2075 Woodside Road
Redwood City, CA 94061
650-260-0005
westlightenergy.org
Regular Meeting of the of the WestLight Energy
Audit and Finance Committee
AGENDA
Monday, September 14, 2026
8:30 am
Please Note: This meeting will be held in hybrid format with both in-person and Zoom participation options for members of the public.
Meeting Locations:
WestLight Energy Lobby, 2075 Woodside Road, Redwood City, CA 94061 Los Banos City Hall, Conference Room A, 520 J Street, Los Banos, CA 93635 Zoom, Virtual Meeting Link:https://westlightenergy.zoom.us/s/89514559357 Meeting ID: 895-1455-9357 Passcode: 2075 Phone: +1 (669) 444-9171
INTRODUCTION
This meeting of the WestLight Energy Audit and Finance Committee will be held at the locations listed above pursuant to the Ralph M. Brown Act (Gov. Code § 54950 et seq.). Committee Members are expected to attend in person and may contact General Counsel, Jennifer Stalzer, at [email protected] with questions or accommodation requests. For remote participation information, please see the instructions at the end of the agenda. A video recording of the meeting will be available after the meeting at https://www.westlightenergy.org/board-of-directors.
Public Participation
This WestLight Energy Audit and Finance Committee meeting may be accessed via Zoom using the Zoom login information above. To join by phone, dial +1 (669) 444-9171, enter the Webinar ID and Passcode above.
Use the following link to find your local number: https://westlightenergy.zoom.us/u/kcEsYhLG0p. WestLight Energy makes reasonable efforts to ensure audio and video quality but cannot guarantee connectivity.
Members of the public may attend in person at the locations listed above. Spoken public comments may be made in person or remotely via Zoom. To comment remotely, use the Zoom “Raise Hand” feature or press *6 when joining by phone.
Written public comments may be submitted to Board Clerk, Nelly Wogberg, at [email protected] and should identify the applicable agenda item.
Please note that WestLight 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 Board. 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, a disability-related modification or accommodation, or an alternative format for the meeting or meeting materials should contact Board Clerk, Nelly Wogberg, at [email protected] by 10:00 a.m. on the day before the meeting. Advance notice will enable WestLight Energy to make reasonable arrangements to ensure accessibility to the meeting, related materials, and the opportunity to provide public comment.
1 1. Approval of Minutes from the May 11, 2026 Audit and Finance Committee Meeting
2. Chair Report (Discussion)
3. Staff Report (Discussion)
4. Q4 Fiscal Year 2026 Financial Report (Quarter Ending June 30, 2026) (Discussion)
5. Committee Members' Reports (Discussion)
Closed captioning is available for all Audit and Finance Committee meetings. While viewing the meeting in Zoom, please enable captioning.
CALL TO ORDER / ROLL CALL
PUBLIC COMMENT
This item is reserved for public comment on matters within the committee's jurisdiction that are not otherwise on this agenda. Comments on agenda items will be heard when the item is called. Speakers are generally limited to two minutes, subject to adjustment by the Committee Chair.
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 WestLight Energy offices or on the WestLight Energy website at:
www.westlightenergy.org.
JOINING INSTRUCTIONS
2 Instructions for Joining a Zoom Meeting via Computer or Phone Before You Join
For the best audio experience, use headphones or earbuds if available.
If you plan to join from your computer or cell phone, you can use the Zoom app for full audio and video participation or dial in by phone for audio only. We recommend installing the Zoom Workplace application in advance if you plan to use the app: https://zoom.us/download.
Option 1 – Join by Computer (Recommended)
1. Click the Zoom webinar link provided on the first page of the agenda.
2. Open the Zoom Workplace application when prompted.
3. Select Join with Computer Audio.
4. In a webinar, your camera will be off by default. If you raise your hand to speak during a public comment opportunity, the Board Clerk will typically enable you to turn on your camera.
