Special Meeting of the Audit and Finance Committee of the Peninsula Clean Energy Authority (PCEA)
Minutes
Monday, September 8, 2025
8:30 a.m.
Zoom Video Conference and Teleconference
CALL TO ORDER
Meeting was called to order at 8:35 a.m. in virtual teleconference, in the Peninsula Clean Energy Authority lobby, and in 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 8:40 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 McCune moved, seconded by Chair Colson to set the Agenda and approve Agenda Item Number 1.
1. Approval of the Minutes for the June 9, 2025 Audit and Finance 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
REGULAR AGENDA
2. Chair Report
None.
3. Staff Report
Nick Bijur, Chief Financial Officer, provided an update to the Committee on an upcoming second prepay transaction, revised S&P outlook to “Positive,” progress on the annual audit, issuance of a $1.3M Letter of Credit to PG&E under updated CPUC financial security rules (replacing a $147K escrow and subject to semiannual recalculation), and the launch of the Enterprise Risk Management program.
4. Discussion of Future Prepay Transaction and Planning Nick Bijur, Chief Financial Officer, provided an overview of a future prepay transaction for discussion.
Public Comment: None
5. Q4 Fiscal Year 2025 Financial Report (Quarter Ending June 30, 2025) (Discussion) Nick Bijur, Chief Financial Officer, gave a presentation with the results of the fourth quarter financial report.
Public Comment: None
6. Committee Members’ Reports
Director McCune noted planned outages from PG&E in Belmont.
ADJOURNMENT
Meeting was adjourned at 9:36 a.m.