2075 Woodside Road | Redwood City, CA 94061
(650) 260-0005 | peninsulacleanenergy.com
Regular Meeting of the Audit and Finance Committee of the Peninsula Clean Energy Authority (PCEA)
AGENDA
Monday, November 7, 2022
8:30 a.m.
Zoom Link: https://pencleanenergy.zoom.us/j/82172572134 Meeting ID: 821-7257-2134 Passcode: 2075 Phone: +1(253)215-8782 NOTE: Please see attached document for additional detailed teleconference instructions.
In accordance with AB 361, the Committee will adopt findings that meeting in person would present imminent risks to the health or safety of attendees of in-person meetings. Consistent with those findings, this Committee Meeting will be held remotely. PCEA shall make every effort to ensure that its video conferenced meetings are accessible to people with disabilities as required by Governor Newsom’s March 17, 2020 Executive Order N-29-20. Individuals who need special assistance or a disability-related modification or accommodation to participate in this meeting, or who have a disability and wish to request an alternative format for the meeting materials should contact Nelly Wogberg, Board Clerk, at least 2 working days before the meeting at [email protected]. Notification in advance of the meeting will enable PCEA to make best efforts to reasonably accommodate accessibility to this meeting and the materials related to it.
If you wish to speak to the Audit and Finance Committee, please use the “Raise Your Hand” function in the Zoom platform or press *6 if you phoned into the meeting. If you have anything that you wish to be distributed to the Audit and Finance Committee and included in the official record, please send to [email protected].
CALL TO ORDER / ROLL CALL
PUBLIC COMMENT
This item is reserved for persons wishing to address the Committee on any PCEA-related matters that are not otherwise on this meeting agenda. Public comments on matters listed on the agenda shall be heard at the time the matter is called. Members of the public who wish to address the Committee are customarily limited to two minutes per speaker. The Committee Chair may increase or decrease the time allotted to each speaker.
ACTION TO SET AGENDA AND TO APPROVE CONSENT AGENDA ITEMS
1. Adopt Findings Pursuant to AB 361 to Continue Fully Teleconferenced Committee Meetings Due to Health Risks Posed by In-Person Meetings
2. Approval of the Minutes for the October 12, 2022 Audit & Finance Committee Meeting
3. Approval of 2023 Audit & Finance Committee Schedule of Meetings 1 REGULAR AGENDA
4. Chair Report (Discussion)
5. Staff Report (Discussion)
6. Review of FY 2022-2023 Q1 Financials (Discussion)
7. Update on Inflation Reduction Act (Discussion)
8. Discussion on Negative Power Charge Indifference Adjustment (PCIA) Rates and Impact on Rate Model
9. Committee Members’ Reports (Discussion)
ADJOURNMENT
Public records that relate to any item on the open session agenda are available for public inspection. The records are available at the Peninsula Clean Energy offices or on PCEA’s Website at:
https://www.peninsulacleanenergy.com.
2 Instructions for Joining a Zoom Meeting via Computer or Phone Best Practices:
• Please mute your microphone when you are not speaking to minimize audio feedback • If possible, utilize headphones or ear buds to minimize audio feedback • If participating via videoconference, audio quality is often better if you use the dial-in option (Option 2 below) rather than your computer audio Options for Joining
A. Videoconference with Computer Audio – see Option 1 below B. Videoconference with Phone Call Audio– see Option 2 below C. Calling in via Telephone/Landline – see Option 3 below Videoconference Options:
Prior to the meeting, we recommend that you install the Zoom Meetings application on your computer by clicking here https://zoom.us/download.
If you want full capabilities for videoconferencing (audio, video, screensharing) you must download the Zoom application.
Option 1 Videoconference with Computer Audio:
1. From your computer, click on the following link that is also included in the Meeting Calendar Invitation : https://pencleanenergy.zoom.us/j/82172572134
2. The Zoom application will open on its own or you will be instructed to open Zoom.
3. After the application opens, the pop-up screen below will appear asking you to choose ONE of the audio conference options. Click on the Computer Audio option at the top of the pop-up screen.
4. Click the blue, “Join with Computer Audio” button.
5. In order to enable video, click on “Start Video” in the bottom left-hand corner of the screen. This menu bar is also where you can mute/unmute your audio.
