Finance & Risk
Management
Committee
Meeting
April 11, 2024
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Withdrawn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Items to be Added, Withdrawn or Reordered on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 February 15, 2024 Meeting Minutes
2. Review of Treasurer’s Report for Period Ending 2/29/2024
3. Recommend Board Approval of Power100 Green-e Certified Service Committee Member Announcements
Adjournment
8 Item 1
Approval of February 15, 2024 Meeting Minutes
Recommendation:
Approve February 15, 2024 Meeting Minutes
Presenter:
Sandra Vences
Deputy Clerk of the Board
Public
Comment
for Item 1
10 Item 1
Recommendation:
Approve February 15, 2024 Meeting Minutes
11 Item 2
Treasurer’s Report for Period Ending 2/29/24
Recommendation: Receive and File Treasurer’s
Report for Period Ending 2/29/24
Presenter:
Dr. Eric Washington,
Chief Financial Officer
12 Results for the period underperformed overall
compared to the adopted budget:
• Net operating revenues 4.0 percentage
points under budget.
• Operating expenses came in 2.0
percentage points over budget
Financial results for the YTD FY24:
• $945.30M in net operating revenues
• $732.67M in total expenses (includes
energy costs of $714.42M or 76% of net
revenues)
• $212.63M change in YTD net position
Item 2: Treasurer’s Report
YTD FY24 Budget v. Actual
Budget Comparison
YTD FY24 as of
02/29/24 (8 mos) FY24 YTD Budget Budget Variance ($) Budget (%) Net Operating Revenues $ 945,301,062 $ 985,591,771 $ (40,290,709) 96% Total Expenses $ 732,671,313 $ 717,517,113 $ 15,154,200 102% Change in Net Position $ 212,629,749 $ 268,074,658 $ (55,444,909) -21% $-
$200,000,000
$400,000,000
$600,000,000
$800,000,000
$1,000,000,000
$1,200,000,000
Net Operating Revenues Total Expenses Change in Net Position YTD FY24 Results v. Budget
YTD FY24 as of 02/29/24 (8 mos) FY24 YTD Budget
13 Item 2: Treasurer’s Report
Year-to-date financial results compared to
projections:
• Net operating revenues were 4% lower
than proforma projections
• Total expenses were 2% over the
proforma projections
• Change in net position was $56.43M
under the projected
YTD FY24 Proforma v. Actual
Proforma Comparison
YTD FY24 as of
02/29/24 (8 mos)
FY24 YTD
ProForma
ProForma
Variance ($)
Proforma
(%)
Net Operating Revenues $ 945,301,062 $ 985,591,771 $ (40,290,709) -4% Total Expenses $ 732,671,313 $ 716,535,213 $ 16,136,100 2% Change in Net Position $ 212,629,749 $ 269,056,558 $ (56,426,809) -21% $-
$200,000,000
$400,000,000
$600,000,000
$800,000,000
$1,000,000,000
$1,200,000,000
Net Operating Revenues Total Expenses Change in Net Position YTD FY24 Results v. Proforma
YTD FY24 as of 02/29/24 (8 mos) FY24 YTD ProForma
14 $M $200M $400M $600M
$212M Actual
$268M Budget
$202M – Goal
$M $100M $200M $300M
Item 2: Treasurer’s Report
$496M
Total Liquidity
FY 2023-24 YTD
$0M
Outstanding
Debt
FY 2023-24 YTD
78%
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
$491M 180-DCOH
Reserve Target FY24
$M $20M $40M $60M
$0 LOC
$496M $383M
Cash
$113M
LOC
Cash
78%
Unmet
Reserves
22%
FYTD
FYTD
Reserve Contribution
$212M
Reserve
Contribution
FY 2023-24 YTD
15 Item 2: Treasurer’s Report
141
Days
Cash on Hand
182
Days
Cash on Hand with
Total Liquidity
$164.8M $168.3M $158.9M $159.7M $180.0M
$237.1M
$318.7M
$382.7M
$432.2M $434.1M $462.8M $482.6M $496.3M
20%
22%
23%
24%
35%
25%
40%
52%
67%
65%
71%
75%
78%
$0.0M
$100.0M
$200.0M
$300.0M
$400.0M
$500.0M
$600.0M
2/28/20233/31/20234/30/20235/31/20236/30/20237/31/20238/31/20239/30/2023 10/31/202311/30/202312/31/2023
1/31/20242/29/2024
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 2/29/24
Committee Member
Announcements
Adjournment
Next Regular
Finance & Risk
Management
Committee
Meeting
May 16, 2024