5.1 ERMUSR 05-13-2025______________________________________________________________________________
Page 1 of 2
UTILITIES COMMISSION MEETING
TO:
ERMU Commission
FROM:
Melissa Karpinski – Finance Manager
MEETING DATE:
May 13, 2025
AGENDA ITEM NUMBER:
5.1
SUBJECT:
Financial Report – March 2025
ACTION REQUESTED:
Receive the March 2025 Financial Report
DISCUSSION:
Please note that these are the preliminary unaudited financial statements.
Electric
March year to date (YTD) electric kWh sales are up 3% from the prior year. For further
breakdown:
• Residential usage is up 10%
• Small Commercial usage is up 7%
• Large Commercial usage is up 3%
For March 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
March YTD gallons of water sold are up 2% from the prior year. For further breakdown:
• Residential use is up 1%
• Commercial use is up 3%
For March 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 3.2025
• Electric Balance Sheet 3.2025
• Water Balance Sheet 3.2025
• Summary Electric Statement of Revenues, Expenses and Changes in Net Position 3.2025
• Summary Water Statement of Revenues, Expenses and Changes in Net Position 3.2025
• Graphs Prior Year and YTD 2025
72
______________________________________________________________________________
Page 2 of 2
• Detailed Electric Statement of Revenues, Expenses and Changes in Net Position 3.2025
• Detailed Water Statement of Revenues, Expenses and Changes in Net Position 3.2025
• Budget vs Actual Graphs – Electric and Water 3.2025
73
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
COMBINED BALANCE SHEET
FOR PERIOD ENDING MARCH 2025
ELECTRIC WATER
ASSETS
CURRENT ASSETS
CASH 5,383,1853,416,766
ACCOUNTS RECEIVABLE 5,056,6962,734,264
INVENTORIES 50,5082,279,871
PREPAID ITEMS 62,369262,711
CONSTRUCTION IN PROGRESS 172,759958,531
TOTAL CURRENT ASSETS 10,725,5179,652,144
RESTRICTED ASSETS
BOND RESERVE FUND 01,779,016
EMERGENCY RESERVE FUND 4,247,8747,477,735
UNRESTRICTED RESERVE FUND 00
TOTAL RESTRICTED ASSETS 4,247,8749,256,750
FIXED ASSETS
PRODUCTION 17,177,471795,920
LFG PROJECT 00
TRANSMISSION 02,305,024
DISTRIBUTION 30,835,17354,613,645
GENERAL 1,548,81325,491,391
FIXED ASSETS (COST)49,561,45883,205,979
LESS ACCUMULATED DEPRECIATION (24,257,095)(37,396,577)
TOTAL FIXED ASSETS, NET 25,304,36345,809,402
INTANGIBLE ASSETS
POWER AGENCY MEMBERSHIP BUY-IN 021,546,212
LOSS OF REVENUE INTANGIBLE 07,169,412
LESS ACCUMULATED AMORTIZATION 0(4,341,728)
TOTAL INTANGIBLE ASSETS, NET 024,373,896
OTHER ASSETS AND DEFERRED OUTFLOWS 61,420322,181
TOTAL ASSETS 40,339,17489,414,373
LIABILITIES AND FUND EQUITY
CURRENT LIABILITIES
ACCOUNTS PAYABLE 347,3164,438,394
SALARIES AND BENEFITS PAYABLE 167,5351,184,864
DUE TO CITY 1,963864,440
DUE TO OTHER FUNDS 00
NOTES PAYABLE-CURRENT PORTION 00
BONDS PAYABLE-CURRENT PORTION 65,000480,000
UNEARNED REVENUE 188,23414,490
TOTAL CURRENT LIABILITIES 770,0496,982,187
LONG TERM LIABILITIES
OPEB LIABILITY 00
LFG PROJECT 00
DUE TO COUNTY 00
DUE TO CITY 00
BONDS PAYABLE, LESS CURRENT PORTION 1,488,63227,195,434
PENSION LIABILITIES 328,9841,708,036
TOTAL LONG TERM LIABILITIES 1,817,61628,903,470
TOTAL LIABILITIES 2,587,66535,885,658
DEFERRED INFLOWS OF RESOURCES 4,689,0861,206,975
FUND EQUITY
CAPITAL ACCOUNT CONST COST 01,779,016
CONTRIBUTED CAPITAL 00
RETAINED EARNINGS 33,451,75849,623,773
NET INCOME (LOSS) (THROUGH PREVIOUS MONTH)(389,335)918,952
TOTAL FUND EQUITY 33,062,42352,321,741
TOTAL LIABILITIES & FUND EQUITY 40,339,17489,414,373
74
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
ELECTRIC BALANCE SHEET
Current Month
Change from
Prior MonthMarch 31, 2025 February 28, 2025
ASSETS
CURRENT ASSETS
CASH 3,416,766 3,457,585 (40,819)
ACCOUNTS RECEIVABLE 2,734,264 2,477,100 257,164
INVENTORIES 2,279,871 2,056,354 223,517
PREPAID ITEMS 262,711 285,569 (22,858)
CONSTRUCTION IN PROGRESS 958,531 817,468 141,064
TOTAL CURRENT ASSETS 9,652,144 9,094,076 558,067
RESTRICTED ASSETS
BOND RESERVE FUND 1,779,016 1,779,016 0
EMERGENCY RESERVE FUND 7,477,735 7,447,332 30,403
TOTAL RESTRICTED ASSETS 9,256,750 9,226,347 30,403
FIXED ASSETS
PRODUCTION 795,920 795,920 0
TRANSMISSION 2,305,024 2,305,024 0
DISTRIBUTION 54,613,645 54,571,033 42,612
GENERAL 25,491,391 25,427,855 63,537
FIXED ASSETS (COST)83,205,979 83,099,831 106,148
LESS ACCUMULATED DEPRECIATION (37,396,577)(37,212,969)(183,608)
TOTAL FIXED ASSETS, NET 45,809,402 45,886,862 (77,460)
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 (4,341,728)(4,286,050)(55,678)
TOTAL INTANGIBLE ASSETS, NET 24,373,896 24,429,574 (55,678)
OTHER ASSETS AND DEFERRED OUTFLOWS 322,181 322,181 0
TOTAL ASSETS 89,414,373 88,959,040 455,333
LIABILITIES AND FUND EQUITY
CURRENT LIABILITIES
ACCOUNTS PAYABLE 4,438,394 4,330,379 108,015
SALARIES AND BENEFITS PAYABLE 1,184,864 1,154,533 30,331
