5.2 ERMUSR 03-11-2025
UTILITIES COMMISSION MEETING
TO:FROM:
ERMU Commission Melissa Karpinski –Finance Manager
MEETING DATE: AGENDA ITEM NUMBER:
March11, 2025 5.2
SUBJECT:
Financial Report – January 2025
ACTION REQUESTED:
Receive the January 2025Financial Report
DISCUSSION:
Please note that these are the preliminary unaudited financial statements.
Electric
January year to date (YTD) electric kWh sales are up 21% from the prior year. For further
breakdown:
Residential usage is up 33%
Small Commercial usage is up 27%
Large Commercial usage is up 13%
For January 2025, 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
January YTD gallons of water sold are up 25% from the prior year. For further breakdown:
Residential use is up 25%
Commercial use is up 25%
For January 2025, 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 1.2025
Electric Balance Sheet 1.2025
Water Balance Sheet 1.2025
Summary Electric Statement of Revenues, Expenses and Changes in Net Position 1.2025
Summary Water Statement of Revenues, Expenses and Changes in Net Position 1.2025
Graphs Prior Year and YTD 2025
Detailed Electric Statement of Revenues, Expenses and Changes in Net Position 1.2025
______________________________________________________________________________
Page 1 of 2
110
Detailed Water Statement of Revenues, Expenses and Changes in Net Position 1.2025
Budget vs Actual Graphs – Combined Electric and Water 1.2025
______________________________________________________________________________
Page 2 of 2
111
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
COMBINED BALANCE SHEET
FOR PERIOD ENDING JANUARY 2025
ELECTRICWATER
ASSETS
CURRENT ASSETS
CASH3,785,3355,589,227
ACCOUNTS RECEIVABLE3,388,1635,340,852
INVENTORIES1,802,51954,597
PREPAID ITEMS287,61452,331
CONSTRUCTION IN PROGRESS449,00865,435
TOTAL CURRENT ASSETS9,712,64011,102,441
RESTRICTED ASSETS
BOND RESERVE FUND1,779,0160
EMERGENCY RESERVE FUND7,422,2814,234,011
UNRESTRICTED RESERVE FUND00
TOTAL RESTRICTED ASSETS9,201,2974,234,011
FIXED ASSETS
PRODUCTION795,92017,177,471
LFG PROJECT00
TRANSMISSION2,305,0240
DISTRIBUTION54,511,92730,835,173
GENERAL25,418,5101,548,813
FIXED ASSETS (COST)83,031,38149,561,458
LESS ACCUMULATED DEPRECIATION(36,982,070)(24,026,289)
TOTAL FIXED ASSETS, NET46,049,31025,535,168
INTANGIBLE ASSETS
POWER AGENCY MEMBERSHIP BUY-IN21,546,2120
LOSS OF REVENUE INTANGIBLE7,169,4120
LESS ACCUMULATED AMORTIZATION(4,230,372)0
TOTAL INTANGIBLE ASSETS, NET24,485,2520
OTHER ASSETS AND DEFERRED OUTFLOWS690,058126,311
90,138,55640,997,931
TOTAL ASSETS
LIABILITIES AND FUND EQUITY
CURRENT LIABILITIES
ACCOUNTS PAYABLE5,247,488361,411
SALARIES AND BENEFITS PAYABLE1,119,925156,339
DUE TO CITY818,77495,020
DUE TO OTHER FUNDS00
NOTES PAYABLE-CURRENT PORTION00
BONDS PAYABLE-CURRENT PORTION480,00065,000
UNEARNED REVENUE17,710496,471
TOTAL CURRENT LIABILITIES7,683,8971,174,242
LONG TERM LIABILITIES
OPEB LIABILITY00
LFG PROJECT00
DUE TO COUNTY00
DUE TO CITY00
BONDS PAYABLE, LESS CURRENT PORTION27,205,4111,489,740
PENSION LIABILITIES2,720,477500,450
TOTAL LONG TERM LIABILITIES29,925,8881,990,190
37,609,7853,164,432
TOTAL LIABILITIES
DEFERRED INFLOWS OF RESOURCES836,8134,937,984
FUND EQUITY
