San Diego Community Power Finance and Risk Management Committee
August 21, 2025

AGENDA – FINANCE AND RISK MANAGEMENT COMMITTEE – SAN DIEGO COMMUNITY POWER AUGUST 21, 2025 AGENDA
Regular Meeting
Finance and Risk Management Committee
August 21, 2025
3 p.m.

City of Chula Vista
Council Chambers, 276 Fourth Avenue, Chula Vista, CA
The meeting will be held in person at the above date, time and location. Finance and Risk Management Committee (FRMC) members and members of the public can attend in person.

Under certain circumstances, FRMC Members may also attend and participate in the meeting virtually pursuant to the Brown Act (Gov. Code § 54953). As a convenience, Community Power provides a Zoom Teleconference option for members of the public to virtually observe and provide public comments at its meetings. Additional details on in-person and virtual public participation are below. Please note that, in the event of a technical issue causing a disruption in the Zoom Teleconference option, the meeting will continue unless otherwise required by law, such as when an FRMC Member is attending the meeting virtually pursuant to certain provisions of the Brown Act.

Note: Any member of the public may provide comments to the FRMC on any agenda item.

When providing comments, it is requested that members of the public provide their name and city of residence for the record. Members of the public are requested to address their comments to the FRMC as a whole through the Chair. Comments may be provided in one of the following manners:

1. Providing oral comments during the meeting. Anyone attending in person desiring to address the FRMC is asked to complete a speaker’s card and present it to the Clerk of the Board. To provide remote comments during the meeting, join the Zoom meeting by computer, mobile phone, or dial-in number. On Zoom video teleconference by computer or mobile phone, use the “Raise Hand” feature. This will notify the moderator that a member of the public wishes to address the FRMC during a specific item on the agenda or during non-agenda Public Comment. Members of the public will not be shown on video but will be able to address the FRMC when called upon. If joining the meeting using the Zoom dial-in number, members of the public can raise hand by pressing *9. Comments will be limited to three (3) minutes.

2. Written Comments. Written public comments must be submitted prior to the start of the meeting to [email protected]. Please indicate a specific agenda item when submitting your comment. All written comments received prior to the meeting will be provided to the FRMC members. In the discretion of the Chair, the first ten (10) submitted comments shall be stated into the record of the meeting. 1 AGENDA – FINANCE AND RISK MANAGEMENT COMMITTEE – SAN DIEGO COMMUNITY POWER AUGUST 21, 2025 Comments read at the meeting will be limited to the first 400 words. Comments received after the start of the meeting will be collected, sent to the FRMC members, and be part of the public record.

Members of the public wishing to have documentation distributed to the FRMC are asked to provide it via [email protected], who will distribute to the Members.

The public may participate using the following remote options:

Teleconference Webinar
https://sdcommunitypower-org.zoom.us/j/95148519712
Telephone (Audio Only) (669) 900-6833 or (253) 215-8782 | Webinar ID: 95148519712

WELCOME

CALL TO ORDER

ROLL CALL

PLEDGE OF ALLEGIANCE

ITEMS TO BE ADDED, WITHDRAWN, OR REORDERED ON THE AGENDA

PUBLIC COMMENTS FOR ITEMS NOT ON THE AGENDA
Opportunity for members of the public to address the FRMC on any items not on the agenda but within the jurisdiction of the FRMC. Members of the public may provide a comment in any manner described above.

CONSENT CALENDAR

1. Approve June 12, 2025, Meeting Minutes

REGULAR AGENDA

2. Treasurer’s Report for Period Ending May 31, 2025
Recommendation: Receive and File Treasurer’s Report for Period Ending May 31, 2025.

3. Recommend Board Adoption of Resolution No. 2025-08, Approving a Second Revision to Community Power’s Investment Policy
Recommendation: Recommend Board Adoption of Resolution No. 2025-08, Approving a Second Revision to Community Power’s Investment Policy. 2 AGENDA – FINANCE AND RISK MANAGEMENT COMMITTEE – SAN DIEGO COMMUNITY POWER AUGUST 21, 2025

4. Recommend Board Adoption of Resolution No. 2025-09, Approving a Disposal of Surplus Property Policy
Recommendation: Recommend Board Adoption of Resolution No. 2025-09, Approving a Disposal of Surplus Property Policy.

5. Recommend Board Adoption of Resolution No. 2025-10, Requesting CalPERS to Authorize the Division Vote of Community Power Employees to Participate in Social Security, and Upon Receiving Authorization, Authorize Community Power to Conduct the Division Vote
Recommendation: Recommend Board adoption of Resolution No. 2025-10, Requesting CalPERS to Authorize the Division Vote of Community Power Employees to Participate in Social Security and for Community Power to Conduct the Division Vote upon Receiving said Authorization.

6. Update on Results from Clean Prepayment Transaction No. 2 Recommendation: Receive and file the update for the Clean Energy Prepayment Bond Finance Initiative.

Committee Member Announcements
FRMC Members may briefly provide information to other members and the public. There is to be no discussion or action taken on comments made by FRMC Members unless authorized by law.

ADJOURNMENT
The Finance and Risk Management Committee will adjourn to the next regular meeting scheduled on September 18, 2025, at 3 pm.

Compliance with the Americans with Disabilities Act
Community Power Committee meetings comply with the Americans with Disabilities Act.

Individuals with a disability who require a modification or accommodation, including auxiliary aids or services, in order to participate in a public meeting may contact [email protected]. Requests for disability-related modifications or accommodations require different lead times and should be provided at least 72 hours in advance of the public meeting.

Availability of Meeting Agenda Related Documents
Copies of the agenda and related materials are available at https://sdcommunitypower.org/resources/meeting-notes/. Documents related to an agenda 3 AGENDA – FINANCE AND RISK MANAGEMENT COMMITTEE – SAN DIEGO COMMUNITY POWER AUGUST 21, 2025

item, which are distributed to a majority of the Committee Members prior to or during the Committee meeting are available for public review as required by law. Public records, including agenda-related documents, can be requested electronically at [email protected] or by mail to Community Power, P.O. BOX 12716, San Diego, CA 92112. The documents may also be posted at Community Power’s website.

Such public records are also available for inspection by contacting [email protected] to arrange an appointment. 4 MEETING MINUTES – FINANCE AND RISK MANAGEMENT COMMITTEE –COMMUNITY POWER– JUNE 12, 2025

FINANCE AND RISK MANAGEMENT COMMITTEE
Don L. Nay Port Administration Board Room
3165 Pacific Highway, San Diego, CA 92101
Regular Meeting Minutes
June 12, 2025
______________________________________________________________________

WELCOME

CALL TO ORDER
Chair Yamane called the Finance and Risk Management Committee meeting to order at 3:05 p.m.

ROLL CALL
PRESENT: Chair Yamane, City of National City; Vice Chair Suzuki, City of La Mesa; and Director Inzunza, City of Chula Vista
ABSENT: None
STAFF PRESENT: Chief Executive Officer Burns; Chief Financial Officer/Treasurer Dr.

Washington; Chief Operating Officer Clark; Assistant General Counsel Laity; Director of Portfolio Management Camara; Associate Director of Legislative Affairs Welch; Senior Director of People Operations & Administration Pugh; Director of Finance Manglicmot; Senior Director of Regulatory & Legislative Affairs Fernandez; Senior Director of Programs Santulli; Senior Director of Public Affairs Lebron; Strategic Finance Manager Spengler; Clerk of the Board Hernandez; and Assistant Clerk of the Board Vences

PLEDGE OF ALLEGIANCE
Director Inzunza led the Pledge of Allegiance.

ITEMS TO BE ADDED, WITHDRAWN, OR REORDERED ON THE AGENDA There were no items added, withdrawn, or reordered on the agenda. 5 MEETING MINUTES – FINANCE AND RISK MANAGEMENT COMMITTEE –COMMUNITY POWER– JUNE 12, 2025

PUBLIC COMMENTS FOR ITEMS NOT ON THE AGENDA
Scott Andrews, Neighborhood National Bank representative, provided public comments.

CONSENT CALENDAR

1. Approve March 20, 2025, Meeting Minutes
There were no public comments on Consent Item No. 1.

Motioned by Director Inzunza and seconded by Director Suzuki to approve Consent No.

1. The motion carried unanimously as follows:

AYES: Chair Yamane, Vice Chair Suzuki, and Director Inzunza NOES: None
ABSTAINED: None
ABSENT: None

REGULAR AGENDA

2. Treasurer’s Report for Period Ending April 30, 2025

Dr. Washington presented the Treasurer’s Report for Period Ending April 30, 2025.

There were no public comments on Item No. 2.

The Committee received and filed the Treasurer’s Report for Period Ending April 30, 2025.

3. Recommend Board Approval of Update to San Diego Community Power’s Energy Risk Management Policy: California Carbon Allowance and Carbon Offset Transactions and Obligations
Ms. Camara provided the proposed update on San Diego Community Power’s Energy Risk Management Policy: California Carbon Allowance and Carbon Offset Transactions and Obligations.

There were no public comments on Item No. 3.

After Committee member discussion, Director Inzunza motioned and seconded by Director Suzuki to recommend Board adoption of Resolution No. 2025-05, approving Addendum 2 to San Diego Community Power’s Energy Risk Management Policy:

California Carbon Allowance and Carbon Offset Transactions and Obligations and authorize the CEO to approve procurement of California Carbon Allowance (CCA) and 6 MEETING MINUTES – FINANCE AND RISK MANAGEMENT COMMITTEE –COMMUNITY POWER– JUNE 12, 2025

Carbon Offset (CO) to meet San Diego Community Power compliance obligations under California’s Cap-and-Trade Program. The motion carried unanimously as follows:

AYES: Chair Yamane, Vice Chair Suzuki, and Director Inzunza NOES: None
ABSTAINED: None
ABSENT: None

4. Tariffs, Tax Credits and Executive Orders: New-Build Market Outlook Update Mr. Welch and Ms. Camara provided an update on Tariffs, Tax Credits and Executive Orders: New-Build Market Outlook.

There were no public comments on Item No. 4.

The Committee received and filed the status report on federal policy and budget as it relates to clean energy procurement.

5. AB 2561 - Status of vacancies, recruitment and retention efforts Ms. Pugh provided a presentation on AB 2561 - Status of vacancies, recruitment and retention efforts.

There were no public comments on Item No. 5.

