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5.1 ERMUSR 04-08-2025Elk River Municipal Utilities UTILITIES COMMISSION MEETING TO: FROM: ERMU Commission Melissa Karpinski — Finance Manager MEETING DATE: AGENDA ITEM NUMBER: April 8, 2025 5.1 SUBJECT: Financial Report — February 2025 ACTION REQUESTED: Receive the February 2025 Financial Report DISCUSSION: Please note that these are the preliminary unaudited financial statements. Electric February year to date (YTD) electric kWh sales are up 6% from the prior year. For further breakdown: • Residential usage is up 10% • Small Commercial usage is up 9% • Large Commercial usage is up 4% For February 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 February YTD gallons of water sold are up 4% from the prior year. For further breakdown: • Residential use is up 3% • Commercial use is up 5% For February 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 2.2025 • Electric Balance Sheet 2.2025 • Water Balance Sheet 2.2025 • Summary Electric Statement of Revenues, Expenses and Changes in Net Position 2.2025 • Summary Water Statement of Revenues, Expenses and Changes in Net Position 2.2025 • Graphs Prior Year and YTD 2025 • Detailed Electric Statement of Revenues, Expenses and Changes in Net Position 2.2025 Page 1 of 2 145 • Detailed Water Statement of Revenues, Expenses and Changes in Net Position 2.2025 • Budget vs Actual Graphs — Electric and Water 2.2025 Page 2 of 2 146 ELK RIVER MUNICIPAL UTILITIES ELK RIVER, MINNESOTA COMBINED BALANCE SHEET FOR PERIOD ENDING FEBRUARY 2025 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 3,457,585 2,477,100 2,056,354 285,569 817,468 9,094,076 1,779,016 7,447,332 0 9,226,347 795,920 0 2,305,024 54,571,033 25,427,855 83,099,831 (37,212,969) 45,886,862 21,546,212 7,169,412 (4,286,050) 24,429,574 322,181 88,959,040 4,330,379 1,154,533 771,861 0 0 480,000 16,100 6,752,872 0 0 0 0 27,200,423 1,708,036 28,908,459 35,661,331 1,206,975 1,779,016 0 49,623,773 687,946 52,090,734 88,959,040 WATER 5,442,440 5,048,544 52,645 58,521 107,320 10,709,470 0 4,240,274 0 4,240,274 17,177,471 0 0 30,835,173 1,548,813 49,561,458 (24,141,708) 25,419,750 0 0 0 0 61,420 40,430,913 330,756 162,364 1,531 0 0 65,000 188,234 747,885 0 0 0 0 1,489,186 328,984 1,818,170 2,566,055 4,689,086 0 0 33,451,758 (275,986) 33,175,772 40,430,913 147 ELK RIVER MUNICIPAL UTILITIES ELK RIVER, MINNESOTA ELECTRIC BALANCE SHEET Current Month Change from February 28, 2025 January 31, 2025 Prior Month ASSETS CURRENT ASSETS CASH 3,457,585 3,785,335 (327,750) ACCOUNTS RECEIVABLE 2,477,100 3,388,163 (911,063) INVENTORIES 2,056,354 1,802,519 253,835 PREPAID ITEMS 285,569 287,614 (2,045) CONSTRUCTION IN PROGRESS 817,468 449,008 368,459 TOTAL CURRENT ASSETS 9,094,076 9,712,640 (618,564) RESTRICTED ASSETS BOND RESERVE FUND 1,779,016 1,779,016 0 EMERGENCY RESERVE FUND 7,447,332 7,422,281 25,051 TOTAL RESTRICTED ASSETS 9,226,347 9,201,297 25,051 FIXED ASSETS PRODUCTION 795,920 795,920 0 TRANSMISSION 2,305,024 2,305,024 0 DISTRIBUTION 54,571,033 54,511,927 59,106 GENERAL 25,427,855 25,418,510 9,344 FIXED ASSETS (COST) 83,099,831 83,031,381 68,450 LESS ACCUMULATED DEPRECIATION (37,212,969) (36,982,070) (230,899) TOTAL FIXED ASSETS, NET 45,886,862 46,049,310 (162,448) INTANGIBLE ASSETS POWER AGENCY MEMBERSHIP BUY -IN 21,546,212 21,546,212 0 LOSS OF REVENUE INTANGIBLE 7,169,412 7,169,412 0 LESS ACCUMULATED AMORTIZATION (4,286,050) (4,230,372) (55,678) TOTAL INTANGIBLE ASSETS, NET 24,429,574 24,485,252 (55,678) OTHER ASSETS AND DEFERRED OUTFLOWS 322,181 322,181 0 TOTAL ASSETS 88,959,040 89,770,679 (811,639) LIABILITIES AND FUND EQUITY CURRENT LIABILITIES ACCOUNTS PAYABLE 4,330,379 5,247,488 (917,109) SALARIES AND BENEFITS PAYABLE 1,154,533 1,119,925 34,607 DUE TO CITY 771,861 818,774 (46,913) BONDS PAYABLE -CURRENT PORTION 480,000 480,000 0 UNEARNED REVENUE 16,100 17,710 (1,610) TOTAL CURRENT LIABILITIES 6,752,872 7,683,897 (931,025) LONG TERM LIABILITIES BONDS PAYABLE, LESS CURRENT PORTION 27,200,423 27,205,411 (4,989) PENSION LIABILITIES 1,708,036 1,708,036 0 TOTAL LONG TERM LIABILITIES 28,908,459 28,913,447 (4,989) TOTAL LIABILITIES 35,661,331 36,597,344 (936,013) DEFERRED INFLOWS OF RESOURCES 1,206,975 1,206,975 0 FUND EQUITY CAPITAL ACCOUNT CONST COST 1,779,016 1,779,016 0 RETAINED EARNINGS 49,623,773 49,623,773 0 NET INCOME (LOSS) (THROUGH PREVIOUS MONTH) 687,946 563,572 124,374 TOTAL FUND EQUITY 52,090,734 51,966,360 124,374 