MINUTES
Finance Committee
of the Clean Power Alliance of Southern California
Regular Meeting
Wednesday, April 23, 2025, 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
Administrative Conference Room
601 Carmen Drive
Camarillo, CA 93010
Clean Power Alliance Office
Executive Conference Room
801 S. Grand Ave., Suite 400
Los Angeles, CA 90017
Calabasas City Hall
Council Conference Room
100 Civic Center Way
Calabasas, CA 91302
Claremont City Hall
Council Office
207 Harvard Avenue
Claremont, CA 91711
Rolling Hills Estates City Hall
Conference Room
4045 Palos Verdes Drive North
Rolling Hills Estates, CA 90274
CALL TO ORDER & ROLL CALL
Chair Santangelo called the meeting to order at 11:00 a.m. and 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 Absent
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.
CONSENT AGENDA
1. Approve Minutes from the February 26, 2025, Finance Committee Meeting
2. Receive and File March 2025 Risk Management Team Reports
3. Receive and File March 2025 Investment Reports
4. Receive and File February 2025 Financial Dashboard
Motion: Committee Member Zuckerman, Rolling Hills Estates Second: Committee Member Albrecht, Calabasas
Vote: The consent agenda was approved by a roll call vote, with an abstention from Committee Member O’Connor on Item No. 1
REGULAR AGENDA
5. Report from the Chief Financial Officer
David McNeil, Chief Financial Officer, reported that CPA’s finances were tracking to meet the budgeted contribution for the fiscal year's net position. Mr. McNeil also reported that the auditor selection process is moving forward; bids will be ready for staff review soon.
Committee Member Zuckerman inquired about the reduction in cash equivalents, and staff responded that it was the result of CPA paying invoices that vendors had been slow to provide.
6. Receive Presentation on the JP Morgan (JPM) Credit Agreement and Provide the Board of Directors with the Following Recommendation:
A. Reduce the Size of the JPM Credit Facility from $160 Million to $120 Million B. Delegate Authority to Staff to Further Reduce the Size of the JPM Credit Facility to an Amount that does not go Below $80 Million Kate Freeman, Strategic Finance Manager, presented the recommended action, noting that reducing the facility by $40 million would reduce the monthly non-utilization fee by $11,000, or a total of $110,000 by the end of the JPM Credit Agreement term.
Staff clarified for Committee Member Zuckerman that the credit facility expires on March 31, 2026, and does not automatically renew. Committee Member Albrecht suggested an MOU or some type of written agreement with JPMorgan related to their willingness to increase the facility size in the future if necessary.
Motion: Committee Member Calaycay, Claremont
Second: Committee Member Zuckerman, Rolling Hills Estates Vote: Item 6 was approved by a roll call vote.
7. Receive Presentation on FY 2025/26 Budget Priorities and Operating Expense Highlights
Mr. McNeil presented CPA’s organizational priorities and draft operating expenses.
Committee Member Zuckerman suggested how line-item increases can be described more precisely in staff’s presentation, and asked that the communications budget, which has grown, be shown as a percentage of the total budget in the next financial presentation. Staff acknowledged these suggestions.
In response to Committee Member Albrecht’s inquiry about staffing projections, staff stated that hiring will likely be in junior or support positions, emphasizing cross-training and leadership development throughout the organization.
COMMITTEE MEMBER COMMENTS
None.
ADJOURN
Chair Santangelo adjourned the meeting at 11:40 a.m.