Option 2 – Join by Computer with Phone Audio
1. Click the Zoom webinar link provided on the first page of the agenda.
2. Open the Zoom Workplace application when prompted.
3. Select Phone Call for audio.
4. Dial +1 (669) 444-9171.
5. Enter the Meeting ID, followed by #.
6. Enter your Participant ID (displayed in Zoom app) to connect your phone audio.
Option 3 – Join by Telephone (Audio Only)
1. Dial +1 (669) 444-9171.
2. Enter the Meeting ID, followed by #.
3. Press # again if prompted for a Participant ID.
4. Enter the Webinar Passcode, followed by #.
Please note: Participants joining by telephone will be able to hear the webinar but will not be able to view presentations or other shared visual content.
3 DATE: August 28, 2026
MEETING DATE: September 14, 2026
SPECIAL NOTICE/HEARING: None
VOTE REQUIRED: Majority Vote
TO: Honorable WestLight Energy Audit and Finance Committee FROM: Nelly Wogberg, Board Clerk
SUBJECT: Approval of Minutes from the May 11, 2026 Audit and Finance Committee Meeting
Item No. 1
WestLight Energy
JPA Board Correspondence
RECOMMENDATION
Approval of Minutes from the May 11, 2026 Audit and Finance Committee Meeting ATTACHMENTS:
05-11-2026 AFC Draft Minutes.pdf
4 Regular Meeting of the Audit and Finance Committee of the Peninsula Clean Energy Authority (PCEA)
Minutes
Monday, May 11, 2026
8:30 a.m.
Zoom Video Conference and Teleconference
CALL TO ORDER
Meeting was called to order at 8:41 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
Mark Dinan, East Palo Alto, participating remotely via SB 707 “just cause” exemption Michale Amabile, Los Banos, participating from Los Banos Elmer Martinez Saballos, Redwood City
Absent: None
A quorum was established.
PUBLIC COMMENT
None
ACTION TO SET AGENDA AND TO APPROVE CONSENT AGENDA ITEMS Public Comment: None
MOTION: Director Martinex moved, seconded by Director Jimenez to set the Agenda and approve Agenda Item Number 1.
1. Approval of the Minutes for the February 9, 2026 Audit and Finance Committee Meeting.
MOTION PASSED: 5-0 (Absent: None)
JURISDICTION BOARD MEMBER YES NO ABSTAIN ABSENT
Burlingame Director Colson X
East Palo Alto Director Dinan X
Foster City Director Jimenez X
Los Banos Director Amabile X
Redwood City Elmer Martinez-Saballos X
5 Totals 5
REGULAR AGENDA
2. Chair Report
None
Public Comment: None
3. Staff Report
Shawn Marshall, Chief Executive Officer, explained remote attendance procedures for elected board members.
Nick Bijur, Chief Financial Officer, provided an update on our banking RFP’s and our new account, along with an update on how we’re maximizing investment returns and our completed insurance renewal.
Public Comment: None
4. Q3 Fiscal Year 2026 Financial Report (Quarter Ending March 31, 2026) (Discussion) Nick Bijur, Chief Financial Officer, provided a report that covered the Q3 Fiscal Year 2026 Financial Report.
Public Comment: None
5. Review Fiscal Year 2026-2027 Draft Budget (Discussion) Nick Bijur, Chief Financial Officer, provided a report that covered a review of the Fiscal Year 2026-2027 draft budget.
Public Comment: None
6. Committee Members’ Reports
Chair Colson shared that Burlingame is hosting the Council of Cities.
ADJOURNMENT
Meeting was adjourned at 9:57 a.m.
6 DATE: September 3, 2026
MEETING DATE: September 14, 2026
SPECIAL NOTICE/HEARING: None
VOTE REQUIRED: None
TO: Honorable Peninsula Clean Energy Authority Audit and Finance Committee FROM: Nicholas Bijur, Chief Financial Officer
SUBJECT: Q4 Fiscal Year 2026 Financial Report (Quarter Ending June 30, 2026) (Discussion)
Item No. 4
WestLight Energy
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, 2026 and year-to-date.