After Committee member discussion, Director Suzuki motioned and seconded by Director Inzunza to recommend the Board hold a public hearing, receive comments, and accept a report on the status of Community Power employee vacancy rates and recruitment and retention efforts. The motion carried unanimously as follows:

AYES: Chair Yamane, Vice Chair Suzuki, and Director Inzunza NOES: None
ABSTAINED: None
ABSENT: None

6. Recommend Board Approval of FY 2025-26 Operating Budget, FY 2025-26 Capital Budget, and FY 2026-30 Capital Investment Plan
Ms. Burns introduced the proposed FY 2025-26 Operating Budget, FY 2025-26 Capital Budget, and FY 2026-30 Capital Investment Plan. Ms. Burns turned it over to Dr.

Washington; followed by Mr. Manglicmot, Ms. Camara, Mr. Clark, Ms. Fernandez, Mr.

Santulli, and Ms. Lebron to provide a presentation of their corresponding budget sections.

There were no public comments on Item No. 6.
7 MEETING MINUTES – FINANCE AND RISK MANAGEMENT COMMITTEE –COMMUNITY POWER– JUNE 12, 2025

After Committee member questions, discussion, and comments, Director Suzuki motioned and seconded by Director Inzunza to recommend Board approval of Resolution No. 2025-06, adopting the FY 2025-26 Operating Budget, FY 2025-26 Capital Budget, and FY 2026-30 Capital Investment Plan. The motion carried unanimously as follows:

AYES: Chair Yamane, Vice Chair Suzuki, and Director Inzunza NOES: None
ABSTAINED: None
ABSENT: None

7. Recommend Board Adoption of Resolution No. 2025-07, Authorizing Execution of an Energy Prepayment Transaction, Related Documents, and ‘Form of’ Documents Subject to Maximum Issuance Amount, Limitation on Fees, and Minimum Required Savings
Mr. Washington introduced the proposed Energy Prepayment Transaction, Related Documents, and ‘Form of’ Documents Subject to Maximum Issuance Amount, Limitation on Fees, and Minimum Required Savings and turned it over to Mr. Spengler to provide further details.

There were no public comments on Item No. 7.

After Committee member discussion, Director Suzuki motioned and seconded by Director Inzunza to recommend the Board adopt Resolution No. 2025-07, approving parameters under which an energy prepayment transaction can be completed; authorizing and approving documents or “form of” documents supporting the prepay transaction; and directing California Community Choice Financing Authority (CCCFA) to make payments to service providers for issuance costs from prepay bond proceeds. The motion carried unanimously as follows:

AYES: Chair Yamane, Vice Chair Suzuki, and Director Inzunza NOES: None
ABSTAINED: None
ABSENT: None

COMMITTEE MEMBER ANNOUNCEMENTS
Chair Yamane announced that the Finance and Risk Management Committee would be dark in July.
8 MEETING MINUTES – FINANCE AND RISK MANAGEMENT COMMITTEE –COMMUNITY POWER– JUNE 12, 2025

ADJOURNMENT
The Finance and Risk Management Committee adjourned at 4:44 p.m. to the next regular meeting scheduled for Thursday, August 21, 2025, at 3 pm. ____________________________________
Sandra Vences, Assistant Clerk of the Board
9 SAN DIEGO COMMUNITY POWER
Staff Report – Item 2
____________________________________________________________________________________ TO: Financial Risk Management Committee
FROM: Dr. Eric W. Washington, Chief Financial Officer/Treasurer VIA: Karin Burns, Chief Executive Officer
SUBJECT: Treasurer’s Report for Period Ending May 31, 2025 DATE: August 21, 2025
____________________________________________________________________________________ RECOMMENDATION:

Receive and File Treasurer’s Report for Period Ending May 31, 2025.

BACKGROUND:

San Diego Community Power (Community Power) maintains its accounting records on a full accrual basis in accordance with Generally Accepted Accounting Principles (GAAP) as applicable to governmental enterprise funds. Community Power has prepared its year-to-date financial statements for the eleven-month period ended May 31, 2025, along with budgetary comparisons.

Additionally, on May 25, 2023, the Community Power Board of Directors (Board) adopted the Community Power Investment Policy, which was subsequently revised on June 27, 2024. The objectives of the Investment Policy are to (1) safeguard the principal of investment funds, (2) meet the liquidity needs of Community Power, (3) achieve a return on funds invested, and (4) exercise a high standard of care on investment funds. The Investment Policy additionally includes provisions for regular reporting to the Financial and Risk Management (FRMC) which will be included in the Treasurer’s Report.

In an effort to increase public transparency and in alignment with section 1.a of the Community Power Delegated Contract Authority Policy, Community Power will also report newly executed contracts between $50,000 and $125,000 for goods and services in the Treasurer’s Report.

Community Power additionally reports monthly metrics during its Board meetings as part of its Update on Back-Office Operations. As part of the Treasurer’s Report, certain key metrics related to risk are presented during Financial and Risk Management Committee (FRMC) meetings.
10 On June 27, 2024, the Community Power Board of Directors (Board) approved the Fiscal Year 2024-25 Operating Budget that included net operating revenues of $1,177,925,889 total expenses of $1,143,919,262 and a resulting net position of $34,006,627. The approved Fiscal Year 2024-25 budget also includes a capital budget to fund 16 projects, totaling 23 active projects during the fiscal year for $16,434,280.

Subsequently, on February 27, 2025, the Board approved an amendment to the FY 2024- 25 Operating Budget to increase total net operating revenues to $1,221,258,172 and total expenses to $1,187,090,169, resulting in a net position of $34,168,003. Additionally, the Board approved an amendment to the FY 2024-25 Capital Budget to increase total expenses to $144,212,340 and an amendment to the FY 2025-29 Capital Investment Plan (CIP) to $155,910,762.

ANALYSIS AND DISCUSSION:

Financial Results
Actual financial results for the period ended May 31, 2025: $1,116.3 million in net operating revenues were reported compared to $1,101.6 million budgeted for the period. $1,088.9 million in total expenses were reported (including $1,045.4 million in energy costs) compared to $1,105.9 million budgeted for the period (including $1,040.0 million budgeted for energy costs). After expenses, Community Power’s change in net position of $27.4 million was reported year-to-date for Fiscal Year 2024-25. The following is a summary of the actual results compared to the Fiscal Year 2024-25 Amended Budget.

Table 1: Budget Comparison Versus Actual Result
• Net operating revenues finished $14.7 million (or 1.3 percentage points) over the budget and were largely in line with expectations.
• Operating expenses ended $17.0 million (2.0 percentage points) under budget, primarily due to the following factors:
• Investment Income: Favorable variance of $12.1 million year-to-date, which was not included in the budget.
• Professional Services and Consultants: $5.4 million below year-to-date budget, mainly due to lower-than-expected costs related to Calpine, Legal, SDG&E fees, and other services.
• Personnel Costs: $2.4 million under budget, driven by vacancies and accrued vacation.
11 Figure 1: Budget Comparison versus Actual Results
For the eleven-month period ending May 31, 2025, Community Power contributed $27,430,577 to its net position compared to the expected contribution of $(4,275,633) per the Fiscal Year 2024-25 budget. Total Community Power reserves at the end of the period were $319,565,492 based on cash and cash equivalents – unrestricted, and total available liquidity (including lines of credit) was $532,065,492. Community Power has a total Fiscal Year 2024-25 year-end reserve target of $575,822,041 which is equivalent to 180-days of total operating expenses as set in Community Power’s Reserve Policy and Strategic Goals
Investment Portfolio Report
Chandler Asset Management manages Community Power’s investment portfolio. As of May 31, 2025, the market value of the portfolio was $61.84 million compared to the $61.99 million market value as April 30, 2025. The following is a snapshot of the overall characteristics of the portfolio.
$(200,000,000)
$-
$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 FY25 Results v. Budget
YTD FY25 as of 5/31/25 (11 months) FY25 YTD Budget Amended 12 Contract Execution between $50,000 and $125,000
Community Power executed 1 Contract in May with GB Endeavors for $100,000. 13 Metrics
Figure 2: Participation Rates as of 7/1/2025
The Phase 4 mass enrollment process in National City and Unincorporated County of San Diego for Non-Net Energy Metering (NEM) customers was officially completed as of May 2023. The participation rate for Community Power reflects full enrollment of current member agencies. We are reporting on the opt outs and eligible accounts associated with the phase based on those accounts that we have noticed for enrollment on a rolling basis as of the reporting month.
14 Staff are also presenting the state of Community Power Arrearages related to financial risk for FRMC consideration and for regular review. Additional metrics can be added by request. The below arrearage data includes Community Power’s Receivables aged 120+ Days as of July 1, 2025.

Figure 3: State of Community Power Arrearages as of 7/1/2025 Figure 4: State of Community Power Arrearages Residential vs Commercial as of 7/1/2025 FISCAL IMPACT:

N/A
ATTACHMENTS:

A: 2025 Year-to-Date Period Ended May 31, 2025, Financial Statements. 15 ITEM 2

ATTACHMENT A
16 1
ACCOUNTANTS’ COMPILATION REPORT
Management
San Diego Community Power
Management is responsible for the accompanying financial statements of San Diego Community Power (a California Joint Powers Authority) which comprise the statement of net position as of May 31, 2025, and the related statement of revenues, expenses, and changes in net position, and the statement of cash flows for the eleven months then ended in accordance with accounting principles generally accepted in the United States of America. We have performed a compilation engagement in accordance with Statements on Standards for Accounting and Review Services promulgated by the Accounting and Review Services Committee of the AICPA. We did not audit or review the accompanying statements nor were we required to perform any procedures to verify the accuracy or completeness of the information provided by management. Accordingly, we do not express an opinion, conclusion, nor provide any assurance on these financial statements.

Management has elected to omit substantially all of the note disclosures required by accounting principles generally accepted in the United States of America in these interim financial statements. San Diego Community Power’s annual audited financial statements include the note disclosures omitted from these interim statements. If the omitted disclosures were included in these financial statements, they might influence the user’s conclusions about the Authority’s financial position, results of operations, and cash flows. Accordingly, these financial statements are not designed for those who are not informed about such matters.

We are not independent with respect to the Authority because we performed certain accounting services that impaired our independence.

