Consent Item 9
Consent Item 9
To: Ava Community Energy Authority
From: Amy Vallandigham, Director of Accounting & Controller Subject: Fiscal Year 2025-2026 Q3 Financial Statements
Date: June 17, 2026
__________________________________________________________________ Summary/Recommendation
This memo updates the Board on Ava’s financial position as of March 31, 2026.
Financial Impact
This is an informational item.
Analysis and Context
Ava’s current fiscal year (FY) runs from July 1, 2025, through June 30, 2026. Financial position statements are generated every quarter and are audited annually by a third party. The financial statements presented today represent Ava’s financial position and activity for the quarter-ending March 31, 2026, and the FY to date. These statements are prepared by Ava’s accountant, Maher Accountancy.
Committee Recommendation
The Finance Administrative and Procurement Committee has reviewed these statements without comment.
Attachments
A. Fiscal year 2025-2026 Q3 Financial Statements.
1 ACCOUNTANTS’ COMPILATION REPORT
Board of Directors
Ava Community Energy Authority
Management is responsible for the accompanying financial statements of Ava Community Energy Authority (a California Joint Powers Authority) which comprise the statement of net position as of March 31, 2026, and the related statements of revenues, expenses, and changes in net position, and the statement of cash flows for the year to date and three months then ended in accordance with accounting principles generally accepted in the United States of America. We have performed a compilation engagement in accordance with Statements on Standards for Accounting and Review Services promulgated by the Accounting and Review Services Committee of the AICPA. We did not audit or review the accompanying statements nor were we required to perform any procedures to verify the accuracy or completeness of the information provided by management. Accordingly, we do not express an opinion, conclusion, nor provide any assurance on these financial statements.
Management has elected to omit substantially all of the note disclosures required by accounting principles generally accepted in the United States of America in these interim financial statements.
Ava Community Energy’s annual audited financial statements include the note disclosures omitted from these interim statements. If the omitted disclosures were included in these financial statements, they might influence the user’s conclusions about the Authority’s financial position, results of operations, and cash flows. Accordingly, these financial statements are not designed for those who are not informed about such matters.
We are not independent with respect to the Ava Community Energy Authority because we performed certain accounting services that impaired our independence.
Maher Accountancy
San Rafael, CA
May 11, 2026
1101 Fifth Avenue, Suite 200 San Rafael, CA 94901 415 459 1249 mahercpa.com Attachment Consent Item 9A
Current assets
Cash and cash equivalents - unrestricted $ 503,347,016
Cash and cash equivalents - restricted 2,543,836
Accounts receivable, net of allowance 66,065,091
Accrued revenue 23,967,367
Other receivables 8,483,581
Prepaid expenses 5,896,907
Investments 17,852,415
Total current assets 628,156,213
Noncurrent assets
Deposits 992,749
Investments 329,563,117
Loans receivable 2,629,221
Capital assets, net of depreciation and amortization 23,395,196 Total noncurrent assets 356,580,283
Total assets 984,736,496
Current liabilities
Accrued cost of electricity 113,243,613
Accounts payable 4,760,109
Advances from grantors 2,543,836
Other accrued liabilities 2,685,137
User taxes and energy surcharges due to other governments 8,481,515 Lease liability 445,735
Security deposits - energy suppliers 4,183,100
Total current liabilities 136,343,045
Noncurrent liabilities
Lease liability 11,590,429
Total noncurrent liabilities 11,590,429
Total liabilities 147,933,474
Rate Stabilization Fund 188,014,795
Net investment in capital assets 10,460,782
Unrestricted 638,327,445
Total net position $ 648,788,227
NET POSITION
AVA COMMUNITY ENERGY AUTHORITY
STATEMENT OF NET POSITION
As of March 31, 2026
ASSETS
LIABILITIES
DEFERRED INFLOWS OF RESOURCES
See accountants' compilation report. 2
Attachment Consent Item 9A
