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, February 9, 2026
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.
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 B, 520 J Street, Los Banos, CA 93635 and by teleconference pursuant to the Ralph M. Brown Act, CA Gov’t Code. Section 54950, et seq. Members of the Committee should reach out to General Counsel, 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 B, 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 press *6 if you phoned into the meeting, to indicate that you would like to provide comment. 1 1. Approval of the 2026 Audit and Finance Committee Meeting Schedule
2. Approval of Minutes from the September 8, 2025 and November 10, 2025 Audit and Finance Committee Meetings
3. Chair Report (Discussion)
4. Staff Report (Discussion)
5. Review of Peninsula Clean Energy's Cash Investment Performance in 2025 and Market Overview (Discussion)
6. Discussion of Request for Proposals for PCE General Banking Services (Discussion)
7. Discussion of Quarter Two Fiscal Year 2026 Financial Report (Quarter Ending December 31, 2025) (Discussion)
8. Audit and Finance Committee Approval of Remote Meetings Pursuant to Senate Bill (SB) 707 and Discussion of In-Person Meeting Cadence for 2026 (Action)
9. Committee Members' Reports (Discussion)
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
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
REGULAR 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:
2 https://www.peninsulacleanenergy.com.
JOINING INSTRUCTIONS
3 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. 4 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 #. 5 DATE: February 6, 2026
MEETING DATE: February 9, 2026
VOTE REQUIRED: Majority Vote
TO: Honorable Peninsula Clean Energy Authority Audit and Finance Committee FROM: Nelly Wogberg, Clerk of the Board
SUBJECT: Approval of the 2026 Audit and Finance Committee Meeting Schedule Item No. 1
PENINSULA CLEAN ENERGY AUTHORITY
JPA Board Correspondence
RECOMMENDATION
Approval of the 2026 Audit and Finance Committee Meeting Schedule.
ATTACHMENTS:
2026 AFC Meeting Schedule.pdf
6 2026 Audit and Finance Committee Meeting Schedule
Location: Video/Teleconference/PCEA Lobby/Check Agenda
Meeting Date: Time: Location:
February 9, 2026 8:30 am Video/Teleconference/PCEA Lobby/Check Agenda May 11, 2026 8:30 am Video/Teleconference/PCEA Lobby/Check Agenda June 8, 2026 8:30 am Video/Teleconference/PCEA Lobby/Check Agenda September 14, 2026 8:30 am Video/Teleconference/PCEA Lobby/Check Agenda November 9, 2026 8:30 am Video/Teleconference/PCEA Lobby/Check Agenda 7 DATE: February 6, 2026
MEETING DATE: February 9, 2026
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 September 8, 2025 and November 10, 2025 Audit and Finance Committee Meetings
Item No. 2
PENINSULA CLEAN ENERGY AUTHORITY
JPA Board Correspondence
RECOMMENDATION
Approval of Minutes from the September 8, 2025 and November 10, 2025 Audit and Finance Committee Meetings.
ATTACHMENTS:
09-08-2025 A&FC Draft Minutes.pdf
11-10-2025 A&FC Draft Minutes.pdf
8 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
9 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.
10 Regular Meeting of the Audit and Finance Committee of the Peninsula Clean Energy Authority (PCEA)
Minutes
Monday, November 10, 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
Absent:
Carlos Romero, East Palo Alto
Michale Amabile, Los Banos
Elmer Martinez Saballos, Redwood City
A quorum was not established and no meeting or votes were held. 11 DATE: February 5, 2026
MEETING DATE: February 9, 2026
VOTE REQUIRED: None
TO: Honorable Peninsula Clean Energy Authority Audit and Finance Committee FROM: Nick Bijur, Chief Financial Officer
SUBJECT: Review of Peninsula Clean Energy's Cash Investment Performance in 2025 and Market Overview (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
Nick Bijur, PCE's Chief Financial Officer, will provide a summary report of PCE's investment performance this past year. The Committee will also be joined by Carlos Oblites from Chandler Asset Management who will provide an overview of economic and financial markets, as well as the performance of PCE's investment portfolio that is managed by Chandler.
