5.1 ERMUSR 07-08-2025______________________________________________________________________________
Page 1 of 2
UTILITIES COMMISSION MEETING
TO:
ERMU Commission
FROM:
Melissa Karpinski – Finance Manager
MEETING DATE:
July 8, 2025
AGENDA ITEM NUMBER:
5.1
SUBJECT:
Financial Report – May 2025
ACTION REQUESTED:
Receive the May 2025 Financial Report
DISCUSSION:
Please note that these are the preliminary unaudited financial statements.
Electric
May year to date (YTD) electric kWh sales are up 5% from the prior year. For further
breakdown:
• Residential usage is up 7%
• Small Commercial usage is up 5%
• Large Commercial usage is up 3%
For May 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
May YTD gallons of water sold are up 7% from the prior year. For further breakdown:
• Residential use is up 9%
• Commercial use is up 6%
For May 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 5.2025
• Electric Balance Sheet 5.2025
• Water Balance Sheet 5.2025
• Summary Electric Statement of Revenues, Expenses and Changes in Net Position 5.2025
• Summary Water Statement of Revenues, Expenses and Changes in Net Position 5.2025
• Graphs Prior Year and YTD 2025
• Detailed Electric Statement of Revenues, Expenses and Changes in Net Position 5.2025
47
______________________________________________________________________________
Page 2 of 2
• Detailed Water Statement of Revenues, Expenses and Changes in Net Position 5.2025
• Budget vs Actual Graphs – Electric and Water 5.2025
48
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
COMBINED BALANCE SHEET
FOR PERIOD ENDING MAY 2025
ELECTRIC WATER
ASSETS
CURRENT ASSETS
CASH 5,251,7323,532,425
ACCOUNTS RECEIVABLE 5,114,0412,883,269
INVENTORIES 48,6172,337,096
PREPAID ITEMS 51,676223,835
CONSTRUCTION IN PROGRESS 199,9911,194,065
TOTAL CURRENT ASSETS 10,666,05710,170,690
RESTRICTED ASSETS
BOND RESERVE FUND 01,779,016
EMERGENCY RESERVE FUND 4,262,0907,534,597
UNRESTRICTED RESERVE FUND 00
TOTAL RESTRICTED ASSETS 4,262,0909,313,613
FIXED ASSETS
PRODUCTION 17,177,471795,920
LFG PROJECT 00
TRANSMISSION 02,305,024
DISTRIBUTION 30,835,17354,925,596
GENERAL 1,615,53725,605,389
FIXED ASSETS (COST)49,628,18283,631,928
LESS ACCUMULATED DEPRECIATION (24,487,959)(37,861,914)
TOTAL FIXED ASSETS, NET 25,140,22345,770,014
INTANGIBLE ASSETS
POWER AGENCY MEMBERSHIP BUY-IN 021,546,212
LOSS OF REVENUE INTANGIBLE 07,169,412
LESS ACCUMULATED AMORTIZATION 0(4,453,084)
TOTAL INTANGIBLE ASSETS, NET 024,262,540
OTHER ASSETS AND DEFERRED OUTFLOWS 61,420322,181
TOTAL ASSETS 40,129,79089,839,038
LIABILITIES AND FUND EQUITY
CURRENT LIABILITIES
ACCOUNTS PAYABLE 270,5744,628,547
SALARIES AND BENEFITS PAYABLE 164,4301,176,759
DUE TO CITY 2,884785,765
DUE TO OTHER FUNDS 00
NOTES PAYABLE-CURRENT PORTION 00
BONDS PAYABLE-CURRENT PORTION 65,000480,000
UNEARNED REVENUE 188,23411,270
TOTAL CURRENT LIABILITIES 691,1227,082,342
LONG TERM LIABILITIES
OPEB LIABILITY 00
LFG PROJECT 00
DUE TO COUNTY 00
DUE TO CITY 00
BONDS PAYABLE, LESS CURRENT PORTION 1,487,52327,185,457
PENSION LIABILITIES 328,9841,708,036
TOTAL LONG TERM LIABILITIES 1,816,50728,893,493
TOTAL LIABILITIES 2,507,63035,975,835
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)(518,684)1,253,440
TOTAL FUND EQUITY 32,933,07452,656,228
TOTAL LIABILITIES & FUND EQUITY 40,129,79089,839,038
49
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
ELECTRIC BALANCE SHEET
Current Month
Change from
Prior MonthMay 31, 2025 April 30, 2025
ASSETS
CURRENT ASSETS
CASH 3,532,425 3,869,563 (337,138)
ACCOUNTS RECEIVABLE 2,883,269 2,173,262 710,007
INVENTORIES 2,337,096 2,323,741 13,356
PREPAID ITEMS 223,835 252,860 (29,025)
CONSTRUCTION IN PROGRESS 1,194,065 1,054,678 139,386
TOTAL CURRENT ASSETS 10,170,690 9,674,104 496,586
RESTRICTED ASSETS
BOND RESERVE FUND 1,779,016 1,779,016 0
EMERGENCY RESERVE FUND 7,534,597 7,509,365 25,232
TOTAL RESTRICTED ASSETS 9,313,613 9,288,381 25,232
FIXED ASSETS
PRODUCTION 795,920 795,920 0
TRANSMISSION 2,305,024 2,305,024 0
DISTRIBUTION 54,925,596 54,815,768 109,828
GENERAL 25,605,389 25,593,777 11,612
FIXED ASSETS (COST)83,631,928 83,510,488 121,440
LESS ACCUMULATED DEPRECIATION (37,861,914)(37,629,086)(232,828)
TOTAL FIXED ASSETS, NET 45,770,014 45,881,402 (111,388)
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 (4,453,084)(4,397,406)(55,678)
TOTAL INTANGIBLE ASSETS, NET 24,262,540 24,318,218 (55,678)
OTHER ASSETS AND DEFERRED OUTFLOWS 322,181 322,181 0
TOTAL ASSETS 89,839,038 89,484,286 354,752
LIABILITIES AND FUND EQUITY
