Agenda packet — WestLight Energy Audit and Finance Committee, September 8, 2025

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, September 8, 2025
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
Los Banos City Hall, Conference Room B, 520 J Street, Los Banos, CA 93635 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 Los Banos City Hall, Conference Room A, 520 J Street, Los Banos, CA 93635, 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 our 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/meetings-events 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, and Los Banos City Hall, Conference Room A, 520 J Street, Los Banos, CA 93635.

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 1 1. Approval of Minutes from the June 9, 2025 Audit and Finance Committee Meeting

2. Chair Report

3. Staff Report

4. Discussion of Future Prepay Transaction and Planning (Discussion)

5. Q4 Fiscal Year 2025 Financial Report (Quarter Ending June 30, 2025) (Discussion)

6. Committee Members' Reports (Discussion)
press *6 if you phoned into the meeting, to indicate that you would like to provide comment.

Please note that Peninsula Clean Energy Audit and Finance Committee meetings are a limited public forum, and all public comment must relate to something that is within the subject matter jurisdiction of the Committee. If comments do not relate to the subject matter jurisdiction of the Committee, we will stop the comment and move on to the next speaker. General Counsel will assist in identifying comments that are not related to the subject matter jurisdiction of the Committee.

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: September 5, 2025
MEETING DATE: September 8, 2025
VOTE REQUIRED: Majority Vote
TO: Honorable Peninsula Clean Energy Authority Audit and Finance Committee FROM: Nelly Wogberg, Board Clerk
SUBJECT: Approval of Minutes from the June 9, 2025 Audit and Finance Committee Meeting
Item No. 1

PENINSULA CLEAN ENERGY AUTHORITY
JPA Board Correspondence

RECOMMENDATION
Approval of Minutes from the June 9, 2025 Audit and Finance Committee Meeting ATTACHMENTS:
06-09-2025 A&FC Draft Minutes.pdf
5 Regular Meeting of the Audit and Finance Committee of the Peninsula Clean Energy Authority (PCEA)
Minutes
Monday, June 9, 2025
8:30 a.m.

Zoom Video Conference and Teleconference

CALL TO ORDER
Meeting was called to order at 8:34 a.m. in virtual teleconference, in the Peninsula Clean Energy Authority lobby, and is Los Banos City Hall Conference Room B.

ROLL CALL
Participating:

Tom McCune, Belmont
Donna Colson, Burlingame, Chair
Carlos Romero, East Palo Alto
Michale Amabile, Los Banos, participating from Los Banos Elmer Martinez Saballos, Redwood City, arrived at 8:42 a.m.

Absent:

A quorum was established.

PUBLIC COMMENT: None

ACTION TO SET AGENDA AND TO APPROVE CONSENT AGENDA ITEMS Public Comment: None
MOTION: Director Colson moved, seconded by Director McCune to set the Agenda and approve Agenda Item Number 1.

1. Approval of the Minutes for the May 12, 2025 Executive Committee Meeting.

MOTION PASSED: 4-0 (Absent: Redwood City)

JURISDICTION BOARD MEMBER YES NO ABSTAIN ABSENT
Belmont Director McCune X
Burlingame Director Colson X
East Palo Alto Director Romero X
Los Banos Director Amabile X
Redwood City Elmer Martinez-Saballos X
Totals 4 1
6 REGULAR AGENDA

2. Chair Report
None

3. Staff Report
None

4. Appointment of Audit and Finance Committee Chair (Action) Public Comment: None
MOTION: Director Colson moved, seconded by Director McCune to nominate Carlos Romero as the Audit and Finance Committee Chair.

MOTION PASSED: 4-0 (Absent: Redwood City)

5. Recommend to the Board of Directors Approval of the Fiscal Year 2025-2026 Budget (Action) Nick Bijur, Chief Financial Officer provided an overview of the Fiscal Year 2025-2026 budget.

Public Comment: None
MOTION: Director Amabile moved, seconded by Director McCune to Recommend approval by the Board of Directors of the Fiscal Year 2025-2026 budget (July 1, 2025 through June 30, 2026).