Three Months Year-to-Date
OPERATING REVENUES
Electricity sales, net 149,431,243$ $ 737,308,746
Grant revenue 107,344 1,168,639
Other operating revenues 2,064,182 3,952,009
Total operating revenues 151,602,769 742,429,394
OPERATING EXPENSES
Cost of electricity 180,940,821 616,094,809
Contract services 5,714,840 17,101,843
Staff compensation 6,708,614 18,587,665
Other operating expenses 4,502,221 11,960,464
Depreciation and amortization 274,366 814,871
Total operating expenses 198,140,862 664,559,652
Operating income (loss) (46,538,093) 77,869,742
NONOPERATING REVENUES (EXPENSES)
Investment income 4,544,443 17,738,138
Interest expense (236,140) (717,519)
Nonoperating revenues (expenses), net 4,308,303 17,020,619 CHANGE IN NET POSITION (42,229,790) 94,890,361
Net position at beginning of period 691,018,017 553,897,866 Net position at end of period $ 648,788,227 $ 648,788,227
AVA COMMUNITY ENERGY AUTHORITY
Nine Months Ended March 31, 2026
AND CHANGE IN NET POSITION
STATEMENT OF REVENUES, EXPENSES
See accountants' compilation report. 3
Attachment Consent Item 9A
Three Months Year-to-Date
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers 233,005,708$ 851,328,437 $
Receipts from grantors 21,238 382,488
Receipts from wholesale sales and other operating receipts 6,792,474 13,439,918 Receipts of supplier security deposits 31,044,287 -
Payments to suppliers for electricity (188,306,195) (655,099,256) Payments for other goods and services (8,625,690) (30,489,769) Payments for staff compensation (6,963,572) (18,400,115) Payments of deposits and collateral (29,840,748) -
Payments of taxes and surcharges to other governments (12,595,254) (31,812,032) Net cash provided by operating activities 23,328,709 130,553,210
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES
Lease payments (335,632) (559,387)
Purchases of capital assets (439,724) (2,008,064)
Net cash used by capital and related financing activities (775,356) (2,567,451)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sales and maturities of investments 111,797,543 174,633,636 Investment income received 7,724,521 12,742,757
Loan principal received 16,415 25,342
Purchase of investments (116,826,128) (187,240,564)
Loan issued - (750,000)
Net cash provided (used) by investing activities 2,712,351 (588,829) Net change in cash and cash equivalents 25,265,704 127,396,930 Cash and cash equivalents at beginning of period 480,625,148 378,493,922 Cash and cash equivalents at end of period $ 505,890,852 $ 505,890,852 Reconciliation to the Statement of Net Position
Cash and cash equivalents - unrestricted 503,347,016$ 503,347,016 $ Cash and cash equivalents - restricted 2,543,836 2,543,836 Cash and cash equivalents $ 505,890,852 $ 505,890,852
Nine Months Ended March 31, 2026
STATEMENT OF CASH FLOWS
AVA COMMUNITY ENERGY AUTHORITY
See accountants' compilation report. 4
Attachment Consent Item 9A
RECONCILIATION OF OPERATING INCOME TO NET
CASH PROVIDED (USED) BY OPERATING ACTIVITIES
Three Months Year-to-Date
Operating income (loss) (46,538,093)$ $ 77,869,742
Adjustments to reconcile operating income to net
cash provided (used) by operating activities
Depreciation and amortization expense 274,366 814,871
(Increase) decrease in:
Accounts receivable 45,853,336 26,581,710
Other receivables 1,577,651 (1,713,583)
Accrued revenue 30,034,540 37,209,891
Prepaid expenses 889,962 (696,052)
Deposits 95,706 (29,575,969)
Increase (decrease) in:
Accrued cost of electricity (2,982,007) (24,570,779)
Accounts payable (20,882) (2,206,100)
Other accrued liabilities (179,923) 117,479
Advances from grantors (86,107) (1,147,401)
Deferred revenue (517,914) 227,627
User taxes due to other governments (4,899,396) 26,277
Security deposits from energy suppliers (172,530) 29,225,717 Rate Stabilization Fund 18,389,780 -
Net cash provided (used) by operating activities $ 23,328,709 $ 130,553,210
NONCASH INVESTING ACTIVITIES
Change in fair value of investments $ (3,240,852) $ 5,163,669 Change in interest receivable $ 60,774 $ (168,288)
NONCASH CAPITAL FINANCING ACTIVITIES
Capital acquisitions included in accounts payable and other liabilities $ 681,213 $ 898,250 Nine Months Ended March 31, 2026
STATEMENT OF CASH FLOWS (Continued)
AVA COMMUNITY ENERGY AUTHORITY
See accountants' compilation report. 5
Attachment Consent Item 9A