Maher Accountancy
San Rafael, CA
July 1, 2025
1101 Fifth Avenue, Suite 200 San Rafael, CA 94901 415 459 1249 mahercpa.com 17 Current assets
Cash and cash equivalents - unrestricted $ 319,565,492
Cash and cash equivalents - restricted 14,040,173
Accounts receivable, net of allowance 89,229,608
Accrued revenue 48,114,102
Prepaid expenses 11,458,922
Other receivables 2,980,663
Deposits 10,870,538
Investments 1,901,228
Total current assets 498,160,726
Noncurrent assets
Cash and cash equivalents - restricted 647,000
Investments 59,339,039
Capital assets, net of depreciation and amortization 1,413,740 Total noncurrent assets 61,399,779
Total assets 559,560,505
Current liabilities
Accrued cost of electricity 122,639,628
Accounts payable 1,000,013
Other accrued liabilities 2,337,986
State surcharges payable 347,319
Deposits - energy suppliers 3,271,731
Lease liability 829,373
Advances from grantors 13,540,173
Total current liabilities 143,966,223
Noncurrent liabilities
Lease liability 672,678
Deposits - energy suppliers 4,410,450
Total noncurrent liabilities 5,083,128
Total liabilities 149,049,351
Restricted for security collateral 14,687,173
Unrestricted 395,823,981
Total net position $ 410,511,154

NET POSITION

SAN DIEGO COMMUNITY POWER

STATEMENT OF NET POSITION
As of May 31, 2025
ASSETS

LIABILITIES
See accountants' compilation report. 2
18 OPERATING REVENUES
Electricity sales, net $ 1,115,105,700
Grant revenue 1,343,644
Other income 1,268,258
Total operating revenues 1,117,717,602

OPERATING EXPENSES
Cost of electricity 1,045,476,896
Contract services 17,809,084
Staff compensation 15,484,969
Other operating expenses 14,882,621
Depreciation and amortization 630,156
Total operating expenses 1,094,283,726
Operating income 23,433,876

NON-OPERATING REVENUES (EXPENSES)
Investment income 12,129,570
Interest expense (434,674)
Nonoperating revenues (expenses), net 11,694,896
CHANGE IN NET POSITION 35,128,772
Net position at beginning of year 375,382,382
Net position at end of year $ 410,511,154

SAN DIEGO COMMUNITY POWER

STATEMENT OF REVENUES, EXPENSES

AND CHANGES IN NET POSITION
Eleven Months Ended May 31, 2025
See accountants' compilation report. 3
19 CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers $ 1,160,367,342
Receipts from grantors 14,883,817
Receipts of supplier security deposits 15,196,186
Other operating receipts 1,246,064
Payments to suppliers for electricity (1,053,136,388)
Payments for other goods and services (35,422,836)
Payments for deposits and collateral (1,974,371)
Payments for staff compensation (15,488,365)
Payments of state surcharges (2,411,387)
Net cash provided by operating activities 83,260,062

CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES
Proceeds from bank note 55,500,000
Principal payments - bank note (55,500,000)
Interest payments (393,961)
Net cash provided (used) by noncapital
financing activities (393,961)

CASH FLOWS FROM CAPITAL AND RELATED

FINANCING ACTIVITIES
Payments of lease liability (591,882)
Net cash used by capital and related financing activities (591,882)

CASH FLOWS FROM INVESTING ACTIVITIES
Investment income received 10,824,046
Proceeds from investment sales and maturities of investments 1,994,014 Purchase of investments (62,281,724)
Net cash provided (used) by investing activities (49,463,664) Net change in cash and cash equivalents 32,810,555
Cash and cash equivalents at beginning of year 301,442,110 Cash and cash equivalents at end of year $ 334,252,665
Reconciliation to the Statement of Net Position
Cash and cash equivalents (unrestricted) $ 319,565,492
Restricted cash - current 14,040,173
Restricted cash - noncurrent 647,000
Cash and cash equivalents $ 334,252,665

NONCASH INVESTING ACTIVITIES
Unrealized appreciation and timing differences in investment income $ 1,305,524

NONCASH CAPITAL AND RELATED

FINANCING ACTIVITIES
Acquisition of lease asset $ 1,284,053

SAN DIEGO COMMUNITY POWER

STATEMENT OF CASH FLOWS
Eleven Months Ended May 31, 2025
See accountants' compilation report. 4
20 Operating income $ 23,433,876
Adjustments to reconcile operating income to net
cash provided by operating activities
Depreciation and amortization expense 630,156
(Increase) decrease in:

Accounts receivable, net 14,282,557
Accrued revenue 28,749,321
Prepaid expenses 23,559,478
Other receivables 3,261,162
Deposits 1,291,661
Increase (decrease) in:

Accrued cost of electricity (25,476,688)
Accounts payable (4,007,863)
Advances from grantors 13,540,173
Other accrued liabilities 1,174,671
State surcharges payable (181,623)
Deposits - energy suppliers 3,003,181
Net cash provided by operating activities $ 83,260,062

SAN DIEGO COMMUNITY POWER
STATEMENT OF CASH FLOWS (continued)
Eleven Months Ended May 31, 2025

RECONCILIATION OF OPERATING INCOME TO NET

CASH PROVIDED BY OPERATING ACTIVITIES
See accountants' compilation report.
21 5
1 ACCOUNTANTS’ COMPILATION REPORT

Board of Directors
San Diego Community Power
Management is responsible for the accompanying operating fund and capital investment program fund budgetary comparison schedules of San Diego Community Power (SDCP), a California Joint Powers Authority, for the eleven months ended May 31, 2025 and for determining that the budgetary basis of accounting is an acceptable financial reporting framework. We have performed a compilation engagement in accordance with Statements on Standards for Accounting and Review Services promulgated by the Accounting and Review Services Committee of the AICPA. We did not audit or review the accompanying statement nor were we required to perform any procedures to verify the accuracy or completeness of the information provided by management. Accordingly, we do not express an opinion, a conclusion, nor provide any assurance on this special purpose budgetary comparison statement.

These special purpose statements are prepared in accordance with the budgetary basis of accounting, which is a basis of accounting other than accounting principles generally accepted in the United States of America. This report is intended for the information of the Board of Directors of SDCP.

Management has elected to omit substantially all of the note disclosures required by accounting principles generally accepted in the United States of America in these interim financial statements.

SDCP’s annual audited financial statements will include the note disclosures omitted from these interim statements. If the omitted disclosures were included in these financial statements, they might influence the user’s conclusions about the Authority’s financial position, results of operations, and cash flows.

Accordingly, these financial statements are not designed for those who are not informed about such matters.

We are not independent with respect to SDCP because we performed certain accounting services that impaired our independence.

Maher Accountancy
San Rafael, CA
July 1, 2025
1101 Fifth Avenue, Suite 200 San Rafael, CA 94901 415 459 1249 mahercpa.com 22 Amended
Budget Actual
Amended
Budget Variance
(Under) Over
Actual/
Amended
Budget %
Amended
Budget
Amended
Budget
Remaining

REVENUES AND OTHER SOURCES
Gross Ratepayer Revenues 1,121,291,483 $ 1,129,126,348 7,834,865 101% 1,243,010,863 $ 113,884,515 Less: Uncollectible Customer Accounts (19,622,601) (14,020,648) 5,601,953 71% (21,752,690) (7,732,042) Other Income 1,268,258 - 1,268,258 na (1,268,258) -
Total Revenues and Other Sources 1,101,668,882 1,116,373,958 14,705,076 1,221,258,173 104,884,215

OPERATING EXPENSES
Cost of Energy 1,040,030,756 1,045,476,896 5,446,140 101% 1,116,836,549 71,359,653 Professional Services and Consultants 22,317,493 16,839,683 (5,477,810) 75% 24,346,342 7,506,659 Personnel Costs 17,020,564 14,616,297 (2,404,267) 86% 18,567,895 3,951,598 Marketing and Outreach 2,730,391 1,751,151 (979,240) 64% 2,978,593 1,227,442 General & Administrative 4,500,614 2,673,050 (1,827,564) 59% 4,909,761 2,236,711 Total Operating Expenses 1,086,599,818 1,081,357,077 (5,242,741) 1,167,639,140 86,282,063 Operating Income (Loss) 15,069,064 35,016,881 19,947,817 53,619,033 18,602,152

NON-OPERATING REVENUES (EXPENSES)
Investment Income 12,129,570 - 12,129,570 na (12,129,570) - Interest and Related Expenses (1,169,667) (1,540,844) (371,177) 132% (1,276,000) 264,844 Transfer to Capital Investment Program (18,175,030) (18,175,030) 100% (18,175,030) - - Total Non-Operating Revenues (Expenses) (19,344,697) (7,586,304) 11,758,393 (19,451,030) (11,864,726) NET CHANGE $ (4,275,633) $ 27,430,577 $ 31,706,210 $ 34,168,003 $ 6,737,426

SAN DIEGO COMMUNITY POWER

BUDGETARY COMPARISON SCHEDULE
Eleven Months Ended May 31, 2025

OPERATING FUND
Year-to-Date Annual
See accountants' compilation report.
23 SAN DIEGO COMMUNITY POWER
Staff Report – Item 3
______________________________________________________________________ TO: Finance and Risk Management Committee
FROM: Dr. Eric W. Washington, Chief Financial Officer
Jeb Spengler, Strategic Finance Manager
VIA: Karin Burns, Chief Executive Officer
SUBJECT: Recommend Board Adoption of Resolution No. 2025-08, Approving a Second Revision to San Diego Community Power’s Investment Policy DATE: August 21, 2025
______________________________________________________________________ RECOMMENDATION:

Recommend Board adoption of Resolution No. 2025-08, approving a second revision to Community Power’s Investment Policy.

BACKGROUND:

On October 1, 2019, the Founding Members of San Diego Community Power (Community Power) adopted the Joint Powers Agreement (JPA) which was amended and restated on December 16, 2021.

Section 3.2.12 of the JPA specifies that the Community Power Board of Directors (Board) may at its discretion adopt rules, regulations, policies, bylaws and procedures governing the operation of Community Power.

Further, Section 4.5.5 of the JPA states that one of the general purposes of the Board is to set policy.

Section 5.10.2(C) of the JPA finally states one of the primary purposes of the Finance and Risk Management Committee (FRMC) is to review and recommend to the Board financial policies and procedures to ensure equitable contributions by Parties consistent with a recommendation for Board approval of the Investment Policy herein. Further, this section states the FRMC may have such other responsibilities as may be approved by the Board, including but not limited to advising the Chief Executive Officer on fiscal and risk management policies and procedures, rules and regulations governing investment of surplus funds, audits to achieve best practices in corporate governance and selection and designation of financial institutions for deposit of Community Power funds, and credit/depository matters.
24 On May 25, 2023, the Board approved the Community Power Investment Policy. The policy requires an annual review. In addition, the policy allowed Community Power to engage the services from an investment adviser, who are registered under the Investment Advisers Act of 1940, to assist in the management of Community Power’s investment portfolio in a manner consistent with Community Power’s objectives.