DUE TO CITY 864,440 771,861 92,579
BONDS PAYABLE-CURRENT PORTION 480,000 480,000 0
UNEARNED REVENUE 14,490 16,100 (1,610)
TOTAL CURRENT LIABILITIES 6,982,187 6,752,872 229,315
LONG TERM LIABILITIES
BONDS PAYABLE, LESS CURRENT PORTION 27,195,434 27,200,423 (4,989)
PENSION LIABILITIES 1,708,036 1,708,036 0
TOTAL LONG TERM LIABILITIES 28,903,470 28,908,459 (4,989)
TOTAL LIABILITIES 35,885,658 35,661,331 224,326
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)918,952 687,946 231,006
TOTAL FUND EQUITY 52,321,741 52,090,734 231,006
TOTAL LIABILITIES & FUND EQUITY 89,414,373 88,959,040 455,333
75
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
WATER BALANCE SHEET
Current Month
Change from
Prior MonthMarch 31, 2025 February 28, 2025
ASSETS
CURRENT ASSETS
CASH 5,383,185 5,442,440 (59,255)
ACCOUNTS RECEIVABLE 5,056,696 5,048,544 8,152
INVENTORIES 50,508 52,645 (2,137)
PREPAID ITEMS 62,369 58,521 3,849
CONSTRUCTION IN PROGRESS 172,759 107,320 65,439
TOTAL CURRENT ASSETS 10,725,517 10,709,470 16,047
RESTRICTED ASSETS
EMERGENCY RESERVE FUND 4,247,874 4,240,274 7,601
TOTAL RESTRICTED ASSETS 4,247,874 4,240,274 7,601
FIXED ASSETS
PRODUCTION 17,177,471 17,177,471 0
DISTRIBUTION 30,835,173 30,835,173 0
GENERAL 1,548,813 1,548,813 0
FIXED ASSETS (COST)49,561,458 49,561,458 0
LESS ACCUMULATED DEPRECIATION (24,257,095)(24,141,708)(115,387)
TOTAL FIXED ASSETS, NET 25,304,363 25,419,750 (115,387)
INTANGIBLE ASSETS
OTHER ASSETS AND DEFERRED OUTFLOWS 61,420 61,420 0
TOTAL ASSETS 40,339,174 40,430,913 (91,739)
LIABILITIES AND FUND EQUITY
CURRENT LIABILITIES
ACCOUNTS PAYABLE 347,316 330,756 16,561
SALARIES AND BENEFITS PAYABLE 167,535 162,364 5,171
DUE TO CITY 1,963 1,531 432
BONDS PAYABLE-CURRENT PORTION 65,000 65,000 0
UNEARNED REVENUE 188,234 188,234 0
TOTAL CURRENT LIABILITIES 770,049 747,885 22,164
LONG TERM LIABILITIES
BONDS PAYABLE, LESS CURRENT PORTION 1,488,632 1,489,186 (554)
PENSION LIABILITIES 328,984 328,984 0
TOTAL LONG TERM LIABILITIES 1,817,616 1,818,170 (554)
TOTAL LIABILITIES 2,587,665 2,566,055 21,610
DEFERRED INFLOWS OF RESOURCES 4,689,086 4,689,086 0
FUND EQUITY
RETAINED EARNINGS 33,451,758 33,451,758 0
NET INCOME (LOSS) (THROUGH PREVIOUS MONTH)(389,335)(275,986)(113,349)
TOTAL FUND EQUITY 33,062,423 33,175,772 (113,349)
TOTAL LIABILITIES & FUND EQUITY 40,339,174 40,430,913 (91,739)
76
202520252025 YTD 202520242024 YTDVariance YTD Budget ANNUALVARIANCEItemElectricBUDGET VarianceBUDGET2,932,844 9,129,629 9,403,005 (273,375) (3) 41,085,728 2,806,404 8,646,774 482,856 6314,315 969,707 932,189 37,518 4 4,073,730 271,338 865,727 103,979 1217,884 57,087 58,560 (1,473) (3) 231,863 15,402 52,197 4,890 923,526 71,642 68,736 2,906 4 281,987 18,682 61,599 10,043 1623,885 69,651 65,250 4,401 7 261,000 21,722 65,129 4,522 7400 1,200 1,2000 0 4,800400 1,2000 03,312,855 10,298,916 10,528,940 (230,024) (2) 45,939,108 3,133,948 9,692,627 606,289 638,776 117,652 87,500 30,152 34 350,000 (3,314) 47,722 69,930 147 (1)19,053 64,043 71,250 (7,207) (10) 285,000 19,028 60,776 3,266 513,429 30,738 37,500 (6,762) (18) 150,000 4,020 116,871 (86,133) (74) (2)96,361 370,959 236,875 134,084 57 972,500 253,637 386,607 (15,648) (4) (3)167,618 583,391 433,125 150,266 35 1,757,500 273,371 611,977 (28,586) (5)3,480,473 10,882,307 10,962,065 (79,758) (1) 47,696,608 3,407,320 10,304,604 577,703 62,060,791 6,230,105 6,735,452 (505,348) (8) 30,599,628 2,097,977 6,330,358 (100,253) (2)28,379 85,476 112,250 (26,774) (24) 341,000 29,738 80,830 4,646 6 (4)2,412 8,377 19,000 (10,623) (56) 76,000 4,889 15,479 (7,101) (46)49,861 136,806 130,375 6,431 5 521,500 40,576 128,392 8,414 7196,290 561,323 649,125 (87,802) (14) 2,144,500 193,875 579,338 (18,015) (3)287,409 861,635 834,888 26,747 3 3,339,552 275,223 824,715 36,920 461,983 187,224 187,2230 0 735,069 65,175 196,761 (9,537) (5)22,549 31,364 15,850 15,514 98 482,400 9,019 18,808 12,556 6734,859 101,804 117,500 (15,696) (13) 470,000 31,608 98,247 3,557 4329,236 1,221,714 1,306,458 (84,743) (6) 4,783,849 333,649 1,121,041 100,673 937,849 111,312 159,950 (48,638) (30) 639,800 53,306 118,072 (6,760) (6) (5)3,111,618 9,537,140 10,268,071 (730,931) (7) 44,133,298 3,135,035 9,512,040 25,100 0118,062 367,386 376,120 (8,734) (2) 1,643,429 112,957 347,973 19,413 619,786 58,829 66,250 (7,421) (11) 265,000 17,797 55,265 3,563 6137,848 426,215 442,370 (16,156) (4) 1,908,429 130,755 403,238 22,976 6231,006 918,952 251,624 667,329 265 1,654,881 141,530 389,325 529,627 136ItemVariance of +/- $25,000 and +/- 15%(1)YTD budget variance is due to a conservative budget amount. 