Agenda packet — WestLight Energy Audit and Finance Committee, December 11, 2023

2075 Woodside Road | Redwood City, CA 94061
(650) 260-0005 | peninsulacleanenergy.com
Special Meeting of the Audit and Finance Committee of the Peninsula Clean Energy Authority (PCEA)
AGENDA
Monday, December 11, 2023
8:30 am
PLEASE NOTE: This meeting will be held in a hybrid format with both in-person and Zoom participation options for members of the public;
Board members shall appear in person.

In-Person Meeting Location:

PCEA Lobby, 2075 Woodside Road, Redwood City, CA 94061
Zoom, Virtual Meeting Link:https://pencleanenergy.zoom.us/j/89514559357 Meeting ID: 895-1455-9357 Passcode: 2075 Phone: +1 (669) 444-9171

INTRODUCTION
This meeting of the Peninsula Clean Energy Audit and Finance Committee will be held at the Peninsula Clean Energy Lobby: 2075 Woodside Road, Redwood City, CA 94061 and by teleconference pursuant to California Assembly Bill 2449 and the Ralph M. Brown Act, CA Gov’t Code. Section 54950, et seq.

Members of the Committee are expected to attend the meeting in person and should reach out to Assistant General Counsel for Peninsula Clean Energy, Jennifer Stalzer, with questions or accommodation information ([email protected]). For information regarding how to participate in the meeting remotely, please refer to the instructions at the end of the agenda. In addition, a video broadcast of the meeting can be viewed at https://www.peninsulacleanenergy.com/Audit and Finance-committee following the meeting.

Public Participation
The PCEA Audit and Finance Committee meeting may be accessed through Zoom online at https://pencleanenergy.zoom.us/j/89514559357. The meeting ID is: 895-1455-9357 and the passcode is:
2075. The meeting may also be accessed via telephone by dialing +1(669) 444-9171. Enter the webinar ID: 895-1455-9357, then press #. (Find your local number:
https://pencleanenergy.zoom.us/u/kTlH1Ocod). Peninsula Clean Energy uses best efforts to ensure audio and visual clarity and connectivity. However, it cannot guarantee the connection quality.

Members of the public can also attend this meeting physically at the Peninsula Clean Energy Lobby at 2075 Woodside Road, Redwood City, CA 94061.

Written public comments may be emailed to PCEA Board Clerk, Nelly Wogberg ([email protected]) and such written comments should indicate the specific agenda item on which the member of the public is commenting.

Spoken public comments will be accepted during the meeting in the Board Room(s) or remotely through Zoom at the option of the speaker. Please use the “Raise Your Hand” function in the Zoom platform, or press *6 if you phoned into the meeting, to indicate that you would like to provide comment. 1 1. Approval of the 2024 Audit and Finance Committee Schedule of Meetings

2. Quarter 1 - Fiscal Year 2024 Financial Report (Quarter ending September 30,2023) ADA Requests
Individuals who require 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, should contact Nelly Wogberg, Board Clerk, by 10:00 a.m. on the day before the meeting at ([email protected]). Notification in advance of the meeting will enable PCEA to make reasonable arrangements to ensure accessibility to this meeting, the materials related to it, and your ability to comment.

Closed Captioning is available for all PCEA Board meetings. While watching the video broadcast in Zoom, please enable captioning.

CALL TO ORDER / ROLL CALL / APPROVE TELECONFERENCE PARTICIPATION UNDER AB 2449
This item is reserved to approve teleconference participation request for this meeting by Director pursuant to Brown Act revisions of AB 2449 due to an emergency circumstance to be briefly described.

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

SPECIAL AGENDA

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 Website at:
https://www.peninsulacleanenergy.com.

JOINING INSTRUCTIONS
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
Videoconference with Computer Audio - see Option 1 below Videoconference with Phone Call Audio - see Option 2 below 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:

From your computer, click on the following link that is also included in the meeting calendar invitation: https://pencleanenergy.zoom.us/j/89514559357 The Zoom application will open on its own or you will be instructed to open Zoom.

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.

Click the blue, "Join with Computer Audio" button.

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
From your computer, click on the following link that is also included in the Meeting Calendar Invitation: https://pencleanenergy.zoom.us/j/89514559357 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.

Please dial +1 (669) 444-9171.

You will be instructed to enter the meeting ID: 895-1455-9357 followed by #.