ATTACHMENTS:
2025.12.31_Annual Report_PCE.pdf
12 INVESTMENT REPORT
Peninsula Clean Energy | As of December 31, 2025
CHANDLER ASSET MANAGEMENT | chandlerasset.com
Chandler Team:
For questions about your account, please call (800) 317-4747, or contact [email protected]
Information contained herein is confidential. We urge you to compare this statement to the one you receive from your qualified custodian. Please see Important Disclosures at the end of the statement. 13 Components of GDP 12/24 3/25 6/25 9/25
2.6% 0.4% 1.7% 2.3%
-1.3% 3.8% -2.7% 0.0%
-0.1% -4.7% 4.8% 1.6%
0.3% -0.4% -0.4% 0.2%
0.3% 0.2% 0.3% 0.2%
1.9% -0.6% 3.8% 4.4%
Personal Consumption Expenditures
Gross Private Domestic Investment
Net Exports and Imports
Federal Government Expenditures
Total
State and Local (Consumption and Gross
Investment) -10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
Gross Domestic Product (GDP)
GDP QOQ % Change
GDP YOY % Change
Source: US Department of Commerce Source: US Department of Commerce Real gross domestic product (GDP) demonstrated continued strength in the third quarter, with the third estimate showing a 4.4% annualized quarter-over-quarter increase, up from 3.8% in the second quarter. Consumer spending accelerated, alongside of upturns in investment, exports, and government spending. The stronger-than-expected result represented the fastest pace of U.S. economic expansion in two years. The consensus projection calls for 1.1% growth in the fourth quarter and 2.0% growth for the full year 2025.
GROSS DOMESTIC PRODUCT (GDP)
1 14
Source: Federal Reserve Source: Bloomberg
0 1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
9,000,000
10,000,000
Federal Reserve Balance Sheet Assets
Recession
In $ millions
The Federal Reserve left its benchmark interest rate unchanged in January, keeping the target range at 3.50% to 3.75% after the December quarter‑point cut that was justified by signs of softening in the labor market. Policymakers maintained a cautious tone, acknowledging that inflation has continued to moderate but emphasizing that the outlook remains uncertain and that future adjustments will depend on incoming data. The Committee also reaffirmed its December decision to halt balance sheet runoff and to reinvest principal and interest payments from its securities holdings, signaling a desire to maintain ample reserves and support orderly market functioning while it assesses the effects of earlier tightening and recent rate cuts.
FEDERAL RESERVE
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
Effective Federal Funds Rate
Recession
Yield (%)
2 15
Source: Bloomberg Source: Bloomberg
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
US Treasury Note Yields
2-Year
5-Year
10-Year
Yield (%)
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
US Treasury Yield Curve
Jan-26
Oct-25
Jan-25
Yield (%)
At the end of January, the 2-year yield was 8 basis points lower, and the 10-year yield was 7 basis points higher, year-over-year. The spread between the 2-year and 10-year Treasury yield points on the curve increased to +71 basis points at January month-end versus +69 basis points at December month-end. The prior 2-year/10-year yield curve inversion, which spanned from July 2022 to August 2024, was historically long. The average historical spread (since 2005) is about +95 basis points. The spread between the 3-month and 10-year Treasury yield points on the curve was +58 basis points in January versus +54 basis points in December.
BOND YIELDS
3 16
OBJECTIVES
Investment Objectives
Safety of principal is the foremost objective of the investment program. The investment portfolio shall remain sufficiently liquid to meet all requirements that may be reasonably anticipated. The investment portfolio shall be designed with the objective of attaining a market rate of return throughout budgetary and economic cycles, taking into account the investment risk constraints and liquidity needs.
Chandler Asset Management Performance Objective
The performance objective for the portfolio is to earn a total rate of return through a market cycle that is equal to or above the return on the benchmark index, ICE BofA 1-5 Year AAA-A US Corporate and Treasury Index.
Strategy
In order to achieve these objectives, the portfolio invests in high quality fixed income securities that comply with the investment policy and all regulation governing the funds. 4 17
PORTFOLIO CHARACTERISTICS
Peninsula Clean Energy | Account #11161 | As of December 31, 2025 Benchmark* 12/31/2025
Portfolio
12/31/2024
Portfolio
Average Maturity (yrs) 2.69 3.02 3.09
Average Modified Duration 2.50 2.60 2.55
Average Purchase Yield 3.97% 3.67%
Average Market Yield 3.65% 3.79% 4.50%
Average Quality** AA AA AA+
Total Market Value 143,612,971 106,308,113
*Benchmark: ICE BofA 1-5 Year AAA-A US Corporate & Government Index **The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 5 18
SECTOR DISTRIBUTION
Peninsula Clean Energy | Account #11161 | As of December 31, 2025 Sector as a Percentage of Market Value
Sector 12/31/2025 12/31/2024
US Treasury 50.87% 46.61%
Corporate 26.65% 24.33%
Agency CMBS 11.21% 11.84%
ABS 7.16% 12.29%
Supras 2.13% 2.80%
Money Mkt Fd 1.19% 0.15%
Muni Bonds 0.79% 1.04%
Agency -- 0.95%
6 19
DURATION DISTRIBUTION
Peninsula Clean Energy | Account #11161 | As of December 31, 2025 Date 0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
12/31/2025 7.4% 0.6% 8.1% 10.5% 32.8% 25.5% 15.0% 0.0% 0.0% 12/31/2024 0.2% 5.7% 3.7% 31.4% 17.5% 31.7% 9.9% 0.0% 0.0% 7 20
TOTAL RATE OF RETURN* 3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception Peninsula Clean Energy 1.14% 6.19% 5.12% 5.12%
Benchmark 1.13% 5.92% 4.79% 4.79%
*Periods over 1 year are annualized.