CAPITAL ACCOUNT CONST COST1,779,0160
CONTRIBUTED CAPITAL00
RETAINED EARNINGS49,349,37033,024,979
NET INCOME (LOSS) (THROUGH PREVIOUS MONTH)563,572(129,464)
TOTAL FUND EQUITY51,691,95832,895,515
90,138,55640,997,931
TOTAL LIABILITIES & FUND EQUITY
112
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
ELECTRIC BALANCE SHEET
Current Month
Change from
January 31, 2025December 31, 2024
ASSETS
CURRENT ASSETS
CASH3,785,3355,621,609(1,836,274)
ACCOUNTS RECEIVABLE3,388,1632,164,6731,223,490
INVENTORIES1,802,5191,637,838164,681
PREPAID ITEMS287,614252,21735,398
CONSTRUCTION IN PROGRESS449,008323,516125,492
TOTAL CURRENT ASSETS9,712,6409,999,853(287,213)
RESTRICTED ASSETS
BOND RESERVE FUND1,779,0161,779,0160
EMERGENCY RESERVE FUND7,422,2817,393,33228,949
TOTAL RESTRICTED ASSETS9,201,2979,172,34828,949
FIXED ASSETS
PRODUCTION795,920795,9200
TRANSMISSION2,305,0242,305,0240
DISTRIBUTION54,511,92754,484,54027,387
GENERAL25,418,51025,401,30517,206
FIXED ASSETS (COST)83,031,38182,986,78844,593
LESS ACCUMULATED DEPRECIATION(36,982,070)(36,782,599)(199,471)
TOTAL FIXED ASSETS, NET46,049,31046,204,189(154,879)
INTANGIBLE ASSETS
POWER AGENCY MEMBERSHIP BUY-IN21,546,21221,546,2120
LOSS OF REVENUE INTANGIBLE7,169,4127,169,4120
LESS ACCUMULATED AMORTIZATION(4,230,372)(4,174,694)(55,678)
TOTAL INTANGIBLE ASSETS, NET24,485,25224,540,930(55,678)
OTHER ASSETS AND DEFERRED OUTFLOWS690,058690,0580
90,138,55690,607,378(468,821)
TOTAL ASSETS
LIABILITIES AND FUND EQUITY
CURRENT LIABILITIES
ACCOUNTS PAYABLE5,247,4885,392,384(144,896)
SALARIES AND BENEFITS PAYABLE1,119,9251,179,875(59,950)
DUE TO CITY818,7741,144,737(325,963)
BONDS PAYABLE-CURRENT PORTION480,000990,000(510,000)
UNEARNED REVENUE17,7104,30513,405
TOTAL CURRENT LIABILITIES7,683,8978,711,301(1,027,404)
LONG TERM LIABILITIES
BONDS PAYABLE, LESS CURRENT PORTION27,205,41127,210,400(4,989)
PENSION LIABILITIES2,720,4772,720,4770
TOTAL LONG TERM LIABILITIES29,925,88829,930,877(4,989)
37,609,78538,642,178(1,032,393)
TOTAL LIABILITIES
DEFERRED INFLOWS OF RESOURCES836,813836,8130
FUND EQUITY
CAPITAL ACCOUNT CONST COST1,779,0161,779,0160
RETAINED EARNINGS49,349,37046,802,2172,547,153
NET INCOME (LOSS) (THROUGH PREVIOUS MONTH)563,5722,547,154(1,983,582)
TOTAL FUND EQUITY51,691,95851,128,386563,571
90,138,55690,607,378(468,822)
TOTAL LIABILITIES & FUND EQUITY
113
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
WATER BALANCE SHEET
Current Month
Change from
January 31, 2025December 31, 2024
ASSETS
CURRENT ASSETS
CASH5,589,2275,734,416(145,189)
ACCOUNTS RECEIVABLE5,340,8525,457,052(116,201)
INVENTORIES54,59756,846(2,249)
PREPAID ITEMS52,33156,336(4,005)
CONSTRUCTION IN PROGRESS65,4352,48262,953
TOTAL CURRENT ASSETS11,102,44111,307,132(204,691)
RESTRICTED ASSETS
EMERGENCY RESERVE FUND4,234,0114,226,7747,237
TOTAL RESTRICTED ASSETS4,234,0114,226,7747,237
FIXED ASSETS
PRODUCTION17,177,47117,177,4710
DISTRIBUTION30,835,17330,835,1730
GENERAL1,548,8131,548,8130
FIXED ASSETS (COST)49,561,45849,561,4580
LESS ACCUMULATED DEPRECIATION(24,026,289)(23,910,708)(115,582)
TOTAL FIXED ASSETS, NET25,535,16825,650,750(115,582)
INTANGIBLE ASSETS
OTHER ASSETS AND DEFERRED OUTFLOWS126,311126,3110
40,997,93141,310,967(313,035)
TOTAL ASSETS
