MINUTES
Finance Committee of the
Clean Power Alliance of Southern California
Regular Meeting
Wednesday, September 25, 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 11:03 a.m. and Gabby Monzon, Clerk of the Board, conducted roll call.
Roll Call
Camarillo Susan Santangelo Committee Chair Remote
Calabasas Ed Albrecht Committee Member Remote
Carson Reata Kulcsar Committee Member Absent
Claremont Corey Calaycay Committee Member Absent
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 June 26, 2024, Finance Committee Meeting
2. Receive and File August 2024 Risk Management Team Report
3. Receive and File August 2024 Investment Report
4. Receive and File July 2024 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
David McNeil, Chief Financial Officer, described changes to the Financial Dashboard that went into effect in July 2024. Mr. McNeil summarized financial performance in July and provided an outlook for the balance of the year's third calendar quarter.
Mr. McNeil provided an update on the CPA Prepay Transactions, noting that Goldman Sachs was selected as an underwriter for CPA’s third prepaid bond issuance in August 2024.
Regarding Committee Member Zukerman's inquiry about the Prepay Transactions Summary presentation materials, Mr. McNeil agreed to streamline the terminology (total/cumulative initial period savings and annual initial period savings) to make it easier for Board members to understand.
In response to Chair Santangelo’s question about whether there will be a presentation to the entire Board on the prepays, Mr. McNeil expressed that a presentation would likely occur after prepays four and five have been completed, and there will be a need for authorization for additional prepays. Mr. Bardacke said he would provide information regarding the third prepay bond issuance in the October Management Report to the Board.
Answering Committee Member Albrecht’s question regarding rates for prepays, how they move, the margin between good and bad, and capturing them at the right time, Mr.
McNeil stated that five-to-ten-year interest rates have the most impact on prepay bond economics and that staff and its Municipal Financial Advisor consider market conditions when planning prepay bond issuances.
COMMITTEE MEMBER COMMENTS
Committee Member Zuckerman asked about delinquencies, and Mr. McNeil noted that he will put something on an upcoming agenda to provide the committee with an update.
ADJOURN
Committee Chair Santangelo adjourned the meeting at 11:27 a.m.