ATTACHMENTS:
4Q Financial Summary.pdf
7 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 June 30, 2026 Actual $360,469 June 30, 2026 Actual $488,883 June 30, 2026 Budget $362,271 June 30, 2026 Budget $405,089 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 Actual $2,175 FY2025-2026 Actual $277,147
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 Actual $304,689 FY2025-2026 Actual $47,450
FY2025-2026 Budget $377,993 FY2025-2026 Budget $54,347
Revenues Other Operating Expenses
Change in Net Position Cost of Electricty
June 30, 2026
($000s)
Net Position Balance Unrestricted Cash/Investments Balance Peninsula Clean Energy
Performance at a Glance
Results for the Fiscal Quarter Ended
8 Customer Accounts Energy Used
June 30, 2026
($000s)
FY26 Revenues FY26 Expenses
Peninsula Clean Energy
Performance at a Glance
Results for the Fiscal Quarter Ended
287,918 , 91%
28,743 , 9%
Customer Accounts
Residential Commercial/Industrial
1,356,881 ,
40%
2,034,152 ,
60%
FY 2026 Energy Usage (MWh)
Residential Commercial/Industrial
$304,689
$377,993
$0 $100,000 $200,000 $300,000 $400,000
Actual vs. Budget
Actual Revenues - FY 2026 Budget Revenues - FY26
$324,596
$391,997
$0 $100,000 $200,000 $300,000 $400,000 $500,000
Actual vs. Budget
Actual Expenses - FY26 Budget Expenses - FY26
9 1
ACCOUNTANTS’ COMPILATION REPORT
Board of Directors
WestLight Energy
Management is responsible for the accompanying financial statements of WestLight Energy (WLE), a California Joint Powers Authority, which comprise the statement of net position as of June 30, 2026, and the statement of revenues, expenses, and changes in net position, and the statement of cash flows for the year then ended, in accordance with accounting principles generally accepted in the United States of America. We have performed a compilation engagement in accordance with Statements on Standards for Accounting and Review Services promulgated by the Accounting and Review Services Committee of the AICPA. We did not audit or review the accompanying statements nor were we required to perform any procedures to verify the accuracy or completeness of the information provided by management. Accordingly, we do not express an opinion, conclusion, nor provide any assurance on these financial statements.
Management has elected to omit substantially all of the note disclosures required by accounting principles generally accepted in the United States of America in these interim financial statements.
WLE’s annual audited financial statements will include the note disclosures omitted from these interim statements. If the omitted disclosures were included in these financial statements, they might influence the user’s conclusions about WLE’s financial position, results of operations, and cash flows. Accordingly, these financial statements are not designed for those who are not informed about such matters.
We are not independent with respect to WLE because we performed certain accounting services that impaired our independence.
Maher Accountancy
San Rafael, CA
August 13, 2026
1101 Fifth Avenue, Suite 200 San Rafael, CA 94901 415 459 1249 mahercpa.com 10 ASSETS
Current assets
Cash and cash equivalents 195,195,423$
Accounts receivable, net of allowance 15,353,846
Accrued revenue 14,107,515
Investments 8,718,490
Loans and other receivables 8,578,865
Prepaid expenses 1,665,435
Deposits 3,707,211
Total current assets 247,326,785
Noncurrent assets
Investments 282,141,423
Loans receivable 8,760,871
Capital assets, net of depreciation and amortization 25,114,768 Total noncurrent assets 316,017,062
Total assets 563,343,847
LIABILITIES
Current liabilities
Accrued cost of electricity 28,600,449
Accounts payable 4,037,023
Other accrued liabilities 1,818,337
