 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. Water March YTD gallons of water sold are up 2% from the prior year. For further breakdown: • Residential use is about the same • Commercial use is up 4% For March 2024, the Water Department overall is ahead of prior YTD and 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 03.2024 • Electric Balance Sheet 03.2024 • Water Balance Sheet 03.2024 • Summary Electric Statement of Revenues, Expenses and Changes in Net Position 03.2024 • Summary Water Statement of Revenues, Expenses and Changes in Net Position 03.2024 • Graphs Prior Year and YTD 2024 Page 1 of 2 150 • Detailed Electric Statement of Revenues, Expenses and Changes in Net Position 03.2024 • Detailed Water Statement of Revenues, Expenses and Changes in Net Position 03.2024 • Budget vs Actual Graphs — Electric 03.2024 • Budget vs Actual Graphs — Water 03.2024 Page 2 of 2 151 ELK RIVER MUNICIPAL UTILITIES ELK RIVER, MINNESOTA COMBINED BALANCE SHEET FOR PERIOD ENDING MARCH 2O24 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 9,669,216 2,715,384 1,203,668 251,673 1,086,598 14,926,539 1,779,016 2,968,730 0 4,747,746 824,065 0 2,305,024 49,427,765 24,501,072 77,057,927 (34,896,831) 42,161,095 21,546,212 6,223,278 (3,673,593) 24,095,898 690,058 86,621,336 3,835,718 698,864 835,632 0 0 460,000 17,978 5,848,192 0 0 0 0 28,245,296 2,720,477 30,965,773 36,813,965 836,813 1,779,016 0 46,802,217 389,325 48,970,558 86,621,336 WATER 8,527,567 5,315,236 9,191 56,963 2,675,785 16,584,742 0 1,370,623 0 1,370,623 16,843,047 0 0 28,135,913 1,224,612 46,203,572 (23,571,016) 22,632,556 0 0 0 0 126,311 40,714,232 474,978 105,576 1,253 0 0 60,000 181,455 823,262 0 0 0 0 1,560,283 500,450 2,060,733 2,883,995 4,937,984 0 0 33,120,013 (227,760) 32,892,253 40,714,232 152 ELK RIVER MUNICIPAL UTILITIES ELK RIVER, MINNESOTA ELECTRIC BALANCE SHEET Current Month Change from March 31, 2024 February 29, 2024 Prior Month ASSETS CURRENT ASSETS CASH 9,669,216 9,546,799 122,417 ACCOUNTS RECEIVABLE 2,715,384 2,917,927 (202,543) INVENTORIES 1,203,668 1,228,587 (24,919) PREPAID ITEMS 251,673 237,881 13,793 CONSTRUCTION IN PROGRESS 1,086,598 1,065,513 21,085 TOTAL CURRENT ASSETS 14,926,539 14,996,707 (70,168) RESTRICTED ASSETS BOND RESERVE FUND 1,779,016 1,779,016 0 EMERGENCY RESERVE FUND 2,968,730 2,959,556 9,175 TOTAL RESTRICTED ASSETS 4,747,746 4,738,571 9,175 FIXED ASSETS PRODUCTION 824,065 824,065 0 TRANSMISSION 2,305,024 2,305,024 0 DISTRIBUTION 49,427,765 49,436,721 (8,956) GENERAL 24,501,072 24,501,072 0 FIXED ASSETS (COST) 77,057,927 77,066,882 (8,956) LESS ACCUMULATED DEPRECIATION (34,896,831) (34,678,141) (218,690) TOTAL FIXED ASSETS, NET 42,161,095 42,388,741 (227,646) INTANGIBLE ASSETS POWER AGENCY MEMBERSHIP BUY -IN 21,546,212 21,546,212 0 LOSS OF REVENUE INTANGIBLE 6,223,278 6,223,278 0 LESS ACCUMULATED AMORTIZATION (3,673,593) (3,617,915) (55,678) TOTAL INTANGIBLE ASSETS, NET 24,095,898 24,151,576 (55,678) OTHER ASSETS AND DEFERRED OUTFLOWS 690,058 690,058 0 TOTAL ASSETS 86,621,336 86,965,653 (344,317) LIABILITIES AND FUND EQUITY CURRENT LIABILITIES ACCOUNTS PAYABLE 3,835,718 4,144,074 (308,356) SALARIES AND BENEFITS PAYABLE 698,864 816,940 (118,076) DUE TO CITY 835,632 888,061 (52,429) BONDS PAYABLE -CURRENT PORTION 460,000 460,000 0 UNEARNED REVENUE 17,978 19,975 (1,998) TOTAL CURRENT LIABILITIES 5,848,192 6,329,050 (480,859) LONG TERM LIABILITIES BONDS PAYABLE, LESS CURRENT PORTION 28,245,296 28,250,285 (4,989) PENSION LIABILITIES 2,720,477 2,720,477 0 TOTAL LONG TERM LIABILITIES 30,965,773 30,970,762 (4,989) TOTAL LIABILITIES 36,813,965 37,299,812 (485,847) DEFERRED INFLOWS OF RESOURCES 836,813 836,813 0 FUND EQUITY CAPITAL ACCOUNT CONST COST 1,779,016 1,779,016 0 RETAINED EARNINGS 46,802,217 46,802,217 0 NET INCOME (LOSS) (THROUGH PREVIOUS MONTH) 389,325 247,795 141,530 TOTAL FUND EQUITY 48,970,558 48,829,028 141,535 TOTAL LIABILITIES & FUND EQUITY 86,621,336 86,965,653 (344,317) 153 ELK RIVER MUNICIPAL UTILITIES ELK RIVER, MINNESOTA WATER BALANCE SHEET March 31, 2024 February 29, 2024 ASSETS CURRENT ASSETS CASH 8,527,567 9,319,821 ACCOUNTS RECEIVABLE 5,315,236 5,326,401 INVENTORIES 9,191 15,041 PREPAID ITEMS 56,963 56,003 CONSTRUCTION IN PROGRESS 2,675,785 2,196,872 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 BONDS PAYABLE -CURRENT PORTION 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 16,584,742 1,370,623 1,370,623 16,843,047 28,135,913 1,224,612 46,203,572 (23,571,016) 22,632,556 126,311 40,714,232 474,978 105,576 1,253 60,000 181,455 823,262 1,560,283 500,450 2,060,733 2,883,995 4,937,984 33,120,013 (227,760) 32,892,253 40,714,232 16,914,139 1,368,330 1,368,330 16,825,898 28,135,913 1,224,612 46,186,423 (23,469,984) 22,716,439 126,311 41,125,219 747,657 126,802 31,805 60,000 181,455 1,147,718 1,560,837 500,450 2,061,287 3,209,005 4,937,984 33,120,013 (141,784) 32,978,229 41,125,219 Current Month Change from Prior Month (792,255) (11,165) (5,851) 960 478,914 (329,397) 2,294 2,294 17,149 0 0 17,149 (101,032) (83,883) 0 (410,987) (272,679) (21,226) (30,551) 0 0 (324,456) (554) 0 (554) (325,011) 0 0 (85,976) (85,976) (410,987) 154 Electric Revenue Operating Revenue Elk River Otsego Rural Big Lake Dayton Public St & Hwy Lighting Other Electric Sales Total Operating Revenue Other Operating Revenue Interest/Dividend Income Customer Penalties Connection Fees Misc Revenue Total Other Revenue Total Revenue Expenses Purchased Power Operating & Mtce Expense 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) ELK RIVER MUNICIPAL UTILITIES ELK RIVER, MINNESOTA STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION FOR PERIOD ENDING MARCH 2O24 2024 2024 2024 YTD 2024 YTD 2024 2023 2023 YTD 2023 v. 2024 Variance MARCH YTD YTD Budget Bud Var% ANNUAL MARCH YTD VARIANCE Actual Var% Item BUDGET Variance BUDGET 2,806,404 8,646,774 9,729,588 (1,082,814) -11% 42,685,299 2,947,128 8,961,875 (315,101) -4% 271,338 865,727 786,746 78,981 10% 3,514,568 260,699 829,891 35,836 4% 15,402 52,197 61,561 (9,364) -15% 243,412 16,360 54,555 (2,358) -4% 18,682 61,599 71,511 (9,912) -14% 292,752 20,005 64,977 (3,378) -5% 21,722 65,129 65,000 129 0% 260,000 21,261 64,707 422 1% 400 1,200 1,200 0 0% 4,800 400 1,200 0 0% 3,133,948 9,692,627 10,715,606 (1,022,979) -10% 47,000,831 3,265,853 9,977,206 (284,579) -3% (3,314) 47,722 21,250 472 85,000 9,435 17,901 IW 29,82 1 (1) 19,028 60,776 71,250 (10,474) -15% 285,000 25,220 73,878 (13,102) -18% W M 253,637 386,607 254,000 132,607 1,016,000 81,760 212,827 173,781 (3) 273,371 611,977 380,250 231,727 61% 1,521,000 124,247 328,739 283,238 86% 3,407,320 10,304,604 11,095,856 (791,252) -7% 48,521,831 3,390,100 10,305,945 (1,341) 0% 2,097,977 6,330,358 7,184,260 (853,902) -12% 32,756,447 2,331,856 6,697,575 (367,218) -5% 29,738 80,830 116,450 369,000 52,234 125,829 r (44,998)-(4) 4,889 15,479 18,000 (2,521) -14% 72,000 5,361 14,670 809 6% 40,576 128,392 105,875 22,517 21% 425,917 82,832 153,857 (25,465)- (5) 193,875 579,338 509,625 69,713 14% 1,668,500 200,829 459,473 119,864 (6) 275,223 824,715 776,904 47,811 6% 3,107,612 263,779 792,681 32,034 4% 65,175 196,761 196,761 0 0% 785,810 68,225 205,874 (9,113) -4% 9,019 18,808 14,025 4,783 34% 506,900 3,489 12,314 6,494 53% 31,608 98,247 109,750 (11,503) -10% 439,000 34,014 95,281 2,966 3% 333,649 1,121,041 1,162,999 (41,958) -4% 4,208,492 331,780 1,106,308 14,733 1% 53,306 118,072 159,250 it (41,1-, 637,000 35,714 108,023 10,049 9% (7) 3,135,035 9,512,040 10,353,899 (841,859) -8% 44,976,679 3,410,113 9,771,885 (259,844) -3% 112,957 347,973 389,184 (41,210) -11% 1,707,412 124,155 387,902 (39,929) -10% 17,797 55,265 66,000 (10,735) -16% 264,000 18,480 58,127 (2,862) -5% 130,755 403,238 455,184 (51,945) -11% 1,971,412 142,636 446,029 (42,791) -10% 141,530 389,325 286,774 102,551 36% 1,573,740 (162,648) 88,031 301,294 342% Item Variance of+/- $25,000 and+/- 15% (1) YTD budget variance is due to conservative budgeted amount. PYTD variance is due to the change in Fair Market Value of Investments. (2) YTD budget and PYTD variance due to large a large connection agreement in January 2024. (3) YTD budget and PTYD variance is mainly due to Contributions from Customers having a large SOW for transformers for additional service. (4) YTD budget variance is mainly due to natural gas expense and labor expense for Mtce of Plant/Land Improvement. PYTD variance is mainly due to plant supplies and natural gas expense (due to new FSB), and mtce of plant engines (5) PYTD variance is mainly due to Misc Distribution from uniform expenses. (6) PYTD variance is mainly due to increased tree trimming expense (contractors and ERMU labor), January 2024 labor expense for: Mtce of Substation Equipment and Electric Mapping. (7) YTD budget variance is mainly due to timing of rebates and the budget having an even spread. 