Total rate of return: A measure of a portfolio’s performance over time. It is the internal rate of return, which equates the beginning value of the portfolio with the ending market value; it includes interest earnings, realized and unrealized gains and losses in the portfolio.
Benchmark: ICE BofA 1-5 Year AAA-A US Corporate & Government Index
INVESTMENT PERFORMANCE
Peninsula Clean Energy | Account #11161 | As of December 31, 2025 Total Rate of Return : Inception | 01/01/2024
8 21
ESG Score Detail
S&P Global ESG Score
The overarching score reflecting a company's performance on and management of key Environmental, Social, and Governance (“ESG”) issues. All ESG scores range from 0-100 and reflect the performance of a company according to an industry specific assessment methodology and aggregation schemes. The S&P Global ESG Score should be used to compare a company's performance against its industry peers.
The S&P Global ESG Score is based on the Corporate Sustainability Assessment (CSA), the underlying assessment of sustainability factors that are relevant for investors and other stakeholders. These scores provide multiple layers of ESG intelligence with three underlying Environmental, Social, and Governance & Economic Dimension Scores, and an average of 23 Criteria Scores informed by 61 industry-specific approaches.
All companies are assessed using the industry-specific CSA questionnaire and methodology reflecting a company's score compared to its industry peers.
Companies assessed using the CSA fall into two categories, participating companies (companies that are assessed on publicly available disclosures and additional disclosure provided to S&P Global as part of their active participation in the CSA process) and non-participating companies (companies that are assessed solely on publicly available disclosures only and do not actively participate in the CSA process).
ESG Scores can be viewed in their raw form or with the addition of estimated scores to fill disclosure gaps for non-participating companies. All assessed companies are provided the opportunity to participate in the CSA process.
Please also refer to the additional important disclosures on the last page of this report. 9 22
Sector Allocation as of 4Q 2025
• Green shades represent ESG-rated sectors
• 33 out of 37 issuers were rated comprising approximately $64.8 million or 45.1% of the portfolio’s market value • Non ESG-rated issuers: US Treasuries, Inter-American Development Bank, International Bank for Reconstruction and Development, State of California
Source: Peninsula Clean Energy portfolio holdings as of Dec 31st ,2025, which are subject to change. Please see disclosures at the end of this presentation.
US Treasury 50.8%
Agency CMBS 11.2%
Corporates 26.8%
Asset-Backed Securities 7.1%
Supranationals 2.1%
Cash 0.3%
Municipals 0.8%
10 23
ESG Summary Scores
Source: S&P Global ESG Scores as of Sept 30th,2025 and Dec 31st,2025. Please see disclosures at the end of this presentation. 0 10
20 30
40 50
60 70
80 90
100
ESG Score Environmental
Score
Social Score Governance
Score
ESG Score Environmental
Score
Social Score Governance
Score
4Q 2025 3Q 2025
Quarter-Over-Quarter Comparison
11 24
ESG Scores by Industry
Source: S&P Global ESG Scores as of Sept 30th,2025 and Dec 31st, 2025. Please see disclosures at the end of this presentation 0 10
20 30
40 50
60 70
80 90
100
4Q 2025 3Q 2025
12 25
ESG Risk Exposure
Source: S&P Global ESG Scores as of Dec 31st, 2025. Please see disclosures at the end of this presentation.
Top 5 Holdings ESG Score
Hyundai Motor Company 70
Cisco Systems Inc. 65
Air Products and Chemicals, Inc. 62
Bank of America Corp. 58
AbbVie Inc. 58
Bottom 5 Holdings ESG Score
Massachusetts Mutual Life Insurance Company 28
New York Life Insurance Company 29
Federal Home Loan Mortgage Corporation 33
JPMorgan Chase & Co. 33
Simon Property Group Inc. 35
0%
5%
10%
15%
20%
25%
30%
35%
40%
3rd 4th 5th 6th 7th
ESG Scores by Decile as of 4Q 2025
13 26
Material Changes in ESG Scores, Quarter-Over-Quarter
Improvements :
Source: S&P Global ESG Scores as of Dec 31st, 2025. Please see disclosures at the end of this presentation.
Issuer Change in ESG Score Commentary
AbbVie Inc. -11 Investigation of their role in the
opioid epidemic
General Motors Company -9 Allegations of safety failures with Robotaxi business
Honda Motor Co., Ltd. -6 EU violation involving restricting competition in recycling end-of-life
vehicles from 2002-2017
Issuer Change in ESG Score Commentary
Home Depot +2 Improvement to their Environmental
Strategy related to packaging, waste
and pollutants
Eli Lilly and Company +1 Increased disclosures on Fair Pricing which improved their Social score
PepsiCo, Inc. +1 Climate strategy reduced their
emissions targets which improved
their Environmental Score
Decliners :
14 27
IMPORTANT DISCLOSURES
2025 Chandler Asset Management, Inc, An Independent Registered Investment Adviser.
Information contained herein is confidential. Prices are provided by ICE Data Services Inc (“IDS”), an independent pricing source. In the event IDS does not provide a price or if the price provided is not reflective of fair market value, Chandler will obtain pricing from an alternative approved third party pricing source in accordance with our written valuation policy and procedures. Our valuation procedures are also disclosed in Item 5 of our Form ADV Part 2A.
