Finance Committee of the
Clean Power Alliance of Southern California
Regular Meeting
Tuesday, November 28, 2023
11:00 a.m.
Visit CPA’s YouTube Channel to view a Live Stream of the Meeting www.youtube.com/@CPApublicmeetings
*There may be a streaming delay of up to 90 seconds. This is a view-only live stream.
Clean Power Alliance
Executive Conference Room
801 S. Grand Ave., Suite 400
Los Angeles, CA 90017
Members of the public may also participate in this meeting at the following locations:
Camarillo City Hall
Mayor’s Office
601 Carmen Drive
Camarillo, CA 93010
Claremont City Hall
Conference 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
PUBLIC COMMENT: Members of the public may submit their comments by one of the following options:
• Email Public Comment: Members of the public are encouraged to submit written comments on any agenda item to [email protected] up to four hours before the meeting. Written public comments will be announced at the meeting and become part of the meeting record. Public comments received in writing will not be read aloud at the meeting. • Provide Public Comment During the Meeting: The General Public Comment item is reserved for persons wishing to address the Committee on any Clean Power Alliance-related matters not on today’s agenda. Public comments on matters on today’s Consent Agenda and Regular Agenda shall be heard at the time the matter is called. Comments on items on the Consent Agenda are consolidated into one public comment period. Members of the public who wish to address the Committee at CPA’s Office are requested to complete a comment card and provide it to staff. If you are attending from a remote location, please identify yourself to a CPA representative when your item is called. Each speaker is limited to two (2) minutes (in whole-minute increments) per agenda item with a cumulative total of five 5 minutes to be allocated between the General Public Comment, Agenda Page 1 of 17
the entire Consent Agenda, or individual items in the Regular Agenda. Please refer to Policy No. 8 – Public Comment for additional information.
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ACCESSIBILITY: Meetings are accessible to people with disabilities. Individuals who need special assistance or a disability-related modification or accommodation to participate in this meeting, or who have a disability and wish to request an alternative format for the meeting materials, should contact the Clerk of the Board at least two (2) working days before the meeting at [email protected] or (213) 713- 5995. Notification in advance of the meeting, while not required, will enable us to make reasonable arrangements to ensure accessibility to this meeting and the materials related to it.
CALL TO ORDER & ROLL CALL
GENERAL PUBLIC COMMENT
CONSENT AGENDA
1. Approve Minutes from the October 25, 2023, Finance Committee Meeting
2. Receive and File October 2023 Risk Management Team Report
3. Receive and File October 2023 CPA Investment Report
4. Receive and File Fiscal Year 2023-2024 Q1 Financial Report
REGULAR AGENDA
5. Report from the Chief Financial Officer
COMMITTEE MEMBER COMMENTS
ADJOURN – NEXT MEETING ON JANUARY 24, 2024
Public Records: Public records that relate to any item on the open session agenda for a Committee Meeting are available for public inspection. Those records that are distributed less than 72 hours prior to the meeting are available for public inspection at the same time they are distributed to all, or a majority of, the members of the Committee. Public records are available for inspection at CPA’s Office at 801 S. Grand Ave., Suite 400, Los Angeles, CA 90017, or online at www.cleanpoweralliance.org/agendas.
Agenda Page 2 of 17
Staff Report – Agenda Item 1
To: Finance Committee
Subject: Approve Minutes from October 25, 2023 Finance Committee Meeting
Date: November 28, 2023
RECOMMENDATION
Approve.
ATTACHMENTS
1. Minutes
Agenda Page 3 of 17
Finance Committee Item 1
MINUTES
Finance Committee of the
Clean Power Alliance of Southern California
Regular Meeting
Wednesday, October 25, 2023, 11:00 a.m.
Meeting videos are available on CPA's YouTube Channel.
http://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
Clean Power Alliance
Executive Conference Room
801 S. Grand Ave., Suite 400
Los Angeles, CA 90017
Claremont City Hall
Citrus Room
207 Harvard Avenue
Claremont, CA 91711
South Bay Cities Council of Governments
Conference Room
2355 Crenshaw Blvd., Suite 125
Torrance, CA 90501
Rolling Hills Estates City Hall
Conference Room
4045 Palos Verdes Drive North
Rolling Hills Estates, CA 90274
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 Absent
All votes are unanimous unless otherwise stated.