155 Water Revenue Operating Revenue Water Sales Total Operating Revenue Other Operating Revenue Interest/Dividend Income Customer Penalties Connection Fees Misc Revenue Total Other Revenue Total Revenue Expenses 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 ELK RIVER, MINNESOTA STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION FOR PERIOD ENDING MARCH 2O24 2024 2024 2024 YTD 2024 YTD 2024 2023 2023 YTD 2023 v. 2024 Variance MARCH YTD YTD Budget Bud Var%o ANNUAL MARCH YTD VARIANCE Actual Var% Item BUDGET Variance BUDGET 146,344 442,568 376,620 J§r- 65,948 2,788,003 139,774 428,486 14,082 3% (1) 146,344 442,568 376,620 65,948 18% 2,788,003 139,774 428,486 14,082 3% 1,195 17,994 10,375 7,619 73% 41,500 4,007 8,133 9,862 121% 608 5,613 6,250 (637) -10% 25,000 1,248 4,022 1,591 40% 34,469 143,933 63,750 80,183 255,000 16,368 40,901 103,032 (2) 1,791 3,771 3,888 (117) -3% 618,786 995 4,110 (339) -8% 38,063 171,310 84,263 87,048 103% 940,286 22,618 57,165 114,145 200% 184,407 613,879 460,883 152,996 33% 3,728,289 162,392 485,651 128,228 26% 11,783 34,276 28,750 5,526 19% 115,000 11,144 30,878 3,398 11% 40,015 124,611 161,418 (36,807) 645,671 43,410 137,102 (12,491) -9% (3) 30,512 85,329 125,346 40016 422,250 33,111 88,653 (3,324) -4%(4) 101,032 302,664 287,250 15,414 5% 1,148,988 97,387 292,135 10,530 4% 2,912 8,737 8,737 0 0% 33,949 3,112 9,337 (600) -6% 121 363 825 (462) -56% 82,300 142 501 (139) -28% 7,600 22,107 22,937 (831) -4% 91,750 7,136 21,442 664 3% 76,347 263,368 296,390 (33,022) -11% 1,092,624 74,249 262,230 1,138 0% 61 184 3,813 (3,629) -95% 15,250 713 2,247 (2,063) -92% 270,383 841,639 935,465 (93,826) -10% 3,647,782 270,404 844,526 (2,887) 0% 0 0 375 (375) -100% 1,500 0 0 0 0% 0 0 375 (375) -100% 1,500 0 0 0 0% (85,976) (227,760) (474,957) 247,197 52% 79,007 (108,012) (358,874) 131,115 37% Item Variance of+/- $15,000 and+/- 15% (1) YTD Budget variance is due to above average usage. (2) YTD budget and PYTD variance due to large 2 large connection agreements in January 2024. (3) YTD budget variance is mainly due to the budget amount for Electric & Gas Utilities having an even budget spread. (4) YTD budget variance is mainly due to the budget amount for Mtce of Water Mains having an even budget spread. 156 Elk River Municipal Utilities Monthly Electrical Demand 80.0 75.0 70.0 65.0 c 60.0 R 55.0 E G 50.0 45.0 40.0 35.0 a�Ja6 &A Qe Month -4-2023 --w-2024 i� ♦ / ♦` --�.� .4 Elk River Municipal Utilities Monthly Energy Purchases 40,000 35,000 x 30,000 c N w 25,000 R s u L 20,000 T L C w 15,000 K� Jai Month -4--2023 f2024 157 35,000 33,000 31,000 29,000 c 27,000 c 25,000 23,000 21,000 w 19,000 17,000 15,000 Elk River Municipal Utilities Monthly Total Electric Load A / / ' / •� / c1 c� Month -4-2023 a--2024 Elk River Municipal Utilities Monthly Electric Sales $5,000,000 $4,500,000 $4,000,000 ` $3,500,000 o $3,000,000 c $2,500,000 m CO $2,000,000 $1,500,000 $1,000,000 zc ec elc x Q J G Month -4-2023 f2024 158 Elk River Municipal Utilities Monthly Residential, Commercial & Industrial Loads 20,000 18,000 16,000 14,000 12,000 x 10,000 8,000 M R 6,000 O J 4,000 2,000 x Month —--2023 Residential f2024 Residential --�<--2024 Commercial --�K— -2023 Industrial 2023 Commercial ——2024Industrial Elk River Municipal Utilities Monthly Residential, Commercial & Industrial Sales $2,500,000 $2,000,000 $1,500,000 0 0 c $1,000,000 N $500,000 $0 xe Month 5 —--2023 Residential t2024 Residential 2023 Commercial �(..-2024 Commercial--)K---2023 Industrial t2024 Industrial 159 Elk River Municipal Utilities Monthly Water Pumpage 180.0 160.0 140.0 c 0 120.0 100.0 c 80.0 E 60.0 a 40.0 20.0 0.0 �0 O�c Month -4-2023 ■ 2024 Elk River Municipal Utilities Peak Day Pumpage 8.0 7.0 / — 6.0 5.0 / 0 o I c 3.0 I � m �% Y 2.0 IL 1.0 0.0 461 � ' c%, 6���oc P,��e �q 'C e G& ee & x� �. P 5e,9 p �o� Qua Month -4-2023 --*--2024 160 Elk River Municipal Utilities Monthly Water Sales 180 $600,000 160 $500,000 140 c7 120 $400,000 c 100 �a 0 80 $300,000 . C y N in aNi 60 R $200,000 40 $100, 000 20 0 $0 ,��A �G��Zt Z x �e0 Q �GJ OGG Month 0 2023 MG --s-2024 MG--*.--2023 $ --m-2024 $ / f � 161 ELK RIVER MUNICIPAL UTILITIES ELK RIVER, MINNESOTA STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION FOR PERIOD ENDING MARCH 2O24 2024 2024 2024 2024 YTD ANNUAL 2024 YTD 2023 Electric MARCH YTD BUDGET BUDGET Bud Var% MARCH Revenue Operating Revenue Elk River ELECT SALES - ELK RIVER RESID ELECT SALES - ELK RIVER NON-D ELECT SALES - ELK RIVER DEMA PCA SALES REVENUE - ELK RIVE PCA SALES REVENUE - ELK RIVE PCA SALES REVENUE - ELK RIVE Total For Elk River: Otsego ELECT SALES - OTSEGO RESIDEN ELECT SALES - OTSEGO NON-DEM ELECT SALES - OTSEGO DEMAND PCA SALES REVENUE - OTSEGO R PCA SALES REVENUE - OTSEGO N PCA SALES REVENUE - OTSEGO D Total For Otsego: Rural Big Lake ELECT SALES - BIG LAKE RESIDE ELECT SALES - BIG LAKE NON -DE PCA SALES REVENUE - BIG LAKE PCA SALES REVENUE - BIG LAKE Total For Rural Big Lake: Dayton ELECT SALES - DAYTON RESIDEN