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)(4)(5) YTD budget variance is mainly due to timing of commercial rebates and having budget be an even spread.YTD budget variance is mainly due to Contributions from Customers having a large SOWs for transformer for additional service and/or upgrade. Utilities & Labor Donated Total Operating Transfer Net Income Profit(Loss) Interest Expense Operating Transfer/Other Funds Other Operating Expense Customer Accounts Expense Administrative Expense General Expense Total Expenses(before Operating Transfers)Operating Transfer Operating & Mtce Expense Transmission Expense Distribution Expense Maintenance Expense Depreciation & Amortization Public St & Hwy Lighting Other Electric Sales Total Operating RevenueOther Operating Revenue Purchased Power Customer Penalties Connection Fees Misc Revenue Total Other Revenue Total RevenueExpensesYTD budget variance is mainly due to Mtce of Plant/Land (snow removal) having less labor than normal.ELK RIVER MUNICIPAL UTILITIESELK RIVER, MINNESOTASTATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITIONFOR PERIOD ENDING MARCH 20252025 YTD Bud Var%2024 v. 2025 Actual Var%MARCH YTD MARCH YTDRevenueOperating Revenue Elk River Otsego Interest/Dividend Income Rural Big Lake Dayton77
202520252025 YTD 202520242024 YTDVariance YTD Budget ANNUALVARIANCEItemWaterBUDGET VarianceBUDGET149,654 463,911 418,365 45,546 11 3,143,314 146,344 442,568 21,343 5149,654 463,911 418,365 45,546 11 3,143,314 146,344 442,568 21,343 510,589 32,546 37,750 (5,204) (14) 151,000 1,195 17,994 14,552 811,069 6,855 7,000(145) (2) 28,000608 5,613 1,242 2251,394 99,835 79,625 20,210 25 318,500 34,469 143,933 (44,098) (31)(1)975 4,327 3,900427 11 426,100 1,791 3,771556 1564,026 143,564 128,275 15,289 12 923,600 38,063 171,310 (27,747) (16)213,680 607,475 546,640 60,835 11 4,066,914 184,407 613,879 (6,404) (1)9,466 30,436 33,750 (3,314) (10) 135,000 11,783 34,276 (3,840) (11)40,936 146,446 168,038 (21,591) (13) 672,150 40,015 124,611 21,835 18(2)66,223 138,761 133,425 5,336 4 459,660 30,512 85,329 53,432 63(3)115,387 346,387 331,466 14,921 5 1,325,866 101,032 302,664 43,723 142,712 8,137 8,1370 0 31,466 2,912 8,737(600) (7)52187188(1) (1) 60,750121363(176) (48)8,138 24,546 26,312 (1,766) (7) 105,250 7,600 22,107 2,439 1183,643 301,294 322,979 (21,685) (7) 1,199,700 76,347 263,368 37,926 14471615 3,063 (2,448) (80) 12,25061184431 234327,028 996,810 1,027,358 (30,548) (3) 4,002,092 270,383 841,639 155,171 1800500(500) (100) 2,000000000500(500) (100) 2,0000000(113,349) (389,335) (481,218) 91,883 19 62,822 (85,976) (227,760) (161,575) (71)ItemVariance of +/- $15,000 and +/- 15%(1) YTD variance is due to connection fees being budgeted conservatively. PYTD variance due to a couple of large connection agreements in 2024.(2)PYTD variance is mainly due to new well planning and higher electric usage in 2025.(3)PYTD variance is mainly due to two large watermain repairs in 2025.ELK RIVER MUNICIPAL UTILITIESELK RIVER, MINNESOTASTATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITIONFOR PERIOD ENDING MARCH 20252025 YTD Bud Var%2024 v. 2025 Actual Var%MARCH YTD MARCH YTDOther Operating Revenue Interest/Dividend Income Customer Penalties Connection FeesRevenueOperating Revenue Water Sales Total Operating RevenueExpenses Production Expense Pumping Expense Distribution Expense Misc Revenue Total Other Revenue Total Revenue Customer Accounts Expense Administrative Expense General Expense Depreciation & Amortization Interest Expense Other Operating Expense Net Income Profit(Loss) Total Expenses(before Operating Transfers)Operating Transfer Utilities & Labor Donated Total Operating Transfer78
35.0
40.0
45.0
50.0
55.0
60.0
65.0
70.0
75.0
80.0
Demand in MWMonth
Elk River Municipal Utilities Monthly Electrical Demand
2024 2025
15,000
20,000
25,000
30,000
35,000
40,000
Energy Purchases in MWHMonth
Elk River Municipal Utilities Monthly Energy Purchases
2024 2025
79
15,000
17,000
19,000
21,000
23,000
25,000
27,000
29,000
31,000
33,000
35,000
Electric Load in MWHMonth
Elk River Municipal Utilities Monthly Total Electric Load
2024 2025
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
$3,500,000
$4,000,000
$4,500,000
$5,000,000
Sales in DollarsMonth
Elk River Municipal Utilities Monthly Electric Sales
2024 2025
80
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
Loads in MWHMonth
Elk River Municipal Utilities Monthly Residential, Commercial & Industrial
Loads
2024 Residential 2025 Residential 2024 Commercial
2025 Commercial 2024 Industrial 2025 Industrial
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
Sales in DollarsMonth
Elk River Municipal Utilities Monthly Residential, Commercial & Industrial
Sales
2024 Residential 2025 Residential 2024 Commercial
2025 Commercial 2024 Industrial 2025 Industrial
81
0.0
20.0
40.0
60.0
80.0
100.0
120.0
140.0
Pumpage in Million Gal.Month
Elk River Municipal Utilities Monthly Water Pumpage
