PIONEER COMMUNITY ENERGY
AUDIT & FINANCE COMMITTEE
February 18, 2026
REGULAR MEETING
Minutes
Entry No. 1
Heard General Administrative Functions, Part I.
Call to Order
Pioneer Community Energy Audit & Finance Committee met in open session at 3:05 PM on February 18, 2026. The Members convened in person and the meeting was accessible to the public at Pioneer Community Energy, 2510 Warren Drive, Suite B, Rocklin, California, 95677; remote location at Nevada City - City Hall, Wetherall Conference Room, 317 Broad Street, Nevada City, CA 95959; and was accessible for viewer participation on the Zoom platform at the following link:
https://us06web.zoom.us/i/85697920343; and live streamed for viewing on the Pioneer website:
https://pioneercommunityenergy.org/about-us/meetinqs-and-aqendas/ .
Roll Call
Committee Chair Ring (Loomis), Committee Member Janda (Rocklin), Committee Member Petersen (Nevada City).
Absent: Committee Vice Chair Pearl (Lincoln)
Director Petersen (Nevada City) participated by Zoom; the remote location was noticed on the meeting agenda as Nevada City - City Hall, Wetherall Conference Room, 317 Broad Street, Nevada City, CA 95959; and, was open to the public.
Chair Ring presided over the meeting.
Agenda Review
Reviewed the meeting agenda for February 18, 2026, with no amendments made to the agenda.
Public Comment
There were no comments from the public regarding items not listed on this agenda.
Entry No. 2
Acted on the Consent Agenda as follows:
Approved Minutes of the January 6, 2026, Audit & Finance Committee regular meeting as presented.
MOTION: Janda/Petersen. Vote: 3: 0: 1.
ROLL CALL VOTE: Janda, Petersen, Ring.
Absent: Pearl.
Entry No. 3
Overview of Power Prepays
The Committee received an overview of Power Prepays from Michael Berwanger, PFM.
Audit & Finance Committee
February 18, 2026
The Committee discussed risk being with the bond holders who are owners of the investment; confirmed that Pioneer pays the power suppliers upon delivery of the power and will never pay more than the actual Power Purchase Agreement cost; and, confirmed that this transaction would be prepared in the same manner as the 2023 Prepay Bond in that if it is not the right timing for the market to reach the target percentage rate then the transaction could be held until the desired target percentage rate is more favorable.
Public comment was received from Richard Pearl as to the reset at expiration and received confirmation that the reset date would be 2029, that action by the Board of Directors is required to reissue the bond, and that the Power Purchase Agreement is for a 30-year term.
Chief Executive Officer Eckert informed the Committee that The Board will receive general overview of the Power Prepay Transaction in March and April, then Board action will be proposed for May.
Entry No. 4
Overview of FY2025-2026 Mid-year Budget
The Committee received an overview of the FY 2025-2026 Mid-year Budget Adjustments; provided direction to staff; and, recommended staff move proposed budget to the Board.
Staff confirmed that the budget is balanced with a small contribution to savings, that Pioneer achieved 270 days of liquidity as of December 2025, and that Pioneer is well-positioned to navigate current rate reduction and anticipated challenges for Fiscal Year 2026-27.
The Committee discussed Programs funding and keeping the value to customers in mind; agreed upon reduction to one percent for now but to consider bringing funding back to the original allocation for future funding.
The Committee recommended staff to propose the Fiscal Year 2025-26 mid-term budget adjustments to the Board of Directors as presented and with discussion regarding Programs funding.
Entry No. 5
Chief Executive Officer Eckert informed the Committee of two items scheduled for the February 26, 2026 Board of Directors meeting agenda would be consideration of 1) proposed Bill Credit Policy; and, 2) Committee Assignments through 2026.
The meeting adjourned at 4:21 PM.
ATTEST:
Minutes approved as presented by a majority vote
of the Audit & Finance Committee on April 7, 2026.
Teresa ~ Willock, Board Secretary
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