On February 15, 2024, the Community Power Board approved a professional services agreement with Chandler Asset Management. Subsequently, Community Power initiated a transition process that involved a review of Community Power’s Investment Policy by Chandler Asset Management, which identified possible revisions.

On June 27, 2024, the Community Power Board approved Resolution 2024-03 Adopting the First Revision to the Community Power Investment Policy following recommendations made by Chandler Asset Management to update language to better serve Community Power’s investment objectives.

ANALYSIS AND DISCUSSION:

Chandler Asset Management made recommendations for the following revisions to the Community Power Investment Policy to update language to better serve Community Power’s investment objectives.

Changes to Acceptable Investment Type has been expanded to include Local Government Investment Pools/JPAs as an Authorized Investment. This change expands the pool of investment options for Community Power’s large, liquid reserve balances outside of bank deposit-type accounts and Local Agency Investment Funds (LAIF) Further updates to Acceptable Investment Type clarify the maximum percentage of the investment portfolio may be invested in any specific investment product. Specifically, a note has been added to Placement Service Deposits that no more than 30% of the total portfolio may be invested in a combination of qualifying placement service deposits. Note that under a provision sunsetting January 1st, 2031, the maximum investment allowed is 50% of the total portfolio.

The glossary has been updated to ensure all terms are clearly defined.

All changes or updates to the Community Power Investment Policy will require Board approval.

FISCAL IMPACT:

N/A
25 STRATEGIC PLAN:

This activity supports the strategic plan goal of addressing affordability by increasing investment earning opportunities on available reserve balances.

ATTACHMENTS:

Attachment A: Resolution No. 2025-08, approving a second revision to the Community Power’s Investment Policy
Exhibit A: Community Power Investment Policy Second Revision Exhibit B: Redline Version of Community Power Investment Policy Second Revision
26 ITEM 3

ATTACHMENT A
27 RESOLUTION NO. 2025-08

A RESOLUTION OF THE BOARD OF DIRECTORS OF

SAN DIEGO COMMUNITY POWER, ADOPTING THE SECOND REVISION TO THE SAN DIEGO COMMUNITY POWER INVESTMENT POLICY.

A. San Diego Community Power (Community Power) is a joint powers authority formed pursuant to the Joint Exercise of Powers Act, Cal. Gov. Code § 6500 et seq., California Public Utilities Code § 366.2, and a Joint Powers Agreement effective on October 1, 2019, and amended on December 16, 2021, (“JPA Agreement”).

B. The JPA Agreement provides that the Community Power Board of Directors (“Board”) may at its discretion adopt rules, regulations, policies, bylaws, and procedures governing the operation of Community Power.

C. The Board has determined that an Investment Policy that comports with the requirements of California Government Code Sections 53600-53608 is in the best interests of Community Power to ensure assets are protected.

D. The purpose of the Investment Policy is to identify (1) the objectives and priorities for Community Power investments; (2) the types of investments that are permitted and prohibited; and (3) the controls Community Power will implement to ensure assets are protected.

E. The Community Power Board proposes to adopt the Second Revision to the Community Power Investment Policy, attached hereto as Exhibit A.

F. The revisions expand the acceptable investment types to include Local Government Investment Pools/JPAs as an Authorized Investment, to reduce the maximum percentage of investment portfolio that may be invested in any specific investment product, and to make certain clarity edits.

NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of San Diego Community Power as follows:

Section 1. The Board of Directors hereby adopts the Second Revision to the Community Power Investment Policy.

Section 2. This resolution shall take effect immediately upon its adoption. 28 2
R2025-08
PASSED, APPROVED AND ADOPTED at a regular meeting of the Board of Directors of San Diego Community Power held on August 28, 2025, by the following vote:

AYES:

NOES:

ABSTAIN:

ABSENT:
__________________________________
,Chair
Board of Directors
San Diego Community Power
ATTEST: APPROVED AS TO FORM:
__________________________________ _______________________________ Maricela Hernandez, MMC, CPMC Veera Tyagi, General Counsel Secretary, Board of Directors San Diego Community Power San Diego Community Power
29 ITEM 3

EXHIBIT A
30 Community Power Investment Policy | 1

BOARD POLICY
Policy Investment Original Adoption Date May 25, 2023
Approval Date August 28, 2025 Resolution No. 2025-08
PURPOSE AND SCOPE:

The San Diego Community Power (“Community Power”) Investment Policy (“Policy”) establishes investment guidelines for protecting Community Power’s cash reserves, deposits, and investments (collectively, “Funds”) while producing a reasonable rate of return on investments.

This Policy articulates: (1) the objectives and priorities for Community Power investments; (2) the types of investments that are permitted and prohibited; and (3) the controls Community Power will implement to ensure investments are protected.

This Policy is adopted pursuant to California Government Code Section (“Section”) 53600-53608 and must be adopted or amended by resolution. The Community Power Board of Directors (“Board”) is not required to adopt a formal Investment Policy by statute, however, it is in the best practice to ensure agency assets are protected.

BACKGROUND:

On October 1, 2019, the founding members of Community Power adopted the Joint Powers Agreement (JPA) which was amended and restated on December 16, 2021.

Section 3.2.12 of the JPA specifies that the Board may at its discretion adopt rules, regulations, policies, bylaws and procedures governing the operation of Community Power.

Further, Section 4.5.5 of the JPA states that one of the general purposes of the Board is to set policy.

Section 5.10.2(C) of the JPA states that one of the primary purposes of the Financial and Risk Management Committee (FRMC) is to review and recommend to the Board financial policies and procedures to ensure equitable contributions by parties consistent with a recommendation for Board approval of the Policy herein. Further, this section states the FRMC may have such other responsibilities as may be approved by the Board, including but not limited to, advising the Chief Executive Officer on fiscal and risk management policies and procedures, rules and regulations governing investment of surplus funds, audits to achieve best practices in corporate governance, selection and designation of financial institutions for deposit of Community Power funds, and credit/depository matters.
31 Community Power Investment Policy | 2
INVESTMENT OBJECTIVES:

To the extent possible, investments will align with Community Power’s mission, vision, value, and goals. When managing Funds, Community Power’s primary objectives shall be to (1) safeguard the principal of the Funds, (2) meet the liquidity needs of Community Power, (3) achieve a return on Funds invested, and (4) exercise a high standard of care on Funds within Community Power’s control.
1) Safety: Safety of principal is the foremost objective of cash and investment management activities. The investment of Funds shall be undertaken in a manner that seeks to ensure the preservation of principal.
2) Liquidity: The Funds of Community Power shall remain sufficiently liquid to meet all operating needs that may be reasonably anticipated. Since all possible cash demands cannot be anticipated, the investment of Funds in deposits or instruments that are available on demand is recommended.
3) Return on Investments: Community Power’s deposit and investment portfolio shall be designed with the objective of attaining a market rate of return throughout the economic cycle while considering investment risk and liquidity constraints. The return on deposits and investments is of secondary importance compared to the safety and liquidity objectives described in Investment Objectives, Section (1) and Investment Objectives, Section (2), above.
4) Standard of Care: Community Power will manage the Funds in accordance with the “Prudent Investor Standard” pursuant to California Government Code Section 53600.31 as follows:
“All governing bodies of local agencies or persons authorized to make investment decisions on behalf of those local agencies investing public funds are trustees and therefore fiduciaries subject to the prudent investor standard. When investing, reinvesting, purchasing, acquiring, exchanging, selling or managing public funds, a trustee shall act with care, skill, prudence and diligence under the circumstances then prevailing, that a prudent person acting in a like capacity and familiarity with those matters would use in the conduct of funds of a like character and with like aims, to safeguard the principal and maintain the liquidity needs of the agency. Within the limitations of this section and considering individual investments as part of an overall strategy, investments may be acquired as authorized by law.”
1 All further statutory references are to the California Government Code unless otherwise stated. 32 Community Power Investment Policy | 3
DELEGATION OF AUTHORITY:

Pursuant to Section 53607, the Board has the authority to delegate the responsibility to manage Community Power’s funds to the Treasurer. The Treasurer has authority to appoint Deputy Treasurer(s) as the Treasurer deems necessary to carry out the duties in accordance with the Policy.

Community Power may engage the services from one or more external investment advisers, who are registered under the Investment Advisers Act of 1940, to assist in the management of Community Power’s investment portfolio in a manner consistent with Community Power’s Policy.

External investment advisers may be granted discretion to purchase and sell investment securities in accordance with the investment objective set forth in this Policy.

Scope
This Policy applies to all funds and investment under the direct authority of Community Power.

This Policy does not apply to the investment of bond proceeds, which would be governed by any applicable bond documents, and any other funds specifically exempted by the Board.

Acceptable Investment Types: To the extent possible, investments will align with Community Power’s mission, vision, value, and goals.

1. Deposits at Bank(s): Funds may be invested in non-interest-bearing depository accounts to meet Community Power’s operating and collateral needs and grant requirements.

Funds not needed for these purposes may be invested in interest-bearing depository accounts or Federal Deposit Insurance Corporation (FDIC) insured certificates of deposit with maturities not to exceed five (5) years. Banks eligible to receive deposits will be federally or state chartered and will conform to Section 53635.2 which requires that banks “have received an overall rating of not less than ‘satisfactory’ in its most recent evaluation by the appropriate federal financial supervisory agency of its record of meeting the credit needs of California's communities, including low- and moderate-income neighborhoods, pursuant to Section 2906 of Title 12 of the United States Code.” As per Section 53652, banks must collateralize the deposits of public agencies in an amount equal to no less than 110% of as currently stated in the value of the deposits. The Treasurer will monitor the credit quality of eligible banks holding Community Power deposits that exceed FDIC insurance limits to ensure the safety of Community Power deposits. There are no limits on the dollar amount or percentage that Community Power may invest in collateralized bank deposits.

2. Local Agency Investment Fund (LAIF): Funds may be invested in the Local Agency Investment Fund established by the California State Treasurer for the benefit of local agencies. LAIF’s investments in instruments prohibited by or not specified in Community Power’s policy do not exclude the investment in LAIF itself from Community Power’s list 33 Community Power Investment Policy | 4
of allowable investments, provided LAIF’s reports allow the Treasurer to adequately judge the risk inherent in LAIF’s portfolio.