CURRENT LIABILITIES
ACCOUNTS PAYABLE 4,628,547 4,434,995 193,552
SALARIES AND BENEFITS PAYABLE 1,176,759 1,118,333 58,427
DUE TO CITY 785,765 946,405 (160,640)
BONDS PAYABLE-CURRENT PORTION 480,000 480,000 0
UNEARNED REVENUE 11,270 12,880 (1,610)
TOTAL CURRENT LIABILITIES 7,082,342 6,992,613 89,728
LONG TERM LIABILITIES
BONDS PAYABLE, LESS CURRENT PORTION 27,185,457 27,190,446 (4,989)
PENSION LIABILITIES 1,708,036 1,708,036 0
TOTAL LONG TERM LIABILITIES 28,893,493 28,898,482 (4,989)
TOTAL LIABILITIES 35,975,835 35,891,095 84,740
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)1,253,440 983,427 270,013
TOTAL FUND EQUITY 52,656,228 52,386,216 270,013
TOTAL LIABILITIES & FUND EQUITY 89,839,038 89,484,286 354,752
50
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
WATER BALANCE SHEET
Current Month
Change from
Prior MonthMay 31, 2025 April 30, 2025
ASSETS
CURRENT ASSETS
CASH 5,251,732 5,264,469 (12,737)
ACCOUNTS RECEIVABLE 5,114,041 5,096,687 17,355
INVENTORIES 48,617 51,535 (2,918)
PREPAID ITEMS 51,676 58,144 (6,468)
CONSTRUCTION IN PROGRESS 199,991 190,814 9,176
TOTAL CURRENT ASSETS 10,666,057 10,661,650 4,408
RESTRICTED ASSETS
EMERGENCY RESERVE FUND 4,262,090 4,255,782 6,308
TOTAL RESTRICTED ASSETS 4,262,090 4,255,782 6,308
FIXED ASSETS
PRODUCTION 17,177,471 17,177,471 0
DISTRIBUTION 30,835,173 30,835,173 0
GENERAL 1,615,537 1,614,926 611
FIXED ASSETS (COST)49,628,182 49,627,570 611
LESS ACCUMULATED DEPRECIATION (24,487,959)(24,372,723)(115,236)
TOTAL FIXED ASSETS, NET 25,140,223 25,254,848 (114,625)
INTANGIBLE ASSETS
OTHER ASSETS AND DEFERRED OUTFLOWS 61,420 61,420 0
TOTAL ASSETS 40,129,790 40,233,700 (103,910)
LIABILITIES AND FUND EQUITY
CURRENT LIABILITIES
ACCOUNTS PAYABLE 270,574 330,248 (59,674)
SALARIES AND BENEFITS PAYABLE 164,430 155,860 8,570
DUE TO CITY 2,884 2,954 (70)
BONDS PAYABLE-CURRENT PORTION 65,000 65,000 0
UNEARNED REVENUE 188,234 188,234 0
TOTAL CURRENT LIABILITIES 691,122 742,296 (51,174)
LONG TERM LIABILITIES
BONDS PAYABLE, LESS CURRENT PORTION 1,487,523 1,488,078 (554)
PENSION LIABILITIES 328,984 328,984 0
TOTAL LONG TERM LIABILITIES 1,816,507 1,817,062 (554)
TOTAL LIABILITIES 2,507,630 2,559,358 (51,728)
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)(518,684)(466,502)(52,182)
TOTAL FUND EQUITY 32,933,074 32,985,256 (52,182)
TOTAL LIABILITIES & FUND EQUITY 40,129,790 40,233,700 (103,910)
51
202520252025 YTD 202520242024 YTDVariance YTD Budget ANNUAL MAY YTD VARIANCEItemElectricBUDGET VarianceBUDGET3,168,553 15,198,088 15,409,219 (211,131) (1) 41,085,728 2,951,826 14,259,576 938,512 7327,815 1,591,796 1,522,900 68,896 5 4,073,730 302,591 1,429,333 162,463 1116,066 88,173 92,705 (4,532) (5) 231,863 16,187 82,920 5,253 620,432 111,261 109,902 1,359 1 281,987 19,541 98,919 12,342 1223,882 117,420 108,750 8,670 8 261,000 21,740 108,592 8,828 8400 2,000 2,0000 0 4,800400 2,0000 03,557,147 17,108,738 17,245,477 (136,739) (1) 45,939,108 3,312,285 15,981,340 1,127,398 714,929 182,379 145,833 36,545 25 350,000 22,706 67,603 114,776 170 (1)20,690 110,120 118,750 (8,630) (7) 285,000 20,266 102,258 7,862 823,425 64,893 62,500 2,393 4 150,000 5,700 130,426 (65,533) (50) (2)310,276 738,605 393,125 345,480 88 972,500 218,408 700,641 37,965 5 (3)369,320 1,095,998 720,208 375,789 52 1,757,500 267,080 1,000,928 95,070 93,926,467 18,204,736 17,965,685 239,051 1 47,696,608 3,579,365 16,982,268 1,222,468 72,535,439 10,988,121 11,036,189 (48,068) (0) 30,599,628 2,312,628 10,659,877 328,245 326,111 136,793 157,783 (20,991) (13) 341,000 18,886 121,822 14,971 123,046 14,125 31,667 (17,542) (55) 76,000 4,846 25,474 (11,350) (45)35,489 241,963 217,292 24,672 11 521,500 38,771 221,722 20,241 9138,807 799,408 987,542 (188,134) (19) 2,144,500 125,053 870,706 (71,298) (8) (4)288,506 1,438,328 1,391,480 46,848 3 3,339,552 275,722 1,375,973 62,355 561,983 311,189 311,1890 0 735,069 65,175 327,110 (15,921) (5)4,320 39,994 26,417 13,577 51 482,400 5,046 28,904 11,090 3835,056 171,514 195,833 (24,319) (12) 470,000 36,969 169,958 1,556 1351,026 1,922,880 2,063,853 (140,973) (7) 4,783,849 316,003 1,751,542 171,337 1028,666 176,694 266,583 (89,889) (34) 639,800 35,965 203,547 (26,853) (13) (5)3,508,449 16,241,008 16,685,827 (444,819) (3) 44,133,298 3,235,062 15,756,635 484,373 3127,490 611,620 616,369 (4,748) (1) 1,643,429 118,775 573,889 37,732 720,516 98,667 110,417 (11,750) (11) 265,000 18,637 91,640 7,028 8148,006 710,288 726,785 (16,498) (2) 1,908,429 137,412 665,528 44,759 7270,013 