Performance results are presented gross-of-advisory fees and represent the client’s Total Return. The deduction of advisory fees lowers performance results. These results include the reinvestment of dividends and other earnings. Past performance may not be indicative of future results. Therefore, clients should not assume that future performance of any specific investment or investment strategy will be profitable or equal to past performance levels. All investment strategies have the potential for profit or loss. Economic factors, market conditions or changes in investment strategies, contributions or withdrawals may materially alter the performance and results of your portfolio.
Index returns assume reinvestment of all distributions. Historical performance results for investment indexes generally do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results. It is not possible to invest directly in an index.
Source ICE Data Indices, LLC (“ICE”), used with permission. ICE permits use of the ICE indices and related data on an “asis” basis; ICE, its affiliates and their respective third party suppliers disclaim any and all warranties and representations, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the indices, index data and any data included in, related to, or derived therefrom. Neither ICE data, its affiliates or their respective third party providers guarantee the quality, adequacy, accuracy, timeliness or completeness of the indices or the index data or any component thereof, and the indices and index data and all components thereof are provided on an “as is” basis and licensee’s use it at licensee’s own risk. ICE data, its affiliates and their respective third party do not sponsor, endorse, or recommend chandler asset management, or any of its products or services.
This report is provided for informational purposes only and should not be construed as a specific investment or legal advice. The information contained herein was obtained from sources believed to be reliable as of the date of publication, but may become outdated or superseded at any time without notice. Any opinions or views expressed are based on current market conditions and are subject to change. This report may contain forecasts and forward-looking statements which are inherently limited and should not be relied upon as indicator of future results. Past performance is not indicative of future results. This report is not intended to constitute an offer, solicitation, recommendation or advice regarding any securities or investment strategy and should not be regarded by recipients as a substitute for the exercise of their own judgment.
Fixed income investments are subject to interest, credit and market risk. Interest rate risk: the value of fixed income investments will decline as interest rates rise. Credit risk: the possibility that the borrower may not be able to repay interest and principal. Low rated bonds generally have to pay higher interest rates to attract investors willing to take on greater risk. Market risk: the bond market in general could decline due to economic conditions, especially during periods of rising interest rates.
Ratings information have been provided by Moody’s, S&P and Fitch through data feeds we believe to be reliable as of the date of this statement, however we cannot guarantee its accuracy.
Security level ratings for U.S. Agency issued mortgage-backed securities (“MBS”) reflect the issuer rating because the securities themselves are not rated. The issuing U.S. Agency guarantees the full and timely payment of both principal and interest. 15 28
IMPORTANT DISCLOSURES
Chandler Asset Management is an SEC registered investment adviser; however, such registration does not imply or infer any level of skill or training. A copy of our current written disclosure documents discussing the firm’s services, fees and other important information is available upon request or at https://adviserinfo.sec.gov.
The Portfolio ESG Report is provided as a service upon request of a client and is solely for informational purposes. It should not be considered investment advice or a recommendation to buy or sell any securities, and no investment decision should be made solely on the content of this report.
While we may, from time to time, consider certain ESG factors when performing investment research, and will adhere to a client’s portfolio restrictions, such factors are not predominant management considerations and we do not offer ESG strategies.
The data provided in this report has been obtained from a third-party source, is as of the dates referenced, and can change without notice. In addition, while we believe the third-party to be a reliable source, the information has not been audited or independently verified, so its accuracy is not guaranteed.
Please contact us at (858) 546-3737 should you have any questions. 16 29
BENCHMARK DISCLOSURES
Benchmark Disclosure
ICE BofA 1-5 Yr AAA-A US Corp &
Govt Index
The ICE BofA 1-5 Year AAA-A US Corporate & Government Index tracks the performance of US dollar denominated investment grade debt publicly issued in the US domestic market, including US Treasury, US agency, foreign government, supranational, and corporate securities. Qualifying securities must be rated AAA through A3 (based on an average of Moody’s, S&P and Fitch). In addition, qualifying securities must have at least one year remaining term to final maturity and less than five years remaining term to final maturity, at least 18 months to final maturity at point of issuance, a fixed coupon schedule, and a minimum amount outstanding of $1 billion for US Treasuries and $250 million for all other securities.