3. US Treasury Obligations: Funds may be invested in United States Treasury obligations with a term to maturity not exceeding five (5) years and subject to the limitations set forth in Sections 53601 et seq. and 53635 et seq.

4. Federal Agency Securities: Funds may be invested in Federal Agency Securities or Government-Sponsored Enterprise (GSE) obligations with a term to maturity not exceeding five (5) years and subject to the limitations set forth in Sections 53601 et seq. and 53635 et seq. No more than 20% of the total portfolio may be invested in callable agency securities and no more than 30% of the total portfolio may be invested in any single Agency/ GSE issuer.

5. Bankers’ Acceptances: Funds may be invested in Banker’s Acceptances provided that they are issued by institutions which have short-term debt obligations rated “A-1” or its equivalent or better by at least one Nationally Recognized Statistical Rating Organization (NRSRO). Not more than 40% of the portfolio may be invested in Bankers’ Acceptances, and no more than 5% of the portfolio may be invested in any single issuer. The maximum maturity shall not exceed 180 days.

6. Negotiable Certificates of Deposit: Funds may be invested in negotiable certificates of deposit in accordance with the requirements of Section 53601 and 53601.8, and subject to the following limitations:

A. Issued by an entity as defined in Section 53601(i); and B. No more than 30% of the total portfolio shall be invested in certificates of deposit, no more than 5% of the total portfolio may be invested in any single issuer, and the maximum maturity does not exceed 5 years.

7. Placement Service Deposits: Funds may be invested in deposits placed with a private sector entity that assists in the placement of deposits with eligible financial institutions located in the United States (Section 53601.8). No more than 30% of the total portfolio may be invested in a combination of qualifying placement service deposits. The full amount of principal and the interest that may be accrued during the maximum term of each deposit shall at all times be insured by federal deposit insurance. Under a provision sunsetting on January 1, 2031, no more than 50% of the portfolio may be invested in deposits through a placement service. The maximum maturity shall not exceed five (5) years.

8. Money Market Funds: Funds may be invested in money market funds pursuant to Section 53601(l)(2) and subject to Section 53601(l)(4). No more than 20% of the portfolio 34 Community Power Investment Policy | 5
may be invested in the shares of any one Money Market Fund. No more than 20% of the total portfolio may be invested in these securities.

9. Commercial Paper: Funds may be invested in commercial paper of “prime” quality of the highest ranking or of the highest letter and number rating as provided for by an NRSRO.

The entity that issues the commercial paper must meet all of the following conditions in either paragraph A or paragraph B below:

A. The entity meets the following criteria: (i) is organized and operating in the United States as a general corporation, (ii) has total assets in excess of five hundred million dollars ($500,000,000), and (iii) has debt other than commercial paper, if any, that is rated in a rating category of “A” or its equivalent or higher by an NRSRO.

B. The entity meets the following criteria: (i) is organized within the United States as a special purpose corporation, trust, or limited liability company, (ii) has program-wide credit enhancements including, but not limited to, over collateralization, letters of credit, or surety bond, and (iii) has commercial paper that is rated “A-1” or higher, or the equivalent, by an NRSRO.
• No more than 10% of the outstanding commercial paper of any single issuer. • No more than 25% of Community Power’s investment assets under management may be invested in Commercial Paper. Under a provision sunsetting on January 1, 2026, no more than 40% of the total portfolio may be invested in Commercial Paper if Community Power’s investment assets under management are greater than $100,000,000.
• No more than 5% of the total portfolio may be invested in any single issuer. The maximum maturity does not exceed 270 days.

10. Medium Term Notes (MTN): The issuer is a corporation organized and operating within the United States or by depository institutions licensed by the United States or any state and operating within the United States (Section 53601 et seq). The securities are rated in a rating category of “A” or its equivalent or better by at least one NRSRO. No more than 30% of the total portfolio may be invested in MTNs, no more than 5% of the total portfolio may be invested in any single issuer and the maximum maturity does not exceed five (5) years.

11. Pass Thru Securities: Asset-Backed, Mortgage-Backed, Mortgage Pass-Through Securities, and Collateralized Mortgage Obligations (Section 53601 et seq) from issuers not defined in sections 3 and 4 of the Acceptable Investment Types section of this Policy, provided that, the securities are rated in a rating category of “AA” or its equivalent or better by an NRSRO, no more than 20% of the total portfolio may be invested in these securities, no more than 5% of the total portfolio may be invested in any single Asset-Backed or 35 Community Power Investment Policy | 6
Commercial Mortgage security issuer and the maximum maturity does not exceed five (5) years.

12. Municipal Securities: These include obligations of Community Power, the State of California and any local agency within the State of California (Section 53601). provided that, the securities are rated in a rating category of “A” or its equivalent or better by at least one NRSRO, no more than 5% of the total portfolio may be invested in any single issuer, no more than 30% of the total portfolio may be in Municipal Securities and the maximum maturity does not exceed five (5) years.

13. Municipal Securities: Registered treasury notes or bonds of any of the other 49 states in addition to California, including bonds payable solely out of the revenues from a revenue-producing property owned, controlled, or operated by a state or by a department, board, agency, or authority of any of the other 49 states, in addition to California (Section 53601). The securities are rated in a rating category of “A” or its equivalent or better by at least one NRSRO, no more than 5% of the total portfolio may be invested in any single issuer, no more than 30% of the total portfolio may be in Municipal Securities and the maximum maturity does not exceed five (5) years.

14.Supranationals: Issues are US dollar denominated senior unsecured unsubordinated obligations issued or unconditionally guaranteed by the International Bank for Reconstruction and Development, International Finance Corporation, or Inter-American Development Bank. (Section 53601). The securities are rated in a rating category of “AA” or its equivalent or better by an NRSRO, no more than 30% of the total portfolio may be invested in these securities, no more than 10% of the total portfolio may be invested in any single issue and the maximum maturity does not exceed five (5) years.

15. Local Government Investment Pools (LGIPs): Shares of beneficial interest issued by a Joint Powers Authority (JPA) organized pursuant to California Government Code Section 6509.7 that invest in the securities and obligations authorized in subdivisions (a) to (r), inclusive. Each share shall represent an equal proportional interest in the underlying pool of securities owned by the JPA. To be eligible under this section, the JPA issuing the shares will have retained an investment adviser who is registered with the SEC (or exempt from registration), has assets under management in excess of five hundred million dollars ($500,000,000), and has not less than five years of experience investing in the securities and obligations authorized in subdivisions (a) to (q) of Government Code Section 53601, inclusive.

PROHIBITED INVESTMENT TYPES:

Pursuant to Section 53601.6, Community Power shall not invest Funds in any security that could result in a zero-interest accrual, or less, if held to maturity. These prohibited investments include, but are not limited to, inverse floaters, range notes, or mortgage-derived interest-only strips. The purchase of foreign currency denominated securities is prohibited. The purchase of Crypto Asset 36 Community Power Investment Policy | 7
Securities is prohibited. The purchase of a security with a forward settlement date exceeding 45 days from the time of the investment is prohibited. Trading securities for the sole purpose of speculating on the future direction of interest rates is prohibited. Purchasing or selling securities on margin is prohibited. The use of reverse repurchase agreements, securities lending or any other form of borrowing or leverage is prohibited. Community Power is prohibited from investing in any company or organization whose business do not align with Community Power’s mission, vision, value, and goals.

INVESTMENT PORTFOLIO MANAGEMENT:

The term to maturity of any Funds invested shall not exceed five (5) years pursuant to Section 53601. The Treasurer will allocate Funds among authorized investments consistent with the objectives and standards of care outlined in this Policy.

COLLATERALIZATION:

Certificates of Deposit (CDs). Community Power shall require any commercial bank or savings and loan association to deposit eligible securities with an agency of a depository approved by the State Banking Department to secure any uninsured portion of a Non-Negotiable Certificate of Deposit. The value of eligible securities as defined pursuant to California Government Code, Section 53651, pledged against a Certificate of Deposit shall be equal to 150% of the face value of the CD if the securities are classified as mortgages and 110% of the face value of the CD for all other classes of security.

Bank Deposits. A bank or financial institution may pledge securities or other deposits for the purpose of securing repayment of deposited funds. Community Power shall require any bank or financial institution to comply with the collateralization criteria defined in California Government Code, Section 53651.

RISK MANAGEMENT AND DIVERSIFICATION:

Community Power’s investment portfolio will be diversified to avoid incurring unreasonable and avoidable risks associated with concentrating investments in specific security types, maturity segment, or in individual financial institutions. No more than 5% of the investment portfolio shall be in securities of any one issuer except for U.S. Treasuries, U.S. Government Agency issues, Supranationals and investment pools such as LAIF and money market funds.

A. Credit Risk: Credit risk, defined as the risk of loss due to failure of the insurer of a security, shall be mitigated by investing in those securities with an “A” or above rating and approved in this Policy and by diversifying the investment portfolio so that the failure of any one issuer would not unduly harm Community Power’s cash flow. 37 Community Power Investment Policy | 8
B. Market Risk: Market risk or interest rate risk, defined as the risk of market value fluctuations due to overall changes in the general level of interest rates, shall be mitigated by implementing a short term and long-term investment strategies. It is explicitly recognized herein, however, that in a diversified portfolio, occasional measured losses are inevitable and must be considered within the context of overall investment return.

The duration of the portfolio will generally be approximately equal to the duration (typically, plus or minus 20%) of a Market Benchmark, an index selected by Community Power based on Community Power’s investment objectives, constraints and risk tolerances.

C. Credit Rating: This Policy sets forth minimum credit ratings for each type of security.

These credit ratings apply to the initial purchase of a security and do not automatically force the sale of a security if the credit ratings of the security fall below the policy limits.

Minimum credit ratings:

1. For securities with maturities of 13 months or less, the rating must be in the highest short-term rating category (without regard to qualification of such rating symbol such as “+” or “- “) by at least one NRSRO.

2. For securities with maturities greater than 13 months, the rating must be “A” or higher by at least one NRSRO.

The monitoring of credit ratings consists of the following procedures:

1. When a credit rating downgrade occurs which results in a rating below the minimum credit requirement, Community Power’s Finance Department or external investment adviser will analyze and evaluate the credit rating to determine whether to hold or sell the investment.

2. In the event a security in the Fund receives a credit rating downgrade which results in a rating below the minimum credit rating requirement, Community Power’s Treasurer will report the rating change to the Finance and Risk Management Committee in the monthly public report. In the same manner, the Finance and Risk Management Committee will be informed on the decision to hold or sell a downgraded security.