2024 2025
0.0
1.0
2.0
3.0
4.0
5.0
6.0
Peak Day in Million Gal.Month
Elk River Municipal Utilities Peak Day Pumpage
2024 2025
82
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
0
20
40
60
80
100
120
140
160
180
Sales In DollarsSales in Million Gal.Month
Elk River Municipal Utilities Monthly Water Sales
2024 MG 2025 MG 2024 $2025 $
83
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FOR PERIOD ENDING MARCH 2025
2025
MARCH
2024
MARCH
2025
YTD
2024
YTD
2025
YTD
BUDGET
2025 YTD
Bud Var%
2024 v. 2025
Actual Var%
YTD
VARIANCE
2025
ANNUAL
BUDGETElectric
Revenue
Operating Revenue
Elk River
ELECT SALES - ELK RIVER RESID 938,974 3,160,1861,016,551 3,340,5783,455,370 3 914,008,158 295,183
ELECT SALES - ELK RIVER NON-D 270,319 821,004274,616 864,865880,663 2 73,561,584 59,658
ELECT SALES - ELK RIVER DEMA 1,270,294 3,898,3241,282,795 4,025,8863,962,777 (2)218,661,634 64,453
PCA SALES REVENUE - ELK RIVE 99,760 246,741116,363 378,331287,705 (24)171,522,421 40,963
PCA SALES REVENUE - ELK RIVE 32,144 73,02434,804 107,30279,324 (26)9423,421 6,300
PCA SALES REVENUE - ELK RIVE 194,911 447,491207,711 686,040463,788 (32)42,908,507 16,296
2,932,843 9,129,629 9,403,004 2,806,404 8,646,773(3)6Total For Elk River:41,085,728 482,855
Otsego
ELECT SALES - OTSEGO RESIDEN 104,536 353,940118,895 363,162385,302 6 91,546,756 31,361
ELECT SALES - OTSEGO NON-DEM 31,424 102,95538,229 102,282119,620 17 16499,327 16,665
ELECT SALES - OTSEGO DEMAND 104,901 335,871119,592 353,956376,622 6 121,587,577 40,751
PCA SALES REVENUE - OTSEGO R 10,894 26,78213,444 42,49732,046 (25)20168,103 5,264
PCA SALES REVENUE - OTSEGO N 3,744 8,8904,984 13,20311,257 (15)2746,753 2,367
PCA SALES REVENUE - OTSEGO D 15,837 37,28519,168 57,08644,855 (21)20225,212 7,569
314,315 969,706 932,189 271,338 865,7274 12Total For Otsego:4,073,730 103,979
Rural Big Lake
ELECT SALES - BIG LAKE RESIDE 13,750 47,94915,857 51,80452,104 1 9199,359 4,154
ELECT SALES - BIG LAKE NON-DE 163 507164573508(11)04,810 1
PCA SALES REVENUE - BIG LAKE 1,478 3,7181,852 5,2814,450 (16)2021,666 731
PCA SALES REVENUE - BIG LAKE 9 211090023(97)96,026 1
17,884 57,087 58,559 15,401 52,197(3)9Total For Rural Big Lake:231,863 4,889
Dayton
ELECT SALES - DAYTON RESIDEN 14,117 48,04217,904 51,78456,139 8 17212,063 8,097
ELECT SALES - DAYTON NON-DE 2,804 9,2443,203 9,9319,969 0 840,465 725
PCA SALES REVENUE - DAYTON R 1,465 3,6002,045 5,5204,676 (15)3023,047 1,076
PCA SALES REVENUE - DAYTON 294 7123721,500855 (43)206,410 143
23,526 71,641 68,736 18,681 61,5994 16Total For Dayton:281,986 10,042
Public St & Hwy Lighting
ELECT SALES - SEC LTS 21,722 65,12923,885 65,25069,650 7 7261,000 4,521
23,885 69,650 65,250 21,722 65,1297 7Total For Public St & Hwy Lighting:261,000 4,521
Other Electric Sales
SUB-STATION CREDIT 400 1,2004001,2001,200 0 04,800 0
84
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FOR PERIOD ENDING MARCH 2025
2025
MARCH
2024
MARCH
2025
YTD
2024
YTD
2025
YTD
BUDGET
2025 YTD
Bud Var%
2024 v. 2025
Actual Var%
YTD
VARIANCE
2025
ANNUAL
BUDGETElectric
400 1,200 1,200 400 1,2000 0Total For Other Electric Sales:4,800 0
Total Operating Revenue
3,133,948 9,692,6263,312,854 10,528,93910,298,916 (2)645,939,108 606,289
Other Operating Revenue
Interest/Dividend Income
INTEREST & DIVIDEND INCOME (3,314)47,72238,776 87,500117,651 34 147350,000 69,929
38,776 117,651 87,500 (3,314)47,72234 147Total For Interest/Dividend Income:350,000 69,929
Customer Penalties
CUSTOMER DELINQUENT PENALT 19,028 60,77619,052 71,25064,042 (10)5285,000 3,266
19,052 64,042 71,250 19,028 60,776(10)5Total For Customer Penalties:285,000 3,266
Connection Fees
DISCONNECT & RECONNECT CHA 4,020 116,87113,429 37,50030,738 (18)(74)150,000 (86,133)
13,429 30,738 37,500 4,020 116,871(18)(74)Total For Connection Fees:150,000 (86,133)
Misc Revenue
MISC ELEC REVENUE - TEMP CHG 220 6608806242,420 287 2672,500 1,760
STREET LIGHT 0 12,60002,5000 (100)(100)10,000 (12,600)
TRANSMISSION INVESTMENTS 45,148 146,43146,471 150,000157,460 5 8600,000 11,028
MISC NON-UTILITY 9,026 27,6737,420 27,50019,394 (29)(30)110,000 (8,278)
GAIN ON DISPOSITION OF PROPER 0 06,255 022,755 0 025,000 22,755
CONTRIBUTIONS FROM CUSTOME 199,242 199,24235,332 56,250168,929 200 (15)225,000 (30,313)
96,360 370,958 236,875 253,636 386,60757 (4)Total For Misc Revenue:972,500 (15,648)
Total Other Revenue
273,371 611,976167,618 433,125583,391 35 (5)1,757,500 (28,585)
167,618 583,391 433,125 273,371 611,97635 (5)Total For Total Other Revenue:1,757,500 (28,585)
3,407,319 10,304,6033,480,473 10,962,064 Total Revenue 10,882,307 (1)647,696,608 577,703
Expenses
Purchased Power
PURCHASED POWER 1,514,966 4,722,5961,528,869 4,966,2794,884,552 (2)323,315,290 161,956
ENERGY ADJUSTMENT CLAUSE 583,010 1,607,761531,921 1,769,1721,345,552 (24)(16)7,284,337 (262,209)