LIABILITIES AND FUND EQUITY
CURRENT LIABILITIES
ACCOUNTS PAYABLE361,411422,911(61,499)
SALARIES AND BENEFITS PAYABLE156,339166,375(10,036)
DUE TO CITY95,020243,473(148,453)
BONDS PAYABLE-CURRENT PORTION65,00065,0000
UNEARNED REVENUE496,471459,50036,971
TOTAL CURRENT LIABILITIES1,174,2421,357,259(183,017)
LONG TERM LIABILITIES
BONDS PAYABLE, LESS CURRENT PORTION1,489,7401,490,295(554)
PENSION LIABILITIES500,450500,4500
TOTAL LONG TERM LIABILITIES1,990,1901,990,745(554)
3,164,4323,348,004(183,571)
TOTAL LIABILITIES
DEFERRED INFLOWS OF RESOURCES4,937,9844,937,9840
FUND EQUITY
RETAINED EARNINGS33,024,97933,120,013(95,034)
NET INCOME (LOSS) (THROUGH PREVIOUS MONTH)(129,464)(95,034)(34,430)
TOTAL FUND EQUITY32,895,51533,024,979(129,464)
40,997,93141,310,967(313,036)
TOTAL LIABILITIES & FUND EQUITY
114
Item
Variance
Var%
2024 v.
2025 Actual
00
1981
(465)(10)
YTD
VARIANCE
400
2024
400
2024
JANUARYYTD
BUDGET
ANNUAL
Bud Var%
2025 YTD
004,80000735,06966,41266,412(3,154)(5)
1161261,00021,66821,6683602285,00020,14520,1453,96520
(881)(17)482,4004,8674,867
115
400
2025YTD 2025
YTDBudget
BUDGETVariance
ELK RIVER, MINNESOTA
ELK RIVER MUNICIPAL UTILITIES
FOR PERIOD ENDING JANUARY 2025
400
2025
400
3,1643,1646,333(3,169)(50)76,0005,5595,559(2,395)(43)4,4024,4025,283
22,35922,35918,3424,01722231,86316,51616,5165,8433527,08727,08721,2255,86228281,98719,16019,1607,9274121,86621,86621,75026,20726,20729,167(2,959)(10)350,00047,24547,245(21,038)(45)24,11024,11023,7503
2,53432,53412,50020,034160150,00091,38591,385(58,851)(64)(3)29,98729,98740,417(10,430)(26)341,00027,46727,4672,520948,60148,60143,4585,14312521,50043,59443,5945,0071163,25863,25863,25835,12535,12539,
167(4,041)(10)470,00033,15333,1531,973644,31244,31253,317(9,005)(17)639,80032,28032,28012,0323719,83019,83022,083(2,253)(10)265,00018,82118,8211,0095
374,443374,443290,56683,877294,073,730271,702271,702102,74138(2)193,667193,66778,125115,542148972,50079,90679,906113,761142(4)276,518276,518143,542132,976931,757,500238,682238,68237,83716202,463202,4
63222,708(20,245)(9)2,144,500209,197209,197(6,734)(3)287,650287,650278,2969,35433,339,552274,095274,09513,5555519,700519,700535,862(16,162)(3)4,783,849467,515467,51552,18511136,320136,320118,83417,48
7151,643,429112,061112,06124,25922156,150156,150140,91715,233111,908,429130,883130,88325,26819563,572563,572(113,363)676,9345971,654,881(161,833)(161,833)725,404448
STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
3,390,4093,390,4092,970,848419,5601441,085,7282,784,0592,784,059606,35022(1)3,836,5643,836,5643,323,131513,4331545,939,1083,113,5063,113,506723,058234,113,0824,113,0823,466,673646,4091947,696,6083,35
2,1873,352,187760,895232,154,6972,154,6972,151,0193,678030,599,6282,218,9972,218,997(64,300)(3)3,393,3603,393,3603,439,119(45,758)(1)44,133,2983,383,1373,383,13710,2230
2025
JANUARYYTD
Variance of +/- $25,000 and +/- 15%PYTD budget variance is mainly due to increased usage.Budget and PYTD budget variance is mainly due to increased usage.PYTD variance due to large a
large connection agreement in January 2024.
m
Ite(1)(2)(3)(4)Budget and PTYD variance is mainly due to Contributions from Customers having a large SOWs for transformer for additional service and/or upgrade.