Option 2 Videoconference with Phone Call Audio:
3 1. From your computer, click on the following link that is also included in the Meeting Calendar Invitation: https://pencleanenergy.zoom.us/j/82172572134
2. The Zoom Application will open on its own or you will be instructed to Open Zoom.
3. After the application opens, the pop-up screen below will appear asking you to choose ONE of the audio conference options. Click on the Phone Call option at the top of the pop-up screen.
4. Please dial +1 (253) 215-8782.
5. You will be instructed to enter the meeting ID: 821-7257-2134 followed by #.
6. You will be instructed to enter in your participant ID. Your participant ID is unique to you and is what connects your phone number to your Zoom account.
7. After a few seconds, your phone audio should be connected to the Zoom application on your computer.
8. In order to enable video, click on “Start Video” in the bottom left-hand corner of the screen. This menu bar is also where you can mute/unmute your audio.
Audio Only Options:
Please note that if you call in/use the audio only option, you will not be able to see the speakers or any presentation materials in real time.
Option 3: Calling in via Telephone/Landline:
1. Dial +1 (253) 215-8782.
2. You will be instructed to enter the meeting ID: 821-7257-2134 followed by #.
3. You will be instructed to enter your Participant ID followed by #. If you do not have a participant ID or do not know it, you can press # to stay on the line.
4. You will be instructed to enter the meeting passcode 2075 followed by #. 4 Item No. 1
PENINSULA CLEAN ENERGY AUTHORITY
JPA Board Correspondence
DATE: November 3, 2022
COMMITTEE MEETING DATE: November 7, 2022
SPECIAL NOTICE/HEARING: None
VOTE REQUIRED: Majority Present
TO: Honorable Peninsula Clean Energy Authority Audit & Finance Committee
FROM: Jan Pepper, Chief Executive Officer, Peninsula Clean Energy Authority SUBJECT: Resolution to Make Findings Allowing Continued Remote Meetings Under Brown Act
RECOMMENDATION: ..titl e
Adopt a resolution finding that, as a result of the continuing COVID-19 pandemic state of emergency declared by Governor Newsom, meeting in person would present imminent risks to the health or safety of attendees.
..body
BACKGROUND:
On June 11, 2021, Governor Newsom issued Executive Order N-08-21, which rescinded his prior Executive Order N-29-20 and set a date of October 1, 2021 for public agencies to transition back to public meetings held in full compliance with the Brown Act. The original Executive Order provided that all provisions of the Brown Act that required the physical presence of members or other personnel as a condition of participation or as a quorum for a public meeting were waived for public health reasons.
On September 16, 2021, the Governor signed AB 361, a bill that formalizes and modifies the teleconference procedures implemented by California public agencies in response to the Governor’s Executive Orders addressing Brown Act compliance during shelter-in-place periods. AB 361 allows a local agency to continue to use teleconferencing under the same basic rules as provided in the Executive Orders when certain circumstances occur or when certain findings have been made and adopted by the local agency.
AB 361 requires that, if the state of emergency remains active for more than thirty (30) days, the agency must make findings by majority vote to continue using the bill’s exemption to the Brown Act teleconferencing rules. The findings are to the effect that the need for teleconferencing persists due to the nature of the ongoing public health emergency and the social distancing recommendations of local public health officials.
Effectively, this means that agencies, including PCEA, must agendize a Brown Act meeting and make findings regarding the circumstances of the emergency on a thirty (30) day basis. If at least thirty (30) days have transpired since its last meeting, 5 Item No. 1
the Boards must vote whether to continue to rely upon the law’s provision for teleconference procedures in lieu of in-person meetings.
AB 361 allows for meetings to be conducted virtually as long as there is a gubernatorially-proclaimed public emergency in combination with (1) local health official recommendations for social distancing or (2) adopted findings that meeting in person would present risks to health. AB 361 will sunset on January 1, 2024.
On September 25, 2021, the Peninsula Clean Energy Board of Directors approved a thirty (30) day extension of remote meetings in accordance with AB 361. Out of an abundance of caution given AB 361’s narrative that describes each legislative body’s responsibility to reauthorize remote meetings, staff and counsel brings this memo and corresponding resolution to the attention of the Audit and Finance Committee.