1,253,440 553,072 700,368 127 1,654,881 206,891 560,104 693,336 124ItemVariance 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 admin expense as these are an even budget spread.ELK RIVER MUNICIPAL UTILITIESELK RIVER, MINNESOTASTATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITIONFOR PERIOD ENDING MAY 20252025 YTD Bud Var% Interest/Dividend Income Rural Big Lake Dayton Public St & Hwy Lighting Other Electric Sales Total Operating RevenueOther Operating Revenue Purchased Power Customer Penalties Connection Fees Misc Revenue2024 v. 2025 Actual Var%RevenueOperating Revenue Elk River OtsegoMAY YTD Total Other Revenue Total RevenueExpenses Operating & Mtce Expense Transmission Expense Distribution Expense Maintenance Expense Depreciation & Amortization Interest Expense Operating Transfer/Other Funds Other Operating Expense Customer Accounts Expense Administrative Expense General Expense Total Expenses(before Operating Transfers)Operating TransferYTD 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 large SOWs for additional service and/or upgrade. Utilities & Labor Donated Total Operating Transfer Net Income Profit(Loss)52
202520252025 YTD 202520242024 YTDVariance YTD Budget ANNUALVARIANCEItemWaterBUDGET VarianceBUDGET226,387 838,635 730,131 108,504 15 3,143,314 193,866 779,491 59,144 8226,387 838,635 730,131 108,504 15 3,143,314 193,866 779,491 59,144 84,722 50,708 62,917 (12,208) (19) 151,000 6,875 25,922 24,787 96(1)1,328 11,248 11,667(419) (4) 28,000 2,254 8,792 2,456 2820,712 194,780 132,708 62,072 47 318,500 11,740 186,960 7,820 4(2)19,773 25,075 6,500 18,575 286 426,100975 5,721 19,354 338(3)46,534 281,812 213,792 68,020 32 923,600 21,845 227,395 54,417 24272,922 1,120,447 943,923 176,524 19 4,066,914 215,710 1,006,886 113,560 119,546 54,806 56,250 (1,444) (3) 135,000 14,016 56,845 (2,039) (4)51,657 248,594 280,063 (31,468) (11) 672,150 33,222 216,271 32,323 1544,644 223,971 206,075 17,896 9 459,660 37,450 150,966 73,005 48(4)115,236 577,251 552,444 24,807 4 1,325,866 100,651 503,890 73,361 152,712 13,562 13,5620 0 31,466 2,912 14,562 (1,000) (7)(16,220) (15,981)313 (16,293) (5,206) 60,75080563 (16,544) (2,939)(5)8,562 41,428 43,854 (2,426) (6) 105,250 8,608 37,952 3,476 9108,738 493,885 518,053 (24,168) (5) 1,199,700 89,594 424,138 69,746 16(6)228 1,614 5,104 (3,490) (68) 12,250324 1,296317 25325,103 1,639,130 1,675,717 (36,587) (2) 4,002,092 286,856 1,406,485 232,646 1700833(833) (100) 2,000000000833(833) (100) 2,0000000(52,182) (518,684) (732,628) 213,944 29 62,822 (71,145) (399,598) (119,085) (30)ItemVariance of +/- $15,000 and +/- 15%(1) YTD budget variance is mainly due to more funds being invested with UBS and change in Fair Market Value.(2) YTD budget variance is due to connection fees being budgeted conservatively.(3) YTD budget variance and PYTD variance is due to initial 3M settlement.(4)PYTD variance is mainly due to two large watermain repairs in 2025 and AMI project (water meter repairs).(5) YTD budget variance and PYTD variance is due AMI (timing).(6)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). Net Income Profit(Loss) Total Expenses(before Operating Transfers)Operating Transfer Utilities & Labor Donated Total Operating Transfer Customer Accounts Expense Administrative Expense General Expense Depreciation & Amortization Interest Expense Other Operating ExpenseExpenses Production Expense Pumping Expense Distribution Expense Misc Revenue Total Other Revenue Total RevenueOther Operating Revenue Interest/Dividend Income Customer Penalties Connection FeesRevenueOperating Revenue Water Sales Total Operating RevenueELK RIVER MUNICIPAL UTILITIESELK RIVER, MINNESOTASTATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITIONFOR PERIOD ENDING MAY 20252025 YTD Bud Var%2024 v. 2025 Actual Var%MAY YTD MAY YTD53
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
54
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
55
-
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
56
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
57
$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 $
58
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FOR PERIOD ENDING MAY 2025
2025
MAY
2024
MAY
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 987,429 5,042,5071,024,014 5,330,3465,376,410 1 714,008,158 333,902
ELECT SALES - ELK RIVER NON-D 262,271 1,326,282261,571 1,397,1371,384,137 (1)43,561,584 57,855
ELECT SALES - ELK RIVER DEMA 1,402,468 6,554,6111,492,719 6,769,0936,752,459 0 318,661,634 197,848