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.

After a few seconds, your phone audio should be connected to the Zoom application on your computer.

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:

Please dial +1 (669) 444-9171.

You will be instructed to enter the meeting ID: 895-1455-9357 followed by #.

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.

You will be instructed to enter the meeting passcode 2075 followed by #. 4 DATE: December 11, 2023
MEETING DATE: December 11, 2023
VOTE REQUIRED: Majority Vote
TO: Honorable Peninsula Clean Energy Authority Audit and Finance Committee FROM: Nelly Wogberg, Board Clerk
SUBJECT: Approval of the 2024 Audit and Finance Committee Schedule of Meetings Item No. 1

PENINSULA CLEAN ENERGY AUTHORITY
JPA Board Correspondence

RECOMMENDATION
Approve the 2024 Audit and Finance Committee Schedule of Meetings.

BACKGROUND
Every year, the Peninsula Clean Energy Authority Audit and Finance Committee approves a schedule of regular meetings for the upcoming year. Generally, the PCE Audit and Finance Committee meets on the second Monday of each month at 8:30 a.m., but due to holidays there are sometimes exceptions to this meeting schedule. The schedule of meetings presented creates a regular meeting schedule with those adjustments noted. Please note, this schedule does not preclude any Special meetings that may be needed throughout the year.

DISCUSSION
In the 2024 Schedule of Meetings, the exceptions from the general meeting date on the second Monday of the month are as follows:

October 15, 2024 is a meeting on the second Tuesday due to the Columbus Day holiday November 12, 2024 is a meeting on the second Tuesday due to the Veteran's Day holiday
ATTACHMENTS:

AFC 2024 Meeting Schedule.pdf
5 2024 Audit & Finance Committee Meeting Schedule
Location: Video/Teleconference/PCEA Lobby/Check Agenda
Meeting Date: Time: Primary Purpose: Location:
_________________________________________________________________________________________________________________________ February 12, 2024 8:30 am Q2-FY 2023 Financial Review Video/Teleconference/PCEA Lobby/Check Agenda May 13, 2024 8:30 am Q3-FY2023 Financial Review/Budget Draft #1 Video/Teleconference/PCEA Lobby/Check Agenda June 10, 2024 8:30 am Budget Draft #2/Budget Final Video/Teleconference/PCEA Lobby/Check Agenda August 12, 2024 8:30 am Q4-FY2023 Financial Review Video/Teleconference/PCEA Lobby/Check Agenda October 15, 2024 (Tuesday) 8:30 am Review Audited Financial Statements FY2023 Video/Teleconference/PCEA Lobby/Check Agenda November 12, 2024 (Tuesday) 8:30 am Q1-FY2024 Financial Review Video/Teleconference/PCEA Lobby/Check Agenda 6 DATE: December 11, 2023
MEETING DATE: December 11, 2023
VOTE REQUIRED: None
TO: Honorable Peninsula Clean Energy Authority Audit and Finance Committee FROM: Andy Stern, Interim Chief Financial Officer
SUBJECT: Quarter 1 - Fiscal Year 2024 Financial Report (Quarter ending September 30,2023)
Item No. 2

PENINSULA CLEAN ENERGY AUTHORITY
JPA Board Correspondence

BACKGROUND
Staff will present financial summary compared to budget for the quarter ending September 30, 2023.

ATTACHMENTS:

PCE Quarterly Financial Package.pdf
7 Peninsula Clean Energy
Performance at a Glance
Results for the Fiscal Quarter Ended
September 30, 2023
($000s)
8 Fiscal Year Actual/Budget Amount Fiscal Year Actual/Budget Amount June 30, 2016 Audited ($1,044) June 30, 2016 Audited $3,833 June 30, 2017 Audited $21,711 June 30, 2017 Audited $18,882 June 30, 2018 Audited $85,365 June 30, 2018 Audited $64,689 June 30, 2019 Audited $140,139 June 30, 2019 Audited $114,069 June 30, 2020 Audited $189,072 June 30, 2020 Audited $177,629 June 30, 2021 Audited $180,717 June 30, 2021 Audited $165,652 June 30, 2022 Audited $167,671 June 30, 2022 Audited $135,090 June 30, 2023 Audited $307,626 June 30, 2023 Audited $254,074 09/30/23 Actual $340,867 09/30/23 Actual $293,676
June 30, 2024 Budget $425,043 June 30, 2024 Budget $405,796 Fiscal Year Actual/Budget Amount Fiscal Year Actual/Budget Amount FY2015-2016 Audited ($1,044) June 30, 2016 Audited $0
FY2016-2017 Audited $22,755 June 30, 2017 Audited $64,501 FY2017-2018 Audited $63,655 June 30, 2018 Audited $170,135 FY2018-2019 Audited $54,774 June 30, 2019 Audited $194,035 FY2019-2020 Audited $48,933 June 30, 2020 Audited $216,066 FY2020-2021 Audited ($8,355) June 30, 2021 Audited $213,834 FY2021-2022 Audited ($13,046) June 30, 2022 Audited $226,678 FY2022-2023 Audited $139,955 June 30, 2023 Audited $265,208 09/30/23 Actual $33,241 09/30/23 Actual $93,757
FY2023-2024 Budget $130,357 June 30, 2024 Budget $306,770 Fiscal Year Actual/Budget Amount Fiscal Year Actual/Budget Amount FY2015-2016 Audited $0 FY2015-2016 Audited $1,041
FY2016-2017 Audited $93,129 FY2016-2017 Audited $70,104 FY2017-2018 Audited $244,738 FY2017-2018 Audited $180,970 FY2018-2019 Audited $259,782 FY2018-2019 Audited $206,912 FY2019-2020 Audited $278,093 FY2019-2020 Audited $231,337 FY2020-2021 Audited $228,101 FY2020-2021 Audited $236,303 FY2021-2022 Audited $237,899 FY2021-2022 Audited $246,539 FY2022-2023 Audited $428,218 FY2022-2023 Audited $291,154 09/30/23 Actual $132,968 09/30/23 Actual $101,609
FY2023-2024 Budget $471,637 FY2023-2024 Budget $343,647 Change in Net Position Cost of Electricty
Revenues Total Operating Expenses
September 30, 2023
($000s)
Net Position Balance Unrestricted Cash/Investments Balance Peninsula Clean Energy
Performance at a Glance
Results for the Fiscal Quarter Ended
9 Customer Accounts Energy Used
September 30, 2023
($000s)
YTD Revenues YTD Expenses
Peninsula Clean Energy
Performance at a Glance
Results for the Fiscal Quarter Ended
281,788 , 91%
28,857 , 9%
Customer Accounts
Residential Commercial/Industrial
321,270 , 38%
517,672 , 62%
YTD Energy Usage (MWh)
Residential Commercial/Industrial
$132,968
$135,955
$0 $50,000 $100,000 $150,000
YTD Revenues - Actual vs. Budget
Actual Revenues - YTD Budget Revenues - YTD
$101,609
$100,853
$0 $20,000 $40,000 $60,000 $80,000 $100,000 $120,000
YTD Expenses - Actual vs. Budget
Actual Expenses - YTD Budget Expenses - YTD
10 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, 2023, 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 23, 2023
1101 Fifth Avenue, Suite 200 San Rafael, CA 94901 415 459 1249 mahercpa.com 11 ASSETS
Current assets
Cash and cash equivalents 169,218,452 $
Accounts receivable, net of allowance 44,197,237
Accrued revenue 24,312,515
Investments 7,274,475
Other receivables 3,328,381
Prepaid expenses 1,212,414
Deposits 16,298,723
Total current assets 265,842,197
Noncurrent assets
Investments 116,561,695
Other receivables 2,160,054
Deposits and other assets 189,322
Lease asset, net of amortization 1,478,152
Capital assets and construction in progress, net of depreciation 2,940,671 Total noncurrent assets 123,329,894
Total assets 389,172,091

LIABILITIES
Current liabilities
Accrued cost of electricity 33,430,871
Accounts payable 2,856,762
Other accrued liabilities 1,035,646
Deferred revenue 4,893,293
User taxes and energy surcharges due to other governments 1,391,391 Deposits - energy suppliers 1,259,999
Lease liability 507,807
Total current liabilities 45,375,769
Noncurrent liabilities
Deposits - energy suppliers 1,799,451
Lease liability 1,129,606
Total noncurrent liabilities 2,929,057
Total liabilities 48,304,826

NET POSITION
Net investment in capital assets 1,636,779
Unrestricted 339,230,486
Total net position 340,867,265 $
As of September 30, 2023

