Regular Board Meeting
June 29, 2023
Item 8: Proposed Fiscal Year
2023/24 Budget
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Item 8: Approve FY 2023/24 Budget
• Recommendation:
• Approve Resolution No. 2023-005 Approving FY 2023/24 Budget 6/29/22 3
Item 8: Approve FY 2023/24 Budget
• Background
• May 25, 2023 Regular Meeting Board Reviewed FY 2022/23 Year End Estimates and Proposed FY 2023/24 Budget
• No Changes to the Proposed FY 2023/24 Budget were directed by the Board
• Board directed the following initiatives recommended by CAC to be developed and returned to Board for approval and funding:
• Community Solar/Feed-in-Tariff Program
• Home Electrification Program
• Grant Writer
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Budget and Forecast FY2023-2024
Items
Mid-Year
Adjust/Approved
Budget
Year-End Estimate Proposed Budget
TOTAL REVENUES $96,825,523 $97,203,350 $230,915,000
OPERATING EXPENSES
Power Supply 86,635,982 86,662,905 200,000,000
Data Management/Call Center 1,151,180 1,100,000 2,500,000 Staffing/Consultants 382,900 290,500 3,000,000
Legal Services 335,000 350,000 467,500
Professional Services 1,002,100 934,200 1,448,885
Audit Services 10,000 8,900 10,000
Software & Licenses 15,100 9,325 15,000
Memberships & Dues 121,000 90,000 292,040
G&A (includes Bad Debt expense) 192,280 1,003,900 4,927,780 TOTAL OPERATING EXPENSES 89,845,542 90,449,730 212,661,205 OPERATING MARGIN $6,979,981 $6,753,620 $18,253,795
FINANCING
NET INTEREST EXPENSE/(INCOME) 565,447 1,050,000 700,000 CHANGE IN NET POSITION $6,414,534 $5,703,620 $17,553,795 Net Position at the beginning of period ($3,333,642) ($3,333,642) $2,369,978 Net Position at the end of period $3,080,892 $2,369,978 $19,923,773 Repaid to Member Agencies 504,017
Repaid to Line of Credit (JP Morgan) 5,000,000
Total Outflows - Board Approval 218,865,222
FY2022-2023
• 91% of Expenditure is Power
Supply
• 5 Full-Time Positions
• CEO
• Board Secretary/Admin
• Key Accounts/Program
Manager
• Procurement Manager
• Regulatory Analyst
• Includes repayment of loans:
• $5M JPMorgan
• Start up loans from
Carlsbad, Del Mar,
Solana Beach
• 5% Reserve Contribution is
met
Questions/Discussion
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