Electric Other Electric Sales Total Operating RevenueOther Operating Revenue Customer Penalties Connection Fees Misc Revenue
Total Other Revenue Total RevenueExpenses 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)
RevenueOperating Revenue Elk River Otsego Rural Big Lake Dayton Public St & Hwy Lighting Interest/Dividend Income
Item
Variance
(1)(2)(3)(4)
Var%
2024 v.
2025 Actual
58
(38)(31)
29229
(853)(7)(200)(7)
YTD
VARIANCE
61
994121
2024
61
994121
2024
0000000000
BUDGET
ANNUAL
Bud Var%
2025 YTD
0031,4662,9122,912
380135,00012,14212,142203260,750
(15)(1)426,100
21701,199,700103,041103,04118,42118
(148)(2)105,2507,1337,1331,48921(955)(94)12,250(167)(100)2,00(167)(100)2,00
116
63
167167
2025YTD 2025
YTDBudget
BUDGETVariance
ELK RIVER, MINNESOTA
ELK RIVER MUNICIPAL UTILITIES
00
83661,021
FOR PERIOD ENDING JANUARY 2025
2025
00
8366
7,8987,89812,583(4,685)(37)151,00013,83913,839(5,941)(43)4,5834,5832,3332,2499628,0002,3672,3672,215941,2861,2861,3002,7122,7122,7128,6238,6238,771
31,68231,68226,5425,14119318,50089,93889,938(58,256)(65)45,44945,44942,7582,6916923,600107,138107,138(61,689)(58)11,28811,28811,25054,13854,13856,013(1,874)(3)672,15047,38747,3876,7521426,60726,60762
,130(35,523)(57)459,66015,72715,72710,88169
165,649165,649139,41226,237193,143,314135,638135,63830,01122165,649165,649139,41226,237193,143,314135,638135,63830,01122211,098211,098182,17128,927164,066,914242,776242,776(31,679)(13)115,582115,5821
10,4895,09351,325,866100,743100,74314,83915121,462121,462121,245340,562340,562373,693(33,131)(9)4,002,092289,267289,26751,29518
(129,464)(129,464)(191,689)62,2253262,822(46,490)(46,490)(82,974)(178)
STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
2025
JANUARYYTDJANUARYYTD
Variance of +/- $15,000 and +/- 15%Budget and PYTD variance is due to increased usage.Budget variance is mainly due to timing of water meter permit.PYTD variance is due to increased
consulting fees and sick pay (accrual change).
m
Ite(1)(2)PYTD variance due to a couple of large connection agreements in 2024.(3)(4)
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
20242025
Elk River Municipal Utilities Monthly Energy Purchases
40,000
35,000
30,000
25,000
20,000
Energy Purchases in MWH
15,000
Month
20242025
117
Elk River Municipal Utilities Monthly Total Electric Load
35,000
33,000
31,000
29,000
27,000
25,000
23,000
21,000
Electric Load in MWH
19,000
17,000
15,000
Month
20242025
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
20242025
118
Elk River Municipal Utilities Monthly Residential, Commercial & Industrial
Loads
20,000
18,000
16,000
14,000
12,000
10,000
8,000
6,000
Loads in MWH
4,000
2,000
-
Month
202 Residential Commercial
202 CommercialIndustrial Industrial
Elk River Municipal Utilities Monthly Residential, Commercial & Industrial
Sales
$2,500,000
$2,000,000
$1,500,000
$1,000,000
Sales in Dollars
$500,000
$0
Month
Residential Residential Commercial
Commercial Industrial Industrial
119
Elk River Municipal Utilities Monthly Water Pumpage
140.0
120.0
100.0
80.0
60.0
40.0
Pumpage in Million Gal.
20.0
0.0
Month
20242025
Elk River Municipal Utilities Peak Day Pumpage
6.0
5.0
4.0
3.0
illion Gal.
2.0
Peak Day in M
1.0
0.0
Month
20242025
120
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
MG MG $ $
121
122
123
124
125
126
127
128
129
130
131
132