STATEMENT OF NET POSITION

PENINSULA CLEAN ENERGY AUTHORITY
See accountants' compilation report. 2 12

OPERATING REVENUES
Electricity sales, net 131,699,193 $
Green electricity premium 768,582
Liquidated damages revenue 500,000
Total operating revenues 132,967,775

OPERATING EXPENSES
Cost of electricity 93,757,225
Contract services 2,666,718
Staff compensation 2,166,968
Other operating expenses 2,863,533
Depreciation and amortization 141,650
Total operating expenses 101,596,094
Operating income (loss) 31,371,681

NONOPERATING REVENUES (EXPENSES)
Interest and investment returns 1,882,920
Finance costs (13,328)
Nonoperating revenues (expenses), net 1,869,592
CHANGE IN NET POSITION 33,241,273
Net position at beginning of period 307,625,992
Net position at end of period 340,867,265 $

PENINSULA CLEAN ENERGY AUTHORITY

STATEMENT OF REVENUES, EXPENSES

AND CHANGES IN NET POSITION
Three Months Ended September 30, 2023
See accountants' compilation report. 3 13

CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers $ 125,854,728
Receipts of supplier security deposits 95,000
Payments to suppliers for electricity (75,670,291)
Payments for other goods and services (5,976,960)
Payments for deposits and collateral (1,608,725)
Payments of staff compensation (2,077,132)
Payments of taxes and surcharges to other governments (1,581,521) Net cash provided (used) by operating activities 39,035,099

CASH FLOWS FROM CAPITAL AND RELATED

FINANCING ACTIVITIES
Payments of lease obligation (135,839)
Payments to acquire capital assets (1,139,039)
Net cash provided (used) by capital and related financing activities (1,274,878)

CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from investment sales 16,380,355
Investment income received 1,903,799
Purchase of investments (17,051,212)
Net cash provided (used) by investing activities 1,232,942 Net change in cash and cash equivalents 38,993,163
Cash and cash equivalents at beginning of period 130,225,289 Cash and cash equivalents at end of period $ 169,218,452

SUPPLEMENTAL CASH FLOW INFORMATION
Capital acquisitions included in accounts payable and other liabilities $ 1,262,016 Three Months Ended September 30, 2023

STATEMENT OF CASH FLOWS

PENINSULA CLEAN ENERGY AUTHORITY
See accountants' compilation report. 4 14

RECONCILIATION OF OPERATING INCOME (LOSS) TO NET

CASH PROVIDED (USED) BY OPERATING ACTIVITIES
Operating income (loss) 31,371,681 $
Adjustments to reconcile operating income to net
cash provided (used) by operating activities
Depreciation and amortization expense 141,650
(Increase) decrease in:

Accounts receivable (6,972,438)
Accrued revenue (2,087,955)
Other receivables 2,032,389
Prepaid expenses 7,353,795
Deposits and other assets (15,625)
Increase (decrease) in:

Accrued cost of electricity 7,784,301
Accounts payable 551,016
Deferred revenue 49,230
Other accrued liabilities 174,060
User taxes and energy
surcharges due to other governments 151,095
Suplier security deposits (1,498,100)
Net cash provided (used) by operating activities 39,035,099 $ Three Months Ended September 30, 2023
STATEMENT OF CASH FLOWS (continued)

PENINSULA CLEAN ENERGY AUTHORITY
See accountants' compilation report. 5 15
Taxable Interest 320,411.43 320,411.43
Realized Gain/Loss - 546,246.29 - 546,246.29Change In Unrealized Gain/Loss 397,209.74 397,209.74Change In Accrued Income - 21,345.20 - 21,345.20 PENINSULA CLEAN ENERGY - PFM Page 3 of 74
Period from July 1, 2023 to September 30, 2023

CURRENT PERIOD YEAR TO DATE
07/01/2023 TO 09/30/2023 07/01/2023 TO 09/30/2023
Beginning Market Value 64,338,327.34 64,338,327.34Asset ActivityTotal Asset Activity 150,029.68 150,029.68Net Change In Market Value 150,029.68 150,029.68Ending Market Value 64,488,357.02 64,488,357.02

MARKET VALUE RECONCILIATION
16 Cash And Equivalents 15,230.72 0.02
U.S. Government Issues 39,878,525.04 61.84Corporate Issues 17,011,180.10 26.38Foreign Issues 929,284.80 1.44Municipal Issues 6,363,207.55 9.87Accrued Income 290,928.81 0.45PENINSULA CLEAN ENERGY - PFM Page 5 of 74 Period from July 1, 2023 to September 30, 2023
09/30/2023 % OF