PCA SALES REVENUE - ELK RIVE 89,635 416,780117,453 601,097541,564 (10)301,522,421 124,783
PCA SALES REVENUE - ELK RIVE 26,304 123,54732,842 173,622152,888 (12)24423,421 29,341
PCA SALES REVENUE - ELK RIVE 183,716 795,846239,950 1,137,922990,626 (13)242,908,507 194,780
3,168,552 15,198,088 15,409,219 2,951,825 14,259,576(1)7Total For Elk River:41,085,728 938,512
Otsego
ELECT SALES - OTSEGO RESIDEN 113,880 569,871114,886 584,718602,472 3 61,546,756 32,600
ELECT SALES - OTSEGO NON-DEM 37,189 170,77642,398 169,660196,726 16 15499,327 25,950
ELECT SALES - OTSEGO DEMAND 121,091 559,854130,158 589,999618,487 5 101,587,577 58,633
PCA SALES REVENUE - OTSEGO R 10,223 46,04512,938 67,52160,285 (11)31168,103 14,240
PCA SALES REVENUE - OTSEGO N 3,849 15,8365,595 20,10122,918 14 4546,753 7,081
PCA SALES REVENUE - OTSEGO D 16,355 66,94821,838 90,89790,905 0 36225,212 23,956
327,815 1,591,795 1,522,899 302,591 1,429,3335 11Total For Otsego:4,073,730 162,462
Rural Big Lake
ELECT SALES - BIG LAKE RESIDE 14,631 75,74414,154 81,83479,119 (3)4199,359 3,374
ELECT SALES - BIG LAKE NON-DE 195 866257979930(5)74,810 63
PCA SALES REVENUE - BIG LAKE 1,348 6,2671,630 8,3918,062 (4)2921,666 1,795
PCA SALES REVENUE - BIG LAKE 11 41231,50061 (96)456,026 19
16,065 88,173 92,705 16,187 82,919(5)6Total For Rural Big Lake:231,863 5,253
Dayton
ELECT SALES - DAYTON RESIDEN 14,969 76,64315,148 82,61385,173 3 11212,063 8,530
ELECT SALES - DAYTON NON-DE 2,962 14,9103,211 16,01815,979 0 740,465 1,069
PCA SALES REVENUE - DAYTON R 1,341 6,1451,698 8,7708,453 (4)3823,047 2,308
PCA SALES REVENUE - DAYTON 268 1,2203732,5001,654 (34)366,410 434
20,431 111,261 109,902 19,541 98,9191 12Total For Dayton:281,986 12,342
Public St & Hwy Lighting
ELECT SALES - SEC LTS 21,739 108,59123,882 108,750117,419 8 8261,000 8,827
23,882 117,419 108,750 21,739 108,5918 8Total For Public St & Hwy Lighting:261,000 8,827
Other Electric Sales
SUB-STATION CREDIT 400 2,0004002,0002,000 0 04,800 0
59
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FOR PERIOD ENDING MAY 2025
2025
MAY
2024
MAY
2025
YTD
2024
YTD
2025
YTD
BUDGET
2025 YTD
Bud Var%
2024 v. 2025
Actual Var%
YTD
VARIANCE
2025
ANNUAL
BUDGETElectric
400 2,000 2,000 400 2,0000 0Total For Other Electric Sales:4,800 0
Total Operating Revenue
3,312,285 15,981,3403,557,147 17,245,47617,108,738 (1)745,939,108 1,127,398
Other Operating Revenue
Interest/Dividend Income
INTEREST & DIVIDEND INCOME 22,705 67,60214,928 145,833182,378 25 170350,000 114,776
14,928 182,378 145,833 22,705 67,60225 170Total For Interest/Dividend Income:350,000 114,776
Customer Penalties
CUSTOMER DELINQUENT PENALT 20,266 102,25820,690 118,750110,120 (7)8285,000 7,862
20,690 110,120 118,750 20,266 102,258(7)8Total For Customer Penalties:285,000 7,862
Connection Fees
DISCONNECT & RECONNECT CHA 5,700 130,42623,425 62,50064,893 4 (50)150,000 (65,533)
23,425 64,893 62,500 5,700 130,4264 (50)Total For Connection Fees:150,000 (65,533)
Misc Revenue
MISC ELEC REVENUE - TEMP CHG 0 88001,0412,640 153 2002,500 1,760
STREET LIGHT 0 12,60002,5000 (100)(100)10,000 (12,600)
TRANSMISSION INVESTMENTS 45,144 232,63757,799 250,000258,642 3 11600,000 26,005
MISC NON-UTILITY 7,644 44,5407,796 45,83340,958 (11)(8)110,000 (3,581)
GAIN ON DISPOSITION OF PROPER 0 00022,755 0 025,000 22,755
CONTRIBUTIONS FROM CUSTOME 165,618 409,983244,679 93,750413,608 341 1225,000 3,625
310,275 738,605 393,125 218,408 700,64088 5Total For Misc Revenue:972,500 37,964
Total Other Revenue
267,080 1,000,927369,319 720,2081,095,997 52 91,757,500 95,069
369,319 1,095,997 720,208 267,080 1,000,92752 9Total For Total Other Revenue:1,757,500 95,069
3,579,365 16,982,2673,926,467 17,965,685 Total Revenue 18,204,735 1 747,696,608 1,222,468
Expenses
Purchased Power
PURCHASED POWER 1,611,302 7,810,4131,806,519 8,155,8118,192,798 0 523,315,290 382,384
ENERGY ADJUSTMENT CLAUSE 701,324 2,849,462728,919 2,880,3772,795,322 (3)(2)7,284,337 (54,139)
2,535,438 10,988,121 11,036,189 2,312,627 10,659,8760 3Total For Purchased Power:30,599,628 328,244
Operating & Mtce Expense
OPERATING SUPERVISION 11,289 57,82313,611 62,50066,711 7 15150,000 8,887
DIESEL OIL FUEL 159 1590000 (100)0 (159)
NATURAL GAS 388 11,41751618,70015,300 (18)3430,000 3,882
60
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FOR PERIOD ENDING MAY 2025
2025
MAY
2024
MAY
2025
YTD
2024
YTD
2025
YTD
BUDGET
2025 YTD
Bud Var%
2024 v. 2025
Actual Var%
YTD
VARIANCE
2025
ANNUAL
BUDGETElectric
