MINUTES
Finance Committee of the
Clean Power Alliance of Southern California
Regular Meeting
Wednesday, September 27, 2023, 11:00 a.m.
Meeting videos are available on CPA’s YouTube Channel
www.youtube.com/@CPApublicmeetings
Committee Members participated in this meeting from the following locations:
Camarillo City Hall
Mayor’s Office
601 Carmen Drive
Camarillo, CA 93010
CPA Office
801 S. Grand Ave., Suite 400
Los Angeles, CA 90017
Claremont City Hall
Citrus Room
207 Harvard Avenue
Claremont, CA 91711
Carson City Hall
Executive Conference Room
701 East Carson Street
Carson, CA 90745
Rolling Hills Estates City Hall
Conference Room
4045 Palos Verdes Drive North
Rolling Hills Estates, CA 90274
Thousand Oaks City Hall
City Manager’s Office, Council Office #1
2100 Thousand Oaks Blvd.
Thousand Oaks, CA 91362
CALL TO ORDER & ROLL CALL
Committee Chair Santangelo called the meeting to order at 11:00 a.m. and Gabriela Monzon, Board Clerk, conducted roll call.
Roll Call
Camarillo Susan Santangelo Committee Chair Remote
Carson Reata Kulcsar Committee Member Remote
Claremont Corey Calaycay Committee Member Remote
Rolling Hills Estates Steve Zuckerman Committee Member Remote Santa Monica Pam O’Connor Committee Member Present
Thousand Oaks David Newman Committee Member Remote
All votes are unanimous unless otherwise stated.
GENERAL PUBLIC COMMENT
There was no public comment.
CONSENT AGENDA
1. Approve Minutes from the May 24, 2023, Finance Committee Meeting
2. Receive and File August 2023 Risk Management Team Report Clean Power Alliance Finance Committee Page 2 of 2
September 27, 2023 Minutes
3. Receive and File June, July, and August 2023 CPA Investment Reports
4. Receive and File July 2023 Financial Dashboard
Motion: Committee Member O’Connor, Santa Monica
Second: Committee Member Calaycay, Claremont
Vote: The consent agenda was approved by a roll call vote.
REGULAR AGENDA
5. Report from the Chief Financial Officer
David McNeil, Chief Financial Officer, reported that CPA received an investment-grade (IG) credit rating of “A-” with a stable outlook and reviewed the rating report highlights.
Mr. McNeil reported lower revenues for the month of July due to unseasonably low temperatures; CPA maintains a strong cash flow due in part to lower California Independent System Operator (CAISO) charges. CPA is undergoing an audit as part of the California Arrearage Payment Program (CAPP) and does not anticipate issues.
In response to Committee Member Zuckerman’s questions about the audit and budget predictions, Mr. McNeil noted that S&P was comfortable using unaudited FY 2022/23 results due to CPA’s history of clean audits. CPA’s annual financial audit will be completed by October 19. Committee Member Newman referred to reports of increased oil prices and interest rates and asked about potential effects on CPA’s revenue and expense projections. Staff explained that higher interest rates can impact energy developers and costs for large projects and storage; local factors, such as gas storage availability, can have significant effects on electricity prices.
6. Receive Update on Customer Payment Behavior and Bad Debt Reserve Mr. McNeil presented an update on customer payment behavior and the bad debt reserve.
Committee Member Kulcsar inquired whether future updates on residential customer payment behavior could provide a breakdown of the number of accounts and their respective days past-due and outstanding amounts. Staff agreed to implement the suggestion. Committee Member Zuckerman asked about the method used by Southern California Edison (SCE) to select past due accounts for disconnection. Staff agreed to research this topic.
COMMITTEE MEMBER COMMENTS
None.
ADJOURN
Committee Chair Santangelo adjourned the meeting at 11:39 p.m.