ELECT SALES - DAYTON NON -DE PCA SALES REVENUE - DAYTON R PCA SALES REVENUE - DAYTON Total For Dayton: Public St & Hwy Lighting ELECT SALES - SEC LTS Total For Public St & Hwy Lighting Other Electric Sales SUB -STATION CREDIT 938,974 270,319 1,270,294 99,760 32,144 194,911 2,806,404 104,536 31,424 104,901 10,894 3,744 15,837 271,338 13,750 163 1,478 9 15,401 14,117 2,804 1,465 294 18,681 21,722 21,722 400 3,160,186 821,004 3,898,324 246,741 73,024 447,491 8,646,773 353,940 102,955 335,871 26,782 8,890 37,285 865,727 47,949 507 3,718 21 52,197 48,042 9,244 3,600 712 61,599 65,129 65,129 1,200 3,420,815 897,448 4,238,664 378,463 109,907 684,288 9,729,587 333,686 96,588 248,691 41,333 16,076 50,369 786,745 55,528 492 5,407 132 61,561 55,699 9,018 5,645 1,148 71,510 65,000 65,000 1,200 162 2023 YTD 2023 v. 2024 YTD VARIANCE Actual Var% 14,221,539 (8) 1,013,930 3,313,265 3,634,057 (9) 286,864 875,551 19,965,865 (8) 1,327,013 4,000,389 1,485,155 (35) 98,913 252,675 408,036 (34) 31,126 74,291 2,970,644 (35) 189,280 445,701 42,685,299 (11) 2,947,128 8,961,874 1,438,521 6 106,586 352,806 477,265 7 31,500 100,594 1,154,078 35 95,819 307,894 162,572 (35) 10,108 26,363 58,535 (45) 3,411 8,591 223,596 (26) 13,273 33,640 3,514,568 10 260,699 829,891 216,883 (14) 14,748 50,190 4,737 3 163 497 21,268 (31) 1,439 3,845 522 (83) 8 20 243,411 (15) 16,360 54,555 224,525 (14) 15,542 51,730 41,609 3 2,734 8,730 22,385 (36) 1,470 3,861 4,231 (38) 257 655 292,751 (14) 20,004 64,977 260,000 0 21,261 64,707 260,000 0 21,261 64,707 4,800 0 400 1,200 (153,078) (54,547) (102,065) (5,933) (1,266) 1,789 (315,101) 1,134 2,360 27,976 418 299 3,645 35,836 (2,240) 9 (127) 0 (2,357) (3,687) 513 (261) 57 (3,377) 421 421 0 ELK RIVER MUNICIPAL UTILITIES ELK RIVER, MINNESOTA STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION FOR PERIOD ENDING MARCH 2O24 2024 2024 2024 2024 YTD ANNUAL 2024 YTD 2023 2023 YTD 2023 v. 2024 Electric MARCH YTD BUDGET BUDGET Bud Var% MARCH YTD VARIANCE Actual Var% Total For Other Electric Sales: 400 1,200 1,200 4,800 0 400 1,200 0 0 Total Operating Revenue 3,133,948 9,692,626 10,715,606 47,000,831 (10) 3,265,853 9,977,206 (284,579) (3) Other Operating Revenue Interest/Dividend Income INTEREST & DIVIDEND INCOME (3,314) 47,722 21,249 85,000 125 9,434 17,900 29,821 167 Total For Interest/Dividend Income: (3,314) 47,722 21,249 85,000 125 9,434 17,900 29,821 167 Customer Penalties CUSTOMER DELINQUENT PENALT 19,028 60,776 71,250 285,000 (15) 25,220 73,877 (13,101) (18) Total For Customer Penalties: 19,028 60,776 71,250 285,000 (15) 25,220 73,877 (13,101) (18) Connection Fees DISCONNECT & RECONNECT CHA 4,020 116,871 33,750 135,000 246 7,832 24,133 92,737 384 Total For Connection Fees: 4,020 116,871 33,750 135,000 246 7,832 24,133 92,737 384 Misc Revenue MISC ELEC REVENUE - TEMP CHG 220 660 1,250 5,000 (47) 1,749 2,819 (2,159) (77) STREET LIGHT 0 12,600 2,500 10,000 404 0 0 12,600 0 TRANSMISSION INVESTMENTS 45,148 146,431 166,500 666,000 (12) 47,947 154,630 (8,198) (5) MISC NON -UTILITY 9,026 27,673 27,500 110,000 1 14,036 37,349 (9,676) (26) CONTRIBUTIONS FROM CUSTOME 199,242 199,242 56,250 225,000 254 18,027 18,027 181,214 1,005 Total For Misc Revenue: 253,636 386,607 254,000 1,016,000 52 81,760 212,826 173,780 82 Total Other Revenue 273,371 611,976 380,250 1,521,000 61 124,247 328,738 283,238 86 Total For Total Other Revenue: 273,371 611,976 380,250 1,521,000 61 124,247 328,738 283,238 86 Total Revenue 3,407,319 11,095,856 (7) 3,390,100 10,304,603 48,521,831 10,305,944 (1,341) 0 Expenses Purchased Power PURCHASED POWER 1,514,966 4,722,596 5,130,949 24,250,423 (8) 1,641,590 4,920,944 (198,348) (4) ENERGY ADJUSTMENT CLAUSE 583,010 1,607,761 2,053,310 8,506,023 (22) 690,265 1,776,630 (168,869) (10) Total For Purchased Power: 2,097,977 6,330,357 7,184,259 32,756,447 (12) 2,331,855 6,697,575 (367,217) (5) Operating & Mtce Expense OPERATING SUPERVISION 11,085 34,278 32,750 131,000 5 11,662 31,624 2,653 8 DIESEL OIL FUEL 0 0 2,499 10,000 (100) 813 2,676 (2,676) (100) NATURAL GAS 2,244 10,017 19,050 33,000 (47) 6,051 18,647 (8,630) (46) ELECTRIC & WATER CONSUMPTI 4,473 16,004 19,900 66,000 (20) 12,469 19,804 (3,800) (19) .a ELK RIVER MUNICIPAL UTILITIES ELK RIVER, MINNESOTA STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION FOR PERIOD ENDING MARCH 2O24 2024 2024 2024 2024 YTD ANNUAL 2024 YTD 2023 2023 YTD 2023 v. 2024 Electric MARCH YTD BUDGET BUDGET Bud Var% MARCH YTD VARIANCE Actual Var% PLANT SUPPLIES & OTHER EXPEN 519 3,340 3,750 15,000 (11) 6,878 13,909 (10,568) (76) MISC POWER GENERATION EXPE 0 485 2,000 8,000 (76) 810 1,871 (1,386) (74) MAINTENANCE OF STRUCTURE - 542 1,854 51250 21,000 (65) 3,500 7,579 (5,724) (76) MTCE OF PLANT ENGINES/GENER 500 1,566 9,750 39,000 (84) 4,906 10,258 (8,692) (85) MTCE OF PLANT/LAND IMPROVE 10,371 13,283 21,500 46,000 (38) 5,141 19,456 (6,172) (32) Total For Operating & Mtce Expense: 29,737 80,830 116,450 369,000 (31) 52,233 125,828 (44,998) (36) Transmission Expense TRANSMISSION MTCE AND EXPE 4,889 15,478 18,000 72,000 (14) 5,361 14,669 809 6 Total For Transmission Expense: 4,889 15,478 18,000 72,000 (14) 5,361 14,669 809 6 Distribution Expense REMOVE EXISTING SERVICE & M 0 0 500 2,000 (100) 542 542 (542) (100) SCADA EXPENSE 4,774 10,639 11,250 45,000 (5) 5,556 11,177 (538) (5) TRANSFORMER EXPENSE OH & U 813 4,658 3,750 15,000 24 1,332 4,838 (179) (4) MTCE OF SIGNAL SYSTEMS 149 349 750 3,000 (53) 270 609 (259) (43) METER EXPENSE - REMOVE & RE 0 241 375 1,500 (36) 100 100 140 139 TEMP SERVICE - INSTALL & REM 0 109 1,749 7,000 (94) 3,390 3,483 (3,373) (97) MISC DISTRIBUTION EXPENSE 34,838 112,394 875500 350,000 28 71,639 133,104 (20,710) (16) INTERCONNECTION CARRYING C 0 0 0 2,417 0 0 0 0 0 Total For Distribution Expense: 40,575 128,392 105,875 425,917 21 82,831 153,856 (25,464) (17) Maintenance Expense MTCE OF STRUCTURES 8,905 19,747 12,500 50,000 58 3,952 11,787 7,960 68 MTCE OF SUBSTATIONS 0 6,402 9,000 36,000 (29) 3,532 13,208 (6,806) (52) MTCE OF SUBSTATION EQUIPME 6,907 29,122 19,749 79,000 47 3,077 7,308 21,814 298 MTCE OF OH LINES/TREE TRIM 48,074 184,262 150,000 230,000 23 59,440 135,913 48,348 36 MTCE OF OH LINES/STANDBY 3,097 10,277 9,999 40,000 3 2,889 8,800 1,476 17 MTCE OF OH PRIMARY 15,914 39,951 42,500 170,000 (6) 22,112 39,955 (4) 0 MTCE OF URD PRIMARY 30,523 31,892 54,999 220,000 (42) 12,708 28,167 3,725 13 LOCATE ELECTRIC LINES 7,621 16,937 27,500 110,000 (38) 8,329 10,808 6,128 57 LOCATE FIBER LINES 298 403 375 1,500 7 0 33 369 1,085 MTCE OF LINE TRANSFORMERS 3,802 8,687 15,000 60,000 (42) 886 2,903 5,784 199 MTCE OF STREET LIGHTING 5,053 17,949 12,500 50,000 44 5,239 6,571 11,378 173 MTCE OF SECURITY LIGHTING 906 4,906 3,750 15,000 31 1,867 4,323 582 13 MTCE OF METERS 5,286 19,153 20,000 80,000 (4) 5,061 15,614 3,539 23 VOLTAGE COMPLAINTS 1,070 1,070 3,000 12,000 (64) 439 3,186 (2,115) (66) SALARIES TRANSMISSION & DIST 2,326 7,486 7,500 30,000 0 2,713 7,299 186 3 164 ELK RIVER MUNICIPAL UTILITIES ELK RIVER, MINNESOTA STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION FOR PERIOD ENDING MARCH 2O24 2024 2024 2024 2024 YTD ANNUAL 2024 YTD 2023 2023 YTD 2023 v. 2024 Electric MARCH YTD BUDGET BUDGET Bud Var% MARCH YTD VARIANCE Actual Var% ELECTRIC MAPPING 19,282 72,639 24,999 100,000 191 17,294 54,277 18,362 34 MTCE OF OH SECONDARY 1,322 3,729 6,249 25,000 (40) 1,057 4,364 (634) (15) MTCE OF URD SECONDARY 3,794 9,988 15,000 60,000 (33) 5,406 10,169 (180) (2) TRANSPORTATION EXPENSE 29,688 94,727 75,000 300,000 26 44,819 94,777 (50) 0 Total For Maintenance Expense: 193,874 579,337 509,625 1,668,500 14 200,829 459,473 119,864 26 Depreciation & Amortization DEPRECIATION 219,545 657,680 609,870 2,439,475 8 208,101 625,647 32,033 5 AMORTIZATION 55,677 167,033 167,034 668,136 0 55,677 167,033 0 0 Total For Depreciation & Amortization: 275,223 824,714 776,904 3,107,611 6 263,778 792,681 32,033 4 Interest Expense INTEREST EXPENSE - BONDS 70,163 211,726 211,726 845,673 0 73,213 220,839 (9,112) (4) AMORTIZATION OF DEBT DISCOU (4,988) (14,965) (14,965) (59,863) 0 (4,988) (14,965) 0 0 Total For Interest Expense: 65,174 196,761 196,761 785,810 0 68,224 205,873 (9,112) (4) Other Operating Expense EV CHARGING EXPENSE 179 586 774 3,100 (24) (424) 206 379 184 LOSS ON DISPOSITION OF PROP (C 4,105 4,105 0 155,800 0 0 0 4,105 0 OTHER DONATIONS 0 0 750 3,000 (100) 0 0 0 0 PENSION EXPENSE 0 0 0 295,000 0 0 0 0 0 OTHER INTEREST EXPENSE 0 0 0 0 0 0 378 (378) (100) INTEREST EXPENSE - METER DEP 4,733 14,115 12,500 50,000 13 3,913 11,729 2,386 20 Total For Other Operating Expense: 9,019 18,808 14,025 506,900 34 3,489 12,314 6,494 53 Customer Accounts Expense METER READING EXPENSE 2,427 9,086 11,750 47,000 (23) 3,198 9,114 (27) 0 DISCONNECURECONNECT EXPEN 399 2,271 5,499 22,000 (59) 1,542 4,119 (1,848) (45) MISC CUSTOMER ACCOUNTS EXP 28,810 84,031 86,250 345,000 (3) 27,579 80,233 3,797 5 BAD DEBT EXPENSE & RECOVER (29) 2,857 6,249 25,000 (54) 1,693 1,813 1,044 58 Total For Customer Accounts Expense: 31,607 98,246 109,749 439,000 (10) 34,014 95,281 2,965 3 Administrative Expense SALARIES OFFICE & COMMISSION 70,369 217,921 227,000 908,000 (4) 76,000 205,674 12,246 6 TEMPORARY STAFFING 0 0 999 4,000 (100) 0 0 0 0 OFFICE