6.1c 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
6.1c
SUBJECT:
Staff Update
ACTION REQUESTED:
None
DISCUSSION:
• Creating quality audited financial statements requires significant time and effort. I'd like
to express my gratitude to the accounting department for their consistent dedication
and pride in their work. Their commitment ensures a seamless audit process.
The Energy Information Administration (EIA) reports 860, 861, and 923 for 2023 have all
been filed. These are federal reports that are required to be filed annually related to the
output of our plant standby engines and fuel sources; our system distribution numbers
in MW, revenues, and meters served; wind and solar participation; and reliability
numbers.
• Our payroll specialist attended Payroll Congress which is sponsored by PayrollOrg
(formerly American Payroll Association) the week of May 6.
We received our property and liability insurance renewal for July 1, 2024 to July 1, 2025.
The total premium decrease is approximately 0.36% compared to prior year; $152,013
compared to $151,473. A breakdown of the premium decrease is below.
Premium
Coverage
2024
2023
% Change
Property
$
58,352
$
57,312
1.81%
Mobile Property
$
1,743
$
1,684
3.50%
First Party Cyber
$
5,897
$
5,897
0.00%
Municipal Liability
$
30,238
$
33,470
-9.66%
Auto Liability
$
3,915
$
3,843
1.87%
Auto Physical Damage
$
4,296
$
3,769
13.98%
Bond
$
589
$
592
-0.51%
Equipment breakdown
$
46,443
$
45,446
2.19%
Total Premium
$
151,473
$
152,013
-0.36%
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Comments on the above:
• Property premium is up due to annual inflation.
• Mobile Property and Equipment Breakdown premium is up as this is tied to the
manual premium for property.
• Municipal Liability is down due to the experience mod decreasing from 0.939 to
0.933 and rate decreases.
• Auto Liability/Auto Physical Damage premium is up due to rate increases.
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