ASSETS MARKET VALUE MARKET
Total Assets 64,197,428.21 99.55Grand Total 64,488,357.02 100.00

ASSET SUMMARY
BONDS 99.53%
17 Cash Disbursements - 18,001.33 - 18,001.33
Taxable Interest 54,432.15 54,432.15Realized Gain/Loss - 6,873.43 - 6,873.43Change In Unrealized Gain/Loss 41,547.57 41,547.57Change In Accrued Income 73,783.67 73,783.67 PENINSULA CLEAN ENERGY - FRB Page 3 of 21
Period from July 1, 2023 to September 30, 2023

CURRENT PERIOD YEAR TO DATE
07/01/2023 TO 09/30/2023 07/01/2023 TO 09/30/2023
Beginning Market Value 60,015,742.82 60,015,742.82DisbursementsTotal Disbursements - 18,001.33 - 18,001.33Asset ActivityTotal Asset Activity 162,889.96 162,889.96Net Change In Market Value 144,888.63 144,888.63Ending Market Value 60,160,631.45 60,160,631.45

MARKET VALUE RECONCILIATION
18 Cash And Equivalents 176,520.08 0.29
U.S. Government Issues 41,960,790.34 69.75Corporate Issues 17,693,202.59 29.41Accrued Income 330,118.44 0.55PENINSULA CLEAN ENERGY - FRB Page 5 of 21 Period from July 1, 2023 to September 30, 2023
09/30/2023 % OF

ASSETS MARKET VALUE MARKET
Total Assets 59,830,513.01 99.45Grand Total 60,160,631.45 100.00

ASSET SUMMARY
BONDS 99.16%
19 DATE: December 4, 2023
MEETING DATE: December 11, 2023
VOTE REQUIRED: Majority Vote
TO: Honorable Peninsula Clean Energy Authority Audit and Finance Committee FROM: Nelly Wogberg, Board Clerk
SUBJECT: Approval of the 2024 Audit and Finance Committee Schedule of Meetings Item No. 1

PENINSULA CLEAN ENERGY AUTHORITY
JPA Board Correspondence

RECOMMENDATION
Approve the 2024 Audit and Finance Committee Schedule of Meetings.

DISCUSSION
In the 2024 Schedule of Meetings, the exceptions from the general meeting date on the second Monday of the month are as follows:

October 15, 2024 is a meeting on the second Tuesday due to the Columbus Day holiday November 12, 2024 is a meeting on the second Tuesday due to the Veteran's Day holiday
ATTACHMENTS:

AFC 2024 Meeting Schedule.pdf
20 2024 Audit & Finance Committee Meeting Schedule
Location: Video/Teleconference/PCEA Lobby/Check Agenda
Meeting Date: Time: Primary Purpose: Location:
_________________________________________________________________________________________________________________________ February 12, 2024 8:30 am Q2-FY 2023 Financial Review Video/Teleconference/PCEA Lobby/Check Agenda May 13, 2024 8:30 am Q3-FY2023 Financial Review/Budget Draft #1 Video/Teleconference/PCEA Lobby/Check Agenda June 10, 2024 8:30 am Budget Draft #2/Budget Final Video/Teleconference/PCEA Lobby/Check Agenda August 12, 2024 8:30 am Q4-FY2023 Financial Review Video/Teleconference/PCEA Lobby/Check Agenda October 15, 2024 (Tuesday) 8:30 am Review Audited Financial Statements FY2023 Video/Teleconference/PCEA Lobby/Check Agenda November 12, 2024 (Tuesday) 8:30 am Q1-FY2024 Financial Review Video/Teleconference/PCEA Lobby/Check Agenda 21 DATE: December 4, 2023
MEETING DATE: December 11, 2023
VOTE REQUIRED: None
TO: Honorable Peninsula Clean Energy Authority Audit and Finance Committee FROM: Andy Stern, Interim Chief Financial Officer
SUBJECT: Quarter 1 - Fiscal Year 2024 Financial Report (Quarter ending September 30,2023)
Item No. 2

PENINSULA CLEAN ENERGY AUTHORITY
JPA Board Correspondence

BACKGROUND
Staff will present financial summary compared to budget for the quarter ending September 30, 2023.

