5.1 ERMUSR 06-03-2025______________________________________________________________________________
Page 1 of 2
UTILITIES COMMISSION MEETING
TO:
ERMU Commission
FROM:
Melissa Karpinski – Finance Manager
MEETING DATE:
June 3, 2025
AGENDA ITEM NUMBER:
5.1
SUBJECT:
Financial Report – April 2025
ACTION REQUESTED:
Receive the April 2025 Financial Report
DISCUSSION:
Please note that these are the preliminary unaudited financial statements.
Electric
April year to date (YTD) electric kWh sales are up 5% from the prior year. For further
breakdown:
• Residential usage is up 8%
• Small Commercial usage is up 6%
• Large Commercial usage is up 3%
For April 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
April YTD gallons of water sold are up 2% from the prior year. For further breakdown:
• Residential use is up 1%
• Commercial use is up 2%
For April 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 4.2025
• Electric Balance Sheet 4.2025
• Water Balance Sheet 4.2025
• Summary Electric Statement of Revenues, Expenses and Changes in Net Position 4.2025
• Summary Water Statement of Revenues, Expenses and Changes in Net Position 4.2025
• Graphs Prior Year and YTD 2025
• Detailed Electric Statement of Revenues, Expenses and Changes in Net Position 4.2025
143
______________________________________________________________________________
Page 2 of 2
• Detailed Water Statement of Revenues, Expenses and Changes in Net Position 4.2025
• Budget vs Actual Graphs – Electric and Water 4.2025
144
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
COMBINED BALANCE SHEET
FOR PERIOD ENDING APRIL 2025
ELECTRIC WATER
ASSETS
CURRENT ASSETS
CASH 5,264,4693,869,563
ACCOUNTS RECEIVABLE 5,096,6872,173,262
INVENTORIES 51,5352,323,741
PREPAID ITEMS 58,144252,860
CONSTRUCTION IN PROGRESS 190,8141,054,678
TOTAL CURRENT ASSETS 10,661,6509,674,104
RESTRICTED ASSETS
BOND RESERVE FUND 01,779,016
EMERGENCY RESERVE FUND 4,255,7827,509,365
UNRESTRICTED RESERVE FUND 00
TOTAL RESTRICTED ASSETS 4,255,7829,288,381
FIXED ASSETS
PRODUCTION 17,177,471795,920
LFG PROJECT 00
TRANSMISSION 02,305,024
DISTRIBUTION 30,835,17354,815,768
GENERAL 1,614,92625,593,777
FIXED ASSETS (COST)49,627,57083,510,488
LESS ACCUMULATED DEPRECIATION (24,372,723)(37,629,086)
TOTAL FIXED ASSETS, NET 25,254,84845,881,402
INTANGIBLE ASSETS
POWER AGENCY MEMBERSHIP BUY-IN 021,546,212
LOSS OF REVENUE INTANGIBLE 07,169,412
LESS ACCUMULATED AMORTIZATION 0(4,397,406)
TOTAL INTANGIBLE ASSETS, NET 024,318,218
OTHER ASSETS AND DEFERRED OUTFLOWS 61,420322,181
TOTAL ASSETS 40,233,70089,484,286
LIABILITIES AND FUND EQUITY
CURRENT LIABILITIES
ACCOUNTS PAYABLE 330,2484,434,995
SALARIES AND BENEFITS PAYABLE 155,8601,118,333
DUE TO CITY 2,954946,405
DUE TO OTHER FUNDS 00
NOTES PAYABLE-CURRENT PORTION 00
BONDS PAYABLE-CURRENT PORTION 65,000480,000
UNEARNED REVENUE 188,23412,880
TOTAL CURRENT LIABILITIES 742,2966,992,613
LONG TERM LIABILITIES
OPEB LIABILITY 00
LFG PROJECT 00
DUE TO COUNTY 00
DUE TO CITY 00
BONDS PAYABLE, LESS CURRENT PORTION 1,488,07827,190,446
PENSION LIABILITIES 328,9841,708,036
TOTAL LONG TERM LIABILITIES 1,817,06228,898,482
TOTAL LIABILITIES 2,559,35835,891,095
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)(466,502)983,427
TOTAL FUND EQUITY 32,985,25652,386,216
TOTAL LIABILITIES & FUND EQUITY 40,233,70089,484,286
145
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
ELECTRIC BALANCE SHEET
Current Month
Change from
Prior MonthApril 30, 2025 March 31, 2025
ASSETS
CURRENT ASSETS
CASH 3,869,563 3,416,766 452,797
ACCOUNTS RECEIVABLE 2,173,262 2,734,264 (561,002)
INVENTORIES 2,323,741 2,279,871 43,870
PREPAID ITEMS 252,860 262,711 (9,851)
CONSTRUCTION IN PROGRESS 1,054,678 958,531 96,147
TOTAL CURRENT ASSETS 9,674,104 9,652,144 21,960
RESTRICTED ASSETS
BOND RESERVE FUND 1,779,016 1,779,016 0
EMERGENCY RESERVE FUND 7,509,365 7,477,735 31,630
TOTAL RESTRICTED ASSETS 9,288,381 9,256,750 31,630
FIXED ASSETS
PRODUCTION 795,920 795,920 0
TRANSMISSION 2,305,024 2,305,024 0
DISTRIBUTION 54,815,768 54,613,645 202,123
GENERAL 25,593,777 25,491,391 102,386
FIXED ASSETS (COST)83,510,488 83,205,979 304,509
LESS ACCUMULATED DEPRECIATION (37,629,086)(37,396,577)(232,509)
TOTAL FIXED ASSETS, NET 45,881,402 45,809,402 72,000