TOTAL LIABILITIES & FUND EQUITY 88,959,040 89,770,679 (811,639) 148 ELK RIVER MUNICIPAL UTILITIES ELK RIVER, MINNESOTA WATER BALANCE SHEET February 28, 2025 January 31, 2025 ASSETS CURRENT ASSETS CASH 5,442,440 5,589,227 ACCOUNTS RECEIVABLE 5,048,544 5,103,921 INVENTORIES 52,645 54,597 PREPAID ITEMS 58,521 52,331 CONSTRUCTION IN PROGRESS 107,320 65,435 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 10,709,470 4,240,274 4,240,274 17,177,471 30,835,173 1,548,813 49,561,458 (24,141,708) 25,419,750 61,420 40,430,913 330,756 162,364 1,531 65,000 188,234 747,885 1,489,186 328,984 1,818,170 2,566,055 4,689,086 33,451,758 (275,986) 33,175,772 40,430,913 10,865,510 4,234,011 4,234,011 17,177,471 30,835,173 1,548,813 49,561,458 (24,026,289) 25,535,168 61,420 40,696,109 361,411 156,339 95,020 65,000 188,234 866,005 1,489,740 328,984 1,818,724 2,684,729 4,689,086 33,451,758 (129,464) 33,322,294 40,696,109 Current Month Change from Prior Month (146,787) (55,376) (1,952) 6,190 41,885 (156,040) 6,263 6,263 0 0 0 0 (115,419) (115,419) 0 (265,196) (30,656) 6,025 (93,490) 0 0 (118,120) (554) 0 (554) (118,674) 0 0 (146,522) (146,522) (265,196) 149 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 FEBRUARY 2025 2025 2025 2025 YTD 2025 YTD 2025 2024 2024 YTD 2024 v. Variance FEBRUARY YTD YTD Budget Bud Var% ANNUAL FEBRUARY YTD VARIANCE 2025 Actual Item BUDGET Variance BUDGET Var% 2,806,377 6,196,786 6,434,255 (237,470) (4) 41,085,728 3,056,310 5,840,369 356,416 6 280,948 655,391 648,849 6,542 1 4,073,730 322,687 594,389 61,002 t0 16,844 39,203 41,678 (2,475) (6) 231,863 20,279 36,796 2,407 7 21,028 48,116 48,396 (280) (1) 281,987 23,758 42,917 5,198 12 23,900 45,766 43,500 2,266 5 261,000 21,739 43,407 2,359 5 400 800 800 0 0 4,800 400 800 0 0 3,149,497 6,986,061 7,217,478 (231,416) (3) 45,939,108 3,445,173 6,558,679 427,383 7 52,668 78,876 58,333 20,542 35 350,000 3,791 51,036 (1) 20,880 44,990 47,500 (2,510) (5) 285,000 21,603 41,748 3,242 8 (15,225) 17,309 25,000 (7,691) (31) 150,000 21,466 112,851 ff Z?1,MS�(2) 80,932 274,598 156,250 W 118,348 972,500 53,064 132,970 141,628 (3) 139,255 415,773 287,083 128,690 45 1,757,500 99,924 338,606 77,167 23 3,288,752 7,401,834 7,504,561 (102,727) (1) 47,696,608 3,545,097 6,897,284 504,550 7 2,014,616 4,169,313 4,581,256 (411,943) (9) 30,599,628 2,013,383 4,232,380 (63,067) (1) 27,110 57,097 77,333 (20,237) (26) 341,000 23,625 51,093 6,004 12 2,802 5,966 12,667 (6,701) (53) 76,000 5,031 10,589 (4,624) (44) 38,344 86,945 86,917 29 0 521,500 44,222 87,817 (871) (1) 162,570 365,033 445,417JJJJF77,384)� 2,144,500 176,266 385,463 (20,430) (5) (4) 286,576 574,227 556,592 17,635 3 3,339,552 275,396 549,491 24,735 5 61,983 125,241 125,241 0 0 735,069 65,175 131,587 (6,346) (5) 4,413 8,815 10,567 (1,752) (17) 482,400 4,921 9,789 (974) (10) 31,820 66,945 78,333 (11,388) (15) 470,000 33,486 66,639 306 0 372,778 892,478 915,761 (23,283) (3) 4,783,849 319,877 787,393 105,086 13 29,150 73,462 106,633 Pr (33,171) 639,800 32,485 64,765 8,697 13 (5) 3,032,162 6,425,522 6,996,716 (571,194) (8) 44,133,298 2,993,868 6,377,005 48,517 1 113,004 249,324 257,370 (8,046) (3) 1,643,429 122,954 235,016 14,308 6 19,212 39,042 44,167 (5,125) (12) 265,000 18,647 37,468 1,574 4 132,216 288,366 301,537 (13,171) (4) 1,908,429 141,601 272,484 15,883 6 124,374 687,946 206,308 481,638 233 1,654,881 409,628 247,795 440,151 178 Item Variance of+/- $25,000 and+/- 15% (1) PYTD variance is mainly due to more funds being invested with UBS and change in Fair Market Value. (2) 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 SOWS for transformer for additional service and/or upgrade. (4) YTD budget variance is mainly due to less tree trimming expense than planned and less labor on mtce of substation equipment. (5) YTD budget variance is mainly due to timing of commercial rebates and having budget bean even spread. 