Finance & Risk
Management
Committee
Meeting
November 9, 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Withdrawn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Items to be Added, Withdrawn or Reordered on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 October 19, 2023 Meeting Minutes
2. Treasurer’s Report for Period Ending 9/30/23
3. Recommend Board Approval of Fiscal Year End 2022-23
Financial Audit
Committee Member Announcements
Adjournment
8 Item 1
Approval of October 19, 2023 Meeting Minutes
Recommendation:
Approve October 19, 2023 Meeting Minutes
Presenter:
Sandra Vences
Deputy Clerk of the Board
Public
Comment
for Item 1
10 Item 1
Recommendation:
Approve October 19, 2023 Meeting Minutes
11 Item 2
Treasurer’s Report for Period Ending 09/30/23
Recommendation: Receive and File Treasurer’s
Report for Period Ending 09/30/23
Presenter:
Dr. Eric Washington,
Chief Financial Officer
12 Results for the period underperformed overall
compared to the adopted budget:
• Net operating revenues 1.0 percentage
points under budget.
• Operating expenses came in 1.0
percentage points over budget
Financial results for the YTD FY24:
• $517.19M in net operating revenues
• $313.94M in total expenses (includes
energy costs of $305.36M or 59% of net
revenues)
• $203.25M change in YTD net position
Item 2: Treasurer’s Report
YTD FY24 Budget v. Actual
Budget Comparison
YTD FY24 as of
09/30/23 (3 mos) FY24 YTD Budget Budget Variance ($) Budget (%) Net Operating Revenues $ 517,196,173 $ 524,986,488 $ (7,790,315) 99% Total Expenses $ 313,942,477 $ 311,491,513 $ 2,450,964 101% Change in Net Position $ 203,253,696 $ 213,494,975 $ (10,241,279) -5% 13 Item 2: Treasurer’s Report
Year-to-date financial results compared to
projections:
• Net operating revenues were 1% lower
than proforma projections
• Total expenses were 1% over the
proforma projections
• Change in net position was $10.07M
under the projected
YTD FY24 Proforma v. Actual
Proforma Comparison
YTD FY24 as of
09/30/23 (3 mos)
FY24 YTD
ProForma
ProForma
Variance ($)
Proforma
(%)
Net Operating Revenues $ 517,196,173 $ 524,986,488 $ (7,790,315) -1% Total Expenses $ 313,942,477 $ 311,661,197 $ 2,281,280 1% Change in Net Position $ 203,253,696 $ 213,325,291 $ (10,071,595) -5% $-
$100,000,000
$200,000,000
$300,000,000
$400,000,000
$500,000,000
$600,000,000
Net Operating Revenues Total Expenses Change in Net Position YTD FY24 Results v. Proforma
YTD FY24 as of 09/30/23 (3 mos) FY24 YTD ProForma
14 Cash
77%
Unmet
Reserves
23%
Item 2: Treasurer’s Report
$506M
Total Liquidity
FY 2023-24 YTD
$21M
Outstanding
Debt
FY 2023-24 YTD
$203M
Reserve
Contribution
FY 2023-24 YTD
77%
Percent Reserve
Goal Met
FY 2023-24
CONTRIBUTION RESERVES
GOAL DEBT
Reserve contribution
for the fiscal year
Outstanding loans
FY24 YTD
Total available liquidity
FY24 YTD
$21M
$491M 180-DCOH
Reserve Target FY24
$M $20M $40M $60M
LOC
$M $100M $200M
FYTD
FYTD
FYE 24 Reserve Contribution
$203M Actual
$213M Budget
$202M – Goal
$M $200M $400M $600M
$506M $129
LOC
$377M
Cash
15 Item 2: Treasurer’s Report
$61.6M $73.2M $56.5M $73.9M
$190.8M $196.0M $203.5M
$230.3M
$297.9M
$362.0M
$439.0M
$506.0M
24% 25% 16% 25% 34% 37% 47% 61%
97%
50%
64%
77%
$0.0M
$100.0M
$200.0M
$300.0M
$400.0M
$500.0M
$600.0M
10/31/202211/30/202212/31/2022
1/31/20232/28/20233/31/20234/30/20235/31/20236/30/20237/31/20238/31/20239/30/2023 Rolling 12 Month Reserves FY 2023-24
Unrestricted Cash Lines of Credit Reserve Goal Total Reserves FY24 RESERVE GOAL: $491.1M
16 Item 2: Treasurer’s Report
Public
Comment
for Item 2
18 Item 2
Recommendation:
Receive and File Treasurer’s Report for Period
Ending 09/30/23
19 Item 3
Recommend Board Approval of Fiscal Year End
2022-23 Financial Audit
Recommendation:
Recommend to the Board of Directors Approval of
the Fiscal Year End 2022-23 Financial Audit
Presenter:
Dr. Eric Washington,
Chief Financial Officer
San Diego Community Power
Report to the Finance and Risk Management
Committee
November 9, 2023
Pisenti & Brinker LLP Introduction:
• Brett Bradford, CPA
• Audit Partner
• 20 years in public accounting and performing audits of government entities
• Currently working with several CCA’s throughout California • Aliandra Schaffer
• Supervisor
• 4 years in public accounting and performing audits of governments (CCA’s)
Update on Status of current audit:
• The June 30, 2023 audit is complete. We reported:
• Unmodified opinion – Based on our audit, the financial statements are materially accurate.
• No significant deficiencies or material weakness in
internal control noted.
Brett Bradford: 707-577-1582
Aliandra Schaffer: 707-577-1535
Questions?
Public
Comment
for Item 3
25 Item 3
Recommendation:
Recommend to the Board of Directors Approval of
the Fiscal Year End 2022-23 Financial Audit
Committee Member
Announcements
Adjournment
Next Regular
Finance & Risk
Management
Committee
Meeting
December 7, 2023