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 (4,397,406)(4,341,728)(55,678)
TOTAL INTANGIBLE ASSETS, NET 24,318,218 24,373,896 (55,678)
OTHER ASSETS AND DEFERRED OUTFLOWS 322,181 322,181 0
TOTAL ASSETS 89,484,286 89,414,373 69,913
LIABILITIES AND FUND EQUITY
CURRENT LIABILITIES
ACCOUNTS PAYABLE 4,434,995 4,438,394 (3,399)
SALARIES AND BENEFITS PAYABLE 1,118,333 1,184,864 (66,531)
DUE TO CITY 946,405 864,440 81,965
BONDS PAYABLE-CURRENT PORTION 480,000 480,000 0
UNEARNED REVENUE 12,880 14,490 (1,610)
TOTAL CURRENT LIABILITIES 6,992,613 6,982,187 10,426
LONG TERM LIABILITIES
BONDS PAYABLE, LESS CURRENT PORTION 27,190,446 27,195,434 (4,989)
PENSION LIABILITIES 1,708,036 1,708,036 0
TOTAL LONG TERM LIABILITIES 28,898,482 28,903,470 (4,989)
TOTAL LIABILITIES 35,891,095 35,885,658 5,437
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)983,427 918,952 64,475
TOTAL FUND EQUITY 52,386,216 52,321,741 64,475
TOTAL LIABILITIES & FUND EQUITY 89,484,286 89,414,373 69,913
146
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
WATER BALANCE SHEET
Current Month
Change from
Prior MonthApril 30, 2025 March 31, 2025
ASSETS
CURRENT ASSETS
CASH 5,264,469 5,383,185 (118,716)
ACCOUNTS RECEIVABLE 5,096,687 5,056,696 39,991
INVENTORIES 51,535 50,508 1,028
PREPAID ITEMS 58,144 62,369 (4,225)
CONSTRUCTION IN PROGRESS 190,814 172,759 18,056
TOTAL CURRENT ASSETS 10,661,650 10,725,517 (63,867)
RESTRICTED ASSETS
EMERGENCY RESERVE FUND 4,255,782 4,247,874 7,908
TOTAL RESTRICTED ASSETS 4,255,782 4,247,874 7,908
FIXED ASSETS
PRODUCTION 17,177,471 17,177,471 0
DISTRIBUTION 30,835,173 30,835,173 0
GENERAL 1,614,926 1,548,813 66,113
FIXED ASSETS (COST)49,627,570 49,561,458 66,113
LESS ACCUMULATED DEPRECIATION (24,372,723)(24,257,095)(115,628)
TOTAL FIXED ASSETS, NET 25,254,848 25,304,363 (49,515)
INTANGIBLE ASSETS
OTHER ASSETS AND DEFERRED OUTFLOWS 61,420 61,420 0
TOTAL ASSETS 40,233,700 40,339,174 (105,474)
LIABILITIES AND FUND EQUITY
CURRENT LIABILITIES
ACCOUNTS PAYABLE 330,248 347,316 (17,069)
SALARIES AND BENEFITS PAYABLE 155,860 167,535 (11,675)
DUE TO CITY 2,954 1,963 991
BONDS PAYABLE-CURRENT PORTION 65,000 65,000 0
UNEARNED REVENUE 188,234 188,234 0
TOTAL CURRENT LIABILITIES 742,296 770,049 (27,753)
LONG TERM LIABILITIES
BONDS PAYABLE, LESS CURRENT PORTION 1,488,078 1,488,632 (554)
PENSION LIABILITIES 328,984 328,984 0
TOTAL LONG TERM LIABILITIES 1,817,062 1,817,616 (554)
TOTAL LIABILITIES 2,559,358 2,587,665 (28,307)
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)(466,502)(389,335)(77,167)
TOTAL FUND EQUITY 32,985,256 33,062,423 (77,167)
TOTAL LIABILITIES & FUND EQUITY 40,233,700 40,339,174 (105,474)
147
202520252025 YTD 202520242024 YTDVariance YTD Budget ANNUALVARIANCEItemElectricBUDGET VarianceBUDGET2,899,906 12,029,536 12,241,743 (212,207) (2) 41,085,728 2,660,977 11,307,750 721,785 6294,274 1,263,981 1,206,651 57,330 5 4,073,730 261,015 1,126,742 137,239 1215,020 72,108 74,728 (2,620) (4) 231,863 14,535 66,733 5,375 819,188 90,830 88,361 2,468 3 281,987 17,779 79,378 11,451 1423,887 93,538 87,000 6,538 8 261,000 21,723 86,852 6,686 8400 1,600 1,6000 0 4,800400 1,6000 03,252,675 13,551,591 13,700,083 (148,492) (1) 45,939,108 2,976,428 12,669,055 882,536 749,798 167,450 116,667 50,783 44 350,000 (2,825) 44,897 122,553 273 (1)25,388 89,430 95,000 (5,570) (6) 285,000 21,216 81,992 7,438 910,730 41,468 50,000 (8,532) (17) 150,000 7,855 124,726 (83,258) (67) (2)57,371 428,330 315,000 113,330 36 972,500 95,625 482,232 (53,903) (11) (3)143,287 726,678 576,667 150,011 26 1,757,500 121,871 733,848 (7,170) (1)3,395,962 14,278,269 14,276,750 1,519 0 47,696,608 3,098,299 13,402,903 875,366 72,222,578 8,452,683 8,729,321 (276,638) (3) 30,599,628 2,016,891 8,347,249 105,434 125,206 110,682 135,467 (24,785) (18) 341,000 22,106 102,937 7,745 82,701 11,078 25,333 (14,255) (56) 76,000 5,150 20,629 (9,550) (46)69,668 206,474 173,833 32,641 19 521,500 54,558 182,950 23,524 13 (4)99,278 660,600 832,833 (172,233) (21) 2,144,500 166,316 745,654 (85,053) (11) (5)288,187 1,149,822 1,113,184 36,638 3 3,339,552 275,536 1,100,251 49,571 561,983 249,206 249,2060 0 735,069 65,175 261,936 (12,729) (5)4,310 35,674 21,133 14,540 69 482,400 5,050 23,858 11,816 5034,654 136,458 156,667 (20,209) (13) 470,000 