MOTION PASSED: 5-0 (Absent: None)

6. Discussion of Rate Stabilization Fund (Discussion)
Nick Bijur, Chief Financial Officer provided an overview of the Rate Stabilization Fund. 7 Public Comment: None

7. Discussion of Days Cash on Hand Target (Discussion)
Nick Bijur, Chief Financial Officer provided an overview of the Days Cash on Hand Target.

Public Comment: None

8. Committee Members’ Reports
None

ADJOURNMENT
Meeting was adjourned at 9:47 a.m.
8 DATE: August 20, 2025
MEETING DATE: September 8, 2025
VOTE REQUIRED: None
TO: Honorable Peninsula Clean Energy Authority Audit and Finance Committee FROM: Nick BIjur, Chief Financial Officer
SUBJECT: Discussion of Future Prepay Transaction and Planning (Discussion) Item No. 4

PENINSULA CLEAN ENERGY AUTHORITY
JPA Board Correspondence

RECOMMENDATION
Receive presentation on a potential second Peninsula Clean Energy (PCE) Prepay transaction and provide feedback.

BACKGROUND
PCE executed its first Prepay transaction in October 2024. The transaction was very successful, allowing PCE to realize savings of 12.3% on the assigned power contracts, or $46 million over the initial 8-year period (average of $5.7 million per year). Staff is preparing to execute a second Prepay transaction as soon as October 2025, pending market conditions and Board approval.

An energy prepayment – or ‘Prepay’ – is a long-term transaction available to municipal utilities and other tax-exempt load serving entities such as CCAs that enables a meaningful power procurement cost savings opportunity. The Prepay structure has been utilized for natural gas procurement for over 30 years and is now being applied in the renewable energy sector. Over the past four years there have been 21 Prepay transactions among California CCAs, generating approximately $125 million in annual procurement cost savings. In addition to PCE, below are the CCAs that have completed Prepay transactions:

Clean Power Alliance (5 transactions)
Marin Clean Energy (3 transactions)
Ava Community Energy (3 transactions)
Silicon Valley Clean Energy (3 transactions)
San Diego Clean Power (2 transactions)
Sonoma Clean Power
Pioneer Community Energy
Central Coast Community Energy
Valley Clean Energy
San Jose Clean Power
9 Prepay Process
Utilizing the municipal bond market, a tax-exempt Load Serving Entity, such as PCE, and a taxable energy supplier (Prepay Supplier, such as Goldman Sachs) enter into a 30-year arrangement through which PCE assigns certain power supply contracts to the Prepay Supplier. The Prepay Supplier contracts with California Community Choice Finance Authority (CCCFA) and CCCFA contracts with PCE and its other CCA members for the delivery of energy. The Prepay Supplier pays the contract price to the energy providers, while PCE pays CCCFA at a discounted rate for power delivered. The discounted rate is agreed upon in the Prepay documents for an initial 6- to 10- year period and is based largely on the spread between taxable and tax-exempt bond interest rates. The market availability of this interest rate spread is critical to the savings realized.

Tax-exempt bonds are issued by CCCFA to raise funds for the Prepay transaction. The proceeds from the bond transaction flow from CCCFA to the Prepay Supplier as the prepayment amount. PCE realizes a discount on its energy payments, which has ranged from 8-12% on prior Prepay transactions, but is subject to change based on market conditions.

DISCUSSION
Given the success of PCE’s first Prepay transaction, Staff is preparing to execute a second Prepay transaction. PCE has engaged the same firms to support its second transaction, which includes PFM Financial Advisors as Municipal Financial Advisor, Goldman Sachs as Prepay Supplier, and Chapman and Cutler as counsel. Note that PCE also interviewed Morgan Stanley and RBC but ultimately decided to stick with Goldman Sachs as its Prepay Supplier.