GENERAL PUBLIC COMMENT
There was no public comment.
DRAFT Agenda Page 4 of 17
Finance Committee Item 1
CONSENT AGENDA
1. Approve Minutes from the September 27, 2023, Finance Committee Meeting
2. Receive and File September 2023 Risk Management Team Report
3. Receive and File September 2023 CPA Investment Report
4. Receive and File August 2023 Financial Dashboard
Motion: Committee Member Calaycay, Claremont
Second: Committee Member Zuckerman, Rolling Hills Estates 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 a gain of $20 million recorded during the first two months of FY 2023/24, which is below budget and primarily due to cooler than normal temperatures and lower revenues. Staff anticipates a favorable financial year. CPA has not drawn on the line of credit.
6. Receive Report from the Independent Auditor and Review FY 2022/2023 - Financial Statements and FY 2022/2023 Budget to Actual Report Bethany Ryers, Independent Auditor from Baker Tilly, presented the FY 2022/2023 audit report, noting no material issues with CPA’s reporting or internal controls.
There were no audit adjustments, findings, or concerns, and Baker Tilly agrees with CPA’s accounting policies and disclosures. Ms. Ryers reviewed future accounting standards that may affect CPA and thanked staff for their hard work and responsiveness.
Committee Member Zuckerman asked several questions about audit submissions, the Required Supplemental Information (RSI), and how prepay bonds are included in the audit. Ted Bardacke, CEO, clarified that the Board receives the audit, and it is posted on CPA’s website and becomes part of the credit profile, without further submission to an external agency. The RSI contains a narrative explanation and analysis of CPA’s financial performance, financial condition, and prospects. Ms.
Ryers noted that prepay bonds are not a financial liability for CPA and are referenced in the notes to the financial statements. Committee Member Kulcsar asked several questions on the auditing estimation, delinquent accounts, and audit consistency. Ms. Ryers explained that the financial audit estimation involves an assessment of the reasonableness of CPA’s financial statements and includes unbilled revenues and allowance of doubtful accounts. Ms. Ryers added that CPA’s audits have consistently adhered to governmental accounting standards.
Committee Members Zuckerman and Kulcsar inquired about the effectiveness of CPA’s internal controls. Ms. Ryers explained that the audit does not offer an opinion on internal controls, as its scope does not encompass identifying deficiencies. Consulting firms can perform more comprehensive internal control reviews if concerns arise.
DRAFT Agenda Page 5 of 17
Finance Committee Item 1
Mr. McNeil provided a summary of CPA’s FY 2022/23 financial results, noting a “clean” audit opinion and an increase in net position and liquidity by $80.3 million and $162.8 million respectively, despite adverse events. Mr. McNeil reviewed the current and noncurrent assets and liabilities, the fiscal stabilization fund, and total net position. Mr. McNeil compared the FY 2022/23 base budget with the actual budget.
In response to Committee Member Zuckerman’s question, Mr. McNeil stated that no further California Arrearage Payment Program (CAPP) funds were expected.
Committee Member Zuckerman commented on CPA’s significant interest income; staff will explore investment options in Certificates of Deposits (CDs) to further enhance interest income. Committee Member Kulcsar asked questions about potential double counting and variable line of credit fees. Mr. McNeil clarified that CPA’s accounts receivable and accrued revenue would not be double counted.
CPA incurs a fixed non-utilization fee of 0.45% on the unused portion of its line of credit, with borrowed funds carrying a variable rate rate plus a fee.
COMMITTEE MEMBER COMMENTS
Committee Member Zuckerman and Chair Santangelo thanked staff and the auditing team for their clear audit report.
ADJOURN
Committee Chair Santangelo adjourned the meeting at 12:01 p.m.