34,742 132,989 3,469 3350,140 1,571,854 1,682,954 (111,100) (7) 4,783,849 314,498 1,435,539 136,315 936,716 148,028 213,267 (65,238) (31) 639,800 49,511 167,582 (19,554) (12) (6)3,195,419 12,732,560 13,333,198 (600,639) (5) 44,133,298 3,009,533 12,521,573 210,987 2116,744 484,130 489,670 (5,539) (1) 1,643,429 107,140 455,114 29,017 619,323 78,151 88,333 (10,182) (12) 265,000 17,738 73,003 5,149 7136,067 562,282 578,003 (15,721) (3) 1,908,429 124,878 528,116 34,166 664,475 983,427 365,548 617,879 169 1,654,881 (36,112) 353,213 630,214 178ItemVariance 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)(6) YTD budget variance is mainly due to timing of commercial rebates and admin expense as these are an even budget spread.YTD budget variance is mainly due to less Tree Trimming expense than budgeted and Mtce of Substation Equipment, Mtce of Primary, and Mtce of Meters timing as these are an even budget 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 due to Misc Distribution expense timing as budget is an even spread (labor and clothing).ELK RIVER MUNICIPAL UTILITIESELK RIVER, MINNESOTASTATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITIONFOR PERIOD ENDING APRIL 20252025 YTD Bud Var%2024 v. 2025 Actual Var%APRIL YTDAPRIL YTDRevenueOperating Revenue Elk River Otsego Interest/Dividend Income Rural Big Lake Dayton148
202520252025 YTD 202520242024 YTDVariance YTD Budget ANNUALVARIANCEItemWaterBUDGET VarianceBUDGET148,336 612,248 578,242 34,005 6 3,143,314 143,057 585,626 26,622 5148,336 612,248 578,242 34,005 6 3,143,314 143,057 585,626 26,622 513,441 45,987 50,333 (4,347) (9) 151,000 1,052 19,046 26,941 141(1)3,065 9,920 9,333587 6 28,000925 6,538 3,382 5274,233 174,068 106,167 67,901 64 318,500 31,288 175,220 (1,152) (1)(2)975 5,302 5,200102 2 426,100975 4,746556 1291,714 235,278 171,033 64,244 38 923,600 34,240 205,550 29,727 14240,050 847,525 749,276 98,249 13 4,066,914 177,297 791,176 56,349 714,824 45,260 45,000260 1 135,000 8,554 42,829 2,431 650,491 196,937 224,050 (27,113) (12) 672,150 58,438 183,049 13,888 840,566 179,327 168,900 10,427 6 459,660 28,187 113,516 65,811 58(3)115,628 462,015 441,955 20,060 5 1,325,866 100,576 403,240 58,775 152,712 10,850 10,8500 0 31,466 2,912 11,650(800) (7)52239250(11) (4) 60,750121484(245) (51)8,321 32,867 35,083 (2,217) (6) 105,250 7,237 29,344 3,523 1283,852 385,146 412,725 (27,579) (7) 1,199,700 71,177 334,545 50,601 15(4)771 1,386 4,083 (2,697) (66) 12,250789973413 42317,217 1,314,027 1,342,897 (28,869) (2) 4,002,092 277,990 1,119,629 194,398 1700667(667) (100) 2,000000000667(667) (100) 2,0000000(77,167) (466,502) (594,288) 127,786 22 62,822 (100,693) (328,453) (138,049) (42)ItemVariance of +/- $15,000 and +/- 15%(1) YTD variance is mainly due to more funds being invested with UBS and change in Fair Market Value.(2) YTD variance is due to connection fees being budgeted conservatively.(3)PYTD variance is mainly due to two large watermain repairs in 2025.(4)PYTD variance is mainly due to consulting (Cty Rd 44, Power Plant, Scada, Service Line Inventory), and Salaries (Comp Study change and COLA), Medical Insurance, and Sick Pay (change in accrual).ELK RIVER MUNICIPAL UTILITIESELK RIVER, MINNESOTASTATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITIONFOR PERIOD ENDING APRIL20252025 YTD Bud Var%2024 v. 2025 Actual Var%APRIL YTD APRIL 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 Transfer149
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
150
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
151
-
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
152
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
153
$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 $
154
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FOR PERIOD ENDING APRIL 2025
2025
APRIL
2024
APRIL
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 894,891 4,055,078897,025 4,286,5524,352,396 2 714,008,158 297,317
ELECT SALES - ELK RIVER NON-D 243,006 1,064,010241,903 1,120,8541,122,566 0 63,561,584 58,555
ELECT SALES - ELK RIVER DEMA 1,253,818 5,152,1421,296,962 5,320,7325,259,739 (1)218,661,634 107,597
PCA SALES REVENUE - ELK RIVE 80,403 327,145136,406 482,982424,111 (12)301,522,421 96,965