While market conditions are currently not as favorable as when PCE executed its first transaction last October, the financial markets are very volatile and could improve quickly. As a result, it is advantageous and advisable to be in position to access the markets as soon as reasonably possible. In preparation, staff is planning to seek approval from PCE’s Board of Directors and CCCFA in late October and to execute a transaction soon after pending market conditions. Note that PCE will only execute a transaction if the savings exceed 9%, and Staff will target savings closer to 12%.

As a reminder, the savings from Prepay transactions are based largely on the spread between taxable and tax-exempt interest rates, which have decreased since PCE’s first transaction. As a data point, San Diego and MCE recently completed transactions that were successful and generated savings of approximately 10.5%. The CCCFA Board of Directors recently approved transactions for Silicon Valley Clean Energy and Ava Community Energy, and both CCAs could transact any day depending on market conditions.

FISCAL IMPACT
Actual savings are unknown until the time of transaction. However, Staff is aiming to realize savings in the 12% range, similar to PCE’s first transaction. All fees to the various advisors are only paid if a transaction is completed.
10 DATE: August 20, 2025
MEETING DATE: September 8, 2025
VOTE REQUIRED: None
TO: Honorable Peninsula Clean Energy Authority Audit and Finance Committee FROM: Nicholas Bijur, Chief Financial Officer
SUBJECT: Q4 Fiscal Year 2025 Financial Report (Quarter Ending June 30, 2025) (Discussion)
Item No. 5

PENINSULA CLEAN ENERGY AUTHORITY
JPA Board Correspondence

RECOMMENDATION
Receive report and provide any feedback. This is a discussion item only.

BACKGROUND
Staff will review financial results for the Quarter ending June 30, 2025 and year-to-date.

ATTACHMENTS:
4Q Financials.pdf
11 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 June 30, 2024 Audited $349,200 June 30, 2024 Audited $389,062 June 30, 2025 Actual $358,295 June 30, 2025 Actual $439,084 June 30, 2025 Budget $334,208 June 30, 2025 Budget $342,592 Fiscal Year Actual/Budget Amount Fiscal Year Actual/Budget Amount FY2015-2016 Audited ($1,044) FY2015-2016 Audited $0
FY2016-2017 Audited $22,755 FY2016-2017 Audited $64,501 FY2017-2018 Audited $63,655 FY2017-2018 Audited $170,135 FY2018-2019 Audited $54,774 FY2018-2019 Audited $194,035 FY2019-2020 Audited $48,933 FY2019-2020 Audited $216,066 FY2020-2021 Audited ($8,355) FY2020-2021 Audited $213,834 FY2021-2022 Audited ($13,046) FY2021-2022 Audited $226,678 FY2022-2023 Audited $139,955 FY2022-2023 Audited $265,208 FY2023-2024 Audited $41,574 FY2023-2024 Audited $325,171 FY2024-2025 Actual $9,094 FY2024-2025 Actual $365,972
FY2024-2025 Budget $5,252 FY2024-2025 Budget $423,404
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 $5,603
FY2017-2018 Audited $244,738 FY2017-2018 Audited $10,836 FY2018-2019 Audited $259,782 FY2018-2019 Audited $12,877 FY2019-2020 Audited $278,093 FY2019-2020 Audited $15,272 FY2020-2021 Audited $228,101 FY2020-2021 Audited $22,469 FY2021-2022 Audited $237,899 FY2021-2022 Audited $19,861 FY2022-2023 Audited $428,218 FY2022-2023 Audited $25,946 FY2023-2024 Audited $388,613 FY2023-2024 Audited $36,664 FY2024-2025 Actual $391,936 FY2024-2025 Actual $43,093
FY2024-2025 Budget $476,693 FY2024-2025 Budget $57,140
Peninsula Clean Energy
Performance at a Glance
Results for the Fiscal Quarter Ended
June 30, 2025
($000s)
Net Position Balance Unrestricted Cash/Investments Balance Revenues Total Other Operating Expenses
Change in Net Position Cost of Electricty
12 13
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 June 30, 2025, and the statement of revenues, expenses, and changes in net position, and the statement of cash flows for the year 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
August 11, 2025
1101 Fifth Avenue, Suite 200 San Rafael, CA 94901 415 459 1249 mahercpa.com 14 ASSETS
Current assets
Cash and cash equivalents 88,555,767$
Accounts receivable, net of allowance 30,562,761
Accrued revenue 23,609,119
Investments 11,520,856
Loans and other receivables 9,141,461
Prepaid expenses 3,077,647
Deposits and other assets 2,370,240
Total current assets 168,837,851
Noncurrent assets
Cash and cash equivalents 128,000,000
Investments 211,007,402
Loans and other receivables 7,122,104
Deposits and other assets 192,219
Capital assets, net of depreciation and amortization 13,884,602 Total noncurrent assets 360,206,327
Total assets 529,044,178