Advances from grantors and other deferred revenue 2,254,894 User taxes and energy surcharges due to other governments 793,690 Lease liability 161,780
Total current liabilities 37,666,173
Noncurrent liabilities
Deposits - energy suppliers 2,208,451
Total noncurrent liabilities 2,208,451
Total liabilities 39,874,624
DEFERRED INFLOWS OF RESOURCES
Rate Stabilization Fund 163,000,000
NET POSITION
Net investment in capital assets 24,126,636
Unrestricted 336,342,587
Total net position $ 360,469,223
As of June 30, 2026
STATEMENT OF NET POSITION
WESTLIGHT ENERGY
See accountants' compilation report. 2 11
OPERATING REVENUES
Electricity sales, net 338,967,151$
Rate stabilization (35,000,000)
Other income 721,630
Total operating revenues 304,688,781
OPERATING EXPENSES
Cost of electricity 277,146,589
Contract services 12,002,619
Staff compensation 16,568,109
Program incentives 14,683,248
Other operating expenses 3,245,712
Depreciation and amortization 950,271
Total operating expenses 324,596,548
Operating income (19,907,767)
NONCAPITAL SUBSIDIES
Grant and subsidy revenue 3,188,960
Total noncapital subsidies 3,188,960
Operating income and noncapital subsidies (16,718,807)
NONOPERATING REVENUES (EXPENSES)
Investment income 16,781,380
Solar energy investment credit 2,126,675
Interest expense (14,582)
Nonoperating revenues (expenses), net 18,893,473
CHANGE IN NET POSITION 2,174,666
Net position at beginning of period 358,294,557
Net position at end of period $ 360,469,223
WESTLIGHT ENERGY
STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN NET POSITION
Year Ended June 30, 2026
See accountants' compilation report. 3 12
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers 366,790,932$
Receipts from grantors 4,776,207
Receipts of deposits and collateral 3,633,362
Receipts from wholesale sales and other operating activities 25,443,380 Payments to suppliers for electricity (304,380,523)
Payments for other goods and services (29,877,598)
Payments of deposits and collateral (4,925,690)
Payments of staff compensation (16,282,782)
Payments of taxes and surcharges to other governments (4,893,416) Net cash provided (used) by operating activities 40,283,872
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES
Receipt of solar energy investment credit 3,059,049
Purchases of capital assets (12,090,253)
Payments of lease (580,681)
Net cash provided (used) by capital and related financing activities (9,611,885)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sales and maturities of investments 103,166,313 Investment income received 18,021,465
Purchase of investments (173,220,109)
Net cash provided (used) by investing activities (52,032,331) Net change in cash and cash equivalents (21,360,344)
Cash and cash equivalents at beginning of period 216,555,767 Cash and cash equivalents at end of period $ 195,195,423
NONCASH INVESTING ACTIVITIES
Change in fair value of investments (1,608,715)$
Change in interest receivable 368,630$
NONCASH CAPITAL FINANCING ACTIVITIES
Capital acquisitions included in accounts payable and other liabilities 826,352$ Year Ended June 30, 2026
STATEMENT OF CASH FLOWS
WESTLIGHT ENERGY
See accountants' compilation report. 4 13
RECONCILIATION OF OPERATING INCOME (LOSS) TO NET
CASH PROVIDED (USED) BY OPERATING ACTIVITIES
Operating income (loss) (19,907,767)$
Adjustments to reconcile operating income to net
cash provided (used) by operating activities
Depreciation and amortization expense 950,271
Noncapital subsidies 3,188,960
(Increase) decrease in:
Accounts receivable, net of allowance 15,208,915
Accrued revenue 9,501,604
Other receivables (1,639,915)
Prepaid expenses 1,412,212
Deposits and other assets (1,031,328)
Increase (decrease) in:
Accrued cost of electricity (4,438,222)