150 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 FEBRUARY 2025 2025 2025 2025 YTD 2025 YTD 2025 2024 2024 YTD 2024 v. Variance FEBRUARY YTD YTD Budget Bud Var% ANNUAL FEBRUARY YTD VARIANCE 2025 Actual Item BUDGET Variance BUDGET Var% 148,609 314,258 278,058 36,199 13 3,143,314 160,586 296,224 18,033 6 148,609 314,258 278,058 36,199 13 3,143,314 160,586 296,224 18,033 6 14,059 21,957 25,167 (3,209) (13) 151,000 2,960 16,799 5,158 31 1,204 5,787 4,667 1,120 24 28,000 2,637 5,004 782 16 16,759 48,441 53,083 (4,642) (9) 318,500 19,526 109,464 (1) 2,067 3,352 2,600 752 29 426,100 987 1,980 1,372 69 34,089 79,538 85,517 (5,979) (7) 923,600 26,110 133,248 (53,710) (40) 182,697 393,795 363,575 30,220 8 4,066,914 186,696 429,472 (35,677) (8) 9,682 20,970 22,500 (1,530) (7) 135,000 10,351 22,493 (1,523) (7) 51,371 105,510 112,025 (6,515) (6) 672,150 37,210 84,596 20,914 (2) =(3) 45,931 72,539 97,950 459,660 39,091 54,818 17,721 115,419 231,000 220,978 10,023 5 1,325,866 100,889 201,632 29,368 15 2,712 5,425 5,425 0 0 31,466 2,912 5,825 (400) (7) 52 135 125 10 8 60,750 121 242 (107) (44) 7,785 16,408 17,542 (1,134) (6) 105,250 7,373 14,506 1,902 13 96,189 217,651 229,559 (11,908) (5) 1,199,700 83,980 187,021 (4) 78 144 2,042 (1,898) (93) 12,250 63 123 20 17 329,220 669,781 708,145 (38,363) (5) 4,002,092 281,989 571,256 98,526 17 0 0 333 (333) (100) 2,000 0 0 0 0 0 0 333 (333) (100) 2,000 0 0 0 0 (146,522) (275,986) (344,903) 68,917 20 62,822 (95,293) (141,784) (134,203) (95) Item Variance of+/- $15,000 and +/- 15% (1) PYTD variance due to a couple of large connection agreements in 2024. (2) PYTD variance is mainly due to higher gas usage in 2025. (3) YTD budget variance is due to an even spread in mtce of water mains. PYTD variance is mainly due to water meter service costs for AMI project. (4) PYTD variance is due to increased consulting fees (power plant) and sick pay (accrual change). 151 Elk River Municipal Utilities Monthly Electrical Demand 80.0 75.0 70.0 65.0 60.0 V R 55.0 E m 0 50.0 45.0 40.0 35.0 oc OG�o�oc oc o` Month - + -2024 --m-2025 40.000 35,000 x � 30,000 c y w 25,000 s L IL 20,000 a� d c w 15,000 Elk River Municipal Utilities Monthly Energy Purchases Month - + -2024 --*--2025 152 Elk River Municipal Utilities Monthly Total Electric Load 35,000 33,000 31,000 29,000 27,000 c c 25,000 J 23,000 L Y V 21,000 W 19,000 17,000 15,000 el ec z Month - + -2024 ■ 2025 $5,000,000 $4,500,000 $4,000,000 L $3,500,000 o $3,000,000 c $2,500,000 Cn $2,000,000 $1,500,000 $1,000,000 Elk River Municipal Utilities Monthly Electric Sales a'-o�e` Month - + -2024 f 2025 153 Elk River Municipal Utilities Monthly Residential, Commercial & Industrial Loads 20,000 18,000 16,000 14,000 12,000 x 10,000 8,000 (p c 6,000 J 4,000 2,000 - �K- ��•� ,CIE--- x ---3K' • ♦% --Ir- - ,a�Jac1 x�`°`J�c1 Month 5 - -s- -2024 Residential f 2025 Residential 2024 Commercial —06-2025 Commercial - X -2024 Industrial — —2025 Industrial Elk River Municipal Utilities Monthly Residential, Commercial & Industrial Sales $2,500,000 $2,000,000 $1,500,000 0 0 c ayi $1,000,000 �a $500,000 $0 cA 6 Month - -s- -2024 Residential t2025 Residential 2024 Commercial --*-2025 Commercial - X -2024 Industrial — —2025 Industrial 154 140.0 iWI m 0 c 100.0 80.0 c d 60.0 a E a 40.0 20.0 Wi Elk River Municipal Utilities Monthly Water Pumpage SJA o& J�JSw oc o� o� F Month - + -2024 ■ 2025 Elk River Municipal Utilities Peak Day Pumpage 6.0 5.0 4.0 0 • . c O � • ` 3.0 _ • � m 2.0 A N a 1.0 0.0 �& J �� F e'lei Month - ♦- -2024 f 2025 155 Elk River Municipal Utilities Monthly Water Sales 180 $600,000 160 $500,000 140 120 $400,000 L R c 100 0 $300,000 80 y N m 60 $200,000 in Cn 40 AL $100,000 20 0 $0 i �� o�o10' IQ Month 2024 MG --o-2025 MG-+-2024 $ f2025 $ 156 ELK RIVER MUNICIPAL UTILITIES ELK RIVER, MINNESOTA STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION FOR PERIOD ENDING FEBRUARY 2025 2025 2025 2025 2025 YTD ANNUAL 2025 YTD 2024 Electric FEBRUARY YTD BUDGET BUDGET Bud Var% FEBRUARY 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 1,121,759 295,882 1,342,326 15,323 4,452 26,632 2,806,376 120,668 38,400 117,450 1,635 588 2,204 280,948 16,451 163 227 1 16,843 17,651 3,097 236 41 21,028 23,899 23,899 400 2,438,818 606,046 2,679,981 171,341 44,519 256,077 6,196,785 266,407 81,390 257,030 18,601 6,273 25,687 655,391 36,246 344 2,597 13 39,202 38,234 6,766 2,631 483 48,115 45,765 45,765 800 2,348,005 580,104 2,714,024 267,940 72,791 451,388 6,434,255 255,902 71,063 243,407 30,097 8,991 39,386 648,849 36,948 388 3,740 600 41,677 36,567 6,918 3,909 1,000 48,395 43,500 43,500 800 157 2024 YTD 2024 v. 2025 YTD VARIANCE Actual Var% 14,008,158 4 1,206,187 2,221,212 217,605 3,561,584 4 314,130 550,685 55,361 18,661,634 (1) 1,380,136 2,628,029 51,952 1,522,421 (36) 53,243 146,981 24,359 423,421 (39) 15,268 40,879 3,639 2,908,507 (43) 87,344 252,580 3,497 41,085,728 (4) 3,056,310 5,840,369 356,416 1,546,756 4 138,412 249,404 17,002 499,327 15 40,216 71,530 9,859 1,587,577 6 127,826 