SUPPLIES 5,808 22,748 31,250 125,000 (27) 10,141 37,996 (15,247) (40) ELECTRIC & WATER CONSUMPTI 2,019 6,163 9,999 40,000 (38) (4,646) 6,747 (584) (9) BANK FEES 126 444 624 2,500 (29) 141 460 (16) (3) LEGAL FEES 417 2,330 7,500 30,000 (69) 3,445 7,108 (4,778) (67) AUDITING FEES 1,640 4,920 5,499 22,000 (11) 1,623 4,869 50 1 165 ELK RIVER MUNICIPAL UTILITIES ELK RIVER, MINNESOTA STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION FOR PERIOD ENDING MARCH 2O24 2024 2024 2024 2024 YTD ANNUAL 2024 YTD 2023 2023 YTD 2023 v. 2024 Electric MARCH YTD BUDGET BUDGET Bud Var% MARCH YTD VARIANCE Actual Var% INSURANCE 15,414 46,561 47,499 190,000 (2) 16,356 49,069 (2,507) (5) UTILITY SHARE - DEFERRED COM 16,823 49,760 30,000 120,000 66 16,877 51,406 (1,646) (3) UTILITY SHARE - MEDICAL/DENT 59,900 306,329 309,136 870,000 (1) 59,564 301,509 4,820 2 UTILITY SHARE - PERA 23,728 73,472 75,500 302,000 (3) 24,976 70,015 3,456 5 UTILITY SHARE - FICA 22,464 70,577 73,749 295,000 (4) 23,934 67,044 3,533 5 EMPLOYEE SICK PAY 19,063 28,803 41,250 165,000 (30) 14,357 56,864 (28,060) (49) EMPLOYEE HOLIDAY PAY 0 45,863 46,909 172,000 (2) 0 43,372 2,490 6 EMPLOYEE VACATION & PTO PA 31,895 104,049 83,545 275,000 25 28,574 92,324 11,725 13 UPMIC DISTRIBUTION 29,968 29,968 25,250 101,000 19 20,521 20,521 9,447 46 LONGEVITY PAY 0 0 0 6,964 0 1,923 1,923 (1,923) (100) CONSULTING FEES 7,603 17,320 24,399 97,600 (29) 0 0 17,320 0 TELEPHONE 2,919 8,751 9,500 38,000 (8) 3,445 9,776 (1,025) (10) ADVERTISING 1,003 4,032 4,749 19,000 (15) 1,296 3,849 182 5 DUES & SUBSCRIPTIONS - FEES 8,499 23,091 34,383 137,533 (33) 10,005 29,339 (6,248) (21) SCHOOLS & MEETINGS 13,137 55,395 71,000 274,894 (22) 22,236 43,423 11,971 28 MTCE OF GENERAL PLANT & OFFI 845 2,535 3,249 13,000 (22) 1,002 3,008 (473) (16) Total For Administrative Expense: 333,648 1,121,041 1,162,999 4,208,492 (4) 331,779 1,106,308 14,732 1 General Expense CIP REBATES - RESIDENTIAL 6,140 19,610 22,689 90,758 (14) 3,265 10,215 9,395 92 CIP REBATES - COMMERCIAL 16,580 16,580 27,999 112,000 (41) 6,000 27,393 (10,812) (39) CIP - ADMINISTRATION 16,848 36,848 45,741 182,965 (19) 2,086 3,658 33,189 907 CIP - MARKETING 3,005 8,632 12,808 51,235 (33) 3,141 9,117 (484) (5) CIP - LABOR 7,699 26,722 33,455 133,822 (20) 13,343 37,142 (10,419) (28) CIP REBATES - LOW INCOME 0 0 4,680 18,720 (100) 4,270 4,270 (4,270) (100) CIP - LOW INCOME LABOR 780 2,367 2,499 10,000 (5) 1,016 2,654 (286) (11) ENVIRONMENTAL COMPLIANCE 2,547 7,629 8,750 35,000 (13) 2,570 7,725 (96) (1) MISC GENERAL EXPENSE (295) (320) 624 2,500 (151) 20 5,847 (6,167) (105) Total For General Expense: 53,306 118,071 159,249 637,000 (26) 35,714 108,022 10,048 9 Total Expenses(before Operating Transfers) 3,135,035 9,512,040 10,353,898 44,976,678 (8) 3,410,113 9,771,884 (259,844) (3) Operating Transfer Operating Transfer/Other Funds TRANSFER TO CITY ELK RIVER R 112,957 347,973 389,183 1,707,411 (11) 124,155 387,902 (39,929) (10) Total For Operating Transfer/Other Funds: 112,957 347,973 389,183 1,707,411 (11) 124,155 387,902 (39,929) (10) Utilities & Labor Donated 166 Electric ELK RIVER MUNICIPAL UTILITIES ELK RIVER, MINNESOTA STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION FOR PERIOD ENDING MARCH 2O24 2024 2024 2024 2024 YTD ANNUAL 2024 YTD 2023 2023 YTD 2023 v. 2024 MARCH YTD BUDGET BUDGET Bud Var% MARCH YTD VARIANCE Actual Var% UTILITIES & LABOR DONATED TO 17,797 55,265 66,000 264,000 (16) 18,480 58,127 (2,862) (5) Total For Utilities & Labor Donated: 17,797 55,265 66,000 264,000 (16) 18,480 58,127 (2,862) (5) Total Operating Transfer Total For Total Operating Transfer: 130,754 403,238 455,183 1,971,411 (11) 142,635 446,029 (42,791) (10) Net Income Profit(Loss) 141,529 389,325 286,773 1,573,740 36 (162,648) 88,030 301,294 342 167 ELK RIVER MUNICIPAL UTILITIES ELK RIVER, MINNESOTA STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION FOR PERIOD ENDING MARCH 2O24 2024 2024 2024 2024 YTD ANNUAL 2024 YTD 2023 Water MARCH YTD BUDGET BUDGET Bud Var% MARCH Revenue Operating Revenue Water Sales WATER SALES RESIDENTIAL WATER SALES COMMERCIAL WATER SALES IRRIGATION Total For Water Sales: Total Operating Revenue Total For Total Operating Revenue: Other Operating Revenue Interest/Dividend Income INTEREST & DIVIDEND INCOME OTHER INTEREST/MISC REVENUE Total For Interest/Dividend Income: Customer Penalties CUSTOMER PENALTIES Total For Customer Penalties: Connection Fees WATER/ACCESS/CONNECTION FE CUSTOMER CONNECTION FEES BULK WATER SALES/HYDRANT R Total For Connection Fees: Misc Revenue MISC NON -UTILITY TRANSFER IN FROM CITY MISCELLANEOUS REVENUE