PCA SALES REVENUE - ELK RIVE 24,218 97,24240,721 138,151120,045 (13)23423,421 22,803
PCA SALES REVENUE - ELK RIVE 164,638 612,130286,887 892,469750,676 (16)232,908,507 138,545
2,899,906 12,029,535 12,241,742 2,660,976 11,307,750(2)6Total For Elk River:41,085,728 721,785
Otsego
ELECT SALES - OTSEGO RESIDEN 102,049 455,990102,283 467,870487,586 4 71,546,756 31,595
ELECT SALES - OTSEGO NON-DEM 30,631 133,58634,707 132,713154,328 16 16499,327 20,741
ELECT SALES - OTSEGO DEMAND 102,890 438,762111,706 462,387488,329 6 111,587,577 49,566
PCA SALES REVENUE - OTSEGO R 9,038 35,82115,300 54,25347,346 (13)32168,103 11,525
PCA SALES REVENUE - OTSEGO N 3,096 11,9866,064 16,86117,322 3 4546,753 5,335
PCA SALES REVENUE - OTSEGO D 13,307 50,59324,211 72,56469,067 (5)37225,212 18,473
294,274 1,263,980 1,206,651 261,014 1,126,7425 12Total For Otsego:4,073,730 137,238
Rural Big Lake
ELECT SALES - BIG LAKE RESIDE 13,163 61,11212,860 66,02664,964 (2)6199,359 3,851
ELECT SALES - BIG LAKE NON-DE 164 671164758672(11)04,810 1
PCA SALES REVENUE - BIG LAKE 1,199 4,9181,982 6,7426,432 (5)3121,666 1,514
PCA SALES REVENUE - BIG LAKE 8 29131,20037 (97)236,026 7
15,020 72,107 74,727 14,535 66,732(4)8Total For Rural Big Lake:231,863 5,375
Dayton
ELECT SALES - DAYTON RESIDEN 13,631 61,67413,885 66,47870,025 5 14212,063 8,351
ELECT SALES - DAYTON NON-DE 2,703 11,9472,798 12,83512,768 (1)740,465 820
PCA SALES REVENUE - DAYTON R 1,203 4,8032,078 7,0476,754 (4)4123,047 1,950
PCA SALES REVENUE - DAYTON 239 9524252,0001,281 (36)356,410 328
19,187 90,829 88,361 17,778 79,3783 14Total For Dayton:281,986 11,451
Public St & Hwy Lighting
ELECT SALES - SEC LTS 21,723 86,85223,886 87,00093,537 8 8261,000 6,685
23,886 93,537 87,000 21,723 86,8528 8Total For Public St & Hwy Lighting:261,000 6,685
Other Electric Sales
SUB-STATION CREDIT 400 1,6004001,6001,600 0 04,800 0
155
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FOR PERIOD ENDING APRIL 2025
2025
APRIL
2024
APRIL
2025
YTD
2024
YTD
2025
YTD
BUDGET
2025 YTD
Bud Var%
2024 v. 2025
Actual Var%
YTD
VARIANCE
2025
ANNUAL
BUDGETElectric
400 1,600 1,600 400 1,6000 0Total For Other Electric Sales:4,800 0
Total Operating Revenue
2,976,428 12,669,0553,252,674 13,700,08213,551,591 (1)745,939,108 882,535
Other Operating Revenue
Interest/Dividend Income
INTEREST & DIVIDEND INCOME (2,825)44,89749,798 116,666167,449 44 273350,000 122,552
49,798 167,449 116,666 (2,825)44,89744 273Total For Interest/Dividend Income:350,000 122,552
Customer Penalties
CUSTOMER DELINQUENT PENALT 21,215 81,99225,387 95,00089,430 (6)9285,000 7,438
25,387 89,430 95,000 21,215 81,992(6)9Total For Customer Penalties:285,000 7,438
Connection Fees
DISCONNECT & RECONNECT CHA 7,855 124,72610,730 50,00041,468 (17)(67)150,000 (83,258)
10,730 41,468 50,000 7,855 124,726(17)(67)Total For Connection Fees:150,000 (83,258)
Misc Revenue
MISC ELEC REVENUE - TEMP CHG 220 8802208332,640 217 2002,500 1,760
STREET LIGHT 0 12,60002,5000 (100)(100)10,000 (12,600)
TRANSMISSION INVESTMENTS 41,060 187,49243,382 200,000200,843 0 7600,000 13,350
MISC NON-UTILITY 9,222 36,89513,767 36,66633,161 (10)(10)110,000 (3,733)
GAIN ON DISPOSITION OF PROPER 0 00022,755 0 025,000 22,755
CONTRIBUTIONS FROM CUSTOME 45,122 244,364075,000168,929 125 (31)225,000 (75,435)
57,370 428,329 315,000 95,625 482,23236 (11)Total For Misc Revenue:972,500 (53,902)
Total Other Revenue
121,870 733,847143,286 576,666726,677 26 (1)1,757,500 (7,169)
143,286 726,677 576,666 121,870 733,84726 (1)Total For Total Other Revenue:1,757,500 (7,169)
3,098,298 13,402,9023,395,961 14,276,749 Total Revenue 14,278,268 0 747,696,608 875,366
Expenses
Purchased Power
PURCHASED POWER 1,476,514 6,199,1101,501,726 6,446,0246,386,279 (1)323,315,290 187,168
ENERGY ADJUSTMENT CLAUSE 540,376 2,148,137720,851 2,283,2962,066,403 (9)(4)7,284,337 (81,734)
2,222,578 8,452,682 8,729,320 2,016,891 8,347,248(3)1Total For Purchased Power:30,599,628 105,433
Operating & Mtce Expense
OPERATING SUPERVISION 12,255 46,53313,949 50,00053,100 6 14150,000 6,566
NATURAL GAS 1,011 11,0291,149 18,30014,783 (19)3430,000 3,754
ELECTRIC & WATER CONSUMPTI 4,229 20,2345,245 22,50022,600 0 1265,000 2,366
156
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FOR PERIOD ENDING APRIL 2025
2025
APRIL
2024
APRIL