230,970 26,059 168,103 (38) 6,036 15,888 2,713 46,753 (30) 1,984 5,146 1,127 225,212 (35) 8,211 21,448 4,238 4,073,730 1 322,686 594,389 61,002 199,359 (2) 19,231 34,198 2,047 4,810 (11) 180 343 0 21,666 (31) 862 2,240 357 6,026 (98) 4 12 1 231,863 (6) 20,279 36,795 2,407 212,063 5 19,198 33,925 4,309 40,465 (2) 3,564 6,439 326 23,047 (33) 833 2,134 497 6,410 (52) 159 417 65 281,986 (1) 23,757 42,917 5,198 261,000 5 21,738 43,406 2,359 261,000 5 21,738 43,406 2,359 4,800 0 400 800 0 ELK RIVER MUNICIPAL UTILITIES ELK RIVER, MINNESOTA STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION FOR PERIOD ENDING FEBRUARY 2025 2025 2025 2025 2025 YTD ANNUAL 2025 YTD 2024 2024 YTD 2024 v. 2025 Electric FEBRUARY YTD BUDGET BUDGET Bud Var% FEBRUARY YTD VARIANCE Actual Var% Total For Other Electric Sales: 400 800 800 4,800 0 400 800 0 0 Total Operating Revenue 3,149,497 6,986,061 7,217,477 45,939,108 (3) 3,445,172 6,558,678 427,382 7 Other Operating Revenue Interest/Dividend Income INTEREST & DIVIDEND INCOME 52,668 78,875 58,333 350,000 35 3,790 51,036 27,839 55 Total For Interest/Dividend Income: 52,668 78,875 58,333 350,000 35 3,790 51,036 27,839 55 Customer Penalties CUSTOMER DELINQUENT PENALT 20,879 44,989 47,500 285,000 (5) 21,602 41,748 3,241 8 Total For Customer Penalties: 20,879 44,989 47,500 285,000 (5) 21,602 41,748 3,241 8 Connection Fees DISCONNECT & RECONNECT CHA (15,225) 17,309 25,000 150,000 (31) 21,466 112,851 (95,542) (85) Total For Connection Fees: (15,225) 17,309 25,000 150,000 (31) 21,466 112,851 (95,542) (85) Misc Revenue MISC ELEC REVENUE - TEMP CHG 1,100 1,540 416 2,500 269 0 440 1,100 250 STREET LIGHT 0 0 0 10,000 0 0 12,600 (12,600) (100) TRANSMISSION INVESTMENTS 50,836 110,988 100,000 600,000 11 45,386 101,283 9,704 10 MISC NON -UTILITY 5,635 11,973 18,333 110,000 (35) 7,677 18,646 (6,673) (36) GAIN ON DISPOSITION OF PROPER 0 16,500 0 25,000 0 0 0 16,500 0 CONTRIBUTIONS FROM CUSTOME 23,360 133,596 37,500 225,000 256 0 0 133,596 0 Total For Misc Revenue: 80,931 274,598 156,250 972,500 76 53,064 132,970 141,627 107 Total Other Revenue 139,254 415,772 287,083 1,757,500 45 99,924 338,605 77,167 23 Total For Total Other Revenue: 139,254 415,772 287,083 1,757,500 45 99,924 338,605 77,167 23 Total Revenue 7,504,561 3,288,751 7,401,834 47,696,608 (1) 3,545,096 6,897,284 504,549 7 Expenses Purchased Power PURCHASED POWER 1,601,253 3,355,682 3,381,892 23,315,290 (1) 1,497,707 3,207,629 148,053 5 ENERGY ADJUSTMENT CLAUSE 413,362 813,630 1,199,363 7,284,337 (32) 515,674 1,024,750 (211,120) (21) Total For Purchased Power: 2,014,615 4,169,313 4,581,255 30,599,628 (9) 2,013,382 4,232,380 (63,067) (1) Operating & Mtce Expense OPERATING SUPERVISION 13,313 27,416 25,000 150,000 10 11,749 23,192 4,224 18 NATURAL GAS 1,062 7,025 13,000 30,000 (46) 2,887 7,772 (747) (10) ELECTRIC & WATER CONSUMPTI 5,971 11,921 12,500 65,000 (5) 4,787 11,531 389 3 6 ELK RIVER MUNICIPAL UTILITIES ELK RIVER, MINNESOTA STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION FOR PERIOD ENDING FEBRUARY 2025 2025 2025 2025 2025 YTD ANNUAL 2025 YTD 2024 2024 YTD 2024 v. 2025 Electric FEBRUARY YTD BUDGET BUDGET Bud Var% FEBRUARY YTD VARIANCE Actual Var% PLANT SUPPLIES & OTHER EXPEN 412 497 2,500 15,000 (80) 861 2,820 (2,323) (82) MISC POWER GENERATION EXPE 140 140 166 1,000 (16) 345 485 (345) (71) MAINTENANCE OF STRUCTURE - 1,962 4,368 3,333 20,000 31 519 1,311 3,057 233 MTCE OF PLANT ENGINES/GENER 201 201 833 5,000 (76) 513 1,065 (864) (81) MTCE OF PLANT/LAND IMPROVE 4,046 5,525 20,000 55,000 (72) 1,961 2,912 2,613 90 Total For Operating & Mtce Expense: 27,109 57,096 77,333 341,000 (26) 23,625 51,092 6,003 12 Transmission Expense TRANSMISSION MTCE AND EXPE 2,801 5,965 12,666 76,000 (53) 5,030 10,589 (4,623) (44) Total For Transmission Expense: 2,801 5,965 12,666 76,000 (53) 5,030 10,589 (4,623) (44) Distribution Expense REMOVE EXISTING SERVICE & M 58 166 333 2,000 (50) 0 0 166 0 SCADA EXPENSE 3,713 10,042 10,000 60,000 0 2,912 5,864 4,177 71 TRANSFORMER EXPENSE OH & U 1,193 2,419 4,166 25,000 (42) 2,813 3,845 (1,426) (37) MTCE OF SIGNAL SYSTEMS 0 0 500 3,000 (100) 59 199 (199) (100) METER EXPENSE - REMOVE & RE 484 484 250 1,500 94 0 241 243 101 TEMP SERVICE - INSTALL & REM 797 1,421 1,666 10,000 (15) 109 109 1,311 1,192 MISC DISTRIBUTION EXPENSE 32,096 72,411 70,000 420,000 3 38,326 77,556 (5,144) (7) Total For Distribution Expense: 38,344 86,945 86,916 521,500 0 44,222 87,816 (871) (1) Maintenance Expense MTCE OF STRUCTURES 6,055 19,554 15,333 92,000 28 6,117 10,842 8,712 80 MTCE OF SUBSTATIONS 0 592 7,500 45,000 (92) 2,500 6,402 (5,809) (91) MTCE OF SUBSTATION EQUIPME 3,624 6,780 25,000 150,000 (73) 6,156 22,215 (15,435) (69) MTCE OF OH LINES/TREE TRIM 48,147 101,960 138,000 300,000 (26) 67,948 136,187 (34,227) (25) MTCE OF OH LINES/STANDBY 3,458 6,796 8,333 50,000 (18) 3,244 7,180 (383) (5) MTCE OF OH PRIMARY 4,574 37,207 31,666 190,000 17 8,616 24,036 13,170 55 MTCE OF URD PRIMARY 32,940 43,003 50,000 300,000 (14) 9,619 1,369 41,634 3,041 LOCATE ELECTRIC LINES 5,366 9,124 20,833 125,000 (56) 5,835 9,315 (190) (2) LOCATE FIBER LINES 38 114 416 2,500 (73) 105 105 8 9 MTCE OF LINE TRANSFORMERS 4,294 7,828 12,500 75,000 (37) 2,459 4,884 2,943 60 MTCE OF STREET LIGHTING 3,401 10,492 11,500 69,000 (9) 4,395 12,896 (2,404) (19) MTCE OF SECURITY LIGHTING 1,070 5,369 4,166 25,000 29 2,228 4,000 1,369 34 MTCE OF METERS 1,255 2,487 13,333 80,000 (81) 6,750 13,867 (11,380) (82) VOLTAGE COMPLAINTS 595 1,137 2,000 12,000 (43) 0 0 1,137 0 SALARIES TRANSMISSION & DIST 2,987 6,145 6,000 36,000 2 2,555 5,160 984 19 ELECTRIC MAPPING 10,005 25,777 25,833 155,000 0 22,377 53,356 (27,578) (52) 159 ELK RIVER MUNICIPAL UTILITIES ELK RIVER, MINNESOTA STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION FOR PERIOD ENDING FEBRUARY 2025 2025 2025 2025 2025 YTD ANNUAL 2025 YTD 2024 2024 YTD 2024 v. 2025 Electric FEBRUARY YTD BUDGET BUDGET Bud Var% FEBRUARY YTD VARIANCE Actual Var% FIBER MAPPING 0 0 2,500 15,000 (100) 0 0 0 0 MTCE OF OH SECONDARY 2,440 5,135 3,833 23,000 34 997 2,407 2,727 113 MTCE OF URD SECONDARY 3,287 10,203 12,500 75,000 (18) 2,484 6,194 4,009 65 TRANSPORTATION EXPENSE 29,026 65,319 54,166 325,000 21 21,872 65,039 280 0 Total For Maintenance Expense: 162,569 365,032 445,416 2,144,500 (18) 176,265 385,462 (20,430) (5) Depreciation & Amortization DEPRECIATION 230,898 462,870 445,235 2,671,415 4 219,718 438,135 24,735 6 AMORTIZATION 55,677 111,355 111,356 668,136 0 55,677 111,355 0 0 Total For Depreciation & Amortization: 286,576 574,226 556,591 3,339,551 3 275,395 549,491 24,735 5 Interest Expense INTEREST EXPENSE - BONDS 66,971 135,217 135,217 794,932 0 70,163 141,563 (6,345) (4) AMORTIZATION OF DEBT DISCOU (4,988) (9,977) (9,977) (59,863) 0 (4,988) (9,977) 0 0 Total For Interest Expense: 61,982 125,240 125,240 735,069 0 65,174 131,586 (6,345) (5) Other Operating Expense EV CHARGING EXPENSE 198 401 233 1,400 73 199 406 (5) (1) LOSS ON DISPOSITION OF PROP (C 0 0 0 160,000 0 0 0 0 0 OTHER DONATIONS 91 217 333 2,000 (35) 0 0 217 0 PENSION EXPENSE 0 0 0 259,000 0 0 0 0 0 INTEREST EXPENSE - METER DEP 4,123 8,196 10,000 60,000 (18) 4,721 9,382 (1,185) (13) Total For Other Operating Expense: 4,412 8,815 10,566 482,400 (17) 4,921 9,788 (973) (10) Customer Accounts Expense METER READING EXPENSE 2,653 6,099 5,833 35,000 5 2,986 6,659 (559) (8) DISCONNECT/RECONNECT EXPEN 0 0 1,666 10,000 (100) 530 1,871 (1,871) (100) MISC CUSTOMER ACCOUNTS EXP 28,717 60,196 66,666 400,000 (10) 28,322 55,220 4,975 9 BAD DEBT EXPENSE & RECOVER 449 649 4,166 25,000 (84) 1,646 2,887 (2,238) (77) Total For Customer Accounts Expense: 31,820 66,945 78,333 470,000 (15) 33,486 66,638 306 0 Administrative Expense SALARIES OFFICE & COMMISSION 76,034 159,117 180,833 1,085,000 (12) 72,274 147,552 11,564 8 TEMPORARY STAFFING 0 0 666 4,000 (100) 0 0 0 0 OFFICE SUPPLIES 8,968 14,372 22,500 135,000 (36) 12,382 16,940 (2,568) (15) ELECTRIC & WATER CONSUMPTI 1,845 3,718 5,333 32,000 (30) 1,997 4,144 (425) (10) BANK FEES 208 496 500 3,000 (1) 182 317 178 56 LEGAL FEES 1,322 1,899 5,000 30,000 (62) 648 1,912 (13) (1) AUDITING FEES 1,720 3,440 3,440 20,640 0 1,640 3,280 160 5 INSURANCE 14,866 29,733 32,500 195,000 (9) 15,733 31,147 (1,414) (5) 160 ELK RIVER MUNICIPAL UTILITIES ELK RIVER, MINNESOTA STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION FOR PERIOD ENDING FEBRUARY 2025 2025 2025 2025 2025 YTD ANNUAL 2025 YTD 2024 2024 YTD 2024 v. 2025 Electric FEBRUARY YTD BUDGET BUDGET Bud Var% FEBRUARY YTD VARIANCE Actual Var% UTILITY SHARE - DEFERRED COM 14,256 37,308 21,416 128,500 74 15,648 32,937 4,371 13 UTILITY SHARE - MEDICAL/DENT 65,354 247,719 253,847 942,322 (2) 59,894 246,428 1,290 1 UTILITY SHARE - PERA 24,552 52,821 53,583 321,500 (1) 23,622 49,743 3,077 6 UTILITY SHARE - FICA 23,570 50,256 52,583 315,500 (4) 22,861 48,113 2,142 4 EMPLOYEE SICK PAY 34,128 63,800 34,000 204,000 88 