On September 29, 2021, the Peninsula Clean Energy Audit and Finance Committee approved a thirty (30) day extension of remote meetings in accordance with AB 361.
On October 12, 2021, the Peninsula Clean Energy Audit and Finance Committee approved a thirty (30) day extension of remote meetings in accordance with AB 361.
On November 8, 2021, the Peninsula Clean Energy Audit and Finance Committee approved a thirty (30) day extension of remote meetings in accordance with AB 361.
On November 18, 2021, the Peninsula Clean Energy Audit and Finance Committee approved a thirty (30) day extension of remote meetings in accordance with AB 361.
On February 14, 2022, the Peninsula Clean Energy Audit and Finance Committee approved a thirty (30) day extension of remote meetings in accordance with AB 361.
On May 9, 2022, the Peninsula Clean Energy Audit and Finance Committee approved a thirty (30) day extension of remote meetings in accordance with AB 361.
On June 13, 2022, the Peninsula Clean Energy Audit and Finance Committee approved a thirty (30) day extension of remote meetings in accordance with AB 361.
On August 15, 2022, the Peninsula Clean Energy Audit and Finance Committee approved a thirty (30) day extension of remote meetings in accordance with AB 361.
On October 12, 2022, the Peninsula Clean Energy Audit and Finance Committee approved a thirty (30) day extension of remote meetings in accordance with AB 361.
DISCUSSION:
Because of continuing concerns regarding COVID-19 transmission, especially when individuals are grouped together in close quarters, it is recommended that the Peninsula Clean Energy Audit and Finance Committee avail itself of the provisions of AB 361 allowing continuation of online meetings by adopting findings to the effect that conducting in-person meetings would present risk to the health and safety of attendees. A resolution 6 Item No. 1
to that effect and directing staff to agendize the renewal of such findings in the event that thirty (30) days has passed since the Committee’s last meeting, is attached hereto. 7 28637147v1
RESOLUTION NO. _____________
PENINSULA CLEAN ENERGY AUTHORITY, COUNTY OF SAN MATEO,
STATE OF CALIFORNIA
* * * * * *
RESOLUTION FINDING THAT, AS A RESULT OF THE CONTINUING COVID-19
PANDEMIC STATE OF EMERGENCY DECLARED BY GOVERNOR NEWSOM,
MEETING IN PERSON FOR MEETINGS OF THE PENINSULA CLEAN ENERGY
EXECUTIVE COMMITTEE WOULD PRESENT IMMINENT RISKS TO THE HEALTH OR
SAFETY OF ATTENDEES
______________________________________________________________ WHEREAS, on March 4, 2020, the Governor proclaimed pursuant to his authority under the California Emergency Services Act, California Government Code section 8625, that a state of emergency exists with regard to a novel coronavirus (a disease now known as COVID-19); and
WHEREAS, on June 4, 2021, the Governor clarified that the “reopening” of California on June 15, 2021 did not include any change to the proclaimed state of emergency or the powers exercised thereunder, and as of the date of this Resolution, neither the Governor nor the Legislature have exercised their respective powers pursuant to California Government Code section 8629 to lift the state of emergency either by proclamation or by concurrent resolution in the state Legislature; and WHEREAS, on March 17, 2020, Governor Newsom issued Executive Order N-29-20 that suspended the teleconferencing rules set forth in the California Open Meeting law, Government Code section 54950 et seq. (the “Brown Act”), provided certain requirements were met and followed; and
8 28637147v1
WHEREAS, on September 16, 2021, Governor Newsom signed AB 361 that provides that a legislative body subject to the Brown Act may continue to meet without fully complying with the teleconferencing rules in the Brown Act provided the legislative body determines that meeting in person would present imminent risks to the health or safety of attendees, and further requires that certain findings be made by the legislative body every thirty (30) days; and,
WHEREAS, on January 5, 2022, Governor Newsom extended the sunset provision of AB361 and Government Code Section 11133(g) to January 1, 2024 due to surges and instability in COVID-19 cases; and,
WHEREAS, California Department of Public Health (“CDPH”) and the federal Centers for Disease Control and Prevention (“CDC”) caution that COVID-19 continues to be highly transmissible and that even fully vaccinated individuals can spread the virus to others; and,