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 1,554 4,8952,083 5,0003,119 (38)(36)15,000 (1,775)
MISC POWER GENERATION EXPE 0 485345333696109 441,000 211
MAINTENANCE OF STRUCTURE -1,491 3,3466536,6665,862 (12)7520,000 2,515
MTCE OF PLANT ENGINES/GENER 552 2,1183801,666678 (59)(68)5,000 (1,440)
MTCE OF PLANT/LAND IMPROVE 1,009 14,2931,398 31,0009,840 (68)(31)55,000 (4,452)
25,205 110,681 135,466 22,106 102,936(18)8Total For Operating & Mtce Expense:341,000 7,745
Transmission Expense
TRANSMISSION MTCE AND EXPE 5,149 20,6282,700 25,33311,078 (56)(46)76,000 (9,550)
2,700 11,078 25,333 5,149 20,628(56)(46)Total For Transmission Expense:76,000 (9,550)
Distribution Expense
REMOVE EXISTING SERVICE & M 0 0325666492(26)02,000 492
SCADA EXPENSE 2,952 13,5915,367 20,00019,123 (4)4160,000 5,531
TRANSFORMER EXPENSE OH & U 1,127 5,7861,417 8,3334,808 (42)(17)25,000 (977)
MTCE OF SIGNAL SYSTEMS 0 3491181,000340 (66)(3)3,000 (9)
METER EXPENSE - REMOVE & RE 0 241050072645 2021,500 485
TEMP SERVICE - INSTALL & REM 112 22203,3331,695 (49)66410,000 1,473
MISC DISTRIBUTION EXPENSE 50,366 162,76062,439 140,000179,287 28 10420,000 16,526
69,667 206,474 173,833 54,558 182,95019 13Total For Distribution Expense:521,500 23,523
Maintenance Expense
MTCE OF STRUCTURES 8,488 28,2365,495 30,66634,994 14 2492,000 6,758
MTCE OF SUBSTATIONS 0 6,40233015,0001,405 (91)(78)45,000 (4,997)
MTCE OF SUBSTATION EQUIPME 23,838 52,9614,450 50,00017,327 (65)(67)150,000 (35,634)
MTCE OF OH LINES/TREE TRIM 21,068 205,33015,568 218,000152,256 (30)(26)300,000 (53,073)
MTCE OF OH LINES/STANDBY 4,039 14,3173,209 16,66614,363 (14)050,000 46
MTCE OF OH PRIMARY 5,761 45,712(40,922)63,33316,530 (74)(64)190,000 (29,181)
MTCE OF URD PRIMARY 33,369 65,26244,837 100,000131,026 31 101300,000 65,764
LOCATE ELECTRIC LINES 8,662 25,59912,967 41,66627,033 (35)6125,000 1,434
LOCATE FIBER LINES 70 473513833780(6)652,500 306
MTCE OF LINE TRANSFORMERS 2,649 11,3363,716 25,00019,915 (20)7675,000 8,578
MTCE OF STREET LIGHTING 3,114 21,0645,160 23,00016,853 (27)(20)69,000 (4,210)
MTCE OF SECURITY LIGHTING 2,416 7,3236158,3337,194 (14)(2)25,000 (128)
MTCE OF METERS 7,474 26,6281,525 26,6664,521 (83)(83)80,000 (22,106)
VOLTAGE COMPLAINTS 777 1,8483674,0002,550 (36)3812,000 702
SALARIES TRANSMISSION & DIST 2,660 10,1473,287 12,00011,793 (2)1636,000 1,646
ELECTRIC MAPPING 10,114 82,75412,067 51,66656,061 9 (32)155,000 (26,692)157
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FOR PERIOD ENDING APRIL 2025
2025
APRIL
2024
APRIL
2025
YTD
2024
YTD
2025
YTD
BUDGET
2025 YTD
Bud Var%
2024 v. 2025
Actual Var%
YTD
VARIANCE
2025
ANNUAL
BUDGETElectric
FIBER MAPPING 0 005,0000 (100)015,000 0
MTCE OF OH SECONDARY 1,015 4,7452,412 7,6669,743 27 10523,000 4,997
MTCE OF URD SECONDARY 4,806 14,7948,506 25,00021,672 (13)4675,000 6,877
TRANSPORTATION EXPENSE 25,986 120,71415,167 108,333114,572 6 (5)325,000 (6,141)
99,277 660,600 832,833 166,315 745,653(21)(11)Total For Maintenance Expense:2,144,500 (85,053)
Depreciation & Amortization
DEPRECIATION 219,858 877,539232,509 890,471927,110 4 62,671,415 49,570
AMORTIZATION 55,677 222,71155,677 222,712222,711 0 0668,136 0
288,186 1,149,822 1,113,183 275,536 1,100,2513 5Total For Depreciation & Amortization:3,339,551 49,570
Interest Expense
INTEREST EXPENSE - BONDS 70,163 281,88966,971 269,160269,160 0 (5)794,932 (12,729)
AMORTIZATION OF DEBT DISCOU (4,988)(19,954)(4,988)(19,954)(19,954)0 0(59,863)0
61,982 249,206 249,206 65,174 261,9350 (5)Total For Interest Expense:735,069 (12,729)
Other Operating Expense
EV CHARGING EXPENSE 287 87418546675963 (13)1,400 (115)
LOSS ON DISPOSITION OF PROP (C 0 4,1050018,258 0 345160,000 14,152
OTHER DONATIONS 0 00666217(67)02,000 217
PENSION EXPENSE 0 00000 0259,000 0
INTEREST EXPENSE - METER DEP 4,761 18,8774,124 20,00016,438 (18)(13)60,000 (2,438)
4,309 35,673 21,133 5,049 23,85769 50Total For Other Operating Expense:482,400 11,815
Customer Accounts Expense
METER READING EXPENSE 3,263 12,3493,088 11,66612,035 3 (3)35,000 (314)
DISCONNECT/RECONNECT EXPEN 651 2,92303,33366 (98)(98)10,000 (2,857)
MISC CUSTOMER ACCOUNTS EXP 27,521 111,55230,824 133,333120,717 (9)8400,000 9,164
BAD DEBT EXPENSE & RECOVER 3,305 6,1637408,3333,639 (56)(41)25,000 (2,523)