ELECTRIC & WATER CONSUMPTI 3,911 24,1454,116 27,50026,717 (3)1165,000 2,571
PLANT SUPPLIES & OTHER EXPEN 216 5,1117606,2503,880 (38)(24)15,000 (1,230)
MISC POWER GENERATION EXPE 0 485041669667 441,000 211
MAINTENANCE OF STRUCTURE -1,330 4,6776208,3336,482 (22)3920,000 1,804
MTCE OF PLANT ENGINES/GENER 1,215 3,33402,083678 (67)(80)5,000 (2,656)
MTCE OF PLANT/LAND IMPROVE 373 14,6676,485 32,00016,326 (49)1155,000 1,658
26,111 136,792 157,783 18,885 121,822(13)12Total For Operating & Mtce Expense:341,000 14,970
Transmission Expense
TRANSMISSION MTCE AND EXPE 4,845 25,4743,046 31,66614,124 (55)(45)76,000 (11,349)
3,046 14,124 31,666 4,845 25,474(55)(45)Total For Transmission Expense:76,000 (11,349)
Distribution Expense
REMOVE EXISTING SERVICE & M 0 00833492(41)02,000 492
SCADA EXPENSE 2,863 16,4543,160 25,00022,283 (11)3560,000 5,828
TRANSFORMER EXPENSE OH & U 1,083 6,8691,230 10,4166,039 (42)(12)25,000 (829)
MTCE OF SIGNAL SYSTEMS 333 6823631,250704 (44)33,000 21
METER EXPENSE - REMOVE & RE 0 241062572616 2021,500 485
TEMP SERVICE - INSTALL & REM 0 2221054,1661,801 (57)71210,000 1,579
MISC DISTRIBUTION EXPENSE 34,491 197,25230,628 175,000209,916 20 6420,000 12,663
35,488 241,963 217,291 38,771 221,72111 9Total For Distribution Expense:521,500 20,241
Maintenance Expense
MTCE OF STRUCTURES 8,470 36,7068,201 38,33343,195 13 1892,000 6,489
MTCE OF SUBSTATIONS 69 6,47115318,7501,558 (92)(76)45,000 (4,913)
MTCE OF SUBSTATION EQUIPME 9,515 62,4774,067 62,50021,395 (66)(66)150,000 (41,082)
MTCE OF OH LINES/TREE TRIM 311 205,6413,265 219,000155,521 (29)(24)300,000 (50,119)
MTCE OF OH LINES/STANDBY 3,111 17,4283,701 20,83318,064 (13)450,000 636
MTCE OF OH PRIMARY 17,028 62,74017,074 79,16633,605 (58)(46)190,000 (29,135)
MTCE OF URD PRIMARY 24,002 89,26525,256 125,000156,283 25 75300,000 67,018
LOCATE ELECTRIC LINES 11,421 37,02010,568 52,08337,601 (28)2125,000 581
LOCATE FIBER LINES 52 5263611,0411,141 10 1172,500 615
MTCE OF LINE TRANSFORMERS 2,283 13,6208,059 31,25027,974 (10)10575,000 14,353
MTCE OF STREET LIGHTING 3,930 24,9955,030 28,75021,884 (24)(12)69,000 (3,111)
MTCE OF SECURITY LIGHTING 1,388 8,7112,095 10,4169,290 (11)725,000 578
MTCE OF METERS 6,941 33,5692,255 33,3336,777 (80)(80)80,000 (26,792)
VOLTAGE COMPLAINTS 289 2,13705,0002,550 (49)1912,000 413
SALARIES TRANSMISSION & DIST 2,761 12,9083,075 15,00014,869 (1)1536,000 1,96061
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FOR PERIOD ENDING MAY 2025
2025
MAY
2024
MAY
2025
YTD
2024
YTD
2025
YTD
BUDGET
2025 YTD
Bud Var%
2024 v. 2025
Actual Var%
YTD
VARIANCE
2025
ANNUAL
BUDGETElectric
ELECTRIC MAPPING 6,019 88,77311,115 64,58367,177 4 (24)155,000 (21,596)
FIBER MAPPING 0 006,2500 (100)015,000 0
MTCE OF OH SECONDARY 2,560 7,3052,489 9,58312,232 28 6723,000 4,926
MTCE OF URD SECONDARY 4,874 19,6699,221 31,25030,894 (1)5775,000 11,224
TRANSPORTATION EXPENSE 20,020 140,73422,814 135,416137,387 1 (2)325,000 (3,346)
138,807 799,407 987,541 125,052 870,706(19)(8)Total For Maintenance Expense:2,144,500 (71,298)
Depreciation & Amortization
DEPRECIATION 220,043 1,097,583232,827 1,113,0891,159,938 4 62,671,415 62,354
AMORTIZATION 55,677 278,38955,677 278,390278,389 0 0668,136 0
288,505 1,438,327 1,391,479 275,721 1,375,9733 5Total For Depreciation & Amortization:3,339,551 62,354
Interest Expense
INTEREST EXPENSE - BONDS 70,163 352,05266,971 336,131336,131 0 (5)794,932 (15,920)
AMORTIZATION OF DEBT DISCOU (4,988)(24,942)(4,988)(24,942)(24,942)0 0(59,863)0
61,982 311,189 311,189 65,174 327,1100 (5)Total For Interest Expense:735,069 (15,920)
Other Operating Expense
EV CHARGING EXPENSE 230 1,10518958394863 (14)1,400 (157)
LOSS ON DISPOSITION OF PROP (C 0 4,1050018,258 0 345160,000 14,152
OTHER DONATIONS 0 00833217(74)02,000 217
PENSION EXPENSE 0 00000 0259,000 0
INTEREST EXPENSE - METER DEP 4,815 23,6934,131 25,00020,570 (18)(13)60,000 (3,122)
4,320 39,994 26,416 5,046 28,90451 38Total For Other Operating Expense:482,400 11,089
Customer Accounts Expense
METER READING EXPENSE 3,900 16,2502,774 14,58314,810 2 (9)35,000 (1,440)
DISCONNECT/RECONNECT EXPEN 2,203 5,126944,166160 (96)(97)10,000 (4,965)
MISC CUSTOMER ACCOUNTS EXP 30,712 142,26431,227 166,666151,944 (9)7400,000 9,679
BAD DEBT EXPENSE & RECOVER 152 6,31595910,4164,598 (56)(27)25,000 (1,717)
35,055 171,513 195,833 36,968 169,957(12)1Total For Customer Accounts Expense:470,000 1,556
Administrative Expense
SALARIES OFFICE & COMMISSION 77,450 375,13682,382 452,083406,222 (10)81,085,000 31,085