12,877 9,740 54,060 555 EMPLOYEE HOLIDAY PAY 15,938 47,430 48,525 194,100 (2) 15,170 45,863 1,566 3 EMPLOYEE VACATION & PTO PA 24,586 92,267 81,363 325,000 13 22,596 72,153 20,113 28 UPMIC DISTRIBUTION 0 0 0 86,000 0 0 0 0 0 LONGEVITY PAY 0 0 0 9,945 0 0 0 0 0 CONSULTING FEES 21,220 21,220 39,833 239,000 (47) 7,684 9,717 11,503 118 TELEPHONE 2,840 5,716 6,333 38,000 (10) 2,919 5,831 (114) (2) ADVERTISING 1,115 2,435 3,333 20,000 (27) 1,396 3,028 (593) (20) DUES & SUBSCRIPTIONS - FEES 12,758 24,531 25,334 152,009 (3) 7,099 14,591 9,939 68 SCHOOLS & MEETINGS 26,624 32,462 43,000 292,333 (25) 22,401 42,258 (9,795) (23) MTCE OF GENERAL PLANT & OFFI 865 1,730 1,833 11,000 (6) 845 1,690 40 2 Total For Administrative Expense: 372,778 892,478 915,760 4,783,849 (3) 319,877 787,392 105,085 13 General Expense CIP REBATES - RESIDENTIAL 3,937 15,652 15,126 90,758 3 6,445 13,470 2,182 16 CIP REBATES - COMMERCIAL 1,964 1,964 18,666 112,000 (89) 0 0 1,964 0 CIP - ADMINISTRATION 10,257 21,340 30,494 182,965 (30) 10,000 20,000 1,340 7 CIP - MARKETING 1,674 10,695 8,539 51,235 25 4,813 5,627 5,067 90 CIP - LABOR 8,313 17,546 22,303 133,822 (21) 7,973 19,023 (1,476) (8) CIP REBATES - LOW INCOME 0 0 3,120 18,720 (100) 0 0 0 0 CIP - LOW INCOME LABOR 786 1,707 1,666 10,000 2 723 1,587 120 8 ENVIRONMENTAL COMPLIANCE 2,374 4,757 5,833 35,000 (18) 2,533 5,081 (324) (6) MISC GENERAL EXPENSE (158) (202) 883 5,300 (123) (3) (24) (177) (742) Total For General Expense: 29,150 73,462 106,633 639,800 (31) 32,485 64,765 8,697 13 Total Expenses(before Operating Transfers) 3,032,161 6,425,522 6,996,716 44,133,298 (8) 2,993,867 6,377,005 48,516 1 Operating Transfer Operating Transfer/Other Funds TRANSFER TO CITY ELK RIVER R 113,003 249,324 257,370 1,643,429 (3) 122,954 235,015 14,308 6 Total For Operating Transfer/Other Funds: 113,003 249,324 257,370 1,643,429 (3) 122,954 235,015 14,308 6 Utilities & Labor Donated UTILITIES & LABOR DONATED TO 19,212 39,042 44,166 265,000 (12) 18,646 37,467 1,574 4 161 ELK RIVER MUNICIPAL UTILITIES ELK RIVER, MINNESOTA STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION FOR PERIOD ENDING FEBRUARY 2025 2025 2025 2025 2025 YTD ANNUAL 2025 YTD 2024 2024 YTD 2024 v. 2025 Electric FEBRUARY YTD BUDGET BUDGET Bud Var% FEBRUARY YTD VARIANCE Actual Var% Total For Utilities & Labor Donated: 19,212 39,042 44,166 265,000 (12) 18,646 37,467 1,574 4 Total Operating Transfer Total For Total Operating Transfer: 132,215 288,366 301,536 1,908,429 (4) 141,601 272,483 15,882 6 Net Income Profit(Loss) 124,374 687,945 206,308 1,654,880 233 409,627 247,795 440,150 178 162 ELK RIVER MUNICIPAL UTILITIES ELK RIVER, MINNESOTA STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION FOR PERIOD ENDING FEBRUARY 2025 2025 2025 2025 2025 YTD ANNUAL 2025 YTD 2024 Water FEBRUARY YTD BUDGET BUDGET Bud Var% FEBRUARY 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 GAIN ON DISPOSITION OF PROPER MISCELLANEOUS REVENUE HYDRANT MAINTENANCE PROGR WATER TOWER LEASE LEASE INTEREST REVENUE Total For Misc Revenue: Total Other Revenue Total For Total Other Revenue: 2024 YTD 2024 v. 2025 YTD VARIANCE Actual Var% 91,220 192,478 174,906 1,768,457 10 97,469 184,951 7,527 4 55,671 118,376 99,576 1,024,735 19 61,311 107,833 10,542 10 1,716 3,402 3,575 350,120 (5) 1,804 3,439 (37) (1) 148,608 314,257 278,058 3,143,313 13 160,586 296,224 18,033 6 148,608 314,257 278,058 3,143,313 13 160,586 296,224 18,033 6 148,608 314,257 278,058 3,143,313 13 160,586 296,224 18,033 6 14,059 21,957 25,000 150,000 (12) 2,959 16,799 5,158 31 0 0 166 1,000 (100) 0 0 0 0 14,059 21,957 25,166 151,000 (13) 2,959 16,799 5,158 31 1,203 5,786 4,666 28,000 24 2,637 5,004 782 16 1,203 5,786 4,666 28,000 24 2,637 5,004 782 16 14,400 39,600 42,500 255,000 (7) 18,000 96,149 (56,549) (59) 2,247 5,399 5,416 32,500 0 1,526 5,291 107 2 ill 3,442 5,166 31,000 (33) 0 8,022 (4,580) (57) 16,759 48,441 53,083 318,500 (9) 19,526 109,463 (61,022) (56) 0 310 16 100 1,729 0 20 290 1,455 0 0 0 8,000 0 0 0 0 0 1,091 1,091 83 500 1,216 0 0 1,091 0 975 1,950 2,500 15,000 (22) 986 1,960 (10) (1) 0 0 0 327,500 0 0 0 0 0 0 0 0 75,000 0 0 0 0 0 2,066 3,352 2,600 426,100 29 986 1,980 1,372 69 34,088 79,537 85,516 923,600 (7) 26,109 133,247 (53,710) (40) 34,088 79,537 85,516 923,600 (7) 26,109 133,247 (53,710) (40) 163 ELK RIVER MUNICIPAL UTILITIES ELK RIVER, MINNESOTA STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION FOR PERIOD ENDING FEBRUARY 2025 