2,060,791 6,230,104 6,735,452 2,097,977 6,330,357(8)(2)Total For Purchased Power:30,599,628 (100,253)
Operating & Mtce Expense
OPERATING SUPERVISION 11,085 34,27811,733 37,50039,150 4 14150,000 4,872
NATURAL GAS 2,244 10,0176,608 17,00013,634 (20)3630,000 3,617
ELECTRIC & WATER CONSUMPTI 4,473 16,0045,434 17,50017,355 (1)865,000 1,350
85
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FOR PERIOD ENDING MARCH 2025
2025
MARCH
2024
MARCH
2025
YTD
2024
YTD
2025
YTD
BUDGET
2025 YTD
Bud Var%
2024 v. 2025
Actual Var%
YTD
VARIANCE
2025
ANNUAL
BUDGETElectric
PLANT SUPPLIES & OTHER EXPEN 519 3,3405383,7501,036 (72)(69)15,000 (2,304)
MISC POWER GENERATION EXPE 0 48521124935140 (28)1,000 (133)
MAINTENANCE OF STRUCTURE -542 1,8548395,0005,208 4 18120,000 3,353
MTCE OF PLANT ENGINES/GENER 500 1,566971,250298 (76)(81)5,000 (1,267)
MTCE OF PLANT/LAND IMPROVE 10,371 13,2832,916 30,0008,442 (72)(36)55,000 (4,841)
28,379 85,475 112,250 29,737 80,830(24)6Total For Operating & Mtce Expense:341,000 4,645
Transmission Expense
TRANSMISSION MTCE AND EXPE 4,889 15,4782,411 18,9998,377 (56)(46)76,000 (7,101)
2,411 8,377 18,999 4,889 15,478(56)(46)Total For Transmission Expense:76,000 (7,101)
Distribution Expense
REMOVE EXISTING SERVICE & M 0 00500166(67)02,000 166
SCADA EXPENSE 4,774 10,6393,713 15,00013,756 (8)2960,000 3,116
TRANSFORMER EXPENSE OH & U 813 4,6589716,2493,391 (46)(27)25,000 (1,267)
MTCE OF SIGNAL SYSTEMS 149 349221750221(70)(36)3,000 (127)
METER EXPENSE - REMOVE & RE 0 24124237572694 2021,500 485
TEMP SERVICE - INSTALL & REM 0 1092742,4991,695 (32)1,44210,000 1,586
MISC DISTRIBUTION EXPENSE 34,838 112,39444,437 105,000116,848 11 4420,000 4,453
49,860 136,806 130,374 40,575 128,3925 7Total For Distribution Expense:521,500 8,414
Maintenance Expense
MTCE OF STRUCTURES 8,905 19,7479,945 23,00029,499 28 4992,000 9,751
MTCE OF SUBSTATIONS 0 6,40248211,2501,075 (90)(83)45,000 (5,327)
MTCE OF SUBSTATION EQUIPME 6,907 29,1226,096 37,50012,876 (66)(56)150,000 (16,246)
MTCE OF OH LINES/TREE TRIM 48,074 184,26234,728 188,000136,688 (27)(26)300,000 (47,574)
MTCE OF OH LINES/STANDBY 3,097 10,2774,357 12,50011,154 (11)950,000 876
MTCE OF OH PRIMARY 15,914 39,95120,245 47,49957,453 21 44190,000 17,501
MTCE OF URD PRIMARY 30,523 31,89243,185 75,00086,189 15 170300,000 54,297
LOCATE ELECTRIC LINES 7,621 16,9374,941 31,25014,066 (55)(17)125,000 (2,870)
LOCATE FIBER LINES 298 403152624266(57)(34)2,500 (137)
MTCE OF LINE TRANSFORMERS 3,802 8,6878,370 18,75016,199 (14)8675,000 7,511
MTCE OF STREET LIGHTING 5,053 17,9491,201 17,25011,693 (32)(35)69,000 (6,256)
MTCE OF SECURITY LIGHTING 906 4,9061,209 6,2496,579 5 3425,000 1,673
MTCE OF METERS 5,286 19,15350820,0002,996 (85)(84)80,000 (16,157)
VOLTAGE COMPLAINTS 1,070 1,0701,045 3,0002,183 (27)10412,000 1,113
SALARIES TRANSMISSION & DIST 2,326 7,4862,360 9,0008,505 (5)1436,000 1,019
ELECTRIC MAPPING 19,282 72,63918,216 38,75043,994 14 (39)155,000 (28,645)86
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FOR PERIOD ENDING MARCH 2025
2025
MARCH
2024
MARCH
2025
YTD
2024
YTD
2025
YTD
BUDGET
2025 YTD
Bud Var%
2024 v. 2025
Actual Var%
YTD
VARIANCE
2025
ANNUAL
BUDGETElectric
FIBER MAPPING 0 003,7500 (100)015,000 0
MTCE OF OH SECONDARY 1,322 3,7292,196 5,7507,331 27 9723,000 3,601
MTCE OF URD SECONDARY 3,794 9,9882,962 18,75013,166 (30)3275,000 3,177
TRANSPORTATION EXPENSE 29,688 94,72734,085 81,24999,404 22 5325,000 4,677
196,290 561,322 649,125 193,874 579,337(14)(3)Total For Maintenance Expense:2,144,500 (18,014)
Depreciation & Amortization
DEPRECIATION 219,545 657,680231,730 667,853694,601 4 62,671,415 36,920
AMORTIZATION 55,677 167,03355,677 167,034167,033 0 0668,136 0
287,408 861,635 834,887 275,223 824,7143 4Total For Depreciation & Amortization:3,339,551 36,920
Interest Expense
INTEREST EXPENSE - BONDS 70,163 211,72666,971 202,189202,189 0 (5)794,932 (9,537)
AMORTIZATION OF DEBT DISCOU (4,988)(14,965)(4,988)(14,965)(14,965)0 0(59,863)0
61,982 187,223 187,223 65,174 196,7610 (5)Total For Interest Expense:735,069 (9,537)
Other Operating Expense
EV CHARGING EXPENSE 179 58617135057364 (2)1,400 (13)
LOSS ON DISPOSITION OF PROP (C 4,105 4,10518,258 018,258 0 345160,000 14,152
OTHER DONATIONS 0 00500217(57)02,000 217
PENSION EXPENSE 0 00000 0259,000 0
INTEREST EXPENSE - METER DEP 4,733 14,1154,118 15,00012,314 (18)(13)60,000 (1,801)
22,548 31,363 15,850 9,019 18,80898 67Total For Other Operating Expense:482,400 12,555
Customer Accounts Expense
METER READING EXPENSE 2,427 9,0862,847 8,7508,947 2 (2)35,000 (139)
DISCONNECT/RECONNECT EXPEN 399 2,271662,49966 (97)(97)10,000 (2,205)
MISC CUSTOMER ACCOUNTS EXP 28,810 84,03129,696 99,99989,892 (10)7400,000 5,861
BAD DEBT EXPENSE & RECOVER (29)2,8572,248 6,2492,898 (54)125,000 40
