MINUTES
Finance Committee of the
Clean Power Alliance of Southern California
Regular Meeting
Wednesday, December 3, 2024, 10:00 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 Member Calaycay called the meeting to order at 10:03 a.m. Ted Bardacke, Chief Executive Officer, conducted roll call.
Roll Call
Camarillo Susan Santangelo Committee Chair Absent
Calabasas Ed Albrecht Committee Member 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 October 30, 2024, Finance Committee Meeting
2. Receive and File October 2024 Risk Management Team Report
3. Receive and File October 2024 Investment Report
4. Receive and File September 2024 Financial Dashboard
5. Receive and File FY 2024/2025 Q1 Financial Report
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
6. Report from the Chief Financial Officer
David McNeil, Chief Financial Officer, provided an oral update on CPA’s first-quarter financial results. He highlighted that CPA had a successful summer, coming in ahead of budget primarily due to the non-utilization of contingencies. As part of the ongoing implementation of the Board-approved investment policy, Mr. McNiel reported that in October, CPA acquired $50 million in five-year Treasury securities. He also noted the completion of the fourth pre-pay transaction in November and mentioned that Mr.
Bardacke and Ms. Freeman are currently working on the fifth pre-pay transaction.
7. Bad Debt Reserve and Accounts Receivable Update
Mr. McNeil presented an update on bad debt and accounts receivable. He noted that past-due amounts for active commercial accounts have stabilized, while past-due amounts for active residential accounts remain high. He believes that the bad debt reserve has been conservatively estimated. Additionally, the unreserved portion of accounts receivable that are 90 days or more delinquent does not threaten the organization's financial health.
In response to Committee Member Zuckerman’s question about the “unapplied” on the charts, Mr. McNeil expressed that it is cash that has been received from a customer or that SCE received from a customer and has not been applied to an accounts receivable balance. Mr. McNeil also noted that if applied, it would reduce the receivable account balance, and if there were no accounts receivable, it would be returned to the customer.
Mr. McNeil explained that numerous unapplied problems arose when SCE changed its billing and collection software.
Committee Member Albrecht expressed concern regarding collections and suggested that CPA staff contact other utility providers to discuss their collections process. Mr. McNeil acknowledged Committee Member Albrecht’s feedback and added that there would be an Annual Utilities Meter to Cash Conference and participation could be considered.
COMMITTEE MEMBER COMMENTS
Committee Member Zuckerman asked about SCE rates, and Mr. Bardacke explained that a presentation was given to the Board, and that the summary would be in November’s Board meeting packet.
ADJOURN
Committee Chair Calaycay adjourned the meeting at 10:41 a.m.