HYDRANT MAINTENANCE PROGR CONTRIBUTIONS FROM DEVELOP WATER TOWER LEASE Total For Misc Revenue: Total Other Revenue Total For Total Other Revenue: 2023 YTD 2023 v. 2024 YTD VARIANCE Actual Var% 88,891 273,843 236,436 1,595,403 16 85,599 265,634 8,208 3 55,782 163,616 136,061 923,908 20 52,580 158,095 5,520 3 1,669 5,109 4,122 268,691 24 1,594 4,755 353 7 146,343 442,568 376,620 2,788,003 18 139,774 428,486 14,082 3 146,343 442,568 376,620 2,788,003 18 139,774 428,486 14,082 3 146,343 442,568 376,620 2,788,003 18 139,774 428,486 14,082 3 1,195 17,994 9,999 40,000 80 4,007 8,132 9,861 121 0 0 375 1,500 (100) 0 0 0 0 1,195 17,994 10,374 41,500 73 4,007 8,132 9,861 121 608 5,612 6,249 25,000 (10) 1,247 4,021 1,590 40 608 5,612 6,249 25,000 (10) 1,247 4,021 1,590 40 30,080 126,230 50,000 200,000 152 14,790 29,190 97,040 332 1,558 6,850 7,500 30,000 (9) 1,347 2,635 4,214 160 2,829 10,852 6,249 25,000 74 230 9,075 1,777 20 34,468 143,932 63,750 255,000 126 16,368 40,900 103,031 252 0 20 12 50 54 20 20 0 0 0 0 0 230,000 0 0 0 0 0 0 0 125 500 (100) 0 258 (258) (100) 1,790 3,750 3,750 15,000 0 974 3,831 (80) (2) 0 0 0 65,000 0 0 0 0 0 0 0 0 308,236 0 0 0 0 0 1,790 3,770 3,887 618,786 (3) 994 4,109 (338) (8) 38,062 171,310 84,262 940,286 103 22,617 57,165 114,145 200 38,062 171,310 84,262 940,286 103 22,617 57,165 114,145 200 ELK RIVER MUNICIPAL UTILITIES ELK RIVER, MINNESOTA STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION FOR PERIOD ENDING MARCH 2O24 2024 2024 2024 2024 YTD ANNUAL 2024 YTD 2023 2023 YTD 2023 v. 2024 Water MARCH YTD BUDGET BUDGET Bud Var% MARCH YTD VARIANCE Actual Var% Total Revenue 184,406 613,878 460,882 3,728,289 33 162,392 485,651 128,227 26 Expenses Production Expense MTCE OF STRUCTURES 11,782 34,275 28,749 115,000 19 11,144 30,877 3,397 11 Total For Production Expense: 11,782 34,275 28,749 115,000 19 11,144 30,877 3,397 11 Pumping Expense SUPERVISION 6,203 16,743 16,875 67,500 (1) 4,706 15,555 1,188 8 ELECTRIC & GAS UTILITIES 17,271 54,604 83,792 335,171 (35) 21,022 65,975 (11,370) (17) SAMPLING 1,007 3,497 4,250 17,000 (18) 915 3,460 37 1 CHEMICAL FEED 1,678 5,706 13,250 53,000 (57) 1,816 5,239 466 9 MTCE OF WELLS 13,538 43,204 41,250 165,000 5 14,709 46,062 (2,858) (6) SCADA - PUMPING 315 854 2,000 8,000 (57) 239 808 45 6 Total For Pumping Expense: 40,014 124,610 161,417 645,671 (23) 43,409 137,101 (12,490) (9) Distribution Expense MTCE OF WATER MAINS 3,396 7,656 43,749 175,000 (82) 17,846 42,519 (34,862) (82) LOCATE WATER LINES 1,552 2,991 4,312 17,250 (31) 536 707 2,283 323 MTCE OF WATER SERVICES 0 0 125 500 (100) 36 184 (184) (100) WATER METER SERVICE 6,365 11,148 16,500 66,000 (32) 998 2,736 8,412 307 BACKFLOW DEVICE INSPECTION 1,440 4,120 3,783 20,000 9 1,283 4,578 (457) (10) MTCE OF CUSTOMERS SERVICE 2,708 8,206 8,250 33,000 (1) 2,465 7,482 723 10 WATER MAPPING 3,471 7,902 3,750 15,000 ill 1,063 2,641 5,261 199 MTCE OF WATER HYDRANTS - PU 9,940 10,910 5,000 20,000 118 333 1,325 9,584 723 MTCE OF WATER HYDRANTS - PR 53 663 1,500 6,000 (56) 0 (73) 736 1,010 WATERCLOTHING/PPE 177 577 2,499 10,000 (77) 6,376 6,408 (5,831) (91) WAGES WATER 673 2,011 1,875 7,500 7 685 1,883 127 7 TRANSPORTATION EXPENSE 730 2,884 6,000 24,000 (52) 1,140 2,505 378 15 WATER PERMIT 0 26,255 28,000 28,000 (6) 345 15,752 10,502 67 Total For Distribution Expense: 30,511 85,329 125,345 422,250 (32) 33,111 88,653 (3,323) (4) Depreciation & Amortization DEPRECIATION 101,031 302,664 287,250 1,148,987 5 97,387 292,134 10,529 4 Total For Depreciation & Amortization: 101,031 302,664 287,250 1,148,987 5 97,387 292,134 10,529 4 Interest Expense INTEREST EXPENSE - BONDS 3,466 10,400 10,399 40,600 0 3,666 10,999 (599) (5) AMORTIZATION OF DEBT DISCOU (554) (1,662) (1,662) (6,651) 0 (554) (1,662) 0 0 Total For Interest Expense: 2,912 8,737 8,737 33,949 0 3,112 9,337 (599) (6) 169 ELK RIVER MUNICIPAL UTILITIES ELK RIVER, MINNESOTA STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION FOR PERIOD ENDING MARCH 2O24 2024 2024 2024 2024 YTD ANNUAL 2024 YTD 2023 2023 YTD 2023 v. 2024 Water MARCH YTD BUDGET BUDGET Bud Var% MARCH YTD VARIANCE Actual Var% Other Operating Expense LOSS ON DISPOSITION OF PROP (C 0 0 0 14,000 0 0 0 0 0 DAM MAINTENANCE EXPENSE 0 0 500 2,000 (100) 36 92 (92) (100) PENSION EXPENSE 0 0 0 65,000 0 0 0 0 0 OTHER INTEREST EXPENSE 0 0 0 0 0 0 94 (94) (100) INTEREST EXPENSE - METER DEP 120 362 324 1,300 12 104 314 48 15 Total For Other Operating Expense: 120 362 825 82,300 (56) 141 501 (138) (28) Customer Accounts Expense METER READING EXPENSE 137 482 624 2,500 (23) 165 472 9 2 MISC CUSTOMER ACCOUNTS EXP 7,462 21,624 