Finance & Risk
Management
Committee
Meeting
September 14, 2023
Welcome
&
Call to
Order
Roll
Call
4 Items to
be Added,
Withdrawn
or
Reordered
on the
Agenda
Public
Comment
for Items
NOT
on the
Agenda
Regular
Meeting
Agenda
Welcome
Roll Call
Items to be Added, Withdrawn or Reordered on
the Agenda
Public Comment for items Not on the Agenda
REGULAR AGENDA
1. Approval of June 8, 2023 Meeting Minutes
2. Treasurer’s Report for Period Ending 6/30/23
3. Treasurer’s Report for Period Ending 7/31/23
Committee Member Announcements
Adjournment
8 Item 1
Approval of June 8, 2023 Meeting Minutes
Recommendation:
Approve June 8, 2023 Meeting Minutes
Presenter:
Sandra Vences
Deputy Clerk of the Board
Public
Comment
for Item 1
10 Item 2
Treasurer’s Report for Period Ending 06/30/23
Recommendation: Receive and File Treasurer’s
Report for Period Ending 06/30/23
Presenter:
Dr. Eric Washington,
Chief Financial Officer
11 Results for the period underperformed overall
compared to the adopted budget:
• Net operating revenues 4.0 percentage
points under budget.
• Operating expenses came in 3.0
percentage points under budget
Financial results for the YTD FY23:
• $891.17M in net operating revenues
• $747.74M in total expenses (includes
energy costs of $720.34M or 84% of net
revenues)
• $143.44M change in YTD net position
Item 2: Treasurer’s Report
YTD FY23 Budget v. Actual
12 Item 2: Treasurer’s Report
Year-to-date financial results compared to
projections:
• Net operating revenues were 2% lower
than proforma projections
• Total expenses were 2% under the
proforma projections
• Change in net position was $4.8M under
what was projeted
YTD FY23 Proforma v. Actual
13 Item 2: Treasurer’s Report
Category Actuals
YTD
Budget
YTD YTD Surplus/(Shortfall)
Revenue
Gross Ratepayer Revenues $ 909,365,372 $ 939,183,767 $ (29,818,395) (Less 2%* Uncollectible Customer Accounts) $ (18,187,307) $ (9,391,838) $ (8,795,469) Total $ 891,178,064 $ 929,791,929 $ (38,613,864)
Expenditures
Cost of Energy $ 720,327,704 $ 738,800,294 $ (18,472,590) Non-energy Costs $ 25,819,769 $ 31,993,120 $ (6,173,351) Subtotal Operating Expense $ 746,147,473 $ 770,793,414 $ (24,645,941) Debt service $ (1,595,415) $ (1,285,295) $ (310,120)
Total $ 747,742,888 $ 772,078,709 $ (24,335,821)
Net Position $ 143,435,176 $ 157,713,220 $ (14,278,043) Public
Comment
for Item 2
15 Item 2
Treasurer’s Report for Period Ending 06/30/23
Recommendation: Receive and File Treasurer’s
Report for Period Ending 06/30/23
Presenter:
Dr. Eric Washington,
Chief Financial Officer
16 Item 3
Treasurer’s Report for Period 7/31/2023
Recommendation: Receive and File Treasurer’s
Report for Period Ending 7/31/2023
Presenter:
Dr. Eric Washington,
Chief Financial Officer
17 Results for the period met expectations
compared to the adopted budget:
• Net operating revenues were slightly over
budget
• Operating expenses came in slightly under
budget
Financial results for the YTD FY24:
• $162.85M in net operating revenues
• $98.88M in total expenses (includes
energy costs of $96.2M or 59% of net
revenues)
• $63.97M change in YTD net position
Item 3: Treasurer’s Report
YTD FY24 Budget v. Actual
18 Item 3: Treasurer’s Report
Year-to-date financial results compared to
projections:
• Net operating revenues were less than
1% higher than proforma projections
• Total expenses were 6% higher than
proforma projections
• Change in net position was $5.12M under
the projected
YTD FY24 Proforma v. Actual
19 Reserves
50%
Unmet
Reserves
50%
$362M
Total Liquidity
FY 2023-24 YTD
$36M
Outstanding
Debt
FY 2023-24 YTD
$64M
Reserve
Contribution
FY 2023-24 YTD
50%
Percent Reserve
Goal Met
FY 2023-24
Item 3: Treasurer’s Report CONTRIBUTION RESERVES GOAL DEBT Reserve contribution
for the fiscal year
Outstanding loans
FY24 YTD
Total available liquidity
FY24 YTD
$64M Actual
$64M Budget
$36M
$202M – Goal
$362M
$491M 180-DCOH
Reserve Target FY24
$M $20M $40M $60M
LOC
$M $100M $200M
Unrestricted
Cash LOC
$M $200M $400M $600M
$114M
LOC
$248M
Cash
FYE 24 Reserve Contribution
FYTD
FYTD
20 Item 3: Treasurer’s Report
$75.7M $85.9M
$54.4M $61.6M $73.2M $56.5M $73.9M
$190.8M $196.0M $203.5M
$230.3M
$297.9M
$362.0M
30% 26%
17% 24% 25% 16% 25% 34% 37% 47%
61%
97%
50%
$0.0M
$100.0M
$200.0M
$300.0M
$400.0M
$500.0M
$600.0M
7/31/20228/31/20229/30/2022
10/31/202211/30/202212/31/2022
1/31/20232/28/20233/31/20234/30/20235/31/20236/30/20237/31/2023 Rolling 12 Months Year-to-Date Reserves FY 2023-24
Unrestricted Cash
Lines of Credit
Reserve Goal
Total Reserves
FY24 RESERVE GOAL
(180-DCOH): $491.1M
FY23
RESERVE
GOAL
(90-DCOH):
$190.1M
21 Item 3: Treasurer’s Report
Public
Comment
for Item 3
23 Item 3
Treasurer’s Report for Period Ending 7/31/2023
Recommendation: Receive and File Treasurer’s
Report for Period Ending 7/31/2023
Presenter:
Dr. Eric Washington,
Chief Financial Officer
Committee
Member
Announcements
Adjournment
Next Regular
Finance & Risk
Management
Committee
Meeting
October 19, 2023
(moved from October 12th)