TEMPORARY STAFFING 0 001,6660 (100)04,000 0
OFFICE SUPPLIES 5,629 34,3559,634 56,25034,346 (39)0135,000 (8)
ELECTRIC & WATER CONSUMPTI 2,278 10,5802,033 13,3339,473 (29)(10)32,000 (1,106)
BANK FEES 225 1,0892101,2501,143 (9)53,000 54
LEGAL FEES 979 4,8361,731 12,5006,395 (49)3230,000 1,559
AUDITING FEES 1,640 7,4001,720 8,6008,600 0 1620,640 1,200
62
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FOR PERIOD ENDING MAY 2025
2025
MAY
2024
MAY
2025
YTD
2024
YTD
2025
YTD
BUDGET
2025 YTD
Bud Var%
2024 v. 2025
Actual Var%
YTD
VARIANCE
2025
ANNUAL
BUDGETElectric
INSURANCE 15,414 77,39014,853 81,25074,306 (9)(4)195,000 (3,083)
UTILITY SHARE - DEFERRED COM 9,289 69,43910,349 53,54172,412 35 4128,500 2,973
UTILITY SHARE - MEDICAL/DENT 59,900 426,12765,888 460,389446,168 (3)5942,322 20,041
UTILITY SHARE - PERA 32,185 130,70727,201 133,958141,276 5 8321,500 10,569
UTILITY SHARE - FICA 32,076 126,84927,221 131,458137,448 5 8315,500 10,598
EMPLOYEE SICK PAY 9,681 50,67614,755 85,000111,130 31 119204,000 60,454
EMPLOYEE HOLIDAY PAY 14,362 60,22515,842 64,70063,272 (2)5194,100 3,046
EMPLOYEE VACATION & PTO PA 21,206 146,87024,000 154,454162,545 5 11325,000 15,674
UPMIC DISTRIBUTION (2,883)27,085021,50018,105 (16)(33)86,000 (8,979)
LONGEVITY PAY 1,680 1,6803,000 8,2468,245 0 3919,945 6,565
CONSULTING FEES 2,386 27,95415,304 99,58349,788 (50)78239,000 21,833
TELEPHONE 2,920 14,5882,836 15,83314,219 (10)(3)38,000 (369)
ADVERTISING 1,617 6,1311,265 8,3335,755 (31)(6)20,000 (376)
DUES & SUBSCRIPTIONS - FEES 10,537 52,49312,228 63,33763,422 0 21152,009 10,928
SCHOOLS & MEETINGS 16,578 95,69917,701 132,00084,275 (36)(12)292,333 (11,423)
MTCE OF GENERAL PLANT & OFFI 845 4,2258654,5834,325 (6)211,000 100
351,025 1,922,879 2,063,852 316,002 1,751,542(7)10Total For Administrative Expense:4,783,849 171,337
General Expense
CIP REBATES - RESIDENTIAL 10,040 34,0843,202 37,81532,116 (15)(6)90,758 (1,967)
CIP REBATES - COMMERCIAL 0 21,22799146,6668,735 (81)(59)112,000 (12,491)
CIP - ADMINISTRATION 10,022 59,35210,735 76,23555,889 (27)(6)182,965 (3,463)
CIP - MARKETING 1,699 24,76298721,34718,093 (15)(27)51,235 (6,669)
CIP - LABOR 8,209 43,4818,938 55,75944,772 (20)3133,822 1,290
CIP REBATES - LOW INCOME 0 1,60207,8000 (100)(100)18,720 (1,602)
CIP - LOW INCOME LABOR 787 3,9838004,1664,315 4 810,000 331
ENVIRONMENTAL COMPLIANCE 2,617 12,8642,679 14,58312,502 (14)(3)35,000 (362)
MISC GENERAL EXPENSE 2,588 2,1863292,208268 (88)(88)5,300 (1,918)
28,666 176,694 266,583 35,964 203,547(34)(13)Total For General Expense:639,800 (26,852)
Total Expenses(before Operating Transfers)
3,235,062 15,756,6353,508,448 16,685,82716,241,008 (3)344,133,298 484,373
Operating Transfer
Operating Transfer/Other Funds
TRANSFER TO CITY ELK RIVER R 118,774 573,888127,490 616,368611,620 (1)71,643,429 37,731
127,490 611,620 616,368 118,774 573,888(1)7Total For Operating Transfer/Other Funds:1,643,429 37,731
Utilities & Labor Donated 63
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FOR PERIOD ENDING MAY 2025
2025
MAY
2024
MAY
2025
YTD
2024
YTD
2025
YTD
BUDGET
2025 YTD
Bud Var%
2024 v. 2025
Actual Var%
YTD
VARIANCE
2025
ANNUAL
BUDGETElectric
UTILITIES & LABOR DONATED TO 18,636 91,63920,515 110,41698,667 (11)8265,000 7,027
20,515 98,667 110,416 18,636 91,639(11)8Total For Utilities & Labor Donated:265,000 7,027
Total Operating Transfer
148,005 710,287 726,785 137,411 665,528(2)7Total For Total Operating Transfer:1,908,429 44,759
206,890 560,104270,012 553,072 Net Income Profit(Loss)1,253,439 127 1241,654,880 693,335
64
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FOR PERIOD ENDING MAY 2025
2025
MAY
2024
MAY
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 114,421 475,575142,460 450,973514,933 14 81,768,457 39,357
WATER SALES COMMERCIAL 69,683 286,06872,464 265,201305,035 15 71,024,735 18,966
WATER SALES IRRIGATION 9,759 17,84611,462 13,95618,666 34 5350,120 819
226,387 838,635 730,131 193,865 779,49115 8Total For Water Sales:3,143,313 59,143
Total Operating Revenue
193,865 779,491226,387 730,131838,635 15 83,143,313 59,143
226,387 838,635 730,131 193,865 779,49115 8Total For Total Operating Revenue:3,143,313 59,143
Other Operating Revenue
Interest/Dividend Income
INTEREST & DIVIDEND INCOME 6,875 25,9214,721 62,50050,708 (19)96150,000 24,786
OTHER INTEREST/MISC REVENUE 0 004160(100)01,000 0
4,721 50,708 62,916 6,875 25,921(19)96Total For Interest/Dividend Income:151,000 24,786
Customer Penalties
CUSTOMER PENALTIES 2,254 8,7921,327 11,66611,248 (4)2828,000 2,455