DRAFT Agenda Page 6 of 17
Staff Report – Agenda Item 2
To: Finance Committee
From: Geoff Ihle, Energy Risk Manager
Approved By: Ted Bardacke, Chief Executive Officer
David McNeil, Chief Financial Officer
Subject: Receive and File October 2023 Risk Management Team Report Date: November 28, 2023
October 2023 RMT REPORT
Key Actions
• Reviewed current counterparty credit exposure
• Reviewed July 2023 day-ahead load forecast performance • Reviewed September 2023 market performance
• Reviewed energy positions and approved 2023-2027 hedges for monthly RFO • Reviewed positions for resource adequacy, RPS and carbon-free energy products
• Reviewed Energy Risk Management Policy (ERMP) compliance • Reviewed October 2023 CRR Allocations and Auction and 2023 YTD Performance
Policy Compliance
Policy Deviation Required Action
None None
ATTACHMENT
None.
Agenda Page 7 of 17
Staff Report – Agenda Item 3
To: Finance Committee
From: David McNeil, Chief Financial Officer
Approved By: Ted Bardacke, Chief Executive Officer
Subject: Receive and File October 2023 Investment Report Date: November 28, 2023
RECOMMENDATION
Receive and File October 2023 Investment Report.
ATTACHMENT
1. October 2023 Investment Report
Agenda Page 8 of 17
Finance Committee Item 3
Agenda Page 9 of 17
Staff Report – Agenda Item 4
To: Finance Committee
From: David McNeil, Chief Financial Officer
Approved By: Ted Bardacke, Chief Executive Officer
Subject: FY 2023-24 Q1 Financial Report
Date: November 28, 2023
RECOMMENDATION
Receive and file.
ATTACHMENTS
1. First Quarter Financial Report
Agenda Page 10 of 17
CUSTOMERS
Summary of Financial Results
Definitions:
Accounts: Active Accounts represents customer accounts of active customers served by CPA per Calpine Invoice.
Participation Rate %: Participation Rate represents active accounts divided by eligible CPA accounts YTD Sales Volume: Year-to-date sales volume represents the amount of energy (in gigawatt hours) sold to retail customers Revenues: Retail energy sales less allowance for doubtful accounts Cost of energy: Cost of energy includes direct costs incurred to serve CPA’s load Operating expenses: Operating expenditures include general, administrative, consulting, payroll, and other costs required to fund operations Net operating income represents the difference between revenues and expenditures before interest income and expense, and capital expenditures
Cash and Cash Equivalents: Includes bank accounts and marketable securities with maturities of less than 90 days.
Year to date (YTD): Represents the fiscal period beginning July 1, 2023 YTD
Sept
2023
Financial Dashboard
Note: Numbers may not sum up due to rounding.
Active Accounts
1,006,407
Participation Rate
93.3%
YTD Sales Volume
3,079 GWh
Sept Volume
895 GWh
CPA recorded an operating loss of $13.8 million in September 2023 which was $6.5 million more than the budgeted operating loss of $7.3 million. For the year to date, CPA recorded an operating gain of $6.5 million, $23.8 million or 79% less than the budgeted operating gain of $30.3 million provided in the FY 2023/24 budget.
Year to date results were impacted by the following factors:
1. Revenues were $483.5 million or 6% lower than budget primarily as a result of cooler than normal temperatures and less electricity used in CPA’s service area in September 2023.
2. The cost of energy was $467 million or 0.4% below the FY2023/24 budget. Cost of energy was primarily impacted by September CAISO spot market prices that were significantly lower than energy forward prices that were used for budgeting purposes and the absence of significant heat events or price spikes in CPA’s service area.
3. Operating costs were 22% below budget for the year to date due to lower than budgeted spending on general and administrative expenses, customer programs and other services, and the non-utilization of contingencies.
As of September 30, 2023, CPA had $214.6 million in unrestricted cash and cash equivalents and $159.853 million available in its bank line of credit representing 114 Days Liquidity on Hand.
CPA is financially sound and in compliance with its bank and other credit covenants.