LIABILITIES
Current liabilities
Accrued cost of electricity 33,038,673
Accounts payable 3,155,099
Other accrued liabilities 1,567,473
Deferred revenue 1,087,084
User taxes and energy surcharges due to other governments 643,960 Deposits - energy suppliers 120,000
Lease liability 566,100
Total current liabilities 40,178,389
Noncurrent liabilities
Deposits - energy suppliers 2,409,451
Lease liability 161,781
Total noncurrent liabilities 2,571,232
Total liabilities 42,749,621

DEFERRED INFLOWS OF RESOURCES
Rate Stabilization Fund 128,000,000

NET POSITION
Net investment in capital assets 12,420,556
Unrestricted 345,874,001
Total net position $ 358,294,557
As of June 30, 2025

STATEMENT OF NET POSITION

PENINSULA CLEAN ENERGY AUTHORITY
See accountants' compilation report. 2 15

OPERATING REVENUES
Electricity sales, net 438,040,543$
Rate stabilization (60,000,000)
Liquidated damages revenue 10,933,907
Grant revenue 2,961,165
Total operating revenues 391,935,615

OPERATING EXPENSES
Cost of electricity 365,971,833
Contract services 12,382,693
Staff compensation 14,610,948
Program incentives 12,579,039
Other operating expenses 2,867,532
Depreciation and amortization 652,653
Total operating expenses 409,064,698
Operating income (loss) (17,129,083)

NONOPERATING REVENUES (EXPENSES)
Investment income 22,620,515
Income from solar energy investments credit 3,654,609
Gain (loss) on disposal of assets (20,022)
Finance costs (31,562)
Nonoperating revenues (expenses), net 26,223,540
CHANGE IN NET POSITION 9,094,457
Net position at beginning of period 349,200,100
Net position at end of period $ 358,294,557

PENINSULA CLEAN ENERGY AUTHORITY

STATEMENT OF REVENUES, EXPENSES

AND CHANGES IN NET POSITION
Year Ended June 30, 2025
See accountants' compilation report. 3 16

CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers 446,889,103$
Receipts from grantors 1,503,049
Receipts of deposits and collateral 9,977,148
Receipts of liquidated damages 10,933,907
Receipts from wholesale sales and other operating activities 39,559,336 Payments to suppliers for electricity (416,380,959)
Payments for other goods and services (27,873,852)
Payments of deposits and collateral (8,959,245)
Payments of staff compensation (14,107,483)
Payments of taxes and surcharges to other governments (6,650,008) Net cash provided (used) by operating activities 34,890,996

CASH FLOWS FROM CAPITAL AND RELATED

FINANCING ACTIVITIES
Receipts of nonoperating revenue - solar energy investment credit 325,365 Purchases of capital assets (7,105,906)
Payments of lease liability (563,770)
Net cash provided (used) by capital and related financing activities (7,344,311)

CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sales and maturities of investments 64,778,115 Investment income received 16,351,114
Purchase of investments (72,053,106)
Net cash provided (used) by investing activities 9,076,123 Net change in cash and cash equivalents 36,622,808
Cash and cash equivalents at beginning of period 179,932,959 Cash and cash equivalents at end of period 216,555,767$ Reconciliation to the Statement of Net Position
Cash and cash equivalents (current) 88,555,767$
Cash and cash equivalents (noncurrent) 128,000,000
Cash and cash equivalents 216,555,767$

