MINUTES
Executive Committee of the
Clean Power Alliance of Southern California
Regular Meeting
May 21, 2026
1:30 p.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:
Beverly Hills City Hall
Council Office, 4th Floor
455 N. Rexford Drive
Beverly Hills, 90210
Clean Power Alliance
Executive Conference Room
801 S. Grand Ave., Suite 400
Los Angeles, CA 90017
Agoura Hills City Hall
Planning Conference Room
30001 Ladyface Court
Agoura Hills, CA 91301
Camarillo City Hall
Council Office
601 Carmen Drive
Camarillo, CA 93010
Hawthorne City Hall
Administrative Office
4455 W. 126th Street
Hawthorne, CA 90250
Carson City Hall
Executive Conference Room
701 East Carson Street
Carson, CA 90745
Santa Paula City Hall
Councilmember Office
970 E. Ventura Street
Santa Paula, CA 93060
Los Angeles County Hall of Administration
Sybil Brand Conference Room, Room 372
500 West Temple Street
Los Angeles, CA 90012
Alhambra City Hall
Conference Room
111 S. First St.
Alhambra, CA 91801
Lucerne Hotel
201 West 79th Street
New York, NY 10024
CALL TO ORDER & ROLL CALL
Chair Klein Lopez called the meeting to order at 1:30 p.m. and Gabriela Monzon, Clerk of the Board, conducted roll call.
Roll Call
Agoura Hills Deborah Klein Lopez Chair Remote
Alhambra Jeff Maloney Committee Member Remote
Beverly Hills Julian Gold Immediate Past Chair Remote
Camarillo Susan Santangelo Committee Member Remote
Carson Cedric Hicks Committee Member Remote
Hawthorne Alex Monteiro Committee Member Remote
Los Angeles County Aaron Ordower Alternate Remote
Santa Paula Jenny Crosswhite Committee Member Remote
Sierra Madre Robert Parkhurst Committee Member Remote
Ventura County Vianey Lopez Vice Chair Absent
All votes are unanimous unless otherwise stated.
GENERAL PUBLIC COMMENT
There was no public comment.
CONSENT AGENDA
1. Approve Minutes from the April 16, 2026, Executive Committee Meeting Motion: Committee Member Parkhurst, Sierra Madre
Second: Committee Member Maloney, Alhambra
Vote: The consent agenda was approved by a roll call vote
REGULAR AGENDA
2. Oral Update from the CEO on CPA Operations
Ted Bardacke, Chief Executive Officer, announced that the SunZia wind project declared formal commercial operations on May 20, 2026, and is sending about 3,000 MW into the state grid. Mr. Bardacke also noted that CAISO reached 60% renewables overnight on May 18, 2026, reflecting wind, geothermal, biomass, and stored solar energy sources. Chair Klein Lopez congratulated staff for reaching the milestone.
3. Review Draft Agenda for the June 4, 2026, Board of Directors Meeting Mr. Bardacke discussed the consent agenda, reporting proposed changes to CPA’s plans for two agrivoltaics projects in Ventura County. On the regular agenda, staff will present the Fiscal Year (FY) 2026-2027 rates, as well as the FY 2026-27 and 2027-28 budgets and Budget Policy, and the Executive Committee at-large elections are also on the agenda. Staff noted for Committee Member Hicks that Directors Belden, Monteiro, and Crosswhite had been nominated at the Board meeting. The official nomination period closes on May 22, 2026.
4. Receive Presentation on Draft FY 2026-27 and FY 2027-28 Budget and Budget Policy
David McNeil, Chief Financial Officer, presented the draft budgets for FY 2026-27 and 2027-28, noting significant decreases in budgeted revenues and energy costs in FY 2026-2027. Operating expenses would increase by 12% in FY 2026-2027 and by 14% in FY 2027-2028, which reflects CPA's budget priorities. Mr. McNeil stated that a transfer of $53 million from the Fiscal Stabilization Fund (FSF) contributes to a positive operating income of $1.3 million in FY 2026-27. Non-operating revenues from interest income contributed to a $22.8 million gain in net position, and that overall, reserves decreased by $30.2 million year-over-year, reflecting the difference between the FSF draw and the gain in net position. Days liquidity on hand (DLOH) would increase to approximately 236 days in the first FY in alignment with the Reserve Policy. Mr. McNeil noted that FY 2027-28 revenues, energy costs, net position, and DLOH would be updated in June 2027, along with the rate-setting approach.
The presentation included a summary of the Budget Policy, which would authorize the CEO and CFO to make limited budget transfers for operating expenses. The policy specifies transfer controls, including maximum annual transfer limits, approval requirements, and limitations. Mr. McNeil stated that CPA’s financial metrics remain consistent with CPA’s “A” credit rating. Mr. Bardacke stated that the figures for contributions to the net position and reserves are based on the assumption that there will be no interim rate change in January and February. Mr.
Bardacke also noted that CPA compares well with other CCAs in staffing, operating expenses, and contribution to net position.
Committee Member Parkhurst asked for clarification about the FSF, and staff responded that the fund is currently at $135 million; however, staff plans to transfer $70 million at the end of the current FY, bringing it up to $205 million. Committee Member Crosswhite inquired whether the new budget system is compatible with the auditor’s needs, and staff responded that the audit does not focus on the budget so much as on the financial statements and actual spending. Committee Member Gold inquired about maintaining reserve levels and the FSF and developing a timeline for new ventures and how to pay for them. Mr. McNeil responded that CPA’s reserve target range is 30-50% and that it’s currently at 57%, noting that staff is comfortable with its status. If CPA were to engage in transmission projects, that would be the time to reassess reserve policies. Mr.
Bardacke noted that some Power Ready projects may require upfront capital investment, and that he and staff have discussed creating a new fund for that purpose. Chair Klein Lopez remarked that at the city level, a capital improvement plan includes saving and budgeting for projects and could be used for CPA’s asset ownership goals.
In response to Committee Member Gold’s question about CPA’s investment returns, staff stated that some funds are invested in U.S. treasuries with an average term to maturity of 2.5 years, some are with the Local Agency Investment Fund (LAIF), and others are with the California Asset Management Program (CAMP), with current earnings of about 3.8%. Regarding higher yields, Mr. McNeil said CPA has hired Chandler Asset Management to manage funds in accordance with CPA’s investment policy and California law. Committee Member Crosswhite noted that the City of Santa Paula uses Chandler and has experienced higher returns.
COMMITTEE MEMBER COMMENTS
Chair Klein Lopez noted Board Chair-elect Parkhurst may preside over the next meeting.
ADJOURN
Chair Klein Lopez adjourned the meeting at 2:24 p.m.