Accounts payable 791,738
Other accrued liabilities 250,864
Advances from grantors and other deferred revenue 1,167,810 User taxes and energy
surcharges due to other governments 149,730
Deposits - energy suppliers (321,000)
Rate Stabilization Fund 35,000,000
Net cash provided (used) by operating activities 40,283,872$ Year Ended June 30, 2026
STATEMENT OF CASH FLOWS
WESTLIGHT ENERGY
(continued)
See accountants' compilation report. 5 14
Cash Receipts .00 30,000,000.00
Taxable Interest 583,584.96 5,045,975.80Realized Gain/Loss 64,376.58 1,070,463.66Change In Unrealized Gain/Loss - 421,840.53 - 1,975,753.59Change In Accrued Income - 112,751.25 161,197.88 PENINSULA CLEAN ENERGY - PFM Page 3 of 63
Period from June 1, 2026 to June 30, 2026
CURRENT PERIOD YEAR TO DATE
06/01/2026 TO 06/30/2026 07/01/2025 TO 06/30/2026
Beginning Market Value 148,922,831.11 114,734,317.12ReceiptsTotal Receipts .00 30,000,000.00Asset ActivityTotal Asset Activity 113,369.76 4,301,883.75Net Change In Market Value 113,369.76 34,301,883.75Ending Market Value 149,036,200.87 149,036,200.87
MARKET VALUE RECONCILIATION
15 Cash Receipts .00 30,000,000.00
Taxable Interest 583,584.96 5,045,975.80Realized Gain/Loss 64,376.58 1,070,463.66Change In Accrued Income - 112,751.25 161,197.88 PENINSULA CLEAN ENERGY - PFM Page 4 of 63
Period from June 1, 2026 to June 30, 2026
CURRENT PERIOD YEAR TO DATE
06/01/2026 TO 06/30/2026 07/01/2025 TO 06/30/2026
Beginning Cost 148,612,514.53 112,870,087.48ReceiptsTotal Receipts .00 30,000,000.00Asset ActivityTotal Asset Activity 535,210.29 6,277,637.34Ending Cost 149,147,724.82 149,147,724.82
COST RECONCILIATION
16 Cash And Equivalents 172,607.11 0.12
U.S. Government Issues 94,176,880.17 63.18Corporate Issues 47,640,015.50 31.97Foreign Issues 4,935,984.30 3.31Municipal Issues 1,101,896.40 0.74Accrued Income 1,008,817.39 0.68PENINSULA CLEAN ENERGY - PFM Page 5 of 63 Period from June 1, 2026 to June 30, 2026
06/30/2026 % OF
ASSETS MARKET VALUE MARKET
Total Assets 148,027,383.48 99.32Grand Total 149,036,200.87 100.00
ASSET SUMMARY
BONDS 99.20%
17 Cash Receipts .00 10,000,000.00
Taxable Interest 491,663.10 4,900,336.34Realized Gain/Loss 178,764.51 235,746.26Change In Unrealized Gain/Loss - 514,945.01 - 1,052,608.16Change In Accrued Income - 37,029.28 334,530.67 PENINSULA CLEAN ENERGY - CHANDLER Page 3 of 50
Period from June 1, 2026 to June 30, 2026
CURRENT PERIOD YEAR TO DATE
06/01/2026 TO 06/30/2026 07/01/2025 TO 06/30/2026
Beginning Market Value 144,417,986.64 130,118,434.85ReceiptsTotal Receipts .00 10,000,000.00Asset ActivityTotal Asset Activity 118,453.32 4,418,005.11Net Change In Market Value 118,453.32 14,418,005.11Ending Market Value 144,536,439.96 144,536,439.96
MARKET VALUE RECONCILIATION
18 Cash Receipts .00 10,000,000.00
Taxable Interest 491,663.10 4,900,336.34Realized Gain/Loss 178,764.51 235,746.26Change In Accrued Income - 37,029.28 334,530.67 PENINSULA CLEAN ENERGY - CHANDLER Page 4 of 50
Period from June 1, 2026 to June 30, 2026
CURRENT PERIOD YEAR TO DATE
06/01/2026 TO 06/30/2026 07/01/2025 TO 06/30/2026
Beginning Cost 143,831,777.03 128,994,562.09ReceiptsTotal Receipts .00 10,000,000.00Asset ActivityTotal Asset Activity 633,398.33 5,470,613.27Ending Cost 144,465,175.36 144,465,175.36
COST RECONCILIATION
19 Cash And Equivalents 289,264.43 0.20
U.S. Government Issues 84,921,024.48 58.75Corporate Issues 53,996,896.90 37.36Foreign Issues 2,987,190.00 2.07Municipal Issues 1,100,026.05 0.76Accrued Income 1,242,038.10 0.86PENINSULA CLEAN ENERGY - CHANDLER Page 5 of 50 Period from June 1, 2026 to June 30, 2026
06/30/2026 % OF
ASSETS MARKET VALUE MARKET
Total Assets 143,294,401.86 99.14Grand Total 144,536,439.96 100.00
ASSET SUMMARY
CASH EQUIV & ACCR 1.06%
BONDS 98.94%
20 21
22