NONCASH INVESTING ACTIVITIES
Unrealized appreciation and timing differences in investment income 6,269,401$

NONCASH CAPITAL FINANCING ACTIVITIES
Capital acquisitions included in accounts payable and other liabilities 736,165$ Year Ended June 30, 2025

STATEMENT OF CASH FLOWS

PENINSULA CLEAN ENERGY AUTHORITY
See accountants' compilation report. 4 17

RECONCILIATION OF OPERATING INCOME (LOSS) TO NET

CASH PROVIDED (USED) BY OPERATING ACTIVITIES
Operating income (loss) $ (17,129,083)
Adjustments to reconcile operating income to net
cash provided (used) by operating activities
Depreciation and amortization expense 652,653
Loss on disposal of assets 20,022
(Increase) decrease in:

Accounts receivable, net of allowance 1,818,568
Accrued revenue 2,131,231
Other receivables (2,204,127)
Prepaid expenses 1,533,481
Deposits and other assets 3,051,098
Increase (decrease) in:

Accrued cost of electricity (10,629,948)
Accounts payable (53,523)
Other accrued liabilities 668,436
Deferred revenue (3,285,073)
User taxes and energy
surcharges due to other governments (522,739)
Deposits - energy suppliers (1,160,000)
Rate Stabilization Fund 60,000,000
Net cash provided (used) by operating activities $ 34,890,996 Year Ended June 30, 2025

STATEMENT OF CASH FLOWS

PENINSULA CLEAN ENERGY AUTHORITY
(continued)
See accountants' compilation report. 5 18
Non-Cash Deliveries .00 - .01
Taxable Interest 925,519.22 3,658,364.06Realized Gain/Loss 122,717.46 - 4,889.98Change In Unrealized Gain/Loss 563,758.53 3,215,501.73Change In Accrued Income 60,087.42 - 65,300.51 PENINSULA CLEAN ENERGY - PFM Page 3 of 86ACCOUNT Period from April 1, 2025 to June 30, 2025

CURRENT PERIOD YEAR TO DATE
04/01/2025 TO 06/30/2025 07/01/2024 TO 06/30/2025
Beginning Market Value 113,062,234.49 107,930,641.83DisbursementsTotal Disbursements .00 - .01Asset ActivityTotal Asset Activity 1,672,082.63 6,803,675.30Net Change In Market Value 1,672,082.63 6,803,675.29Ending Market Value 114,734,317.12 114,734,317.12

MARKET VALUE RECONCILIATION
19 1 1 1 1 1 1 1 1 1 1 1 11 11 1 11 1 1 1 1 111 1 1 1 11 11 1 1 11 1 1 1 11 1 1 1 1 1 1 1 11 11 11 1 1 1 1 1 1 11 1 1 111 11 1 111111 11 1 1111 1 11 11 1 1 111 1 1 1 1 11 11 1 11111 1 11 111 11 1 1 11 11111 1 1 1111 1111 1 11 1 111 1 1111 1 1 1 1 11 1 1 1 1 1 1 1 1 1 11 1 11 1 1 1 111 11 1 1 1 1 111 111 1 1 11111111111111111111 Non-Cash Deliveries .00 - .01
Taxable Interest 925,519.22 3,658,364.06Realized Gain/Loss 122,717.46 - 4,889.98 Change In Accrued Income 60,087.42 - 65,300.51
PENINSULA CLEAN ENERGY - PFM Page 4 of 86ACCOUNT Period from April 1, 2025 to June 30, 2025

CURRENT PERIOD YEAR TO DATE
04/01/2025 TO 06/30/2025 07/01/2024 TO 06/30/2025
Beginning Cost 111,761,763.38 109,281,913.92DisbursementsTotal Disbursements .00 - .01 Asset ActivityTotal Asset Activity 1,108,324.10 3,588,173.57Ending Cost 112,870,087.48 112,870,087.48