34,653 136,458 156,666 34,741 132,988(13)3Total For Customer Accounts Expense:470,000 3,469
Administrative Expense
SALARIES OFFICE & COMMISSION 79,764 297,68585,828 361,666323,840 (10)91,085,000 26,154
TEMPORARY STAFFING 0 001,3330 (100)04,000 0
OFFICE SUPPLIES 5,976 28,7255,128 45,00024,711 (45)(14)135,000 (4,013)
ELECTRIC & WATER CONSUMPTI 2,138 8,3011,923 10,6667,439 (30)(10)32,000 (862)
BANK FEES 419 8632341,000932 (7)83,000 68
LEGAL FEES 1,526 3,8561,356 10,0004,663 (53)2130,000 806
AUDITING FEES 840 5,7601,720 6,8806,880 0 1920,640 1,120
INSURANCE 15,414 61,97614,853 65,00059,453 (9)(4)195,000 (2,522)
158
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FOR PERIOD ENDING APRIL 2025
2025
APRIL
2024
APRIL
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 10,388 60,14912,002 42,83362,063 45 3128,500 1,914
UTILITY SHARE - MEDICAL/DENT 59,897 366,22665,882 391,542380,280 (3)4942,322 14,053
UTILITY SHARE - PERA 25,049 98,52135,478 107,166114,075 6 16321,500 15,553
UTILITY SHARE - FICA 24,195 94,77335,027 105,166110,226 5 16315,500 15,453
EMPLOYEE SICK PAY 12,191 40,99417,913 68,00096,375 42 135204,000 55,380
EMPLOYEE HOLIDAY PAY 0 45,863048,52547,430 (2)3194,100 1,566
EMPLOYEE VACATION & PTO PA 21,614 125,66325,385 130,090138,544 6 10325,000 12,881
UPMIC DISTRIBUTION 0 29,968021,50018,105 (16)(40)86,000 (11,862)
LONGEVITY PAY 0 03,772 5,2465,245 0 09,945 5,245
CONSULTING FEES 8,248 25,56813,264 79,66634,484 (57)35239,000 8,916
TELEPHONE 2,917 11,6682,833 12,66611,383 (10)(2)38,000 (284)
ADVERTISING 482 4,5141,085 6,6664,490 (33)(1)20,000 (24)
DUES & SUBSCRIPTIONS - FEES 18,864 41,95611,640 50,66951,194 1 22152,009 9,238
SCHOOLS & MEETINGS 23,725 79,12013,942 108,00066,574 (38)(16)292,333 (12,546)
MTCE OF GENERAL PLANT & OFFI 845 3,3808653,6663,460 (6)211,000 80
350,139 1,571,853 1,682,954 314,498 1,435,539(7)9Total For Administrative Expense:4,783,849 136,314
General Expense
CIP REBATES - RESIDENTIAL 4,434 24,0446,860 30,25228,913 (4)2090,758 4,869
CIP REBATES - COMMERCIAL 4,646 21,2273,415 37,3337,744 (79)(64)112,000 (13,483)
CIP - ADMINISTRATION 12,482 49,33010,529 60,98845,154 (26)(8)182,965 (4,176)
CIP - MARKETING 14,429 23,0622,842 17,07817,105 0 (26)51,235 (5,957)
CIP - LABOR 8,549 35,2729,388 44,60735,833 (20)2133,822 561
CIP REBATES - LOW INCOME 1,602 1,60206,2400 (100)(100)18,720 (1,602)
CIP - LOW INCOME LABOR 828 3,1969353,3333,515 5 1010,000 319
ENVIRONMENTAL COMPLIANCE 2,617 10,2472,680 11,6669,822 (16)35,000 (424)
MISC GENERAL EXPENSE (81)(401)64 1,766(61)(104)
(4)
855,300 340
36,716 148,028 213,266 49,510 167,582(31)(12)Total For General Expense:639,800 (19,554)
Total Expenses(before Operating Transfers)
3,009,532 12,521,5733,195,419 13,333,19812,732,559 (5)244,133,298 210,986
Operating Transfer
Operating Transfer/Other Funds
TRANSFER TO CITY ELK RIVER R 107,140 455,113116,744 489,669484,130 (1)61,643,429 29,016
116,744 484,130 489,669 107,140 455,113(1)6Total For Operating Transfer/Other Funds:1,643,429 29,016
Utilities & Labor Donated
UTILITIES & LABOR DONATED TO 17,737 73,00219,322 88,33378,151 (12)7265,000 5,148
159
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FOR PERIOD ENDING APRIL 2025
2025
APRIL
2024
APRIL
2025
YTD
2024
YTD
2025
YTD
BUDGET
2025 YTD
Bud Var%
2024 v. 2025
Actual Var%
YTD
VARIANCE
2025
ANNUAL
BUDGETElectric
19,322 78,151 88,333 17,737 73,002(12)7Total For Utilities & Labor Donated:265,000 5,148
Total Operating Transfer
136,067 562,281 578,003 124,877 528,116(3)6Total For Total Operating Transfer:1,908,429 34,165
(36,111)353,21364,475 365,548 Net Income Profit(Loss)983,427 169 1781,654,880 630,214
160
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FOR PERIOD ENDING APRIL 2025
2025
APRIL
2024
APRIL
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 87,310 361,15389,860 358,062372,472 4 31,768,457 11,319
WATER SALES COMMERCIAL 52,769 216,38556,390 212,926232,570 9 71,024,735 16,185
WATER SALES IRRIGATION 2,977 8,0862,085 7,2537,204 (1)(11)350,120 (882)
148,336 612,247 578,242 143,057 585,6256 5Total For Water Sales:3,143,313 26,621
Total Operating Revenue
143,057 585,625148,336 578,242612,247 6 53,143,313 26,621
148,336 612,247 578,242 143,057 585,6256 5Total For Total Operating Revenue:3,143,313 26,621
Other Operating Revenue