ATTACHMENTS:

PCE Quarterly Financial Package.pdf
22 Peninsula Clean Energy
Performance at a Glance
Results for the Fiscal Quarter Ended
September 30, 2023
($000s)
23 Fiscal Year Actual/Budget Amount Fiscal Year Actual/Budget Amount June 30, 2016 Audited ($1,044) June 30, 2016 Audited $3,833 June 30, 2017 Audited $21,711 June 30, 2017 Audited $18,882 June 30, 2018 Audited $85,365 June 30, 2018 Audited $64,689 June 30, 2019 Audited $140,139 June 30, 2019 Audited $114,069 June 30, 2020 Audited $189,072 June 30, 2020 Audited $177,629 June 30, 2021 Audited $180,717 June 30, 2021 Audited $165,652 June 30, 2022 Audited $167,671 June 30, 2022 Audited $135,090 June 30, 2023 Audited $307,626 June 30, 2023 Audited $254,074 09/30/23 Actual $340,867 09/30/23 Actual $293,676
June 30, 2024 Budget $425,043 June 30, 2024 Budget $405,796 Fiscal Year Actual/Budget Amount Fiscal Year Actual/Budget Amount FY2015-2016 Audited ($1,044) June 30, 2016 Audited $0
FY2016-2017 Audited $22,755 June 30, 2017 Audited $64,501 FY2017-2018 Audited $63,655 June 30, 2018 Audited $170,135 FY2018-2019 Audited $54,774 June 30, 2019 Audited $194,035 FY2019-2020 Audited $48,933 June 30, 2020 Audited $216,066 FY2020-2021 Audited ($8,355) June 30, 2021 Audited $213,834 FY2021-2022 Audited ($13,046) June 30, 2022 Audited $226,678 FY2022-2023 Audited $139,955 June 30, 2023 Audited $265,208 09/30/23 Actual $33,241 09/30/23 Actual $93,757
FY2023-2024 Budget $130,357 June 30, 2024 Budget $306,770 Fiscal Year Actual/Budget Amount Fiscal Year Actual/Budget Amount FY2015-2016 Audited $0 FY2015-2016 Audited $1,041
FY2016-2017 Audited $93,129 FY2016-2017 Audited $70,104 FY2017-2018 Audited $244,738 FY2017-2018 Audited $180,970 FY2018-2019 Audited $259,782 FY2018-2019 Audited $206,912 FY2019-2020 Audited $278,093 FY2019-2020 Audited $231,337 FY2020-2021 Audited $228,101 FY2020-2021 Audited $236,303 FY2021-2022 Audited $237,899 FY2021-2022 Audited $246,539 FY2022-2023 Audited $428,218 FY2022-2023 Audited $291,154 09/30/23 Actual $132,968 09/30/23 Actual $101,609
FY2023-2024 Budget $471,637 FY2023-2024 Budget $343,647 Change in Net Position Cost of Electricty
Revenues Total Operating Expenses
September 30, 2023
($000s)
Net Position Balance Unrestricted Cash/Investments Balance Peninsula Clean Energy
Performance at a Glance
Results for the Fiscal Quarter Ended
24 Customer Accounts Energy Used
September 30, 2023
($000s)
YTD Revenues YTD Expenses
Peninsula Clean Energy
Performance at a Glance
Results for the Fiscal Quarter Ended
281,788 , 91%
28,857 , 9%
Customer Accounts
Residential Commercial/Industrial
321,270 , 38%
517,672 , 62%
YTD Energy Usage (MWh)
Residential Commercial/Industrial
$132,968
$135,955
$0 $50,000 $100,000 $150,000
YTD Revenues - Actual vs. Budget
Actual Revenues - YTD Budget Revenues - YTD
$101,609
$100,853
$0 $20,000 $40,000 $60,000 $80,000 $100,000 $120,000
YTD Expenses - Actual vs. Budget
Actual Expenses - YTD Budget Expenses - YTD
25 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, 2023, 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.

We are not independent with respect to PCE because we performed certain accounting services that impaired our independence.