17 30
DATE: February 5, 2026
MEETING DATE: February 9, 2026
VOTE REQUIRED: None
TO: Honorable Peninsula Clean Energy Authority Audit and Finance Committee FROM: Nick Bijur, Chief Financial Officer
SUBJECT: Discussion of Request for Proposals for PCE General Banking Services (Discussion)
Item No. 6
PENINSULA CLEAN ENERGY AUTHORITY
JPA Board Correspondence
RECOMMENDATION
Receive a presentation regarding the results of Peninsula Clean Energy’s (PCE) Request for Proposals (RFP) for general banking services and provide feedback.
BACKGROUND
PCE began its banking relationship with First Republic Bank in 2017. First Republic was a local bank headquartered in San Francisco that was widely recognized for its high level of customer service. In early 2023, First Republic experienced a significant loss of customer deposits, driven largely by investor and depositor concerns following the failures of several other regional banks. The bank’s high concentration of uninsured deposits, exposure to real estate lending, and rapid deposit withdrawals led to a liquidity crisis. On May 1, 2023, regulators closed First Republic, and the Federal Deposit Insurance Corporation (FDIC) was appointed as receiver. JP Morgan subsequently acquired most of First Republic’s assets and assumed its deposits and branch operations to protect customers and support financial stability.
PCE’s accounts were transferred from the legacy First Republic platform to JP Morgan in June 2024. The transition was somewhat challenging and required several months to complete.
Since that time, the banking relationship with JP Morgan has been stable, and PCE has not experienced any operational issues or concerns.
As part of PCE’s operational management process to periodically solicit proposals from qualified vendors across various functions, and because JP Morgan was not formally selected by PCE as its banking partner back in 2024, PCE issued an RFP for general banking services in November 2025. Staff proactively contacted several financial institutions with experience serving Community Choice Aggregation (CCA) programs in California. Six banks submitted proposals: JP Morgan, River City Bank, U.S. Bank, Columbia Bank, BMO Bank, and Heritage Bank.
31 Staff met with representatives from four of the short-listed banks and subsequently narrowed the list of front-runner candidates to JP Morgan and River City Bank. Staff is seeking Audit and Finance Committee feedback and direction regarding the selection of PCE’s new or ongoing banking partner.
DISCUSSION
During the meeting, staff will provide an overview of the merits of each bank, including benefits and key considerations. Below is a summary of each bank’s proposal based on the nine criteria listed in the RFP.
JP Morgan is a large, globally established financial institution offering a comprehensive range of banking products and services supported by strong financial stability (A credit rating), mature risk management practices, and extensive operational infrastructure. The bank offers deep public-entity and some CCA experience, including existing credit lines to several peer CCAs. JP Morgan has a strong ESG framing but positions itself as a broad energy (including fossil fuel) financier. As the current provider, there will be no operational disruption if retained, and the bank has offered a one-year fee waiver as a commitment to the relationship.
River City Bank is a small relationship-focused regional bank that emphasizes personalized service, flexibility, and responsiveness to client needs. The bank is mission-aligned with PCE and does not lend to the fossil fuels industry. River City has deep and unique CCA expertise, with 19 current CCA clients. The bank has proposed highly aggressive commercial terms, including a five-year fee waiver and favorable interest rates on cash deposits.
JP Morgan River City Bank
Ability to Provide
Required
Services
Highly sophisticated and broad
banking platform
“One-stop shop” for all banking
products and services
Significant lending capability
with outstanding credit
commitments to several CCAs
of up to $250 million
Simpler treasury platform but
likely sufficient for PCE’s needs
May not provide all ancillary
services and only $80 million of
credit capacity
Issues Letters of Credit through
U.S. Bank, adding cost and
complexity
Qualifications Over 2,200 public agency
clients
Extensive institutional
experience
Comprehensive treasury
capabilities
Strong California focus
Dedicated Clean Energy
Division with nearly a decade
of experience serving CCAs
and renewable energy clients
CCA Experience Provides financing and
advisory support to multiple
CCAs
Less direct CCA banking
experience than River City
Deeply embedded in the CCA
ecosystem
Banking CCAs since 2010 with
19 current CCA clients
32 Customer
Service
PCE is a relatively small client
within a very large organization,
which could result in less
responsive customer support
Relationship manager is local
and has been responsive
High touch “concierge” service
with direct access to senior
executives
Financial
Strength
One of the world’s largest and
best-capitalized banks with an
“A” credit rating
Diversified client base and
product offering reduces
counterparty risk
Significantly smaller institution
and not credit rated
Potential concentration risk due
to outsized exposure to the
CCA industry
Fraud
Prevention &
Cybersecurity
Industry-leading fraud
prevention systems and
cybersecurity posture
Significant and ongoing
technology investments
Adequate fraud controls,
though less robust than
national banks
Commercial
Terms
Comparable fees with a one-year fee waiver
Lower yield on cash deposits
Highly competitive terms,
including a five-year fee waiver
Higher yield on cash deposits
Implementation
Considerations
No implementation effort
required if retained
Anticipated to be a
straightforward transition, but
would require staff time
Mission / Vision
Alignment
Strong sustainability messaging
focused on supporting the low-carbon transition
Continues financing across the
broader energy sector,
including fossil fuels
Does not lend to the fossil fuel
industry
Strong alignment with PCE’s
mission and the broader CCA
community
On balance, both financial institutions are well qualified to provide PCE's banking services and staff does not have a strong recommendation or preference at this time. Key issues for Committee consideration include: 1) values alignment/reputation, 2) credit capacity, 3) risk profile, including concentration risk, 4) customer service and economics, and 5) and operational impacts of a transition.