34,859 101,804 117,499 31,607 98,246(13)4Total For Customer Accounts Expense:470,000 3,557
Administrative Expense
SALARIES OFFICE & COMMISSION 70,369 217,92178,894 271,250238,011 (12)91,085,000 20,090
TEMPORARY STAFFING 0 009990(100)04,000 0
OFFICE SUPPLIES 5,808 22,7485,210 33,75019,583 (42)(14)135,000 (3,165)
ELECTRIC & WATER CONSUMPTI 2,019 6,1631,796 8,0005,515 (31)(11)32,000 (647)
BANK FEES 126 444201750698(7)573,000 253
LEGAL FEES 417 2,3301,407 7,5003,306 (56)4230,000 976
AUDITING FEES 1,640 4,9201,720 5,1605,160 0 520,640 240
INSURANCE 15,414 46,56114,866 48,75044,600 (9)(4)195,000 (1,961)
87
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FOR PERIOD ENDING MARCH 2025
2025
MARCH
2024
MARCH
2025
YTD
2024
YTD
2025
YTD
BUDGET
2025 YTD
Bud Var%
2024 v. 2025
Actual Var%
YTD
VARIANCE
2025
ANNUAL
BUDGETElectric
UTILITY SHARE - DEFERRED COM 16,823 49,76012,751 32,12450,060 56 1128,500 300
UTILITY SHARE - MEDICAL/DENT 59,900 306,32966,678 322,694314,397 (3)3942,322 8,067
UTILITY SHARE - PERA 23,728 73,47225,775 80,37578,596 (2)7321,500 5,124
UTILITY SHARE - FICA 22,464 70,57724,942 78,87575,198 (5)7315,500 4,621
EMPLOYEE SICK PAY 19,063 28,80314,661 51,00078,461 54 172204,000 49,658
EMPLOYEE HOLIDAY PAY 0 45,863048,52547,430 (2)3194,100 1,566
EMPLOYEE VACATION & PTO PA 31,895 104,04920,892 105,727113,159 7 9325,000 9,109
UPMIC DISTRIBUTION 29,968 29,96818,105 21,50018,105 (16)(40)86,000 (11,862)
LONGEVITY PAY 0 01,472 1,4731,472 0 09,945 1,472
CONSULTING FEES 7,603 17,320059,75021,220 (64)23239,000 3,900
TELEPHONE 2,919 8,7512,833 9,5008,550 (10)(2)38,000 (200)
ADVERTISING 1,003 4,0329705,0003,405 (32)(16)20,000 (627)
DUES & SUBSCRIPTIONS - FEES 8,499 23,09115,022 38,00239,553 4 71152,009 16,462
SCHOOLS & MEETINGS 13,137 55,39520,168 73,00052,631 (28)(5)292,333 (2,763)
MTCE OF GENERAL PLANT & OFFI 845 2,5358652,7502,595 (6)211,000 60
329,236 1,221,714 1,306,457 333,648 1,121,041(6)9Total For Administrative Expense:4,783,849 100,673
General Expense
CIP REBATES - RESIDENTIAL 6,140 19,6106,400 22,68922,053 (3)1290,758 2,443
CIP REBATES - COMMERCIAL 16,580 16,5802,364 27,9994,329 (85)(74)112,000 (12,251)
CIP - ADMINISTRATION 16,848 36,84813,284 45,74134,624 (24)(6)182,965 (2,223)
CIP - MARKETING 3,005 8,6323,568 12,80814,263 11 6551,235 5,630
CIP - LABOR 7,699 26,7228,898 33,45526,445 (21)(1)133,822 (277)
CIP REBATES - LOW INCOME 0 004,6800 (100)018,720 0
CIP - LOW INCOME LABOR 780 2,3678722,4992,580 3 910,000 212
ENVIRONMENTAL COMPLIANCE 2,547 7,6292,384 8,7507,142 (18)35,000 (487)
MISC GENERAL EXPENSE (295)(320)76 1,325(126)(110)
(6)
615,300 194
37,849 111,311 159,949 53,306 118,071(30)(6)Total For General Expense:639,800 (6,759)
Total Expenses(before Operating Transfers)
3,135,035 9,512,0403,111,618 10,268,0719,537,140 (7)044,133,298 25,100
Operating Transfer
Operating Transfer/Other Funds
TRANSFER TO CITY ELK RIVER R 112,957 347,973118,061 376,120367,385 (2)61,643,429 19,412
118,061 367,385 376,120 112,957 347,973(2)6Total For Operating Transfer/Other Funds:1,643,429 19,412
Utilities & Labor Donated
UTILITIES & LABOR DONATED TO 17,797 55,26519,786 66,24958,828 (11)6265,000 3,563
88
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FOR PERIOD ENDING MARCH 2025
2025
MARCH
2024
MARCH
2025
YTD
2024
YTD
2025
YTD
BUDGET
2025 YTD
Bud Var%
2024 v. 2025
Actual Var%
YTD
VARIANCE
2025
ANNUAL
BUDGETElectric
19,786 58,828 66,249 17,797 55,265(11)6Total For Utilities & Labor Donated:265,000 3,563
Total Operating Transfer
137,848 426,214 442,370 130,754 403,238(4)6Total For Total Operating Transfer:1,908,429 22,976
141,529 389,325231,006 251,623 Net Income Profit(Loss)918,952 265 1361,654,880 529,627
89
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FOR PERIOD ENDING MARCH 2025
2025
MARCH
2024
MARCH
2025
YTD
2024
YTD
2025
YTD
BUDGET
2025 YTD
Bud Var%
2024 v. 2025
Actual Var%
YTD
VARIANCE
2025
ANNUAL
BUDGETWater
Revenue
Operating Revenue
Water Sales
WATER SALES RESIDENTIAL 88,891 273,84390,133 262,083282,611 8 31,768,457 8,768
WATER SALES COMMERCIAL 55,782 163,61657,804 150,909176,180 17 81,024,735 12,564
WATER SALES IRRIGATION 1,669 5,1091,716 5,3725,118 (5)0350,120 9
149,653 463,911 418,364 146,343 442,56811 5Total For Water Sales:3,143,313 21,342
Total Operating Revenue
146,343 442,568149,653 418,364463,911 11 53,143,313 21,342
149,653 463,911 418,364 146,343 442,56811 5Total For Total Operating Revenue:3,143,313 21,342
Other Operating Revenue
Interest/Dividend Income
INTEREST & DIVIDEND INCOME 1,195 17,99410,588 37,50032,546 (13)81150,000 14,551
OTHER INTEREST/MISC REVENUE 0 002490(100)01,000 0
10,588 32,546 37,749 1,195 17,994(14)81Total For Interest/Dividend Income:151,000 14,551
Customer Penalties
CUSTOMER PENALTIES 608 5,6121,068 6,9996,855 (2)2228,000 1,242
