MINUTES – FINANCE AND RISK MANAGEMENT COMMITTEE – SAN DIEGO COMMUNITY POWER 1 FINANCE AND RISK MANAGEMENT COMMITTEE
SAN DIEGO COMMUNITY POWER (SDCP)
City of San Diego Metropolitan Operations Complex (MOC II) Auditorium 9192 Topaz Way
San Diego, CA 92123
MINUTES
February 15, 2024
The Committee minutes are prepared and ordered to correspond to the Committee Agenda.
Agenda Items can be taken out of order during the meeting.
The Agenda Items were considered in the order presented.
WELCOME
CALL TO ORDER
Chair McCann (Chula Vista) called the Finance and Risk Management Committee meeting to order at 3:02 p.m.
ROLL CALL
PRESENT: Chair McCann (Chula Vista), Director Aguirre (Imperial Beach), Director Parent (La Mesa)
ABSENT: None
Also Present: Chief Financial Officer (“CFO”)/Treasurer Washington, General Counsel Tyagi, Interim Board Clerk Wiegelman
PLEDGE OF ALLEGIANCE
CFO/Treasurer Washington led the Pledge of Allegiance.
ITEMS TO BE ADDED, WITHDRAWN, OR REORDERED ON THE AGENDA There were no items to be added, withdrawn, or reordered.
MINUTES – FINANCE AND RISK MANAGEMENT COMMITTEE – SAN DIEGO COMMUNITY POWER 2 PUBLIC COMMENTS FOR ITEMS NOT ON THE AGENDA
There were no public comments.
MEETING AGENDA
1. Approve January 11, 2024 Meeting Minutes
ACTION: Motioned by Director Parent (La Mesa) and seconded by Chair McCann (Chula Vista) to approve the minutes of the Finance and Risk Management Committee meeting held Thursday, January 11, 2024. The motion carried by the following vote:
Vote: 2-0-1
Yes: Chair McCann (Chula Vista) and Director Parent (La Mesa) No: None
Abstained: Director Aguirre (Imperial Beach)
2. Review of Treasurer’s Report for Period Ending December 31, 2023 CFO/Treasurer Washington presented the Treasurer’s Report for period ending December 31, 2023.
Following Committee questions and comments, no action was taken.
3. Approve Mid-Year Budget Amendment
CFO/Treasurer Washington provided a PowerPoint presentation on the mid-year budget amendment, highlighting the budget development timeline, the proposed Fiscal Year (FY) 2023- 2024 amended budget, the change in the net operating revenue, total expenses and net position, and the budget changes by category.
Committee questions and comments ensued.
ACTION: Motioned by Chair McCann (Chula Vista) and seconded by Director Aguirre (Imperial Beach) to recommend the SDCP Board of Directors approve the mid-year budget amendment.
The motion carried by the following vote:
Vote: 3-0
Yes: Chair McCann (Chula Vista), Director Aguirre (Imperial Beach), Director Parent (La Mesa)
No: None
Abstained: None
Absent: None
4. Presentation on Clean Energy Prepayment Financing
CFO/Treasurer Washington and Mike Berwanger, Managing Director, PFM Advisors, provided a PowerPoint presentation on the clean energy prepayment financing, highlighting the prepayment MINUTES – FINANCE AND RISK MANAGEMENT COMMITTEE – SAN DIEGO COMMUNITY POWER 3 transaction background, procedure, and goal, prepayments that have been completed by public utilities in California, prepayments that have been completed by Community Choice Aggregations in California, entities involved in an energy prepayment transaction, energy prepayment structure mechanics, how savings would be generated, the limited assignment of a power purchase agreement, and the favorable risk allocation – “take-and-pay” structure.
Following Committee questions and comments, no action was taken.
5. Approve Professional Services Agreement with Chandler Asset Management, Inc. for up to $250,000 for Financial and Investment Portfolio Management Services through February 2025
CFO/Treasurer Washington provided a PowerPoint presentation on the Professional Services Agreement with Chandler Asset Management, Inc., highlighting the finance and investment management Request for Proposal (RFP), the schedule for the competitive selection process, and the four-week transition timeline.
ACTION: Motioned by Chair McCann (Chula Vista) and seconded by Director Aguirre (Imperial Beach) to recommend the SDCP Board of Directors approve the Professional Services Agreement with Chandler Asset Management, Inc. for up to $250,000 for Financial and Investment Portfolio Management Services through February 2025. The motion carried by the following vote:
Vote: 3-0
Yes: Chair McCann (Chula Vista), Director Aguirre (Imperial Beach), Director Parent (La Mesa)
No: None
Abstained: None
Absent: None
COMMITTEE MEMBER ANNOUNCEMENTS
There were no announcements.
ADJOURNMENT
Chair McCann (Chula Vista) adjourned the meeting at 3:43 p.m.