Finance & Risk
Management
Committee
Meeting
September 1, 2022
Welcome
Roll Call
Public Comment for
items Not on the
Agenda
Items to be Added,
Withdrawn or
Reordered on the
Agenda
REGULAR AGENDA
1. Report on Treasurer’s
Report for Period Ending
6/30/22
Committee Member
Announcements
Adjournment
Regular
Meeting
Agenda
3 Item 1
Treasurer’s Report for Period Ending 6/30/22
Recommendation: Receive and File Treasurer’s
Report for Period Ending 6/30/22
Presenter:
Dr. Eric Washington,
Chief Financial Officer
4 Results for the period performed better
compared to the amended budget:
• Net operating revenues 1.5 percentage
points over budget.
• Operating expenses came in 4.4
percentage points under the budgeted
amount
Financial results at FYE 22:
• $383.81M in net operating revenues
• $327.24M in total expenses (includes
energy costs of $317.25M or 85% of net
revenues)
• $56.6M change in net position
Item 1: Treasurer’s Report
Fiscal Year-End 22 Budget v. Actual
Budget Comparison
YTD FY22 as of
6/30/22 (12 mos) FY22 YTD Budget Budget Variance ($) Budget (%) Net Operating Revenues $ 383,814,801 $ 378,053,506 $ 5,761,295 102 Total Expenses $ 327,235,212 $ 342,177,063 $ (14,941,851) 96 Change in Net Position $ 56,579,589 $ 35,876,443 $ 20,703,146 5 Item 1: Treasurer’s Report
Year-to-date financial results compared
to projections:
• Net operating revenues were 2.4%
higher than proforma projections
• Total expenses were 1.8% under
the proforma projections
• Change in net position was $15.0M
over the projected
Fiscal Year-End 22 Proforma v. Actual
Proforma Comparison
YTD FY22 as of
6/30/22 (12 mos)
FY22 YTD
ProForma
ProForma
Variance ($) Proforma (%)
Net Operating Revenues $ 383,814,801 $ 374,777,530 $ 9,037,271 2.41% Total Expenses $ 327,235,212 $ 333,195,322 $ (5,960,110) -1.79% Change in Net Position $ 56,579,589 $ 41,582,208 $ 14,997,381 36.07% 6 Item 1: Treasurer’s Report
FY22 Preliminary Results FY 22 Budget,
$M
FY22 Actuals,
$M Difference
Gross Revenue 380.8 387.7 6.9
Less Uncollectible Accounts (2.7) (3.9) (1.1)
Net Revenue 378.1 383.8 5.7
Cost of Energy 329.5 317.2 (12.3)
Non-Energy Costs 11.7 9.2 (2.5)
Subtotal Operating Expense 341.1 326.4 (14.8)
Debt Service 0.9 0.8 (0.1)
Total Expense 342.2 327.2 (14.7)
Net Position 35.9 56.6 20.7
7 Item 1
Treasurer’s Report for Period Ending 6/30/22
Recommendation: Receive and File Treasurer’s
Report for Period Ending 6/30/22
Presenter:
Dr. Eric Washington,
Chief Financial Officer
8 Finance Updates
Upcoming Dates
Board September 22, 2022 • Treasurer’s Report
through July 31, 2023
FRMC October 6, 2022 • Draft FY22 Year
-end audit
with Pisenti & Brinker
SDCP Board October 27, 2022 • FY22 Year-end audit with
Pisenti & Brinker
September October
Finance & Risk
Management
Committee
Meeting
Next Regular Meeting
October 6, 2022