1,327 11,248 11,666 2,254 8,792(4)28Total For Customer Penalties:28,000 2,455
Connection Fees
WATER/ACCESS/CONNECTION FE 10,800 165,83018,000 106,250166,254 56 0255,000 423
CUSTOMER CONNECTION FEES 855 10,1932,712 13,54120,584 52 10232,500 10,391
BULK WATER SALES/HYDRANT R 84 10,936012,9167,941 (39)(27)31,000 (2,994)
20,712 194,780 132,708 11,740 186,96047 4Total For Connection Fees:318,500 7,820
Misc Revenue
MISC NON-UTILITY 0 20041310640 1,455100290
GAIN ON DISPOSITION OF PROPER 0 00000 08,000 0
MISCELLANEOUS REVENUE 0 018,797 20819,889 9,462 050019,889
HYDRANT MAINTENANCE PROGR 975 5,7009756,2504,875 (22)(14)15,000 (825)
WATER TOWER LEASE 0 00000 0327,500 0
LEASE INTEREST REVENUE 0 00000 075,000 0
19,772 25,074 6,500 975 5,720286 338Total For Misc Revenue:426,100 19,354
Total Other Revenue
21,844 227,39446,534 213,791281,811 32 24923,600 54,416
46,534 281,811 213,791 21,844 227,39432 24Total For Total Other Revenue:923,600 54,416
65
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FOR PERIOD ENDING MAY 2025
2025
MAY
2024
MAY
2025
YTD
2024
YTD
2025
YTD
BUDGET
2025 YTD
Bud Var%
2024 v. 2025
Actual Var%
YTD
VARIANCE
2025
ANNUAL
BUDGETWater
215,710 1,006,886272,921 943,922 Total Revenue 1,120,446 19 114,066,913 113,560
Expenses
Production Expense
MTCE OF STRUCTURES 14,015 56,8449,545 56,25054,805 (3)(4)135,000 (2,039)
9,545 54,805 56,250 14,015 56,844(3)(4)Total For Production Expense:135,000 (2,039)
Pumping Expense
SUPERVISION 5,968 28,9826,774 31,66633,076 4 1476,000 4,093
ELECTRIC & GAS UTILITIES 22,843 97,28527,524 129,166111,429 (14)15310,000 14,143
SAMPLING 1,279 7,0682,094 10,0629,631 (4)3624,150 2,563
CHEMICAL FEED 3,924 13,0966,151 20,83317,276 (17)3250,000 4,180
MTCE OF WELLS 11,369 65,8598,416 83,33371,306 (14)8200,000 5,446
SCADA - PUMPING (12,162)3,9786955,0005,873 17 4812,000 1,895
51,657 248,594 280,062 33,222 216,271(11)15Total For Pumping Expense:672,150 32,323
Distribution Expense
MTCE OF WATER MAINS 16,885 33,28116,142 72,91681,079 11 144175,000 47,797
LOCATE WATER LINES 1,260 5,4939,365 8,33314,213 71 15920,000 8,719
MTCE OF WATER SERVICES 0 002080(100)05000
WATER METER SERVICE 4,341 18,9128,390 29,16637,725 29 9970,000 18,813
BACKFLOW DEVICE INSPECTION 1,372 6,8951,614 8,4506,741 (20)(2)23,160 (153)
MTCE OF CUSTOMERS SERVICE 2,574 13,4222,976 14,58314,271 (2)635,000 849
WATER MAPPING 1,891 11,0261,085 7,08315,539 119 4117,000 4,513
FIBER MAPPING 0 006,2500 (100)015,000 0
MTCE OF WATER HYDRANTS - PU 2,257 14,6996399,1668,494 (7)(42)22,000 (6,205)
MTCE OF WATER HYDRANTS - PR 888 1,55202,5000 (100)(100)6,000 (1,552)
WATER CLOTHING/PPE 4,274 8,6402,501 6,2509,785 57 1315,000 1,145
WAGES WATER 555 3,2747414,1663,700 (11)1310,000 426
TRANSPORTATION EXPENSE 1,146 7,5101,187 10,00012,035 20 6024,000 4,524
WATER PERMIT 0 26,255027,00020,382 (25)(22)27,000 (5,873)
44,643 223,971 206,075 37,449 150,9669 48Total For Distribution Expense:459,660 73,004
Depreciation & Amortization
DEPRECIATION 100,650 503,890115,236 552,444577,251 4 151,325,865 73,360
115,236 577,251 552,444 100,650 503,8904 15Total For Depreciation & Amortization:1,325,865 73,360
Interest Expense
INTEREST EXPENSE - BONDS 3,466 17,3333,266 16,33316,333 0 (6)38,117 (1,000)
AMORTIZATION OF DEBT DISCOU (554)(2,771)(554)(2,771)(2,771)0 0(6,651)0
66
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FOR PERIOD ENDING MAY 2025
2025
MAY
2024
MAY
2025
YTD
2024
YTD
2025
YTD
BUDGET
2025 YTD
Bud Var%
2024 v. 2025
Actual Var%
YTD
VARIANCE
2025
ANNUAL
BUDGETWater
2,712 13,562 13,562 2,912 14,5620 (7)Total For Interest Expense:31,466 (1,000)
Other Operating Expense
LOSS ON DISPOSITION OF PROP (C 0 00000 016,000 0
LOSS ON DISPOSITION OF PROP (N 0 0(16,271)0(16,271)0 00(16,271)
DAM MAINTENANCE EXPENSE 19 1900300 63011
PENSION EXPENSE 0 00000 044,000 0
INTEREST EXPENSE - METER DEP 60 54352312260(17)(52)750 (283)
(16,219)(15,980)312 79 563(5,206)(2,939)Total For Other Operating Expense:60,750 (16,543)
Customer Accounts Expense
METER READING EXPENSE 581 1,2345562,9162,799 (4)1277,000 1,564
MISC CUSTOMER ACCOUNTS EXP 8,026 36,7178,005 40,83338,629 (5)598,000 1,911
BAD DEBT EXPENSE & RECOVER 0 001040(100)02500
8,561 41,428 43,854 8,608 37,952(6)9Total For Customer Accounts Expense:105,250 3,476
Administrative Expense
SALARIES OFFICE & COMMISSION 22,194 109,41825,267 120,000124,355 4 14288,000 14,936
TEMPORARY STAFFING 0 004160(100)01,000 0
OFFICE SUPPLIES 1,282 7,3101,363 12,5008,602 (31)1830,000 1,291