Agenda Page 11 of 17
CLEAN POWER ALLIANCE OF SOUTHERN CALIFORNIA
STATEMENT OF NET POSITION
AS OF SEPTEMBER 30, 2023 AND 2022
2023 2022
ASSETS
Current assets
Cash and cash equivalents
Accounts receivable, net of allowance
Accrued revenue
Market settlements receivable
Other receivables
Prepaid expenses
Deposits
Restricted cash
Total current assets
$ 214,637,920
178,053,347
95,598,809
6,018,812
4,535,918
2,438,081
6,757,546
1,200,000
509,240,433
$ 98,830,346
155,511,536
73,173,244
-
13,961,875
10,512,598
44,142,542
2,400,000
398,532,141
Noncurrent assets
Capital assets, net of depreciation
Intangible - right-to-use lease asset
Deposits
523,126
2,106,016
88,875
709,857
2,488,924
88,876
Total noncurrent assets
Total assets
2,718,017
511,958,450
3,287,657
$ 401,819,798
$
$
$
LIABILITIES
Current liabilities
Accounts payable 3,659,186
252,430,863
3,040,288
12,838,356
374,700
2,989,330
196,468,151
4,068,916
10,139,202
259,675
Accrued cost of electricity
Other accrued liabilities
User taxes and energy surcharges due to other governments Security deposits from energy suppliers
Unearned program funds 4,592,822
409,017
3,930,813
Lease liability, current 363,658
Counterparty collateral deposit
Total current liabilities
233,280
277,578,511
-
218,219,746
Noncurrent liabilities
Supplier security deposits
Lease liability, noncurrent
Accrued Retention Incentive-N/C
Total noncurrent liabilities
Total liabilities
3,149,860
2,151,166
129,072
5,430,099
283,008,609
3,132,849
2,560,183
-
45,693,032
$ $ 263,912,778
NET POSITION
Investment in capital assets
Restricted for collateral
Unrestricted
$
$
68,959
1,200,000
227,680,881
228,949,840
$
$
274,939
2,400,000
135,232,081
Total net position 137,907,020
Agenda Page 12 of 17
CLEAN POWER ALLIANCE OF SOUTHERN CALIFORNIA
STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN NET POSITION
AS OF SEPTEMBER 30, 2023 AND 2022
2023 2022
OPERATING REVENUES
Electricity sales, net
Other revenue
$ 483,041,606
408,245
$ 377,176,853
361,189
Total operating revenues 483,449,851 377,538,042
OPERATING EXPENSES
Cost of electricity 466,950,144
5,288,028
4,069,451
663,951
476,971,573
6,478,277
372,887,614
4,697,629
2,791,386
555,035
380,931,665
(3,393,623)
Contract services
Staff compensation
General and administration
Total operating expenses
Operating income (loss)
NONOPERATING REVENUES (EXPENSES)
Interest income 1,124,252
(184,451)
(15,758)
924,043
190,780
(125,492)
(17,873)
47,414
Interest and related expenses
Interest expense - lease
Total nonoperating revenues (expenses)
CHANGE IN NET POSITION
Net position at beginning of period
Net position at end of period
7,402,320
221,547,520
228,949,840
(3,346,208)
141,253,228
$ $ 137,907,020
Agenda Page 13 of 17
CLEAN POWER ALLIANCE OF SOUTHERN CALIFORNIA
STATEMENT OF CASH FLOWS
AS OF SEPTEMBER 30, 2023 AND 2022
2023 2022
RECONCILIATION OF OPERATING INCOME TO NET
CASH PROVIDED (USED) BY OPERATING ACTIVITIES
Net operating income (loss)
Adjustments to reconcile operating income to net
cash provided (used) by operating activities
Depreciation expense
$ 6,478,277 $ (3,393,623)
50,390
95,727
54,525
Amortization expense 95,727
Revenue adjusted for allowance for uncollectible accounts (Increase) decrease in:
6,853,739 5,495,854
Accounts receivable