2025 2025 2025 2025 YTD ANNUAL 2025 YTD 2024 2024 YTD 2024 v. 2025 Water FEBRUARY YTD BUDGET BUDGET Bud Var% FEBRUARY YTD VARIANCE Actual Var% Total Revenue 182,697 393,795 363,574 4,066,913 8 186,695 429,472 (35,677) (8) Expenses Production Expense MTCE OF STRUCTURES 9,681 20,970 22,500 135,000 (7) 10,351 22,492 (1,522) (7) Total For Production Expense: 9,681 20,970 22,500 135,000 (7) 10,351 22,492 (1,522) (7) Pumping Expense SUPERVISION 5,670 12,503 12,666 76,000 (1) 4,353 10,540 1,962 19 ELECTRIC & GAS UTILITIES 25,631 46,081 51,666 310,000 (11) 17,194 37,332 8,748 23 SAMPLING 3,142 4,032 4,025 24,150 0 714 2,490 1,541 62 CHEMICAL FEED 1,048 5,079 8,333 50,000 (39) 1,788 4,027 1,052 26 MTCE OF WELLS 15,535 37,121 33,333 200,000 11 12,934 29,666 7,454 25 SCADA - PUMPING 342 692 2,000 12,000 (65) 223 538 153 28 Total For Pumping Expense: 51,371 105,509 112,025 672,150 (6) 37,209 84,596 20,913 25 Distribution Expense MTCE OF WATER MAINS 3,579 6,307 29,166 175,000 (78) 1,857 4,260 2,046 48 LOCATE WATER LINES 909 1,612 3,333 20,000 (52) 929 1,438 173 12 MTCE OF WATER SERVICES 0 0 83 500 (100) 0 0 0 0 WATER METER SERVICE 11,248 14,905 11,666 70,000 28 819 4,783 10,121 212 BACKFLOW DEVICE INSPECTION 1,439 2,669 2,700 23,160 (1) 1,419 2,680 (10) 0 MTCE OF CUSTOMERS SERVICE 2,510 5,398 5,833 35,000 (7) 2,557 5,497 (99) (2) WATER MAPPING 3,540 11,794 2,833 17,000 316 2,866 4,430 7,363 166 FIBER MAPPING 0 0 2,500 15,000 (100) 0 0 0 0 MTCE OF WATER HYDRANTS - PU 1,032 6,581 3,666 22,000 79 430 969 5,612 579 MTCE OF WATER HYDRANTS - PR 0 0 1,000 6,000 (100) 609 609 (609) (100) WATER CLOTHING/PPE 0 79 2,500 15,000 (97) 0 399 (320) (80) WAGES WATER 732 1,514 1,666 10,000 (9) 673 1,338 175 13 TRANSPORTATION EXPENSE 901 1,639 4,000 24,000 (59) 672 2,153 (514) (24) WATER PERMIT 20,037 20,037 27,000 27,000 (26) 26,255 26,255 (6,218) (24) Total For Distribution Expense: 45,931 72,538 97,950 459,660 (26) 39,091 54,817 17,720 32 Depreciation & Amortization DEPRECIATION 115,418 231,000 220,977 1,325,865 5 100,889 201,632 29,368 15 Total For Depreciation & Amortization: 115,418 231,000 220,977 1,325,865 5 100,889 201,632 29,368 15 Interest Expense INTEREST EXPENSE - BONDS 3,266 6,533 6,533 38,117 0 3,466 6,933 (400) (6) AMORTIZATION OF DEBT DISCOU (554) (1,108) (1,108) (6,651) 0 (554) (1,108) 0 0 164 ELK RIVER MUNICIPAL UTILITIES ELK RIVER, MINNESOTA STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION FOR PERIOD ENDING FEBRUARY 2025 2025 2025 2025 2025 YTD ANNUAL 2025 YTD 2024 2024 YTD 2024 v. 2025 Water FEBRUARY YTD BUDGET BUDGET Bud Var% FEBRUARY YTD VARIANCE Actual Var% Total For Interest Expense: 2,712 5,424 5,424 31,466 0 2,912 5,824 (400) (7) Other Operating Expense LOSS ON DISPOSITION OF PROP (C 0 0 0 16,000 0 0 0 0 0 DAM MAINTENANCE EXPENSE 0 30 0 0 0 0 0 30 0 PENSION EXPENSE 0 0 0 44,000 0 0 0 0 0 INTEREST EXPENSE - METER DEP 52 104 125 750 (17) 120 241 (137) (57) Total For Other Operating Expense: 52 134 125 60,750 8 120 241 (107) (44) Customer Accounts Expense METER READING EXPENSE 539 1,108 1,166 7,000 (5) 153 344 764 222 MISC CUSTOMER ACCOUNTS EXP 7,245 15,299 16,333 98,000 (6) 7,218 14,161 1,137 8 BAD DEBT EXPENSE & RECOVER 0 0 41 250 (100) 0 0 0 0 Total For Customer Accounts Expense: 7,785 16,407 17,541 105,250 (6) 7,372 14,506 1,901 13 Administrative Expense SALARIES OFFICE & COMMISSION 22,234 46,711 48,000 288,000 (3) 21,292 43,173 3,537 8 TEMPORARY STAFFING 0 0 166 1,000 (100) 0 0 0 0 OFFICE SUPPLIES 2,095 3,419 5,000 30,000 (32) 2,256 3,331 88 3 ELECTRIC & WATER CONSUMPTI 461 930 1,166 7,000 (20) 499 1,036 (106) (10) BANK FEES 52 130 116 700 11 51 85 44 51 LEGAL FEES 330 474 833 5,000 (43) 162 449 25 6 AUDITING FEES 430 860 1,116 6,700 (23) 410 820 40 5 INSURANCE 3,487 6,974 7,333 44,000 (5) 3,540 7,000 (25) 0 UTILITY SHARE - DEFERRED COM 2,304 5,659 4,016 24,100 41 2,167 4,367 1,291 30 UTILITY SHARE - MEDICAUDENT 16,722 58,403 63,634 269,977 (8) 14,703 54,651 3,751 7 UTILITY SHARE - PERA 4,792 10,348 11,416 68,500 (9) 4,581 9,523 824 9 UTILITY SHARE - FICA 4,614 9,923 11,000 66,000 (10) 4,506 9,304 619 7 EMPLOYEE SICK PAY 5,725 10,851 5,833 35,000 86 1,949 3,905 6,945 178 EMPLOYEE HOLIDAY PAY 3,155 9,413 10,381 41,525 (9) 2,908 7,401 2,011 27 EMPLOYEE VACATION & PTO PA 4,243 18,251 16,909 66,000 8 3,788 14,066 4,185 30 UPMIC DISTRIBUTION 0 0 0 18,500 0 0 0 0 0 WELLHEAD PROTECTION 0 0 340 2,000 (100) 0 0 0 0 LONGEVITY PAY 0 0 0 2,130 0 0 0 0 0 CONSULTING FEES 