FISCAL IMPACT
Retaining JP Morgan as PCE’s banking partner would result in approximately $50,000 in savings in the first year due to a fee waiver, with no material fiscal impact thereafter.
Switching to River City Bank would result in approximately $50,000 in savings per year for five years, partially offset by “soft costs” (i.e., the administrative burden associated with transitioning banking partners). River City is currently offering a higher interest rate on cash deposits, the value of which will vary based on market interest rates and PCE’s cash balances, but would currently result in approximately $200,000 per year in additional interest income.
33 DATE: February 2, 2026
MEETING DATE: February 9, 2026
VOTE REQUIRED: None
TO: Honorable Peninsula Clean Energy Authority Audit and Finance Committee FROM: Nicholas Bijur, Chief Financial Officer
SUBJECT: Discussion of Quarter Two Fiscal Year 2026 Financial Report (Quarter Ending December 31, 2025) (Discussion)
Item No. 7
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 December 31, 2025.
ATTACHMENTS:
2Q Financial Summary.pdf
34 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 Audited $358,295 June 30, 2025 Audited $439,084 December 31, 2025 Actual $423,880 December 31, 2025 Actual $506,394 December 31, 2025 Budget $419,184 December 31, 2025 Budget $476,051 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 Audited $9,094 FY2024-2025 Audited $365,972 FY2025-2026 6mo. Act + 6mo. Fcst $8,672 FY2025-2026 6mo. Act + 6mo. Fcst $325,213 FY2025-2026 Budget $3,976 FY2025-2026 Budget $337,650
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 Audited $391,936 FY2024-2025 Audited $43,093 FY2025-2026 6mo. Act + 6mo. Fcst $365,302 FY2025-2026 6mo. Act + 6mo. Fcst $49,640 FY2025-2026 Budget $381,071 FY2025-2026 Budget $54,347
Revenues Total Other Operating Expenses
Change in Net Position Cost of Electricty
December 31, 2025
($000s)
Net Position Balance Unrestricted Cash/Investments Balance Peninsula Clean Energy
Performance at a Glance
Results for the Fiscal Quarter Ended
35 Customer Accounts Energy Used
December 31, 2025
($000s)
FY 2026 Q2 Revenue FY 2026 Q2 Expense
Peninsula Clean Energy
Performance at a Glance
Results for the Fiscal Quarter Ended
286,647 , 91%
28,697 , 9%
Customer Accounts
Residential Commercial/Industrial
380,346 , 43%
504,618 , 57%
FY 2026 Q2 Energy Usage (MWh)
Residential Commercial/Industrial
$100,160
$109,148
$0 $25,000 $50,000 $75,000 $100,000 $125,000
Actual vs. Budget
Actual Revenues - FY 2026 Q2 Budget Revenues - FY 2026 Q2 $89,336
$103,558
$0 $25,000 $50,000 $75,000 $100,000 $125,000
Actual vs. Budget
Actual Expenses - FY 2026 Q2 Budget Expenses - FY 2026 Q2 36 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 December 31, 2025, and the statement of revenues, expenses, and changes in net position, and the statement of cash flows for the six months 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
Janurary 27, 2026
1101 Fifth Avenue, Suite 200 San Rafael, CA 94901 415 459 1249 mahercpa.com 37 ASSETS
Current assets
Cash and cash equivalents 216,013,360$
Accounts receivable, net of allowance 29,640,136
Accrued revenue 21,430,583
Investments 13,944,547
Loans and other receivables 4,733,066
Prepaid expenses 4,680,467
Deposits 5,287,142
Total current assets 295,729,301
Noncurrent assets
Investments 273,565,620
Loans receivable 8,191,682
Capital assets, net of depreciation and amortization 15,969,158 Total noncurrent assets 297,726,460
Total assets 593,455,761
LIABILITIES
Current liabilities
Accrued cost of electricity 33,246,819
Accounts payable 1,156,025
Other accrued liabilities 1,932,136
Deferred revenue 1,294,795
User taxes and energy surcharges due to other governments 1,230,214 Lease liability 447,731
Total current liabilities 39,307,720
Noncurrent liabilities
Deposits - energy suppliers 2,268,451
Total noncurrent liabilities 2,268,451
Total liabilities 41,576,171
DEFERRED INFLOWS OF RESOURCES
Rate Stabilization Fund 128,000,000
NET POSITION
Net investment in capital assets 15,521,427
Unrestricted 408,358,163