3. The Investment Officials or authorized employees involved in the investment process and external investment advisers shall meet at least quarterly to review and update the approved list of securities and establish credit criteria for each category of security.

To ensure that the Fund maintains the highest overall credit rating with the contracted NRSRO, the asset allocation and portfolio holdings will be provided to the contracted NRSRO on a monthly basis.
38 Community Power Investment Policy | 9
BROKERS:

The Treasurer shall endeavor to complete investment transactions with institutions eligible to transact investment business with Community Power, in accordance with Section 53601.5, including:

A. Institutions licensed by the state as a broker-dealer.

B. Institutions that are members of a federally regulated securities exchange.

C. Primary government dealers as designated by the Federal Reserve Bank and non-primary government dealers.

D. Nationally or state-chartered banks.

E. The Federal Reserve Bank.

F. Direct issuers of securities eligible for purchase.

Broker/dealers shall be approved by the Chief Executive Officer upon recommendation by the Treasurer. Selection of broker/dealers shall be based upon the following criteria: the reputation and financial strength of the company or financial institution, the reputation and expertise of the individuals employed, and pursuant to the requirements of Section 53601.5. The Treasurer shall require any selected broker, brokerage firm, dealer, or securities firm to affirm that it has not, within any 48-consecutive month period, made a political contribution to any member of the Board, or any candidate who may join the Board in an amount exceeding the limitations contained in Rule G-37 of the Municipal Securities Rulemaking Board, the Political Reform Act, including section 84308, or any applicable Community Power Policy, as amended from time to time. The selected broker or dealers shall be provided with and acknowledge receipt of this Policy.

LOSSES:

Losses are acceptable on a sale before maturity and may be taken if required to meet the liquidity needs of Community Power or if the reinvestment proceeds will earn an income flow with a present value higher than the present value of the income flow that would have been generated by the original investment, considering any investment loss or foregoing interest on the original investment.

DELIVERY AND SAFEKEEPING:

The delivery and safekeeping of all securities shall be made through a third-party custodian when practical and cost effective as determined by the Treasurer, or a duly appointed Deputy Treasurer, and in accordance with Section 53608.

The Treasurer shall review all transaction confirmations for conformity with the original transaction and monitor for excessive trading.
39 Community Power Investment Policy | 10
ETHICS AND CONFLICT OF INTEREST:

The Investment Officials or authorized employees involved in the investment process, shall act as custodians of the public trust and will refrain from personal business activities that could conflict with proper execution of the investment program, or which could impair their ability to make impartial decisions. Investment Officials and any external investment advisers acknowledge that all direct Community Power investments are subject to public review and evaluation.

Community Power Investment Officials involved in the investment process shall refrain from personal business activity that could create a conflict of interest or the appearance of a conflict with proper execution of the investment program, or which could impair their ability to make impartial investment decisions.

Community Power Investment Officials shall disclose to General Counsel or designee (i) any material interests in financial institutions with which they conduct business, and (ii) disclose any personal investments with a direct, indirect or beneficial interest totaling $2,000 or more.

Investment Officials shall refrain from undertaking any personal investment transactions with the same individual from the external investment adviser with whom business is conducted on behalf of Community Power.

Investment Officials, pursuant with all applicable laws, shall not accept honoraria, gifts, and gratuities from advisers, brokers, dealers, bankers, or other entity with whom Community Power conducts business.

Any external investment adviser contracted by Community Power will comply with Municipal Securities Rulemaking Board Rule G-37 and shall follow the Investment Adviser Fiduciary Standard established by the U.S. Securities and Exchange Commission.

INTERNAL CONTROLS:

The Treasurer is responsible for establishing and maintaining an internal control structure designed to ensure that the assets of the entity are protected from loss, theft or misuse. The internal control structure shall be designed to provide reasonable assurance that these objectives are met.

Accordingly, the Treasurer shall establish and maintain internal controls that shall address the following points:

A. Control of Collusion: Collusion is a situation where two or more employees are working in conjunction to defraud their employer. To achieve a segregation of duties, individuals who authorize investment transactions shall not also record or reconcile said transactions.
40 Community Power Investment Policy | 11
B. Clear Delegation of Authority to Subordinate Staff Members: Subordinate staff members must have a clear understanding of their authority and responsibilities to avoid improper actions. Clear delegation of authority also preserves the internal control structure that is contingent on the various staff positions and their respective responsibilities.

C. Delivery-Versus-Payment (DVP): All investment transactions shall be conducted on a delivery-versus-payment basis.

D. Safekeeping and Custody: Securities purchased from any bank or dealer, including appropriate collateral (as defined by California Government Code), that are not insured by the FDIC, shall be placed with an independent third party for custodial safekeeping.

To protect against potential losses due to failure of individual securities dealers, and to enhance access to securities, interest payments and maturity proceeds, all cash and securities in Community Power’s portfolio shall be held in safekeeping in Community Power’s name by a third-party custodian, acting as agent for Community Power under the terms of a custody agreement executed by the bank and Community Power. All investment transactions will require a safekeeping receipt or acknowledgment generated from the trade. A monthly report will be received by Community Power from the custodian listing all securities held in safekeeping with current market data and other information.

The only exceptions to the foregoing shall be depository accounts and securities purchases made with: (1) local government investment pools; (2) time certificates of deposit, (3) Local Agency Investment Fund, and (4) mutual funds and money market mutual funds, since these securities are not deliverable.

E. Avoidance of Physical Delivered Bearer Securities: Book entry securities are much easier to transfer and account for since actual delivery of a document never takes place.

Bearer securities must be properly safeguarded against loss or destruction. The potential for fraud and loss increases with such securities.

F. Written Confirmation of Telephone Wire Transfers: Due to the potential for error and improprieties arising from telephone transactions, all telephone transactions should be supported by written or electronic communications and approved by the appropriate person. Community Power will consider entering into a Wire Transfer Agreement with the Lead Bank or Third-Party.

G. Audits: Community Power’s Funds shall be subject to a process of independent review by its external auditors. Community Power’s external auditors shall review the investment portfolio in connection with Community Power’s annual audit for compliance with the Policy pursuant to Section 27134. The results of the audit shall be reported to the Treasurer.
41 Community Power Investment Policy | 12
REPORTS:

A. Monthly: The Treasurer will perform a monthly review of the investment function.

Following the commencement of investment transactions, the Treasurer shall submit a monthly report of all investment transactions to the Finance and Risk Management Committee. Investment transactions are defined as the purchase, sale or exchange of securities.

B. Annually: The Treasurer will submit an annual report to the Finance and Risk Management Committee within 60 days of the end of a fiscal year providing the following:
• A list of individual securities by investment type, issuer, credit risk rating, CUSIP number, settlement date of purchase, date of maturity, par value and dollar amount invested on all securities, and the market value and source of the market value information;
• A statement that the portfolio is in compliance with this Policy and in accordance with Section 53646 or the manner in which the portfolio is not in compliance; and • A statement of Community Power’s ability to meet anticipated cash requirements for the upcoming 12 months.
• The Treasurer shall monitor and evaluate the portfolio’s performance relative to the chosen market benchmark(s), which will be included in the Treasurer’s annual report.

The Treasurer shall select an appropriate, readily available index to use as a market benchmark. Benchmarks may change over time based on changes in market conditions or cash flow requirements.

C. Annual Review: This Policy will be reviewed annually by the Treasurer. The Board is authorized to approve changes to this Policy following the review of proposed changes by the Finance Risk Management Committee.

Prior Versions:

Date Action Resolution No. Policy No.
5/25/2023 Adoption N/A 2023-07
6/27/2024 Amendment 2024-04 2023-08
42 Community Power Investment Policy | 13
Glossary of Investment Terms
ASSET BACKED SECURITIES. Securities supported by pools of installment loans or leases or by pools of revolving lines of credit.

BANKERS’ ACCEPTANCES. A short-term, negotiable, unconditional, and time draft drawn on and accepted by a bank. It is typically used in trade to finance the purchase and sale of goods.

BENCHMARK. A comparison security or portfolio. A performance benchmark is a partial market index, which reflects the mix of securities allowed under a specific investment policy.

BROKER. A broker brings buyers and sellers together for a transaction for which the broker receives a commission. A broker does not sell securities from his own position.

CALLABLE. A callable security gives the issuer the option to call it from the investor prior to its maturity. The main cause of a call is a decline in interest rates. If interest rates decline, the issuer will likely call its current securities and reissue them at a lower rate of interest.

CERTIFICATE OF DEPOSIT (CD). A time deposit with a specific maturity evidenced by a certificate. Large denomination CDs may be marketable.

CERTIFICATE OF DEPOSIT ACCOUNT REGISTRY SYSTEM (CDARS). A private placement service that allows local agencies to purchase more than $250,000 in CDs from a single financial institution (must be a participating institution of CDARS) while still maintaining FDIC insurance coverage. CDARS is currently the only entity providing this service. CDARS facilitates the trading of deposits between the California institution and other participating institutions in amounts that are less than $250,000 each, so that FDIC coverage is maintained.

COLLATERAL. Securities or cash pledged by a borrower to secure repayment of a loan or repurchase agreement. Also, securities pledged by a financial institution to secure deposits of public monies.

COLLATERALIZED MORTGAGE OBLIGATIONS (CMO). Classes of bonds that redistribute the cash flows of mortgage securities (and whole loans) to create securities that have different levels of prepayment risk, as compared to the underlying mortgage securities.

COMMERCIAL PAPER. The short-term unsecured debt of corporations.

COUPON. The rate of return at which interest is paid on a bond.

CREDIT RISK. The risk that principal and/or interest on an investment will not be paid in a timely manner due to changes in the condition of the issuer.

CRYPTO ASSET. Digital assets that use public ledgers over the internet to prove ownership.

They use cryptography, peer-to-peer networks and a distributed ledger technology (DLT) – such as blockchain – to create, verify and secure transactions. 43 Community Power Investment Policy | 14
CUSIP. Committee on Uniform Securities Identification Procedures. A CUSIP number identifies most financial instruments, including: stocks of all registered U.S. and Canadian companies, commercial paper, and U.S. government and municipal bonds.

DEALER. A dealer acts as a principal in security transactions, selling securities from and buying securities for his own position.

DELIVERY vs PAYMENT (DVP). A securities industry procedure whereby payment for a security must be made at the time the security is delivered to the purchaser’s agent.