Maher Accountancy
San Rafael, CA
October 23, 2023
1101 Fifth Avenue, Suite 200 San Rafael, CA 94901 415 459 1249 mahercpa.com 26 ASSETS
Current assets
Cash and cash equivalents 169,218,452 $
Accounts receivable, net of allowance 44,197,237
Accrued revenue 24,312,515
Investments 7,274,475
Other receivables 3,328,381
Prepaid expenses 1,212,414
Deposits 16,298,723
Total current assets 265,842,197
Noncurrent assets
Investments 116,561,695
Other receivables 2,160,054
Deposits and other assets 189,322
Lease asset, net of amortization 1,478,152
Capital assets and construction in progress, net of depreciation 2,940,671 Total noncurrent assets 123,329,894
Total assets 389,172,091

NET POSITION
Net investment in capital assets 1,636,779
Unrestricted 339,230,486
Total net position 340,867,265 $
As of September 30, 2023

STATEMENT OF NET POSITION

PENINSULA CLEAN ENERGY AUTHORITY
See accountants' compilation report. 2 27

OPERATING REVENUES
Electricity sales, net 131,699,193 $
Green electricity premium 768,582
Liquidated damages revenue 500,000
Total operating revenues 132,967,775

PENINSULA CLEAN ENERGY AUTHORITY

STATEMENT OF REVENUES, EXPENSES

AND CHANGES IN NET POSITION
Three Months Ended September 30, 2023
See accountants' compilation report. 3 28

CASH FLOWS FROM CAPITAL AND RELATED

FINANCING ACTIVITIES
Payments of lease obligation (135,839)
Payments to acquire capital assets (1,139,039)
Net cash provided (used) by capital and related financing activities (1,274,878)

SUPPLEMENTAL CASH FLOW INFORMATION
Capital acquisitions included in accounts payable and other liabilities $ 1,262,016 Three Months Ended September 30, 2023

STATEMENT OF CASH FLOWS

PENINSULA CLEAN ENERGY AUTHORITY
See accountants' compilation report. 4 29

RECONCILIATION OF OPERATING INCOME (LOSS) TO NET

Accounts receivable (6,972,438)
Accrued revenue (2,087,955)
Other receivables 2,032,389
Prepaid expenses 7,353,795
Deposits and other assets (15,625)
Increase (decrease) in:

PENINSULA CLEAN ENERGY AUTHORITY
See accountants' compilation report. 5 30
Taxable Interest 320,411.43 320,411.43
Realized Gain/Loss - 546,246.29 - 546,246.29Change In Unrealized Gain/Loss 397,209.74 397,209.74Change In Accrued Income - 21,345.20 - 21,345.20 PENINSULA CLEAN ENERGY - PFM Page 3 of 74
Period from July 1, 2023 to September 30, 2023

MARKET VALUE RECONCILIATION
31 Cash And Equivalents 15,230.72 0.02
U.S. Government Issues 39,878,525.04 61.84Corporate Issues 17,011,180.10 26.38Foreign Issues 929,284.80 1.44Municipal Issues 6,363,207.55 9.87Accrued Income 290,928.81 0.45PENINSULA CLEAN ENERGY - PFM Page 5 of 74 Period from July 1, 2023 to September 30, 2023
09/30/2023 % OF

ASSETS MARKET VALUE MARKET
Total Assets 64,197,428.21 99.55Grand Total 64,488,357.02 100.00

ASSET SUMMARY
BONDS 99.53%
32 Cash Disbursements - 18,001.33 - 18,001.33
Taxable Interest 54,432.15 54,432.15Realized Gain/Loss - 6,873.43 - 6,873.43Change In Unrealized Gain/Loss 41,547.57 41,547.57Change In Accrued Income 73,783.67 73,783.67 PENINSULA CLEAN ENERGY - FRB Page 3 of 21
Period from July 1, 2023 to September 30, 2023

MARKET VALUE RECONCILIATION
33 Cash And Equivalents 176,520.08 0.29
U.S. Government Issues 41,960,790.34 69.75Corporate Issues 17,693,202.59 29.41Accrued Income 330,118.44 0.55PENINSULA CLEAN ENERGY - FRB Page 5 of 21 Period from July 1, 2023 to September 30, 2023
09/30/2023 % OF

ASSETS MARKET VALUE MARKET
Total Assets 59,830,513.01 99.45Grand Total 60,160,631.45 100.00

ASSET SUMMARY
BONDS 99.16%
34

WestLight Energy Audit and Finance CommitteeDecember 11, 2023

WestLight Energy Audit and Finance Committee
December 11, 2023