4,680 9,560 9,566 57,400 0 2,066 2,574 6,985 271 TELEPHONE 638 1,275 1,250 7,500 2 704 1,417 (142) (10) ADVERTISING 589 969 833 5,000 16 349 757 212 28 DUES & SUBSCRIPTIONS - FEES 16,153 18,556 19,961 89,961 (7) 15,329 16,196 2,360 15 165 ELK RIVER MUNICIPAL UTILITIES ELK RIVER, MINNESOTA STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION FOR PERIOD ENDING FEBRUARY 2025 2025 2025 2025 2025 YTD ANNUAL 2025 YTD 2024 2024 YTD 2024 v. 2025 Water FEBRUARY YTD BUDGET BUDGET Bud Var% FEBRUARY YTD VARIANCE Actual Var% SCHOOLS & MEETINGS 3,263 4,507 10,225 60,956 (56) 2,500 6,535 (2,028) (31) MTCE OF GENERAL PLANT & OFFI 216 432 458 2,750 (6) 211 422 10 2 Total For Administrative Expense: 96,189 217,651 229,558 1,199,699 (5) 83,979 187,020 30,630 16 General Expense CIP REBATES - RESIDENTIAL 25 25 833 5,000 (97) 25 25 0 0 CIP REBATES - COMMERCIAL 0 0 83 500 (100) 0 0 0 0 CIP - MARKETING 0 0 333 2,000 (100) 0 0 0 0 CIP - LABOR 0 0 416 2,500 (100) 0 0 0 0 ENVIRONMENTAL COMPLIANCE 52 118 333 2,000 (64) 37 98 20 21 MISC GENERAL EXPENSE 0 0 41 250 (100) 0 0 0 0 Total For General Expense: 77 143 2,041 12,250 (93) 62 123 20 17 Total Expenses(before Operating Transfers) 329,219 669,781 708,144 4,002,091 (5) 281,989 571,255 98,525 17 Operating Transfer Utilities & Labor Donated WATER & LABOR DONATED TO CI 0 0 333 2,000 (100) 0 0 0 0 Total Operating Transfer Total For Total Operating Transfer: 0 0 333 2,000 (100) 0 0 0 0 Net Income Profit(Loss) (146,522) (275,986) (344,903) 62,821 20 (95,293) (141,783) (134,202) (95) 166 Beginning Fiscal Per .eYYYMMi G L Division 2D25D1 All Ending Fiscal Period[YYYYMMI GLActwl 2D2502 All Budget Revenue Comparison & Variance Budget Expense Comparison d Variance Jon, 2025 - Feb, 2025 .Ian, 2025 - Feb, 2025 -$72,506,40-$623,061.26 •.92% -7.78% Actual Budget Actual Budget $7,790,689.41 $7.0l8 5.111 $7,383,668.71 $0.006,730.97 Revenue Budget vs Actual by Period Jon, 2025 - Feb, 2025 5M 4,aM 4M ; + 3aM 3M �E 2,aM 4 2M 1,am 1M g.aM 0 41 Perioa ■�LN�[I ■,c�w1 G L Department All Pend Type Closed Period Budget Analysis by Period Jon, 2025 - Feb, 2025 Oosh 2vOK �2W14 � � B.qp Ainuwil -,pah � CurvWlwn Bwyul b�' { Cu�Wlno htuxi Perlod Expense Budget vs Actual by Period Jon, 2025 - Fob, 2025 , Snt 25M aMi 2.M - �F 2" 5M 1M cam 0 Peri,r.! 167 Beginning Fiscal Per .eYYYMl4 Ending Fiscal Period[YYYYMMI 202502 _.. G L Division 61 - Elk River Electric G L Activfty All Budget Revenue Comparison 8 Variance Budget Expense Comparison d Variance Jan, 2025 - Feb, 2025 .Ian, 2025 • Feb, 2025 -$102,726.81-$584,364.59 -1.37% -8.01 % Actuat Budget ActuM Budget $7,401,83411 $7,504,661.02 $6,713,808.33 $7,290,252.92 Revenue Budget veActual by Period Jen, 2025 - Feb, 2025 4.5M 4M • — • 3,6M 3M 2,6M 2M 1,6M 1M 0,6M 0 l� Period •� [wean ■ — G L Department All Pertod Type Closed Period Budget Analysis by Period Jan, 2025 - Feb, 2025 s00K 00�h ,WK 200K ■ „ -2ooK , • [utiWlnn Bwlpl b ■ C�rrWlho hpuoi Period Expense Budget vs Actual by Period Jan, 2025 - Fob, 2025 4M 3.6M 3M 2AM E 2M 4 lam 1M 0.6M 0 Penuq Beginning Fscal PerioeYYYMMi G L Depanment All Ending Fiscal Period[YYYYMMI G L Activfty Pertod Type 202502 All ©® Budget Revenue Comparison 8 Variance Budget Expense Comparison d Variance Jon, 2025 - Feb, 2025 .Ian, 2025 - Feb, 2025 $30,220.41-$38,696.67 8.31 % -5.46% E 2 - Elk River Water GL❑Nown n tr,al Budget Actilal B flat $393,795-20 $363,574.79 $669,7a1.30 $700,478.05 Revenue Budget veActual by Period Jen, 2025 - Feb, 2025 240K 200K IaOK E 120K i e0K 40K 0- Per,W 2 Closed Period Budget Analysis by Period Jon, 2025 - Feb, 2025 0 .80K 100K � .240K ■n:l..,�n„�.,,I LNK r 8.eya ninuwil .9ooK { Cury�lwn Bwlpl b�' i C��rrWlho hpuol Period Expense Budget vs Actual by Period Jon, 2025 - Fob, 2025 wc� 280 we 250 200 Tw 100 EO P,�riu,1 r{ awy.l ■ nvud 169 Revenue vs Expense N I- ti' - 0 X Beginning Fiscal Period[YYYYMM] 202501 Ending Fiscal Period[YYYYMM] 202502 1' GL Division GL Department All All GL Activity All Profit & Profit Margin % Trend by Period Jan, 2025 - Feb, 2025 Jan, 2025 - Feb, 2025 $411,959.70 5M 5.58% 3.3M 0 Revenue Expense ¢ 1.71M $7,795,629.41 $7,383,669.71 0 Revenue by GL Division Expense by GL Division + Revenue by GL Division Jan, 2025 - Feb, 2025 Elk River Water Elk River Electric (95%) Revenue ryo�5 ti�ryy Period . Revenue Expense Top 10 Revenue by GL Department Top 10 Expense by GL Department + Top 10 Expense by GL Department Jan, 2025 - Feb, 2025 Expense 2 .