COST RECONCILIATION
20 Cash And Equivalents 237,171.49 0.21
U.S. Government Issues 84,709,037.07 73.83Corporate Issues 26,512,549.90 23.11Foreign Issues 980,563.50 0.85Municipal Issues 1,447,375.65 1.26Accrued Income 847,619.51 0.74PENINSULA CLEAN ENERGY - PFM Page 5 of 86ACCOUNT Period from April 1, 2025 to June 30, 2025 06/30/2025 % OF

ASSETS MARKET VALUE MARKET
Total Assets 113,886,697.61 99.26Grand Total 114,734,317.12 100.00

ASSET SUMMARY
BONDS 99.05%
21 Cash Receipts 20,000,000.00 20,000,000.00
Taxable Interest 681,879.99 3,709,841.14Realized Gain/Loss - 331,215.82 - 965,816.83Change In Unrealized Gain/Loss 1,002,922.43 3,879,280.79Change In Accrued Income 256,190.55 18,127.46 PENINSULA CLEAN ENERGY - CHANDLER Page 3 of 51ACCOUNT Period from April 1, 2025 to June 30, 2025

CURRENT PERIOD YEAR TO DATE
04/01/2025 TO 06/30/2025 07/01/2024 TO 06/30/2025
Beginning Market Value 108,508,657.70 103,477,002.29ReceiptsTotal Receipts 20,000,000.00 20,000,000.00Asset ActivityTotal Asset Activity 1,609,777.15 6,641,432.56Net Change In Market Value 21,609,777.15 26,641,432.56Ending Market Value 130,118,434.85 130,118,434.85

MARKET VALUE RECONCILIATION
22 1 1 1 1 1 1 1 1 1 1 1 11 11 1 1 1 1 11 1 1 1 1 1 111 1 1 11111 11 1 1 1 1 1 11 11 1 1 1 11 1 1 11 11 1 1 1 1 1 11 1 1 1 1 11 111 1 111 1 11 111 1 1111 1 1 1 111 1 1 111 1 1 11 1 11111 1 11 1 1 1 11 11 11 1 11 1 1 11 1 11 11 111 111 1 1 111 1111 1 1 11 11 1 1111111 1 1 1 1 1 1 111 1 1 11111111111111111111 Cash Receipts 20,000,000.00 20,000,000.00Taxable Interest 681,879.99 3,709,841.14Realized Gain/Loss - 331,215.82 - 965,816.83Change In Accrued Income 256,190.55 18,127.46 PENINSULA CLEAN ENERGY - CHANDLER Page 4 of 51ACCOUNT Period from April 1, 2025 to June 30, 2025

CURRENT PERIOD YEAR TO DATE
04/01/2025 TO 06/30/2025 07/01/2024 TO 06/30/2025
Beginning Cost 108,387,707.37 106,232,410.32ReceiptsTotal Receipts 20,000,000.00 20,000,000.00Asset ActivityTotal Asset Activity 606,854.72 2,762,151.77Ending Cost 128,994,562.09 128,994,562.09

COST RECONCILIATION
23 Cash And Equivalents 20,332,195.25 15.62
U.S. Government Issues 62,913,254.58 48.35Corporate Issues 41,069,488.84 31.56Foreign Issues 3,781,552.50 2.91Municipal Issues 1,114,436.25 0.86Accrued Income 907,507.43 0.70PENINSULA CLEAN ENERGY - CHANDLER Page 5 of 51ACCOUNT Period from April 1, 2025 to June 30, 2025 06/30/2025 % OF

ASSETS MARKET VALUE MARKET
Total Assets 129,210,927.42 99.30Grand Total 130,118,434.85 100.00

ASSET SUMMARY
CASH EQUIV & ACCR 16.32%
BONDS 83.68%
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WestLight Energy Audit and Finance CommitteeSeptember 8, 2025

WestLight Energy Audit and Finance Committee
September 8, 2025