WHEREAS, the Committee has an important governmental interest in protecting the health, safety and welfare of those who participate in its meetings; WHEREAS, on September 25, 2021, the Peninsula Clean Energy Board of Directors approved a thirty (30) day extension of remote meetings in accordance with AB 361. Out of an abundance of caution given AB 361’s narrative that describes each legislative body’s responsibility to reauthorize remote meetings, staff and counsel bring this resolution to the attention of the Audit & Finance Committee, and; 9 28637147v1
WHEREAS, on September 29, 2021, the Peninsula Clean Energy Audit and Finance Committee approved a thirty (30) day extension of remote meetings in accordance with AB 361, and;
WHEREAS, on October 12, 2021, the Peninsula Clean Energy Audit and Finance Committee approved a thirty (30) day extension of remote meetings in accordance with AB 361, and;
WHEREAS, on November 8, 2021, the Peninsula Clean Energy Audit and Finance Committee approved a thirty (30) day extension of remote meetings in accordance with AB 361, and;
WHEREAS, on February 14, 2022, the Peninsula Clean Energy Audit and Finance Committee approved a thirty (30) day extension of remote meetings in accordance with AB 361, and;
WHEREAS, on May 9, 2022, the Peninsula Clean Energy Audit and Finance Committee approved a thirty (30) day extension of remote meetings in accordance with AB 361, and;
WHEREAS, on June 13, 2022, the Peninsula Clean Energy Audit and Finance Committee approved a thirty (30) day extension of remote meetings in accordance with AB 361, and;
WHEREAS, on August 15, 2022, the Peninsula Clean Energy Audit and Finance Committee approved a thirty (30) day extension of remote meetings in accordance with AB 361, and;
10 28637147v1
WHEREAS, on October 12, 2022, the Peninsula Clean Energy Audit and Finance Committee approved a thirty (30) day extension of remote meetings in accordance with AB 361, and;
WHEREAS, in the interest of public health and safety, as affected by the emergency caused by the spread of COVID-19, the Committee deems it necessary to find that meeting in person would present imminent risks to the health or safety of attendees, and thus intends to invoke the provisions of AB 361 related to teleconferencing.
NOW, THEREFORE, IT IS HEREBY DETERMINED AND ORDERED that
1. The recitals set forth above are true and correct.
2. The Committee finds that meeting in person would present imminent risks to the health or safety of attendees.
3. Staff is directed to return no later than thirty (30) days, or, alternatively, at the next scheduled meeting of the Committee, after the adoption of this resolution with an item for the Committee to consider making the findings required by AB 361 in order to continue meeting under its provisions.
4. Staff is directed to take such other necessary or appropriate actions to implement the intent and purposes of this resolution.
* * * * * *
11 Item No. 2
Regular Meeting of the Audit and Finance Committee of the Peninsula Clean Energy Authority (PCEA)
Minutes
Wednesday, October 12, 2022
8:30 a.m.
Zoom Video Conference and Teleconference
CALL TO ORDER
Meeting was called to order at 8:37 a.m. in virtual teleconference.
ROLL CALL
Participating Remotely:
Carlos Romero, East Palo Alto arrived at 9:03 a.m.
Laurence May, Hillsborough, Chair
Jeff Aalfs, Portola Valley
Marty Medina, San Bruno
John Keener, Director Emeritus
Absent: Donna Colson, Burlingame
Pradeep Gupta, Director Emeritus
A quorum was established.
PUBLIC COMMENT
None
ACTION TO SET AGENDA AND TO APPROVE CONSENT AGENDA ITEMS MOTION: Director Aalfs moved, seconded by Director Medina to set the Agenda and approve Agenda Item Numbers 1-2.
1. Adopt Findings Pursuant to AB 361 to Continue Fully Teleconferenced Committee Meetings Due to Health Risks Posed by In-Person Meetings
2. Approval of the Minutes for the August 15, 2022 Audit & Finance Committee Meeting MOTION PASSED: 3-0 (Absent: Burlingame, East Palo Alto)
JURISDICTION BOARD MEMBER YES NO ABSTAIN ABSENT
Burlingame Director Colson X
East Palo Alto Director Romero X
Hillsborough Director May X
Portola Valley Director Aalfs X
San Bruno Director Medina X
12 Item No. 2
Totals 3 2
REGULAR AGENDA
3. Chair Report
None
4. Staff Report
Kristina Cordero, Chief Financial Officer, provided an update to the Committee on the Fiscal Year 2021-2022 Financial Statements and the audit for Fiscal Year 2021-2022.
