MINUTES
Finance Committee
of the Clean Power Alliance of Southern California
Regular Meeting
Wednesday, April 22, 2026
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
Closed Session 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
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
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 25, 2026, Finance Committee Meeting
2. Receive and File March 2026 Risk Management Team Report
3. Receive and File March 2026 Investment Report
4. Receive and File February 2026 Financial Dashboard
Motion: Committee Member Albrecht, Calabasas
Second: Committee Member Calaycay, Claremont
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, noted that CPA’s maturation is the reason for the proposed amendments to the investment policy and for the concurrent work on a two-year budget. CPA has built up cash reserves, creating opportunities to invest in a broader range of investments to earn higher returns. Mr. McNeil closed his report by encouraging the Committee to review the February financial dashboard, which shows positive progress.
6. Recommend to the Board of Directors Approval of Proposed Amendments to the Investment Policy at its May 14, 2026, Meeting
Mr. McNeil presented CPA’s investment policy and summarized the proposed amendments, developed in collaboration with Chandler Asset Management, that comply with the California Government Code and follow industry best practices.
The goal is to expand CPA’s acceptable investment types, identify prohibited investments, and enhance risk mitigation practices.
In response to Committee Member Zuckerman's inquiry about choosing Chandler and their service fees, Mr. McNeil stated that staff solicited bids from prominent asset managers, including Chandler, PFM, Goldman Sachs, and Morgan Stanley.
Chandler will manage a $100 million portfolio and charge six basis points per dollar of assets under management. Mr. McNeil added that CPA’s independent custodian will be U.S. Bank, and staff will be able to monitor investments online. Committee Member Zuckerman asked the Committee to go to page 21 of the presentation that addressed investment returns, noting that COVID affected earnings due to rate inversions that spurred safety strategies.
Committee Member Albrecht commented that his research on Chandler shows they are an excellent firm that specializes in public agencies. He cautioned about investing in high-yield funds, was glad for the access to CPA’s investment information, and congratulated staff for taking advantage of the opportunity to increase CPA’s returns. He added that having an asset management firm will be helpful when the market declines or interest rates change. Chair Santangelo remarked that the City of Camarillo also uses Chandler and that she’s been satisfied with their asset management, communication, and reports.
Motion: Committee Member Calaycay, Claremont
Second: Committee Member O’Connor, Santa Monica
Vote: This item was approved by a roll call vote
7. Receive Presentation on Budget Priorities and Draft FY 2026-27 and 2027-28 Operating Expense Budgets
Jennifer Stevenson, Financial Planning and Analysis Manager, presented draft Fiscal Year 2026-2027 and Fiscal Year 2027-2028 operating expense budget details, noting that budgeted increases in operating costs are driven primarily by increases in customer programs, communications and marketing, software, and staffing.
Committee Member Zuckerman asked staff to prepare comparison charts with other CCAs showing operating and staffing expenses as a percentage of total revenue. Staff responded that they could accommodate that request once other agencies have published their proposed budgets. Committee Member Albrecht supported CPA advertising during large events such as the Olympics and World Cup and asked staff to inform Board members of the TV commercial schedule or other outreach so the information could be passed on to constituents.
COMMITTEE MEMBER COMMENTS
None
ADJOURN
Chair Santangelo adjourned the meeting at 11:57 a.m.