MINUTES
Finance Committee
of the Clean Power Alliance of Southern California
Regular Meeting
Wednesday, September 24, 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
Carson City Hall
Executive Conference Room
701 East Carson Street
Carson, CA 90745
Thousand Oaks City Hall
City Manager’s Office, Council Office #1
2100 Thousand Oaks Blvd.
Thousand Oaks, CA 91362
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 Remote
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 Remote
All votes are unanimous, unless otherwise stated.
GENERAL PUBLIC COMMENT
There was no public comment.
CONSENT AGENDA
1. Approve Minutes from the June 25, 2025, Finance Committee Meeting
2. Receive and File August 2025 Risk Management Team Report
3. Receive and File August 2025 Investment Report
4. Receive and File July 2025 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. Oral Report from the Chief Financial Officer
David McNeil, Chief Financial Officer, reported that the annual financial audit is underway; findings will be presented to the Finance Committee in October. Mr.
McNeil summarized the potential impacts to competitiveness with SCE as SCE’s rates may go down, and the PCIA could potentially increase. However, he noted that CPA has healthy reserves it can utilize in such cases.
6. Recommend to the Board of Directors the Selection of Municipal Capital Markets (MCM) to Serve as CPA’s Municipal Financial Advisor and Chapman & Cutler (Chapman) to Provide Legal Advice and Counsel relating to any Prepay Transactions
Kate Freeman, Senior Manager, Strategic Finance, stated that CPA completed five prepay transactions in 2023 and 2024, issuing $5.9 billion of prepay bonds, leading to approximately $361 million of energy cost savings over the next eight years. Ms.
Freeman discussed constraints on future prepays; up to $4.5 billion additional prepay bond transactions could be supported by CPA’s energy portfolio.
Ms. Freeman reviewed prepay market dynamics. Staff will be requesting authorization from the Board in the future to issue bonds totaling $4.5 billion over the next 18 months and this authorization will require the support of service providers. Staff described how they chose MCM and Chapman as these service providers and how these providers will assist staff with the issuance and process.
Committee Member Newman asked for more information about staff’s strategy to position CPA in the market. Ms. Freeman explained that CPA exercises some caution in disclosing the timing and size of future transactions to maximize savings.
Ms. Freeman added that CPA could gauge market viability close to the time of announcing plans to issue bonds and consider using multiple banks to diversify credit. In response to questions from Committee Member Newman, Ms. Freeman also explained how fees are structured and negotiated.
Committee Member Kulcsar asked about the rationale for a 90% threshold. Staff responded that CPA must deliver prepaid energy to its customers and must have contracts which it can prepay. The 10% buffer helps ensure that CPA operates the prepay program within the above constraints, notably by ensuring that CPA will have sufficient energy contracts to support the prepay program while allowing it to sell energy on a wholesale basis if needed.
Motion: Committee Member O’Connor, Santa Monica
Second: Committee Member Calaycay, Claremont
Vote: The item was approved by a roll call vote.
COMMITTEE MEMBER COMMENTS
None.
ADJOURN
Chair Santangelo adjourned the meeting at 11:33 a.m.