5. Recommend Board Approval of the Audited Financial Statements for Fiscal Year (FY) 2021-2022 (Action)
Brett Bradford, Audit Partner for Pisenti & Brinker, LLP, gave a presentation on the Fiscal Year 2021-2022 audited financial statements including results of the current year audit, risk assessment, and board communications.
Director Aalfs and Director Medina expressed their gratitude to staff for their hard work.
MOTION: Director Aalfs moved, seconded by Director Medina to recommend approval by the Board of Directors of the Audited Financial Statements for Fiscal Year 2021-2022.
MOTION PASSED: 3-0 (Absent: Burlingame, East Palo Alto)
JURISDICTION BOARD MEMBER YES NO ABSTAIN ABSENT
Burlingame Director Colson X
East Palo Alto Director Romero X
Hillsborough Director May X
Portola Valley Director Aalfs X
San Bruno Director Medina X
Totals 3 2
The meeting was paused at 8:53 a.m. to allow for information sharing between Pisenti & Brinker auditors and Audit and Finance Committee Members May and Aalfs. The meeting resumed at 9:11 a.m. with no reportable action.
6. Committee Members’ Reports
None
ADJOURNMENT
Meeting was adjourned at 9:13 a.m.
13 1
Audit & Finance Committee 2023 Meeting Schedule
Meeting Date: Time: Primary Purpose: Location:
_________________________________________________________________________________________________________ February 13, 2023 8:30 am Q2-FY 2023 Financial Review Video/Teleconference May 8, 2023 8:30 am Q3-FY2023 Financial Review/Budget Draft #1 Video/Teleconference/TBD June 12, 2023 8:30 am Budget Draft #2/Budget Final Video/Teleconference/TBD August 14, 2023 8:30 am Q4-FY2023 Financial Review Video/Teleconference/TBD October 16, 2023 8:30 am Review Audited Financial Statements FY2023 Video/Teleconference/TBD November 6, 2023 8:30 am Q1-FY2024 Financial Review Video/Teleconference/TBD 14 Peninsula Clean Energy
Performance at a Glance
Results for the Fiscal Quarter Ended
September 30, 2022
($000s)
15 1
ACCOUNTANTS’ COMPILATION REPORT
Board of Directors
Peninsula Clean Energy Authority
Management is responsible for the accompanying financial statements of Peninsula Clean Energy Authority (PCE), a California Joint Powers Authority, which comprise the statement of net position as of September 30, 2022, and the statement of revenues, expenses, and changes in net position, and the statement of cash flows for the period then ended, in accordance with accounting principles generally accepted in the United States of America. We have performed a compilation engagement in accordance with Statements on Standards for Accounting and Review Services promulgated by the Accounting and Review Services Committee of the AICPA. We did not audit or review the accompanying statements nor were we required to perform any procedures to verify the accuracy or completeness of the information provided by management. Accordingly, we do not express an opinion, conclusion, nor provide any assurance on these financial statements.
Management has elected to omit substantially all of the note disclosures required by accounting principles generally accepted in the United States of America in these interim financial statements.
PCE’s annual audited financial statements will include the note disclosures omitted from these interim statements. If the omitted disclosures were included in these financial statements, they might influence the user’s conclusions about the Authority’s financial position, results of operations, and cash flows. Accordingly, these financial statements are not designed for those who are not informed about such matters.
We are not independent with respect to PCE because we performed certain accounting services that impaired our independence.