1,068 6,855 6,999 608 5,612(2)22Total For Customer Penalties:28,000 1,242
Connection Fees
WATER/ACCESS/CONNECTION FE 30,080 126,23039,600 63,75079,200 24 (37)255,000 (47,030)
CUSTOMER CONNECTION FEES 1,558 6,8507,293 8,12412,693 56 8532,500 5,843
BULK WATER SALES/HYDRANT R 2,829 10,8524,499 7,7497,941 2 (27)31,000 (2,910)
51,393 99,835 79,624 34,468 143,93225 (31)Total For Connection Fees:318,500 (44,097)
Misc Revenue
MISC NON-UTILITY 0 200243101,144 1,455100290
GAIN ON DISPOSITION OF PROPER 0 00000 08,000 0
MISCELLANEOUS REVENUE 0 001251,091 774 05001,091
HYDRANT MAINTENANCE PROGR 1,790 3,7509753,7502,925 (22)(22)15,000 (825)
WATER TOWER LEASE 0 00000 0327,500 0
LEASE INTEREST REVENUE 0 00000 075,000 0
975 4,327 3,900 1,790 3,77011 15Total For Misc Revenue:426,100 556
Total Other Revenue
38,062 171,31064,025 128,274143,563 12 (16)923,600 (27,746)
64,025 143,563 128,274 38,062 171,31012 (16)Total For Total Other Revenue:923,600 (27,746)
90
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FOR PERIOD ENDING MARCH 2025
2025
MARCH
2024
MARCH
2025
YTD
2024
YTD
2025
YTD
BUDGET
2025 YTD
Bud Var%
2024 v. 2025
Actual Var%
YTD
VARIANCE
2025
ANNUAL
BUDGETWater
184,406 613,878213,679 546,639 Total Revenue 607,474 11 (1)4,066,913 (6,404)
Expenses
Production Expense
MTCE OF STRUCTURES 11,782 34,2759,465 33,75030,435 (10)(11)135,000 (3,839)
9,465 30,435 33,750 11,782 34,275(10)(11)Total For Production Expense:135,000 (3,839)
Pumping Expense
SUPERVISION 6,203 16,7436,965 18,99919,468 2 1676,000 2,724
ELECTRIC & GAS UTILITIES 17,271 54,60414,630 77,49960,711 (22)11310,000 6,107
SAMPLING 1,007 3,4978456,0374,877 (19)3924,150 1,379
CHEMICAL FEED 1,678 5,7062,960 12,5008,040 (36)4150,000 2,334
MTCE OF WELLS 13,538 43,20413,267 50,00050,388 1 17200,000 7,184
SCADA - PUMPING 315 8542,267 3,0002,959 (1)24712,000 2,105
40,936 146,446 168,037 40,014 124,610(13)18Total For Pumping Expense:672,150 21,835
Distribution Expense
MTCE OF WATER MAINS 3,396 7,65648,386 43,74954,693 25 614175,000 47,036
LOCATE WATER LINES 1,552 2,9911,163 5,0002,776 (44)(7)20,000 (215)
MTCE OF WATER SERVICES 0 001250(100)05000
WATER METER SERVICE 6,365 11,1486,702 17,49921,607 23 9470,000 10,458
BACKFLOW DEVICE INSPECTION 1,440 4,1201,229 4,0503,898 (4)(5)23,160 (221)
MTCE OF CUSTOMERS SERVICE 2,708 8,2063,126 8,7508,525 (3)435,000 318
WATER MAPPING 3,471 7,9021,909 4,25013,704 222 7317,000 5,801
FIBER MAPPING 0 003,7500 (100)015,000 0
MTCE OF WATER HYDRANTS - PU 9,940 10,9105525,4997,134 30 (35)22,000 (3,776)
MTCE OF WATER HYDRANTS - PR 53 66301,5000 (100)(100)6,000 (663)
WATER CLOTHING/PPE 177 5778373,750916 (76)5915,000 339
WAGES WATER 673 2,0117222,4992,236 (11)1110,000 224
TRANSPORTATION EXPENSE 730 2,8841,591 6,0003,230 (46)1224,000 346
WATER PERMIT 0 26,255027,00020,037 (26)(24)27,000 (6,218)
66,222 138,761 133,425 30,511 85,3294 63Total For Distribution Expense:459,660 53,432
Depreciation & Amortization
DEPRECIATION 101,031 302,664115,386 331,466346,387 5 141,325,865 43,723
115,386 346,387 331,466 101,031 302,6645 14Total For Depreciation & Amortization:1,325,865 43,723
Interest Expense
INTEREST EXPENSE - BONDS 3,466 10,4003,266 9,7999,799 0 (6)38,117 (600)
AMORTIZATION OF DEBT DISCOU (554)(1,662)(554)(1,662)(1,662)0 0(6,651)0
91
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FOR PERIOD ENDING MARCH 2025
2025
MARCH
2024
MARCH
2025
YTD
2024
YTD
2025
YTD
BUDGET
2025 YTD
Bud Var%
2024 v. 2025
Actual Var%
YTD
VARIANCE
2025
ANNUAL
BUDGETWater
2,712 8,137 8,137 2,912 8,7370 (7)Total For Interest Expense:31,466 (600)
Other Operating Expense
LOSS ON DISPOSITION OF PROP (C 0 00000 016,000 0
DAM MAINTENANCE EXPENSE 0 000300 0030
PENSION EXPENSE 0 00000 044,000 0
INTEREST EXPENSE - METER DEP 120 36252187156(17)(57)750 (206)
52 186 187 120 362(1)(48)Total For Other Operating Expense:60,750 (175)
Customer Accounts Expense
METER READING EXPENSE 137 4825561,7491,664 (5)2457,000 1,182
MISC CUSTOMER ACCOUNTS EXP 7,462 21,6247,581 24,50022,881 (7)698,000 1,256
BAD DEBT EXPENSE & RECOVER 0 00620(100)02500
8,138 24,546 26,312 7,600 22,106(7)11Total For Customer Accounts Expense:105,250 2,439
Administrative Expense
SALARIES OFFICE & COMMISSION 20,666 63,83923,451 72,00070,162 (3)10288,000 6,322
TEMPORARY STAFFING 0 002490(100)01,000 0
OFFICE SUPPLIES 1,321 4,6522,434 7,5005,853 (22)2630,000 1,201
ELECTRIC & WATER CONSUMPTI 505 1,5414491,7491,379 (21)(11)7,000 (161)
BANK FEES 31 117501741803 5470063
LEGAL FEES 104 5533511,250826 (34)495,000 273
AUDITING FEES 410 1,2309761,6741,836 10 496,700 606
INSURANCE 3,460 10,4603,487 11,00010,462 (5)044,000 1
UTILITY SHARE - DEFERRED COM 3,000 7,3682,308 6,0247,968 32 824,100 599
UTILITY SHARE - MEDICAL/DENT 14,703 69,35516,978 84,26875,381 (11)9269,977 6,026
UTILITY SHARE - PERA 4,620 14,1444,856 17,12415,204 (11)868,500 1,060