Total net position $ 423,879,590
As of December 31, 2025
STATEMENT OF NET POSITION
PENINSULA CLEAN ENERGY AUTHORITY
See accountants' compilation report. 2 38
OPERATING REVENUES
Electricity sales, net 224,111,186$
Liquidated damages revenue 54,204
Grant revenue 855,928
Total operating revenues 225,021,318
OPERATING EXPENSES
Cost of electricity 147,517,959
Contract services 6,050,007
Staff compensation 7,767,924
Program incentives 6,708,948
Other operating expenses 1,905,326
Depreciation and amortization 464,690
Total operating expenses 170,414,854
Operating income (loss) 54,606,464
NONOPERATING REVENUES (EXPENSES)
Investment income 10,988,054
Interest expense (9,485)
Nonoperating revenues (expenses), net 10,978,569
CHANGE IN NET POSITION 65,585,033
Net position at beginning of period 358,294,557
Net position at end of period $ 423,879,590
PENINSULA CLEAN ENERGY AUTHORITY
STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN NET POSITION
Six Months Ended December 31, 2025
See accountants' compilation report. 3 39
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers 229,068,152$
Receipts from grantors 955,928
Receipts of deposits and collateral 160,786
Receipts of liquidated damages 54,204
Receipts from wholesale sales and other operating activities 15,104,309 Payments to suppliers for electricity (161,872,766)
Payments for other goods and services (15,707,922)
Payments of deposits and collateral (3,092,153)
Payments of staff compensation (7,721,021)
Payments of taxes and surcharges to other governments (2,489,226) Net cash provided (used) by operating activities 54,460,291
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES
Receipt of solar energy investment credit 3,059,050
Purchases of capital assets (3,265,451)
Payments of lease (289,633)
Net cash provided (used) by capital and related financing activities (496,034)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sales and maturities of investments 44,326,840 Investment income received 8,646,432
Purchase of investments (107,479,936)
Net cash provided (used) by investing activities (54,506,664) Net change in cash and cash equivalents (542,407)
Cash and cash equivalents at beginning of period 216,555,767 Cash and cash equivalents at end of period $ 216,013,360
NONCASH INVESTING ACTIVITIES
Change in fair value of investments 1,883,130$
Change in interest receivable 458,492$
Six Months Ended December 31, 2025
STATEMENT OF CASH FLOWS
PENINSULA CLEAN ENERGY AUTHORITY
See accountants' compilation report. 4 40
RECONCILIATION OF OPERATING INCOME (LOSS) TO NET
CASH PROVIDED (USED) BY OPERATING ACTIVITIES
Operating income (loss) 54,606,464$
Adjustments to reconcile operating income to net
cash provided (used) by operating activities
Depreciation and amortization expense 464,690
(Increase) decrease in:
Accounts receivable, net of allowance 922,625
Accrued revenue 2,178,536
Other receivables 738,259
Prepaid expenses (1,602,820)
Deposits and other assets (2,670,367)
Increase (decrease) in:
Accrued cost of electricity 208,145
Accounts payable (1,282,869)
Other accrued liabilities 364,663
Deferred revenue 207,711
User taxes and energy
surcharges due to other governments 586,254
Deposits - energy suppliers (261,000)
Net cash provided (used) by operating activities 54,460,291$ Six Months Ended December 31, 2025
STATEMENT OF CASH FLOWS
PENINSULA CLEAN ENERGY AUTHORITY
(continued)
See accountants' compilation report. 5 41
Cash Receipts .00 30,000,000.00
Taxable Interest 562,645.20 2,272,675.31Realized Gain/Loss 36,779.04 261,027.52Change In Unrealized Gain/Loss - 167,751.37 631,062.35Change In Accrued Income - 122,497.06 196,882.26 PENINSULA CLEAN ENERGY - PFM Page 3 of 62ACCOUNT Period from December 1, 2025 to December 31, 2025
CURRENT PERIOD YEAR TO DATE
12/01/2025 TO 12/31/2025 07/01/2025 TO 12/31/2025
Beginning Market Value 147,786,788.75 114,734,317.12ReceiptsTotal Receipts .00 30,000,000.00Asset ActivityTotal Asset Activity 309,175.81 3,361,647.44Net Change In Market Value 309,175.81 33,361,647.44Ending Market Value 148,095,964.56 148,095,964.56