Maher Accountancy
San Rafael, CA
October 21, 2022
1101 Fifth Avenue, Suite 200 San Rafael, CA 94901 415 459 1249 mahercpa.com 16 ASSETS
Current assets
Cash and cash equivalents 25,204,697 $
Accounts receivable, net of allowance 50,961,719
Accrued revenue 21,945,245
Investments 14,973,521
Other receivables 4,701,524
Prepaid expenses 1,326,857
Deposits 11,258,236
Total current assets 130,371,799
Noncurrent assets
Investments 103,560,852
Deposits and other assets 187,878
Lease asset, net of amortization 1,970,872
Capital assets, net of depreciation 266,109
Total noncurrent assets 105,985,711
Total assets 236,357,510
LIABILITIES
Current liabilities
Accrued cost of electricity 34,062,629
Accounts payable 1,014,781
Other accrued liabilities 754,239
Deferred revenue 4,752,063
User taxes and energy surcharges due to other governments 1,325,052 Supplier deposits - energy suppliers 2,067,890
Lease liability 476,533
Total current liabilities 44,453,187
Noncurrent liabilities
Supplier deposits - energy suppliers 1,653,433
Lease liability 1,637,411
Total noncurrent liabilities 3,290,844
Total liabilities 47,744,031
NET POSITION
Investment in capital assets 266,109
Unrestricted 188,347,370
Total net position $ 188,613,479
As of September 30, 2022
STATEMENT OF NET POSITION
PENINSULA CLEAN ENERGY AUTHORITY
See accountants' compilation report. 2 17
OPERATING REVENUES
Electricity sales, net 112,628,344 $
Green electricity premium 767,960
Liquidated damages revenue 113,643
Total operating revenues 113,509,947
OPERATING EXPENSES
Cost of electricity 84,875,610
Contract services 2,501,335
Staff compensation 1,798,114
General and administration 992,548
Depreciation and amortization 142,486
Total operating expenses 90,310,093
Operating income (loss) 23,199,854
NONOPERATING REVENUES (EXPENSES)
Interest and investment income (loss) (2,240,129)
Finance costs (16,980)
Nonoperating revenues (expenses), net (2,257,109)
CHANGE IN NET POSITION 20,942,745
Net position at beginning of period 167,670,734
Net position at end of period $ 188,613,479
PENINSULA CLEAN ENERGY AUTHORITY
STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN NET POSITION
Three Months Ended September 30, 2022
See accountants' compilation report. 3 18
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers 94,194,343 $
Receipts from grantors 6,270,562
Receipts from supplier security deposits 53,100
Payments to suppliers for electricity (76,737,645)
Payments for other goods and services (3,685,368)
Payments for staff compensation (1,800,346)
Payments of taxes and surcharges to other governments (1,348,778) Net cash provided (used) by operating activities 16,945,868
CASH FLOWS FROM NON-CAPITAL FINANCING ACTIVITIES
Deposits and collateral received 9,000,000
Deposits and collateral paid (14,799,213)
Net cash provided (used) by non-capital
financing activities (5,799,213)
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES
Payments of lease liability (151,139)
Payments to acquire capital assets (23,641)
Net cash provided (used) by capital financing activities (174,780)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from investment sales 11,773,608
Investment income received 435,939
Purchase of investments (7,754,177)
Net cash provided (used) by investing activities 4,455,370 Net change in cash and cash equivalents 15,427,245
Cash and cash equivalents at beginning of period 9,777,452 Cash and cash equivalents at end of period $ 25,204,697 Three Months Ended September 30, 2022
STATEMENT OF CASH FLOWS
PENINSULA CLEAN ENERGY AUTHORITY
See accountants' compilation report. 4 19
RECONCILIATION OF OPERATING INCOME (LOSS) TO NET
CASH PROVIDED (USED) BY OPERATING ACTIVITIES
Operating income (loss) 23,199,854 $
Adjustments to reconcile operating income to net
cash provided (used) by operating activities