Interest/Dividend Income
INTEREST & DIVIDEND INCOME 1,051 19,04613,440 50,00045,986 (8)141150,000 26,940
OTHER INTEREST/MISC REVENUE 0 003330(100)01,000 0
13,440 45,986 50,333 1,051 19,046(9)141Total For Interest/Dividend Income:151,000 26,940
Customer Penalties
CUSTOMER PENALTIES 925 6,5373,065 9,3339,920 6 5228,000 3,382
3,065 9,920 9,333 925 6,5376 52Total For Customer Penalties:28,000 3,382
Connection Fees
WATER/ACCESS/CONNECTION FE 28,800 155,03069,054 85,000148,254 74 (4)255,000 (6,776)
CUSTOMER CONNECTION FEES 2,487 9,3375,178 10,83317,872 65 9132,500 8,534
BULK WATER SALES/HYDRANT R 0 10,852010,3337,941 (23)(27)31,000 (2,910)
74,232 174,068 106,166 31,287 175,22064 (1)Total For Connection Fees:318,500 (1,152)
Misc Revenue
MISC NON-UTILITY 0 20033310842 1,455100290
GAIN ON DISPOSITION OF PROPER 0 00000 08,000 0
MISCELLANEOUS REVENUE 0 001661,091 554 05001,091
HYDRANT MAINTENANCE PROGR 975 4,7259755,0003,900 (22)(17)15,000 (825)
WATER TOWER LEASE 0 00000 0327,500 0
LEASE INTEREST REVENUE 0 00000 075,000 0
975 5,302 5,200 975 4,7452 12Total For Misc Revenue:426,100 556
Total Other Revenue
34,239 205,55091,714 171,033235,277 38 14923,600 29,727
91,714 235,277 171,033 34,239 205,55038 14Total For Total Other Revenue:923,600 29,727
161
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FOR PERIOD ENDING APRIL 2025
2025
APRIL
2024
APRIL
2025
YTD
2024
YTD
2025
YTD
BUDGET
2025 YTD
Bud Var%
2024 v. 2025
Actual Var%
YTD
VARIANCE
2025
ANNUAL
BUDGETWater
177,297 791,175240,050 749,275 Total Revenue 847,525 13 74,066,913 56,349
Expenses
Production Expense
MTCE OF STRUCTURES 8,553 42,82914,824 45,00045,260 1 6135,000 2,430
14,824 45,260 45,000 8,553 42,8291 6Total For Production Expense:135,000 2,430
Pumping Expense
SUPERVISION 6,270 23,0146,833 25,33326,302 4 1476,000 3,287
ELECTRIC & GAS UTILITIES 19,838 74,44223,192 103,33383,904 (19)13310,000 9,461
SAMPLING 2,290 5,7882,659 8,0507,536 (6)3024,150 1,748
CHEMICAL FEED 3,465 9,1723,084 16,66611,125 (33)2150,000 1,953
MTCE OF WELLS 11,285 54,48912,501 66,66662,889 (6)15200,000 8,400
SCADA - PUMPING 15,286 16,1402,218 4,0005,178 29 (68)12,000 (10,962)
50,491 196,937 224,050 58,437 183,048(12)8Total For Pumping Expense:672,150 13,888
Distribution Expense
MTCE OF WATER MAINS 8,738 16,39510,243 58,33364,937 11 296175,000 48,541
LOCATE WATER LINES 1,241 4,2332,071 6,6664,848 (27)1520,000 614
MTCE OF WATER SERVICES 0 001660(100)05000
WATER METER SERVICE 3,421 14,5707,727 23,33329,334 26 10170,000 14,764
BACKFLOW DEVICE INSPECTION 1,402 5,5221,229 5,4005,127 (5)(7)23,160 (394)
MTCE OF CUSTOMERS SERVICE 2,641 10,8472,770 11,66611,295 (3)435,000 447
WATER MAPPING 1,232 9,1347505,66614,454 155 5817,000 5,319
FIBER MAPPING 0 005,0000 (100)015,000 0
MTCE OF WATER HYDRANTS - PU 1,532 12,4427217,3337,855 7 (37)22,000 (4,587)
MTCE OF WATER HYDRANTS - PR 0 66302,0000 (100)(100)6,000 (663)
WATER CLOTHING/PPE 3,788 4,3656,367 5,0007,284 46 6715,000 2,918
WAGES WATER 707 2,7187223,3332,958 (11)910,000 239
TRANSPORTATION EXPENSE 3,480 6,3647,617 8,00010,847 36 7024,000 4,483
WATER PERMIT 0 26,25534527,00020,382 (25)(22)27,000 (5,873)
40,565 179,327 168,900 28,186 113,5166 58Total For Distribution Expense:459,660 65,811
Depreciation & Amortization
DEPRECIATION 100,575 403,239115,627 441,955462,014 5 151,325,865 58,775
115,627 462,014 441,955 100,575 403,2395 15Total For Depreciation & Amortization:1,325,865 58,775
Interest Expense
INTEREST EXPENSE - BONDS 3,466 13,8663,266 13,06613,066 0 (6)38,117 (800)
AMORTIZATION OF DEBT DISCOU (554)(2,216)(554)(2,217)(2,216)0 0(6,651)0
162
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FOR PERIOD ENDING APRIL 2025
2025
APRIL
2024
APRIL
2025
YTD
2024
YTD
2025
YTD
BUDGET
2025 YTD
Bud Var%
2024 v. 2025
Actual Var%
YTD
VARIANCE
2025
ANNUAL
BUDGETWater
2,712 10,849 10,849 2,912 11,6490 (7)Total For Interest Expense:31,466 (800)
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 48352250208(17)(57)750 (275)
52 238 250 120 483(4)(51)Total For Other Operating Expense:60,750 (244)
Customer Accounts Expense
METER READING EXPENSE 171 6535772,3332,242 (4)2437,000 1,589
MISC CUSTOMER ACCOUNTS EXP 7,066 28,6907,742 32,66630,623 (6)798,000 1,933
BAD DEBT EXPENSE & RECOVER 0 00830(100)02500
