MINUTES
Finance Committee of the
Clean Power Alliance of Southern California
Regular Meeting
Wednesday, October 30, 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 11:01 a.m. Annie Mendoza, Deputy 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 Remote
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 September 25, 2024, Finance Committee Meeting
2. Receive and File September 2024 Risk Management Team Report
3. Receive and File September 2024 Investment Report
4. Receive and File August 2024 Financial Dashboard
Motion: Committee Member Zuckerman, Rolling Hills Estates Second: Committee Member Newman, Thousand Oaks
Vote: The consent agenda was approved by a roll call vote.
REGULAR AGENDA
5. Receive Report from the Independent Auditor and Review Fiscal Year 2023- 2024 – Audited Financial Statements and FY 2023-2024 Budget to Actual Report Bethany Ryers, the independent auditor from Baker Tilly, presented the fiscal year 2023-2024 audit results. Ms. Ryers provided an overview of responsibilities, key areas of focus, and significant findings. Ms. Ryers reported that Baker Tilly agreed with CPA’s accounting policies and disclosures and had no audit adjustments or concerns. Furthermore, Ms. Ryers discussed future accounting standards that will take effect in 2026 and how they will impact the organization.
Committee Member Zuckerman asked about the letter of credit issued to SCE; Mr.
McNeil clarified that the letter of credit was to meet CPA’s obligation pursuant to the CPUC’s mandated Financial Service Requirement, which is set to cover administrative costs of involuntary customer return.
Mr. Bardacke clarified for Committee Member Kulcsar that sick leave could be accumulated but cannot be cashed out upon separation. In contrast, vacation has a limited cash-out policy that allows staff who have exceeded a certain number of hours to cash out once a year. Ms. Ryers further added that although sick leave may not be cashed out, it is still recorded as a liability.
Ms. Ryers responded to several questions from committee members regarding the Fiscal Stabilization Fund and deferred inflow of resources, other receivables, and accounts receivable, potential changes in procedures and staff responsiveness during the audit.
Hui Lisano, Senior Director of Finance and Accounting, presented the financial results for the fiscal year 2023-2024. In reviewing the summary, Ms. Lisano clarified that CPA’s Reserve Policy targets are 120 days, not 150, as stated in the PowerPoint presentation. Ms. Lisano reviewed the Fiscal Stabilization Fund and the balance sheet components, noting that assets remain very liquid. Committee Member Zuckerman inquired about the $380,000 increase in intangible assets; Ms. Lisano explained that intangible assets are related to the lease agreement, which CPA is required to report under assets and liabilities. Ms. Lisano highlighted that the balance sheet was very healthy with zero debt and high net positions.
Regarding the Fiscal Stabilization Fund, Committee Member Kulcsar asked when the $135 million was transferred; Ms. Lisano responded that it was done in June 2024. Ms. Lisano continued to review the budget to actual amounts, noting that the change in net position would be $42 million below budget if revenue were not deferred to the Fiscal Stabilization Fund.
COMMITTEE MEMBER COMMENTS
None.
ADJOURN
Committee Chair Santangelo adjourned the meeting at 12:06 p.m.