Energy market settlements receivable
Other receivables
Accrued revenue
Prepaid expenses
(61,648,032)
(6,018,812)
(3,707,502)
(8,369,145)
43,714,769
9,193,760
(64,436,618)
-
(6,302,411)
(17,676,453)
(4,374,194)
Deposits (18,027,012)
Increase (decrease) in:
Accounts payable (3,349,775)
(988,634)
93,433,613
320,072
4,267,499
180,000
(1,536,984)
(8,623,026)
121,461,970
1,631,290
4,112,844
(4,524,976)
426,780
Energy market settlements payable
Accrued cost of electricity
Other accrued liabilities
User taxes due to other governments
Supplier security deposits
Unearned program funds 240,338
Counterparty collateral deposit
Net cash provided (used) by operating activities
233,280
80,979,563
-
4,383,694
CASH FLOWS FROM NON-CAPITAL FINANCING ACTIVITIES
Loan proceeds -
-
60,000,000
(20,000,000)
(91,446)
Principal payments on loan
Interest and related expense payments
Net cash provided (used) by non-capital
financing activities
(109,446)
(109,446) 39,908,554
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES
Payments to acquire capital assets
Payments on lease (for both principal and interest)
Net cash provided (used) by capital and related financing activities (28,544)
(114,784)
(143,327)
(90,125)
(100,228)
(190,353)
CASH FLOWS FROM INVESTING ACTIVITIES
Interest income received 1,124,252
1,124,252
190,780
Net cash provided (used) by investing activities 190,780 Net change in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period
81,851,041
133,986,879
215,837,920
44,292,675
56,937,672
$ $ 101,230,346
Reconciliation to the Statement of Net Position
Cash and cash equivalents (unrestricted)
Restricted cash
$
$
214,637,920
1,200,000
215,837,920
$
$
98,830,346
2,400,000
Cash and cash equivalents 101,230,346
Agenda Page 14 of 17
CLEAN POWER ALLIANCE OF SOUTHERN CALIFORNIA
BUDGETARY COMPARISON SCHEDULE
AS OF SEPTEMBER 30, 2023 AND 2022
2023/24 YTD
Budget Variance
(Under) Over
2023/24 YTD
Actual / Budget
%
2023/24
Remaining
Budget
2023/24
Remaining
Budget %
2023/24 YTD
Budget
2023/24 YTD
Actual 2023/24 Budget
Operating revenues
Revenue - electricity, net
Other revenues
$ 511,206,712
795,854
512,002,566
$ 483,041,605
408,245
483,449,850
$ (28,165,107)
(387,609)
(28,552,716)
94%
51%
94%
$ 1,576,284,820
3,238,179
1,579,523,000
$ 1,093,243,215
2,829,934
1,096,073,149
69%
87%
Total operating revenues 69%
Energy costs
Energy procurement
Total energy costs
468,958,089
468,958,089
466,950,144
466,950,144
(2,007,945)
(2,007,945)
100%
100%
1,243,338,000
1,243,338,000
776,387,856
776,387,856
62%
62%
Operating revenues less energy costs 43,044,477 16,499,706 (26,544,771) 38% 336,185,000 319,685,294 95% Operating Expenditures
Staffing 4,694,260
526,075
263,490
622,900
544,910
355,200
2,782,960
528,075
1,401,720
1,071,137
12,790,727
4,069,451
419,648
144,771
241,653
509,924
250,105
2,626,637
525,601
569,688
663,951
10,021,429
(624,809)
(106,427)
(118,719)
(381,248)
(34,986)
(105,095)
(156,323)
(2,474)
87%
80%
55%
39%
94%
70%
94%
100%
41%
62%
78%
20,072,000
1,809,000
1,054,000
1,975,000
2,157,000
1,023,000
11,262,000
2,165,000
9,643,000
4,501,000
55,661,000
16,002,549
1,389,352
909,229
1,733,348
1,647,076
772,895
8,635,363
1,639,399
9,073,312
3,837,049
45,639,571
80%
77%
86%
88%
76%
76%
77%
76%
94%