8,320 32,866 35,083 7,237 29,344(6)12Total For Customer Accounts Expense:105,250 3,522
Administrative Expense
SALARIES OFFICE & COMMISSION 23,384 87,22328,925 96,00099,087 3 14288,000 11,863
TEMPORARY STAFFING 0 003330(100)01,000 0
OFFICE SUPPLIES 1,375 6,0281,384 10,0007,238 (28)2030,000 1,210
ELECTRIC & WATER CONSUMPTI 534 2,0764812,3331,860 (20)(10)7,000 (215)
BANK FEES 104 221582332383 870017
LEGAL FEES 381 9353391,6661,165 (30)255,000 230
AUDITING FEES 756 1,9864302,2332,266 1 146,700 279
INSURANCE 3,460 13,9213,480 14,66613,942 (5)044,000 21
UTILITY SHARE - DEFERRED COM 2,141 9,5092,225 8,03310,193 27 724,100 683
UTILITY SHARE - MEDICAL/DENT 14,703 84,05916,977 104,90292,358 (12)10269,977 8,299
UTILITY SHARE - PERA 4,824 18,9686,816 22,83322,021 (4)1668,500 3,052
UTILITY SHARE - FICA 4,659 18,3537,097 22,00021,702 (1)1866,000 3,348
EMPLOYEE SICK PAY 2,016 8,9832,982 11,66616,647 43 8535,000 7,664
EMPLOYEE HOLIDAY PAY 0 7,401010,3819,413 (9)2741,525 2,011
EMPLOYEE VACATION & PTO PA 3,479 23,1094,520 26,72726,877 1 1666,000 3,768
UPMIC DISTRIBUTION 0 5,83404,6253,642 (21)(38)18,500 (2,191)
WELLHEAD PROTECTION 0 006800(100)02,000 0
LONGEVITY PAY 0 077156155(1)02,130 155
CONSULTING FEES 2,207 6,6824,392 19,13320,665 8 20957,400 13,983
TELEPHONE 648 2,7757022,5002,615 5 (6)7,500 (159)
ADVERTISING 392 1,3222711,6661,483 (11)125,000 160
DUES & SUBSCRIPTIONS - FEES 3,381 20,9441,790 25,46122,407 (12)789,961 1,462163
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FOR PERIOD ENDING APRIL 2025
2025
APRIL
2024
APRIL
2025
YTD
2024
YTD
2025
YTD
BUDGET
2025 YTD
Bud Var%
2024 v. 2025
Actual Var%
YTD
VARIANCE
2025
ANNUAL
BUDGETWater
SCHOOLS & MEETINGS 2,513 13,36368323,5758,298 (65)(38)60,956 (5,064)
MTCE OF GENERAL PLANT & OFFI 211 844216916864(6)22,750 20
83,851 385,146 412,724 71,176 334,544(7)15Total For Administrative Expense:1,199,699 50,601
General Expense
CIP REBATES - RESIDENTIAL 0 2501,66625 (99)05,000 0
CIP REBATES - COMMERCIAL 0 001660(100)05000
CIP - MARKETING 728 72806660(100)(100)2,000 (728)
CIP - LABOR 0 008330(100)02,500 0
ENVIRONMENTAL COMPLIANCE 60 2197716661,360 104 5192,000 1,141
MISC GENERAL EXPENSE 0 00830(100)02500
771 1,385 4,083 789 972(66)42Total For General Expense:12,250 412
Total Expenses(before Operating Transfers)
277,990 1,119,628317,217 1,342,8961,314,027 (2)174,002,091 194,398
Operating Transfer
Utilities & Labor Donated
WATER & LABOR DONATED TO CI 0 006660(100)02,000 0
Total Operating Transfer
0 0 666 0 0(100)0Total For Total Operating Transfer:2,000 0
(100,693)(328,452)(77,166)(594,287) Net Income Profit(Loss)(466,502)22 (42)62,821 (138,049)
164
165
166
167
April 2025 Financials
Report Highlights
6/3/2025
PRESENTED AT MEETING - 2025-6 - 5.1
2
April YTD Profit & Profit Margin %
Purpose: To show the overall health of the organization.
•YTD ERMU’s revenue is exceeding expenses by $517k
•Resulting in a profit margin of 3.42%
Profit & Profit Margins %
January 2025 – April 2025
$516,925
3.42%
Revenue Expense
$15,125,794 $14,608,869
PRESENTED AT MEETING - 2025-6 - 5.1
3
April 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 - 2025-6 - 5.1
4
Accounts Receivable-Utility Aging 4/30/2025
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 - 2025-6 - 5.1
5
Accounts Receivable-Utility Aging 4/30/2025
Note: Electric and water accounts receivable
can be reviewed separately on the “Combined
Balance Sheet” provided in the packet.
PRESENTED AT MEETING - 2025-6 - 5.1
6
Electric Department – Purchased Power
Purpose: To illustrate trends in
purchased power costs.
•Purchased power 2025 YTD is
approximately 64% of total
expenses
•2025 YTD purchased power is
favorable to budget by 3%
•2025 is trending to be like 2024.
Note: YTD 2025 is $105k more
than 2024 due to higher usage
partially offset by lower EAC
charges.
PRESENTED AT MEETING - 2025-6 - 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 4.9% higher in
2025 as compared to 2024.
PRESENTED AT MEETING - 2025-6 - 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% over
prior year.
•Revenue is up YTD 4.5% over
prior year due to increased
usage and rates.
PRESENTED AT MEETING - 2025-6 - 5.1
Thank You!
Melissa Karpinski, CPA - Finance Manager
mkarpinski@ermumn.com
PRESENTED AT MEETING - 2025-6 - 5.1