ELECTRIC & WATER CONSUMPTI 569 2,6465082,9162,369 (19)(10)7,000 (276)
BANK FEES 62 284522912910 37007
LEGAL FEES 244 1,1799,233 2,08310,398 399 7815,000 9,218
AUDITING FEES 410 2,3964302,7912,696 (3)136,700 299
INSURANCE 3,460 17,3813,480 18,33317,422 (5)044,000 41
UTILITY SHARE - DEFERRED COM 1,775 11,2851,796 10,04111,989 19 624,100 703
UTILITY SHARE - MEDICAL/DENT 14,704 98,76417,273 125,537109,632 (13)11269,977 10,867
UTILITY SHARE - PERA 6,222 25,1915,621 28,54127,642 (3)1068,500 2,451
UTILITY SHARE - FICA 6,216 24,5695,303 27,50027,005 (2)1066,000 2,435
EMPLOYEE SICK PAY 1,873 10,8563,033 14,58319,681 35 8135,000 8,824
EMPLOYEE HOLIDAY PAY 2,875 10,2773,425 13,84112,838 (7)2541,525 2,561
EMPLOYEE VACATION & PTO PA 3,941 27,0504,410 31,63631,288 (1)1666,000 4,237
UPMIC DISTRIBUTION 0 5,83404,6253,642 (21)(38)18,500 (2,191)
WELLHEAD PROTECTION 0 008500(100)02,000 0
LONGEVITY PAY 420 4200156155(1)(63)2,130 (265)
CONSULTING FEES 1,314 7,9965,757 23,91626,422 10 23057,400 18,426
TELEPHONE 649 3,4257223,1253,338 7 (3)7,500 (86)
ADVERTISING 404 1,7263,971 2,0835,454 162 2165,000 3,72767
ELK RIVER MUNICIPAL UTILITIES
ELK RIVER, MINNESOTA
STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
FOR PERIOD ENDING MAY 2025
2025
MAY
2024
MAY
2025
YTD
2024
YTD
2025
YTD
BUDGET
2025 YTD
Bud Var%
2024 v. 2025
Actual Var%
YTD
VARIANCE
2025
ANNUAL
BUDGETWater
DUES & SUBSCRIPTIONS - FEES 19,086 40,03116,020 44,46138,427 (14)(4)89,961 (1,603)
SCHOOLS & MEETINGS 1,672 15,03685026,6759,149 (66)(39)60,956 (5,887)
MTCE OF GENERAL PLANT & OFFI 211 1,0552161,1451,080 (6)22,750 25
108,738 493,884 518,052 89,593 424,138(5)16Total For Administrative Expense:1,199,699 69,746
General Expense
CIP REBATES - RESIDENTIAL 50 75362,08361 (97)(19)5,000 (13)
CIP REBATES - COMMERCIAL 0 002080(100)05000
CIP - MARKETING 212 94108330(100)(100)2,000 (941)
CIP - LABOR 0 001,0410 (100)02,500 0
ENVIRONMENTAL COMPLIANCE 60 2801918331,552 86 4542,000 1,272
MISC GENERAL EXPENSE 0 001040(100)02500
227 1,613 5,104 323 1,296(68)25Total For General Expense:12,250 317
Total Expenses(before Operating Transfers)
286,855 1,406,484325,103 1,675,7171,639,130 (2)174,002,091 232,645
Operating Transfer
Utilities & Labor Donated
WATER & LABOR DONATED TO CI 0 008330(100)02,000 0
Total Operating Transfer
0 0 833 0 0(100)0Total For Total Operating Transfer:2,000 0
(71,145)(399,598)(52,181)(732,627) Net Income Profit(Loss)(518,683)29 (30)62,821 (119,085)
68
69
70
71
May 2025 Financials
Report Highlights
7/8/2025
PRESENTED AT MEETING - 2025-7 - 5.1
2
May YTD Profit & Profit Margin %
Purpose: To show the overall health of the organization.
•YTD ERMU’s revenue is exceeding expenses by $735k
•Resulting in a profit margin of 3.80%
Profit & Profit Margins %
January 2025 – April 2025
$734,756
3.80%
Revenue Expense
$19,325,183 $18,590,426
PRESENTED AT MEETING - 2025-7 - 5.1
Corrected as May
in the meeting.
3
May 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
434 412
530 517
735
(305)
(139)
(230)(229)
(180)
(400)
(200)
-
200
400
600
800
Jan-25 Feb-25 Mar-25 Apr-25 May-25Amount in ThousandsBudget Analysis by Period
Actual Budget Cumulative Actual Cumulative Budget
PRESENTED AT MEETING - 2025-7 - 5.1
4
Accounts Receivable-Utility Aging 5/31/2025
Purpose: an overview of
outstanding payments from
customers and how long
they are past due.
•City services make up
$425k of total A/R balances
of $2.762M
•Over 90 days is only 3% of
total A/R compared to 93%
being current
GREEN
IS
GOOD!
PRESENTED AT MEETING - 2025-7 - 5.1
5
Accounts Receivable-Utility Aging 5/31/2025
Note: Electric and water accounts receivable
can be reviewed separately on the “Combined
Balance Sheet” provided in the packet.
PRESENTED AT MEETING - 2025-7 - 5.1
6
Electric Department – Purchased Power
Purpose: To illustrate trends in
purchased power costs.
•Purchased power 2025 YTD is
approximately 65% of total
expenses
•2025 YTD purchased power is
inline with budget
•2025 is 3% higher than 2024.
YTD 2025 is $328k more than
2024 due to higher usage
partially offset by lower EAC
charges.
PRESENTED AT MEETING - 2025-7 - 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 4.7% higher in
2025 as compared to 2024.
PRESENTED AT MEETING - 2025-7 - 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 7% over
prior year.
•Revenue is up YTD 8% over prior
year due to increased usage and
rates.
PRESENTED AT MEETING - 2025-7 - 5.1
Thank You!
Melissa Karpinski, CPA - Finance Manager
mkarpinski@ermumn.com
PRESENTED AT MEETING - 2025-7 - 5.1