MARKET VALUE RECONCILIATION
42 Cash Receipts .00 30,000,000.00
Taxable Interest 562,645.20 2,272,675.31Realized Gain/Loss 36,779.04 261,027.52Change In Accrued Income - 122,497.06 196,882.26 PENINSULA CLEAN ENERGY - PFM Page 4 of 62ACCOUNT Period from December 1, 2025 to December 31, 2025
CURRENT PERIOD YEAR TO DATE
12/01/2025 TO 12/31/2025 07/01/2025 TO 12/31/2025
Beginning Cost 145,123,745.39 112,870,087.48ReceiptsTotal Receipts .00 30,000,000.00Asset ActivityTotal Asset Activity 476,927.18 2,730,585.09Ending Cost 145,600,672.57 145,600,672.57
COST RECONCILIATION
43 Cash And Equivalents 292,764.92 0.20
U.S. Government Issues 106,620,105.17 71.99Corporate Issues 37,006,941.65 24.99Foreign Issues 2,402,085.70 1.62Municipal Issues 729,565.35 0.49Accrued Income 1,044,501.77 0.71PENINSULA CLEAN ENERGY - PFM Page 5 of 62ACCOUNT Period from December 1, 2025 to December 31, 2025 12/31/2025 % OF
ASSETS MARKET VALUE MARKETTotal Assets 147,051,462.79 99.29Grand Total 148,095,964.56 100.00
ASSET SUMMARY
BONDS 99.09%
44 Cash Receipts .00 10,000,000.00
Taxable Interest 440,323.22 2,295,472.16Realized Gain/Loss 103,821.03 - 27,141.80Change In Unrealized Gain/Loss - 264,054.88 963,864.42Change In Accrued Income - 15,245.32 264,271.90 PENINSULA CLEAN ENERGY - CHANDLER Page 3 of 43ACCOUNT Period from December 1, 2025 to December 31, 2025
CURRENT PERIOD YEAR TO DATE
12/01/2025 TO 12/31/2025 07/01/2025 TO 12/31/2025
Beginning Market Value 143,350,057.48 130,118,434.85ReceiptsTotal Receipts .00 10,000,000.00Asset ActivityTotal Asset Activity 264,844.05 3,496,466.68Net Change In Market Value 264,844.05 13,496,466.68Ending Market Value 143,614,901.53 143,614,901.53
MARKET VALUE RECONCILIATION
45 Cash Receipts .00 10,000,000.00
Taxable Interest 440,323.22 2,295,472.16Realized Gain/Loss 103,821.03 - 27,141.80Change In Accrued Income - 15,245.32 264,271.90 PENINSULA CLEAN ENERGY - CHANDLER Page 4 of 43ACCOUNT Period from December 1, 2025 to December 31, 2025
CURRENT PERIOD YEAR TO DATE
12/01/2025 TO 12/31/2025 07/01/2025 TO 12/31/2025
Beginning Cost 140,998,265.42 128,994,562.09ReceiptsTotal Receipts .00 10,000,000.00Asset ActivityTotal Asset Activity 528,898.93 2,532,602.26Ending Cost 141,527,164.35 141,527,164.35
COST RECONCILIATION
46 Cash And Equivalents 1,691,653.46 1.18
U.S. Government Issues 88,433,082.63 61.58Corporate Issues 48,160,159.61 33.53Foreign Issues 3,036,180.00 2.11Municipal Issues 1,122,046.50 0.78Accrued Income 1,171,779.33 0.82PENINSULA CLEAN ENERGY - CHANDLER Page 5 of 43ACCOUNT Period from December 1, 2025 to December 31, 2025 12/31/2025 % OF
ASSETS MARKET VALUE MARKETTotal Assets 142,443,122.20 99.18Grand Total 143,614,901.53 100.00
ASSET SUMMARY
CASH EQUIV & ACCR 2.00%
BONDS 98.00%
47 48
49 DATE: February 2, 2026
MEETING DATE: February 9, 2026
VOTE REQUIRED: Majority Vote
TO: Honorable Peninsula Clean Energy Authority Audit and Finance Committee FROM: Jennifer Stalzer, General Counsel and Nelly Wogberg, Board Clerk SUBJECT: Audit and Finance Committee Approval of Remote Meetings Pursuant to Senate Bill (SB) 707 and Discussion of In-Person Meeting Cadence for 2026 (Action)
Item No. 8
PENINSULA CLEAN ENERGY AUTHORITY
JPA Board Correspondence
RECOMMENDATION
Audit and Finance Committee Approval of Remote Meetings Pursuant to Senate Bill (SB) 707 and Discussion of In-Person Meeting Cadence for 2026.
DISCUSSION
This item requests that the Audit and Finance Committee authorize remote meetings pursuant to a new authorization in Senate Bill 707 and consistent with the Board’s January 29, 2026 authorization for subsidiary bodies to use remote meeting procedures. SB 707 permits a subsidiary body to meet via teleconference with full remote public access, provided that the meeting is properly noticed, includes real-time public participation, and complies with all agenda posting and transparency requirements. In addition, this item includes discussion of the establishment of a 2026 cadence identifying certain meetings as designated in-person sessions, while maintaining the ability to convene remotely as authorized under SB 707. 50