UTILITY SHARE - FICA 4,389 13,6944,681 16,50014,604 (11)766,000 910
EMPLOYEE SICK PAY 3,060 6,9662,814 8,75013,665 56 9635,000 6,699
EMPLOYEE HOLIDAY PAY 0 7,401010,3819,413 (9)2741,525 2,011
EMPLOYEE VACATION & PTO PA 5,563 19,6294,104 21,81822,356 2 1466,000 2,726
UPMIC DISTRIBUTION 5,834 5,8343,642 4,6253,642 (21)(38)18,500 (2,191)
WELLHEAD PROTECTION 0 005100(100)02,000 0
LONGEVITY PAY 0 07778770 02,130 77
CONSULTING FEES 1,900 4,4756,712 14,34916,272 13 26457,400 11,797
TELEPHONE 709 2,1276381,8751,913 2 (10)7,500 (213)
ADVERTISING 172 9302421,2501,211 (3)305,000 281
DUES & SUBSCRIPTIONS - FEES 1,366 17,5632,060 21,46120,617 (4)1789,961 3,05392
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FOR PERIOD ENDING MARCH 2025
2025
MARCH
2024
MARCH
2025
YTD
2024
YTD
2025
YTD
BUDGET
2025 YTD
Bud Var%
2024 v. 2025
Actual Var%
YTD
VARIANCE
2025
ANNUAL
BUDGETWater
SCHOOLS & MEETINGS 4,314 10,8493,107 17,6757,614 (57)(30)60,956 (3,234)
MTCE OF GENERAL PLANT & OFFI 211 633216687648(6)22,750 15
83,643 301,294 322,979 76,347 263,368(7)14Total For Administrative Expense:1,199,699 37,926
General Expense
CIP REBATES - RESIDENTIAL 0 2501,25025 (98)05,000 0
CIP REBATES - COMMERCIAL 0 001250(100)05000
CIP - MARKETING 0 005000(100)02,000 0
CIP - LABOR 0 006240(100)02,500 0
ENVIRONMENTAL COMPLIANCE 60 15847150058918 2712,000 430
MISC GENERAL EXPENSE 0 00620(100)02500
471 614 3,062 60 183(80)234Total For General Expense:12,250 430
Total Expenses(before Operating Transfers)
270,382 841,638327,028 1,027,358996,809 (3)184,002,091 155,171
Operating Transfer
Utilities & Labor Donated
WATER & LABOR DONATED TO CI 0 005000(100)02,000 0
Total Operating Transfer
0 0 500 0 0(100)0Total For Total Operating Transfer:2,000 0
(85,976)(227,759)(113,348)(481,218) Net Income Profit(Loss)(389,335)19 (71)62,821 (161,575)
93
94
95
96
March 2025 Financials
Report Highlights
8/13/2018
PRESENTED AT MEETING - 2025-5 - 5.1
2
March YTD Profit & Profit Margin %
Purpose: To show the overall health of the organization.
•YTD ERMU’s revenue is exceeding expenses by $530k
•Resulting in a profit margin of 4.61%
Profit & Profit Margins %
January 2025 – March 2025
$529,617
4.61%
Revenue Expense
$11,489,782 $10,960,165
PRESENTED AT MEETING - 2025-5 - 5.1
3
March YTD Actuals to Budget Comparison
Purpose: To illustrate the
combined net position
actuals versus budgeted
amounts.
•Overall, ERMU is
favorable to budget YTD
•ERMU has been
favorable to budget
each month except
February
PRESENTED AT MEETING - 2025-5 - 5.1
4
Accounts Receivable-Utility Aging 3/31/2025
Purpose: an overview of
outstanding payments from
customers and how long
they are past due.
•City services make up
$419k of total A/R balances
of $2.749M
•Over 90 days is only 2.9% of
total A/R compared to 91%
being current
GREEN
IS
GOOD!
PRESENTED AT MEETING - 2025-5 - 5.1
5
Accounts Receivable-Utility Aging 3/31/2025
Note: Electric and water accounts receivable
can be reviewed separately on the “Combined
Balance Sheet” provided in the packet.
PRESENTED AT MEETING - 2025-5 - 5.1
6
Electric Department – Purchased Power
Purpose: To illustrate trends in
purchased power costs.
•Purchased power 2025 YTD is
approximately 63% of total
expenses
•2025 YTD purchased power is
favorable to budget by 8%
•2025 is trending to be like 2024.
Note: YTD 2025 is $100k less
than 2024 due to lower EAC of
$262k partially offset by higher
usage.
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
Jan Feb Mar
Total Purchased Power Cost Including EAC
2021
2022
2023
2024
2025
PRESENTED AT MEETING - 2025-5 - 5.1
7
Electric Department – Electric Usage Sales
Purpose: To illustrate a 5-year
comparison in electric usage sales.
•Usage can vary greatly from year to
year with weather being a primary
factor.
•Electric kWh usage is 5.6% higher in
2025 as compared to 2024.
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
$3,500,000
$4,000,000
January February March
Monthly Electric Sales $
2021
2022
2023
2024
2025
PRESENTED AT MEETING - 2025-5 - 5.1
8
Water Department – Water Usage Sales
Purpose: To illustrate trends and
view comparisons in water usage
sales.
•Usage can vary greatly from year
to year based on a variety of
factors such as weather.
•The water sales graph highlights
both usage and revenue dollars.
•Water usage is up YTD 2.4% over
prior year.
•Revenue is up YTD 4.8% over
prior year due to increased
usage and rates.
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
0
20
40
60
80
100
120
Sales In DollarsSales in Million Gal.Month
Elk River Municipal Utilities Monthly Water Sales
2024 MG 2025 MG 2024 $2025 $
PRESENTED AT MEETING - 2025-5 - 5.1
Thank You!
Melissa Karpinski, CPA - Finance Manager
mkarpinski@ermumn.com
PRESENTED AT MEETING - 2025-5 - 5.1