MINUTES
Finance Committee
of the Clean Power Alliance of Southern California
Regular Meeting
Wednesday, October 29, 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
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
Thousand Oaks City Hall
City Manager’s Office, Council Office #1
2100 Thousand Oaks Blvd.
Thousand Oaks, CA 91362
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 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 24, 2025, Finance Committee Meeting
2. Receive and File September 2025 Risk Management Team Report
3. Receive and File September 2025 Investment Report
4. Receive and File August 2025 Financial Dashboard
Motion: Committee Member Calaycay, Claremont
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 2024-2025 Financial Statements and Fiscal Year 2024-2025 Budget to Actual Report Hui Lisano, Senior Director, Finance and Accounting, introduced Ryan Theiler, Senior Manager from Baker Tilly, who presented the 2025 Audit. Mr. Theiler stated that the audit was performed in accordance with Generally Accepted Auditing Standards, noting that CPA received an Unmodified Opinion and that no material weaknesses or significant deficiencies in controls were found.
Committee Members Calaycay and Albrecht praised the work of the auditor and staff. Committee Member Zuckerman asked if there were any internal controls that the auditor would like to see from CPA, and Mr. Theiler responded that CPA’s controls and processes were adequate, especially for an organization of its size.
Jennifer Stevenson, Financial Planning and Analysis Manager, presented the Fiscal Year 2024-2025 Financial Results and reviewed the balance sheet components, as of June 30, 2025, including assets, liabilities, and deferred inflows of resources. She described a set of financial indicators, noted that working capital and unrestricted cash decreased year over year due to an increase in long-term investments.
Committee Member Zuckerman inquired about a legal matter referenced in the report, and staff responded that claim information was confidential. He also asked about a canceled PPA; staff said they terminated the option after the developer requested a second price increase. He also made suggestions for the Board presentation related to accounts receivable information. Committee Member Calaycay asked if the legal matter should be presented either to the Board or the Finance Committee in closed session and staff responded that they could do that.
Mr. McNeil, Chief Financial Officer, closed the presentation by thanking staff for their work on the audit and financial reporting.
6. A. Recommend that the Board of Directors Approve up to $4.5 Billion of Prepayment Transactions with Goldman Sachs (GS), Morgan Stanley (MS), Royal Bank of Canada (RBC), or JPMorgan (JPM) as CPA’s Underwriter & Prepaid Supplier; and
B. Recommend that the Board of Directors Approve the Delegation of Authority to Staff to Select Funding Recipients(s) for Prepayment Transactions Completed with GS, MS, and/or JPM; RBC will Serve as the Funding Recipient for any Prepayment Transactions Completed with RBC.
Kate Freeman, Senior Manager, Strategic Finance, requested that the Finance Committee make a recommendation to the Board of Directors to approve up to $4.5 billion of prepayment transactions with Goldman Sachs (GS), Morgan Stanley (MS), Royal Bank of Canada (RBC), or JPMorgan (JPM) and grant staff the authority to select the Funding Recipient(s) for prepayment transactions completed with GS, MS, and/or JPM. Ms. Freeman explained that prepays are well-established financing mechanisms, grounded in the US tax code, that allow municipal utilities and CCAs to leverage their status as issuers of tax-exempt debt to reduce energy costs. 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, an average annual savings of $45 million. Ms. Freeman described the two-step approach for future prepays, presented a history of prepay bond transactions from 2021 to 2025, and explained the bank selection process.
Committee Member Newman asked for clarification regarding a dollar figure that appeared to be inaccurate; staff responded that the correct number will be presented to the Board. Committee Member Albrecht suggested that in the future staff inform the Committee about other entities, besides CCCFA, that could serve as the conduit issuer of the bonds. Committee Member Zuckerman asked for more information about CCCFA, and staff responded that it was created as an affordable conduit issuer for CCAs, that issuing bonds for CCAs is its only function and that member CCAs’ staff serve as the board members of CCCFA. The Southern California Public Power Authority issues bonds on behalf of utilities, but CPA cannot utilize its services because, as a CCA, CPA cannot be a member. David McNeil, Chief Financial Officer, stated that staff can do more research ahead of the next round of prepay bond transactions.
Motion: Committee Member Calaycay, Claremont
Second: Committee Member Zuckerman, Rolling Hills Estates Vote: The item was approved by a roll call vote
COMMITTEE MEMBER COMMENTS
None.
ADJOURN
Chair Santangelo adjourned the meeting at 12:03 p.m.