85%
82%
Technical services
Legal services
Other professional services
Communications and outreach
Mailers
Billing data manager
SCE services
Customer programs
General and administrations
Total operating expenditures
(832,032)
(407,186)
(2,769,298)
Operating income 30,253,750 6,478,277 (23,775,473) 21% 280,524,000 274,045,723 98% Non-operating revenues (expenditures)
Interest income 585,900
(393,760)
192,140
1,124,252
(200,209)
924,043
538,352
193,551
731,903
192%
51%
481%
4,314,000
(1,563,000)
2,751,000
3,189,748
(1,362,791)
1,826,957
74%
Finance and interest expense 87%
Total non-operating revenues (expenditures)
Change in net position 30,445,890 7,402,320 (23,043,570) 283,275,000 275,872,679 97% Other uses
Capital outlay
Depreciation and Amortization
Total other uses
94,500
(181,640)
(87,140)
28,544
(146,117)
(117,574)
7,519,894
(65,956)
35,523
(30,434)
30%
80%
135%
25%
378,000
(719,000)
(341,000)
349,456
(572,883)
(223,426)
92%
80%
66%
Change in fund balance $ 30,533,030 $ $ (23,013,137) $ 283,616,000 $ 276,096,106 Agenda Page 15 of 17
Select Financial Indicators
Note Sep‐22
180,312,395
Dec‐22
126,977,470
Mar‐23
109,673,582
1.7 Jun‐23
224,117,857
2.2 Sep‐23
231,661,922
1.8 1
2 3
4 5
Working Capital
Current Ratio
Days Sales Outstanding
Equity
1.8 38
1.8 34 33 39 34
137,907,020
34%
124,519,649
44%
107,148,653
39%
221,547,520
54%
228,949,840
Equity to Assets % 45%
6 7
8 9
Adjusted Unrestricted Cash
Available Line of Credit
Total Liquidity
95,697,497
39,853,000
135,550,497
55 46,324,615
79,853,000
126,177,615
48 91,975,742
79,853,000
171,828,742
59 129,442,319
159,853,000
289,295,319
97 210,880,080
159,853,000
370,733,080
Days Liquidity on Hand (TTM) 114
10 11
Gross Margin
Net Margin
1%
‐1%
‐0.1%
‐3%
‐1%
‐4%
10%
7%
3%
2%
Percentage Change from Prior Quarter
Working Capital
Current Ratio
Days Sales Outstanding
Equity
Equity to Assets %
Adjusted Unrestricted Cash
Available Line of Credit
Total Liquidity
22%
‐26%
‐8%
‐30%
0%
‐9%
‐10%
28%
‐52%
100%
‐7%
‐14%
‐8%
‐4%
‐14%
‐11%
99%
0%
36%
25%
104%
33%
17%
107%
39%
41%
100%
68%
64%
3%
‐17%
‐13%
3%
‐17%
63%
0%
‐2%
‐39%
101%
‐50%
6% 28%
Days Liquidity on Hand (TTM) ‐5% ‐14% 18%
Financial Indicators
400
350
300
250
200
150
100
50 ‐
Sep‐22 Dec‐22 Mar‐23 Jun‐23 Sep‐23
Fiscal Quarter
Working Capital Equity Total Liquidity
Note Description Note
7 8
9 10
11 Description
1 2
3 4
5 6
Current Assets less Current Liabilities
Current Assets divided by Current Liabilities
Accounts receivable divided by Sales divided by 365
Net Position plus Fiscal Stabilization Fund
Equity (Net Position + FSF) divided by Total Assets
Total Line of Credit less Borrowing and Letters of Credit Sum of Available Cash and Line of Credit
Total Liquidity divided by trailing 12 month expenses divided by Operating revenue less energy cost divided by operating revenu Change in net position divided by operating revenue
Unrestricted cash and cash equivalents less supplier deposits Agenda Page 16 of 17
Staff Report – Agenda Item 5
To: Finance Committee
From: David McNeil, Chief Financial Officer
Subject: Report from the Chief Financial Officer
Date: November 28, 2023
The CFO will provide an oral update on September 2023 financial results and CPA’s banking agreement.
Agenda Page 17 of 17