AGENDA TITLE:
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Fiscal Year 2024/25 Electric Utility Department Financial Update Report (EU)
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MEETING DATE:
September 3, 2025
PREPARED BY:
Melissa Price, Assistant Electric Utility Director
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RECOMMENDED ACTION:
Receive Electric Utility Department Financial Update Report for Fiscal Year 2024/25.
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BACKGROUND INFORMATION:
The Fiscal Year 2024/25 Financial Update Report for Lodi Electric Utility (LEU) is a highlight of activities and progress is outlined below. Overall, LEU maintains a strong financial position, operates within budget constraints and remains well positioned to continue maintenance and operations efforts into Fiscal Year 2025/26.
Electric Utility Financial Highlights for Fiscal Year 2024/25
* REVENUE ended the fiscal year at 95 percent of budget.
* Sales revenue was 95 percent of budget. Sales revenue includes both base rate and Energy Cost Adjustment (ECA) revenue. While energy sales came in as originally forecasted, overall sales revenue was down about 5% which was attributed to a corresponding reduction in actual power supply costs which reduces ECA revenue. However, base rate revenue was up due to Year 2 implementation of a Council approved rate increase.
* Development impact fee revenue realized was approximately $100,000 more than estimated with actual timing of receipts and unexpected customer projects/improvements likely causes for the increase.
* While other revenue is showing at 88 percent of budget, as of the date of preparation of this report, there was a posting delay associated with Cap and Trade revenues that once included, reveals other revenues at 98 percent of budget.
* EXPENSES ended the year at 93 percent of budget.
* Non-power operating expenses ended the year at 87 percent of budget, primarily attributed to a slow- down and lack of demand for the residential direct install program which Council recently approved use of those funds to implement a Commercial DIY Pilot Program....
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