MINUTES
Finance Committee of the
Clean Power Alliance of Southern California
Regular Meeting
Wednesday, February 28, 2024, 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
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
CALL TO ORDER & ROLL CALL
Committee Chair Santangelo called the meeting to order at 11:00 a.m. and the Clerk of the Board 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 Absent
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 January 11, 2024, Finance Committee Meeting
2. Receive and File January 2024 Risk Management Team Report
3. Receive and File December 2023 and January 2024 Investment Report
4. Receive and File FY 202302924 Q2 Financial Report and December 2023 Financial Dashboard
Motion: Committee Member Newman, Thousand Oaks
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
Chief Financial Officer David McNeil provided an update on CPA’s banking agreement progress, investments in CAMP, and ongoing activities in preparation for the new budget, including FY 2023/24 financial performance.
In response to Committee Member Newman’s questions about forecasting and a potential government shut-down, staff noted that innovations in forecasting will improve CPA’s methodology and modeling; however, the challenge lies heavily on how to place parameters around increased volatility. Staff noted that a government shut-down would have minimal impact on CPA operations. Committee Member Zuckerman asked whether changes in hedging strategies are necessary; staff clarified that the Energy Risk Management team reviews hedging strategies and if changes are necessary they would be subtle and gradually implemented.
Committee Member Kulcsar noted that SCE is able to recover from undercollection while CPA is not able to do so; CPA’s hedging has worked and any changes should be gradual, complemented staff for their forecasting efforts. Committee Member Zuckerman asked questions about contracted energy and SCE past due accounts.
Mr. McNeil’s explained that as CPA’s long-term power purchasing grows, overtime that should reduce volatility. Regarding SCE past due accounts, Mr. McNeil clarified that the backlog will be addressed by the end of the year.
COMMITTEE MEMBER COMMENTS
None.
ADJOURN
Committee Chair Santangelo adjourned the meeting at 11:36 p.m.