22,250 89,000 (3) 6,970 20,969 655 3 BAD DEBT EXPENSE & RECOVER 0 0 62 250 (100) 0 0 0 0 Total For Customer Accounts Expense: 7,600 22,106 22,937 91,750 (4) 7,135 21,442 664 3 Administrative Expense SALARIES OFFICE & COMMISSION 20,666 63,839 71,250 285,000 (10) 21,892 59,333 4,505 8 TEMPORARY STAFFING 0 0 249 1,000 (100) 0 0 0 0 OFFICE SUPPLIES 1,321 4,652 9,249 37,000 (50) 2,382 5,971 (1,318) (22) ELECTRIC & WATER CONSUMPTI 505 1,541 2,750 11,000 (44) (433) 1,686 (145) (9) BANK FEES 31 117 150 600 (22) 35 121 (4) (3) LEGAL FEES 104 553 2,250 9,000 (75) 326 1,241 (688) (55) AUDITING FEES 410 1,230 1,500 6,000 (18) 405 1,217 12 1 INSURANCE 3,460 10,460 10,749 43,000 (3) 3,016 9,048 1,412 16 UTILITY SHARE - DEFERRED COM 3,000 7,368 5,250 21,000 40 3,080 8,141 (772) (9) UTILITY SHARE - MEDICAUDENT 14,703 69,355 72,727 220,000 (5) 15,332 75,084 (5,729) (8) UTILITY SHARE - PERA 4,620 14,144 14,000 56,000 1 4,767 13,371 772 6 UTILITY SHARE - FICA 4,389 13,694 13,500 54,000 1 4,536 12,725 968 8 EMPLOYEE SICK PAY 3,060 6,966 7,250 29,000 (4) 3,144 10,003 (3,037) (30) EMPLOYEE HOLIDAY PAY 0 7,401 8,727 32,000 (15) 0 7,076 325 5 EMPLOYEE VACATION & PTO PA 5,563 19,629 16,000 52,000 23 4,625 17,098 2,531 15 UPMIC DISTRIBUTION 5,834 5,834 5,250 21,000 11 4,172 4,172 1,661 40 WELLHEAD PROTECTION 0 0 510 2,000 (100) 111 ill (111) (100) LONGEVITY PAY 0 0 0 837 0 101 101 (101) (100) CONSULTING FEES 1,900 4,475 11,475 45,900 (61) 140 4,210 265 6 TELEPHONE 709 2,127 2,250 9,000 (5) 785 2,214 (87) (4) ADVERTISING 172 930 1,250 5,000 (26) 324 962 (32) (3) DUES & SUBSCRIPTIONS - FEES 1,366 17,563 21,600 88,114 (19) 1,326 18,356 (793) (4) 170 ELK RIVER MUNICIPAL UTILITIES ELK RIVER, MINNESOTA STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION FOR PERIOD ENDING MARCH 2O24 2024 2024 2024 2024 YTD ANNUAL 2024 YTD 2023 2023 YTD 2023 v. 2024 Water MARCH YTD BUDGET BUDGET Bud Var% MARCH YTD VARIANCE Actual Var% SCHOOLS & MEETINGS 4,314 10,849 17,675 61,072 (39) 3,924 9,226 1,623 18 MTCE OF GENERAL PLANT & OFFI 211 633 774 3,100 (18) 250 752 (119) (16) Total For Administrative Expense: 76,347 263,368 296,389 1,092,623 (11) 74,249 262,230 1,137 0 General Expense CIP REBATES - RESIDENTIAL 0 25 1,250 5,000 (98) 282 327 (302) (92) CIP REBATES - COMMERCIAL 0 0 125 500 (100) 0 0 0 0 CIP - MARKETING 0 0 500 2,000 (100) 0 588 (588) (100) CIP - LABOR 0 0 1,250 5,000 (100) 388 1,186 (1,186) (100) ENVIRONMENTAL COMPLIANCE 60 158 624 2,500 (75) 41 147 11 8 MISC GENERAL EXPENSE 0 0 62 250 (100) 0 (2) 2 100 Total For General Expense: 60 183 3,812 15,250 (95) 712 2,246 (2,062) (92) Total Expenses(before Operating Transfers) 270,382 841,638 935,465 3,647,781 (10) 270,404 844,525 (2,886) 0 Operating Transfer Utilities & Labor Donated WATER & LABOR DONATED TO CI 0 0 375 1,500 (100) 0 0 0 0 Total Operating Transfer Total For Total Operating Transfer: 0 0 375 1,500 (100) 0 0 0 0 Net Income Profit(Loss) (85,976) (227,759) (474,957) 79,007 52 (108,011) (358,874) 131,114 37 171 Beginning Fiscal Period[YYYYMM] GL Division GL Department 202401 61 - Elk River Electric All Ending Fiscal Period[YYYYMM] GL Activity Period Type 202403 All Closed Period ® ©® ©® Budget Revenue Comparison & Variance Budget Expense Comparison & Variance Budget Analysis by Period Jan, 2024 - Mar, 2024 Jan, 2024 - Mar, 2024 Jan, 2024 - Mar, 2024 -$791,252.41-$893,803.81 500K -7.13% -8.27% 360K Actual Budget Actual Budget o 220K ► $10,304,603.83 $11,095,856.24 $9,915,278.62 $10,809,082.43 a B0K I� mount -60K ■ Budget Butlget Amount -200K Cumulative Budget ry0�'d ,yOn'a �p`ba • Cumulative Actual �a° FeO �1ac Period Revenue Budget vs Actual by Period Jan, 2024 - Mar, 2024 4.5M Expense Budget vs Actual by Period Jan, 2024 - Mar, 2024 4M le Sao fee �a� Period TO Budget 0 Actual 172 Beginning Fiscal Period[YYYYMM] GL Division GL Department 202401 62 - Elk River Water All Ending Fiscal Period[YYYYMM] GL Activity Period Type 202403 All Closed Period Budget Revenue Comparison & Variance Jan, 2024 - Mar, 2024 $152,995.86 33.20% Actual Budget $613,878.83 $460,882.97 Revenue Budget vs Actual by Period Jan, 2024 - Mar, 2024 280K c 0 E Q Budget Expense Comparison & Variance Jan, 2024 - Mar, 2024 -$94,201.44 -10.07% Actual Budget $841,638.68 $935,840.12 lac fee �a� Period VO Budget 0 Actual Budget Analysis by Period Jan, 2024 - Mar, 2024 0 100K o -200K EE -300K ■ Actual Amount -400K ■ Budget Amount -500K Cumulative Budget ry0�'K ,yOn'a ryp`ta Cumulative Actual �a° Fe�O �1ac Expense Budget vs Actual by Period Jan, 2024 - Mar, 2024 400K 350K { 300K- 250K E 200K Q 150K 100K 50K 0 Period Period Budget ■ Actual 173