Depreciation and amortization expense 142,486
Provision for uncollectible accounts 856,899
(Increase) decrease in:
Accounts receivable (18,949,239)
Accrued revenue (1,223,264)
Other receivables (1,631,516)
Prepaid expenses 3,649,714
Increase (decrease) in:
Accrued cost of electricity 6,923,711
Accounts payable (157,022)
Deferred revenue 4,478,563
Other accrued liabilities (31,339)
User taxes and energy
surcharges due to other governments 243,221
Supplier security deposits (556,200)
Net cash provided (used) by operating activities 16,945,868 $ Three Months Ended September 30, 2022
STATEMENT OF CASH FLOWS (continued)
PENINSULA CLEAN ENERGY AUTHORITY
See accountants' compilation report. 5 20
Benefit Payments - 16,855.73 - 16,855.73
Taxable Interest 221,334.59 221,334.59Realized Gain/Loss - 202,891.69 - 202,891.69Change In Unrealized Gain/Loss - 1,381,735.40 - 1,381,735.40Change In Accrued Income 8,300.56 8,300.56 PENINSULA CLEAN ENERGY - PFM Page 3 of 55
Period from July 1, 2022 to September 30, 2022
CURRENT PERIOD YEAR TO DATE
07/01/2022 TO 09/30/2022 07/01/2022 TO 09/30/2022
Beginning Market Value 64,271,543.36 64,271,543.36DisbursementsTotal Disbursements - 16,855.73 - 16,855.73Asset ActivityTotal Asset Activity - 1,354,991.94 - 1,354,991.94 Net Change In Market Value - 1,371,847.67 - 1,371,847.67 Ending Market Value 62,899,695.69 62,899,695.69
MARKET VALUE RECONCILIATION
21 1 1 1 1 1 1 1 1 1 1 1 11 1 111 1 11 11 1 1 11 111 1 1 1 1 111 111 1 1 1111 111 1 1 1 1 11 1111 1 1 1 11 1 11 11 1 1 11 11 11 11 1 11 1111 111 11 1 1 1 111 1 1 1 1 111 1 1 1 1 11 111 1 11 1 1 1 11 11 1 1 11 1111 1 11 1 1 11 1 111 1 11 111 1 11 1 111 1 111 1 11 11 1 1 1 111 1 1 1 11111 11 1 1 11111111111111111111 Benefit Payments - 16,855.73 - 16,855.73Taxable Interest 221,334.59 221,334.59Realized Gain/Loss - 202,891.69 - 202,891.69Change In Accrued Income 8,300.56 8,300.56 PENINSULA CLEAN ENERGY - PFM Page 4 of 55
Period from July 1, 2022 to September 30, 2022
CURRENT PERIOD YEAR TO DATE
07/01/2022 TO 09/30/2022 07/01/2022 TO 09/30/2022
Beginning Cost 68,412,908.49 68,412,908.49DisbursementsTotal Disbursements - 16,855.73 - 16,855.73Asset ActivityTotal Asset Activity 26,743.46 26,743.46Ending Cost 68,422,796.22 68,422,796.22
COST RECONCILIATION
22 Cash And Equivalents 76,615.97 0.12
U.S. Government Issues 39,421,124.63 62.67Corporate Issues 16,462,998.00 26.17Foreign Issues 476,965.00 0.76Municipal Issues 6,224,420.65 9.90Accrued Income 237,571.44 0.38PENINSULA CLEAN ENERGY - PFM Page 5 of 55 Period from July 1, 2022 to September 30, 2022
09/30/2022 % OF
ASSETS MARKET VALUE MARKET
Total Assets 62,662,124.25 99.62Grand Total 62,899,695.69 100.00
ASSET SUMMARY
BONDS 99.50%
23 Cash Disbursements - 2,018,508.70 - 2,018,508.70
Taxable Interest 174,023.07 174,023.07Realized Gain/Loss - 547,530.37 - 547,530.37Change In Unrealized Gain/Loss - 627,037.69 - 627,037.69Change In Accrued Income 57,905.54 57,905.54 PENINSULA CLEAN ENERGY - FRB Page 3 of 25
Period from July 1, 2022 to September 30, 2022
CURRENT PERIOD YEAR TO DATE
07/01/2022 TO 09/30/2022 07/01/2022 TO 09/30/2022
Beginning Market Value 61,644,156.86 61,644,156.86DisbursementsTotal Disbursements - 2,018,508.70 - 2,018,508.70 Asset ActivityTotal Asset Activity - 942,639.45 - 942,639.45Net Change In Market Value - 2,961,148.15 - 2,961,148.15 Ending Market Value 58,683,008.71 58,683,008.71
MARKET VALUE RECONCILIATION
24 25
Cash And Equivalents 2,484,494.13 4.23
U.S. Government Issues 40,684,208.05 69.33Corporate Issues 15,264,657.04 26.01Accrued Income 249,649.49 0.43PENINSULA CLEAN Period from July 1, 2022 to September 30, 2022
09/30/2022 % OF
ASSETS MARKET VALUE MARKETTotal Assets 58,433,359.22 99.57Grand Total 58,683,008.71 100.00
ASSET SUMMARY
CASH EQUIV & ACCR 4.66%
BONDS 95.34%
26