DISCOUNT. The difference between the par value of a bond and the cost of the bond, when the cost is below par. Some short-term securities, such as T-bills and banker’s acceptances, are known as discount securities. They sell at a discount from par and return the par value to the investor at maturity without additional interest. Other securities, which have fixed coupons, trade at a discount when the coupon rate is lower than the current market rate for securities of that maturity and/or quality.

DIVERSIFICATION. Dividing investment funds among a variety of investments to avoid excessive exposure to any one source of risk.

DURATION. The weighted average time to maturity of a bond where the weights are the present values of the future cash flows. Duration measures the price sensitivity of a bond to changes in interest rates. (See modified duration).

FEDERAL FUNDS RATE. The rate of interest charged by banks for short-term loans to other banks. The Federal Reserve Bank through open-market operations establishes it.

ISSUER. The entity identified as the counterparty or obligator related to a security trade.

INVERSE FLOATER. A bond or other type of debt whose coupon rate has an inverse relationship to a benchmark rate.

INVESTMENT OFFICIALS. This includes any applicable Community Power staff participating in the investment process; Community Power Treasurer; Community Power Deputy Treasurer(s); and Community Power Board of Directors.

LEVERAGE. Borrowing funds in order to invest in securities that have the potential to pay earnings at a rate higher than the cost of borrowing.

LIQUID. Term for securities that can be converted to cash quickly.

LIQUIDITY. The speed and ease with which an asset can be converted to cash.

LOCAL AGENCY INVESTMENT FUND (LAIF). A voluntary investment fund open to government entities and certain non-profit organizations in California that is managed by the State Treasurer’s Office.
44 Community Power Investment Policy | 15
LOCAL GOVERNMENT INVESTMENT POOL. Investment pools that range from the State Treasurer’s Office Local Agency Investment Fund (LAIF) to county pools, to Joint Powers Authorities (JPAs). These funds are not subject to the same SEC rules applicable to money market mutual funds.

MARGIN. The difference between the market value of a security and the loan a broker makes using that security as collateral.

MARKET RISK. The risk that the value of securities will fluctuate with changes in overall market conditions or interest rates.

MARKET VALUE. The price at which a security can be traded.

MATURITY. The final date upon which the principal of a security becomes due and payable.

MEDIUM TERM NOTES. Unsecured, investment-grade senior debt securities of major corporations which are sold in relatively small amounts on either a continuous or an intermittent basis. MTNs are highly flexible debt instruments that can be structured to respond to market opportunities or to investor preferences.

MODIFIED DURATION. The percent change in price for a 100 basis point change in yields.

Modified duration is the best single measure of a portfolio’s or security’s exposure to market risk.

MONEY MARKET. The market in which short-term debt instruments (T-bills, discount notes, commercial paper, and banker’s acceptances) are issued and traded.

MORTGAGE BACK SECURITY. Debt obligations that represent claims to the cash flows from pools of mortgage loans, most commonly on residential property.

MORTGAGE-DERIVED INTEREST-ONLY STRIPS. A financial product created by separating the interest and principal payments of a mortgage-backed security.

MORTGAGE PASS-THROUGH SECURITIES. A securitized participation in the interest and principal cash flows from a specified pool of mortgages. Principal and interest payments made on the mortgages are passed through to the holder of the security.

MUNICIPAL SECURITIES. Securities issued by state and local agencies to finance capital and operating expenses.

MUTUAL FUND. An entity which pools the funds of investors and invests those funds in a set of securities which is specifically defined in the fund’s prospectus. Mutual funds can be invested in various types of domestic and/or international stocks, bonds, and money market instruments, as set forth in the individual fund’s prospectus. For most large, institutional investors, the costs associated with investing in mutual funds are higher than the investor can obtain through an individually managed portfolio.
45 Community Power Investment Policy | 16
NATIONALLY RECOGNIZED STATISTICAL RATING ORGANIZATION (NRSRO). A credit rating agency that the Securities and Exchange Commission in the United States uses for regulatory purposes. Credit rating agencies provide assessments of an investment's risk. The issuers of investments, especially debt securities, pay credit rating agencies to provide them with ratings. The three most prominent NRSROs are Fitch, S&P, and Moody's.

NEGOTIABLE CD. A short-term debt instrument that pays interest and is issued by a bank, savings or federal association, state or federal credit union, or state-licensed branch of a foreign bank. Negotiable CDs are traded in a secondary market and are payable upon order to the bearer or initial depositor (investor).

PREMIUM. The difference between the par value of a bond and the cost of the bond, when the cost is above par.

RANGE NOTES. A structured investment where the coupon is linked to the performance of a reference index
REPURCHASE AGREEMENT. Short-term purchases of securities with a simultaneous agreement to sell the securities back at a higher price. From the seller’s point of view, the same transaction is a reverse repurchase agreement.

SAFEKEEPING. A service to bank customers whereby securities are held by the bank in the customer’s name.

SUPRANATIONAL. A Supranational is a multi-national organization whereby member states transcend national boundaries or interests to share in the decision making to promote economic development in the member countries.

TOTAL RATE OF RETURN. A measure of a portfolio’s performance over time. It is the internal rate of return, which equates the beginning value of the portfolio with the ending value; it includes interest earnings, realized and unrealized gains, and losses in the portfolio.

U.S. TREASURY OBLIGATIONS. Securities issued by the U.S. Treasury and backed by the full faith and credit of the United States. Treasuries are considered to have no credit risk and are the benchmark for interest rates on all other securities in the US and overseas. The Treasury issues both discounted securities and fixed coupon notes and bonds.

TREASURY BILLS. All securities issued with initial maturities of one year or less are issued as discounted instruments and are called Treasury bills. The Treasury currently issues three- and six-month T-bills at regular weekly auctions. It also issues “cash management” bills as needed to smooth out cash flows.

TREASURY NOTES. All securities issued with initial maturities of two to ten years are called Treasury notes and pay interest semi-annually.
46 Community Power Investment Policy | 17
TREASURY BONDS. All securities issued with initial maturities greater than ten years are called Treasury bonds. Like Treasury notes, they pay interest semi-annually.

VOLATILITY. The rate at which security prices change with changes in general economic conditions or the general level of interest rates.

YIELD TO MATURITY. The annualized internal rate of return on an investment which equates the expected cash flows from the investment to its cost. 47 ITEM 3

EXIBIT B
48 SDCP Investment Policy | 1
San Diego Community Power
Investment Policy
Subject: Investment Policy
Purpose: The San Diego Community Power (“SDCP”) Investment Policy (“Policy”) establishes investment guidelines for protecting SDCP’s cash reserves, deposits, and investments (collectively, “Funds”) while producing a reasonable rate of return on investments.

Thise Policy articulates: (1) the objectives and priorities for SDCP investments; (2) the types of investments that are permitted and prohibited; and (3) the controls SDCP will implement to ensure assets investments are protected.

This Policy is adopted pursuant to California Government Code Section (“Section”) 53600-53608 and must be adopted or amended by resolution. The SDCP Board of Directors (“Board”) is not required to adopt a formal Investment Policy by statute, however, it is in the best practice to ensure agency assets are protected.

Background
On October 1, 2019, the fFounding mMembers of San Diego Community Power (SDCP) adopted the Joint Powers Agreement (JPA) which was amended and restated on December 16, 2021.

Section 3.2.12 of the JPA specifies that the SDCP Board of Directors (Board) may at its discretion adopt rules, regulations, policies, bylaws and procedures governing the operation of SDCP.

Further, Section 4.5.5 of the JPA states that one of the general purposes of the Board is to set policy.

Section 5.10.2(C) of the JPA finally states that one of the primary purposes of the Financial and Risk Management Committee (FRMC) is to review and recommend to the Board financial policies and procedures to ensure equitable contributions by pParties consistent with a recommendation for Board approval of the Investment Policy herein. Further, this section states the FRMC may have such other responsibilities as may be approved by the Board, including but Policy Number: 2023-07
Original Adoption Date: May 25, 2023
Revision Date: June 27, 2024TBDAugust
28, 2025
49 SDCP Investment Policy | 2
not limited to, advising the Chief Executive Officer on fiscal and risk management policies and procedures, rules and regulations governing investment of surplus funds, audits to achieve best practices in corporate governance, and selection and designation of financial institutions for deposit of SDCP funds, and credit/depository matters.

Investment Objectives
To the extent possible, investments will align with SDCP’s mission, vision, value, and goals.

When managing Funds, SDCP’s primary objectives shall be to (1) safeguard the principal of the Funds, (2) meet the liquidity needs of SDCP, (3) achieve a return on Funds invested, and (4) exercise a high standard of care on Funds within SDCP’s control. 1) Safety: Safety of principal is the foremost objective of cash and investment management activities. The investment of Funds shall be undertaken in a manner that seeks to ensure the preservation of principal.
2) Liquidity: The Funds of SDCP shall remain sufficiently liquid to meet all operating needs that may be reasonably anticipated. Since all possible cash demands cannot be anticipated, the investment of Funds in deposits or instruments that are available on demand is recommended.
3) Return on Investments: SDCP’s deposit and investment portfolio shall be designed with the objective of attaining a market rate of return throughout the economic cycle while considering investment risk and liquidity constraints. The return on deposits and investments is of secondary importance compared to the safety and liquidity objectives described in Investment Objectives, Section (1) and Investment Objectives, Section (2), above.
4) Standard of Care: SDCP will manage the Funds in accordance with the “Prudent Investor Standard” pursuant to California Government Code Section 53600.31 as follows:
“All governing bodies of local agencies or persons authorized to make investment decisions on behalf of those local agencies investing public funds are trustees and therefore fiduciaries subject to the prudent investor standard. When investing, reinvesting, purchasing, acquiring, exchanging, selling or managing public funds, a trustee shall act with care, skill, prudence and diligence under the circumstances then prevailing, that a prudent person acting in a like capacity and familiarity with those matters would use in the conduct of funds of a like character and with like aims, to safeguard the principal and maintain the liquidity needs of the agency. Within the limitations of this section and considering individual investments as part of an overall strategy, investments may be acquired as authorized by law.”
1 All further statutory references are to the California Government Code unless otherwise stated. 50 SDCP Investment Policy | 3

51 SDCP Investment Policy | 4
Investment Objectives
To the extent possible, investments will align with SDCP’s mission, vision, value, and goals.

When managing Funds, SDCP’s primary objectives shall be to (1) safeguard the principal of the Funds, (2) meet the liquidity needs of SDCP, (3) achieve a return on Ffunds invested, and (4) exercise a high standard of care on Funds within SDCP’s control. 1) Safety: Safety of principal is the foremost objective of cash and investment management activities. The investment of Funds shall be undertaken in a manner that seeks to ensure the preservation of principal.
2) Liquidity: The Funds of SDCP shall remain sufficiently liquid to meet all operating needs that may be reasonably anticipated. Since all possible cash demands cannot be anticipated, the investment of Funds in deposits or instruments that are available on demand is recommended.
3) Return on Investments: SDCP’s deposit and investment portfolio shall be designed with the objective of attaining a market rate of return throughout the economic cycle while considering investment risk and liquidity constraints. The return on deposits and investments is of secondary importance compared to the safety and liquidity objectives described in Investment Objectives, Section (1)A and Investment Objectives, Section (2)B, above.
4) Standard of Care: SDCP will manage the Funds in accordance with the “Prudent Investor Standard” pursuant to California Government Code Section 53600.32 as follows:
“All governing bodies of local agencies or persons authorized to make investment decisions on behalf of those local agencies investing public funds are trustees and therefore fiduciaries subject to the prudent investor standard. When investing, reinvesting, purchasing, acquiring, exchanging, selling or managing public funds, a trustee shall act with care, skill, prudence and diligence under the circumstances then prevailing, that a prudent person acting in a like capacity and familiarity with those matters would use in the conduct of funds of a like character and with like aims, to safeguard the principal and maintain the liquidity needs of the agency. Within the limitations of this section and considering individual investments as part of an overall strategy, investments may be acquired as authorized by law.”
2 All further statutory references are to the California Government Code unless otherwise stated. 52 SDCP Investment Policy | 5
Delegation of Authority
Pursuant to Section 53607, the Board has the authority to delegate the responsibility to manage SDCP’s funds to the Treasurer. The Treasurer has authority to appoint Deputy Treasurer(s) as the Treasurer deems necessary to carry out the duties in accordance with the Investment Policy.

SDCP may engage the services from one or more external investment advisers, who are registered under the Investment Advisers Act of 1940, to assist in the management of SDCP’s investment portfolio in a manner consistent with the SDCP’s Policy. External investment advisers may be granted discretion to purchase and sell investment securities in accordance with the investment objective set forth in this Policy.

Scope
This Investment Policy applies to all funds and investment under the direct authority of SDCP.

This Policy does not apply to the investment of bond proceeds, which would be governed by any applicable bond documents, and any other funds specifically exempted by SDCP’s the Board of Directors.

Acceptable Investment Types: To the extent possible, investments will align with SDCP’s mission, vision, value, and goals.

1. Deposits at Bank(s): Funds may be invested in non-interest-bearing depository accounts to meet SDCP’s operating and collateral needs and grant requirements. Funds not needed for these purposes may be invested in interest-bearing depository accounts or Federal Deposit Insurance Corporation (FDIC) insured certificates of deposit with maturities not to exceed five (5) years. Banks eligible to receive deposits will be federally or state chartered and will conform to Section 53635.2 which requires that banks “have received an overall rating of not less than ‘satisfactory’ in its most recent evaluation by the appropriate federal financial supervisory agency of its record of meeting the credit needs of California's communities, including low- and moderate-income neighborhoods, pursuant to Section 2906 of Title 12 of the United States Code.” As per Section 53652, banks must collateralize the deposits of public agencies in an amount equal to no less than 110% of as currently stated in the value of the deposits. The Treasurer will monitor the credit quality of eligible banks holding SDCP deposits that exceed FDIC insurance limits to ensure the safety of SDCP deposits. There are no limits on the dollar amount or percentage that SDCP may invest in collateralized bank deposits.

2. Local Agency Investment Fund (LAIF): Funds may be invested in the Local Agency Investment Fund established by the California State Treasurer for the benefit of local agencies. LAIF’s investments in instruments prohibited by or not specified in SDCP’s policy do not exclude the investment in LAIF itself from SDCP’s list of allowable investments, provided LAIF’s reports allow the Treasurer to adequately judge the risk inherent in LAIF’s portfolio.
53 SDCP Investment Policy | 6

3. US Treasury Obligations: Funds may be invested in United States Treasury obligations with a term to maturity not exceeding five (5) years and subject to the limitations set forth in Sections 53601 et seq. and 53635 et seq.

4. Federal Agency Securities: Funds may be invested in Federal Agency Securities or Government-Sponsored Enterprise (GSE) obligations with a term to maturity not exceeding five (5) years and subject to the limitations set forth in Sections 53601 et seq. and 53635 et seq. No more than 20% of the total portfolio may be invested in callable agency securities and no more than 30% of the total portfolio may be invested in any single Agency/ GSE issuer.

5. Bankers’ Acceptances: Funds may be invested in Banker’s Acceptances provided that they are issued by institutions which have short-term debt obligations rated “A-1” or its equivalent orf better by at least one NRSRO (Nationally Recognized Statistical Rating Organization (NRSRO). Not more than 40% of the portfolio may be invested in Bankers’ Acceptances, and no more than 5% of the portfolio may be invested in any single issuer.

The maximum maturity shall not exceed 180 days.

6. Negotiable Certificates of Deposit: Funds may be invested in negotiable certificates of deposit in accordance with the requirements of Section 53601 and 53601.8, and subject to the following limitations:

A. Issued by an entity as defined in Section 53601(i); and B. No more than 30% of the total portfolio shall be invested in certificates of deposit, no more than 5% of the total portfolio may be invested in any single issuer, and the maximum maturity does not exceed 5 years.

7. Placement Service Deposits: Funds may be invested in deposits placed with a private sector entity that assists in the placement of deposits with eligible financial institutions located in the United States (Section 53601.8). No more than 30% of the total portfolio may be invested in a combination of qualifying placement service deposits. The full amount of principal and the interest that may be accrued during the maximum term of each deposit shall at all times be insured by federal deposit insurance. Under a provision sunsetting on January 1, 2031, no more than 50% of the portfolio may be invested in deposits through a placement service. The maximum maturity shall not exceed five (5) years.The maximum portfolio exposure to the deposits placed pursuant to this section shall be limited by Section 53601.8.

8. Money Market Funds: Funds may be invested in money market funds pursuant to Section 53601(l)(2) and subject to Section 53601(l)(4). No more than 20% of the portfolio may be invested in the shares of any one Money Market Fund. No more than 20% of the total portfolio may be invested in these securities.
54 SDCP Investment Policy | 7

9. Commercial Paper: Funds may be invested in commercial paper of “prime” quality of the highest ranking or of the highest letter and number rating as provided for by an NRSRO.

The entity that issues the commercial paper must meet all of the following conditions in either paragraph A or paragraph B below:

A. The entity meets the following criteria: (i) is organized and operating in the United States as a general corporation, (ii) has total assets in excess of five hundred million dollars ($500,000,000), and (iii) has debt other than commercial paper, if any, that is rated in a rating category of “A” or its equivalent or higher by an NRSRO.

B. The entity meets the following criteria: (i) is organized within the United States as a special purpose corporation, trust, or limited liability company, (ii) has program-wide credit enhancements including, but not limited to, over collateralization, letters of credit, or surety bond, and (iii) has commercial paper that is rated “A-1” or higher, or the equivalent, by an NRSRO.
 No more than 10% of the outstanding commercial paper of any single issuer.  No more than 25% of SDCP’s investment assets under management may be invested in Commercial Paper. Under a provision sunsetting on January 1, 2026, no more than 40% of the total portfolio may be invested in Commercial Paper if SDCP’s investment assets under management are greater than $100,000,000.  No more than 5% of the total portfolio may be invested in any single issuer. The maximum maturity does not exceed 270 days.

10. Medium Term Notes (MTN): The issuer is a corporation organized and operating within the United States or by depository institutions licensed by the United States or any state and operating within the United States. (Section 53601 et seq). The securities are rated in a rating category of “A” or its equivalent or better by at least one NRSRO. No more than 30% of the total portfolio may be invested in MTNs, no more than 5% of the total portfolio may be invested in any single issuer and the maximum maturity does not exceed five (5) years.

11. Pass Thru Securities: Asset-Backed, Mortgage-Backed, Mortgage Pass-Through Securities, and Collateralized Mortgage Obligations (Section 53601 et seq) from issuers not defined in sections 3 and 4 of the Acceptable Investment Types section of this Ppolicy, provided that,: tThe securities are rated in a rating category of “AA” or its equivalent or better by an NRSRO, no more than 20% of the total portfolio may be invested in these securities, no more than 5% of the total portfolio may be invested in any single Asset-Backed or Commercial Mortgage security issuer and the maximum maturity does not exceed five (5) years.

12. Municipal Securities: These include obligations of SDCP, the State of California and any local agency within the State of California ,(Section 53601). provided that,: tThe 55 SDCP Investment Policy | 8
securities are rated in a rating category of “A” or its equivalent or better by at least one nationally recognized statistical rating organization (“NRSRO”)., no more than 5% of the total portfolio may be invested in any single issuer, no more than 30% of the total portfolio may be in Municipal Securities and the maximum maturity does not exceed five (5) years.

13. Municipal Securities:; (Registered treasury notes or bonds) of any of the other 49 states in addition to California, including bonds payable solely out of the revenues from a revenue-producing property owned, controlled, or operated by a state or by a department, board, agency, or authority of any of the other 49 states, in addition to California (Section 53601). The securities are rated in a rating category of “A” or its equivalent or better by at least one NRSRO, no more than 5% of the total portfolio may be invested in any single issuer, no more than 30% of the total portfolio may be in Municipal Securities and the maximum maturity does not exceed five (5) years.

14.Supranationals: Issues are US dollar denominated senior unsecured unsubordinated obligations issued or unconditionally guaranteed by the International Bank for Reconstruction and Development, International Finance Corporation, or Inter-American Development Bank. (Section 53601). The securities are rated in a rating category of “AA” or its equivalent or better by an NRSRO, no more than 30% of the total portfolio may be invested in these securities, no more than 10% of the total portfolio may be invested in any single issue and the maximum maturity does not exceed five (5) years.

15. Local Government Investment Pools (LGIPs): Shares of beneficial interest issued by a Joint Powers Authority (JPA) organized pursuant to California Government Code Section 6509.7 that invest in the securities and obligations authorized in subdivisions (a) to (r), inclusive. Each share shall represent an equal proportional interest in the underlying pool of securities owned by the JPA. To be eligible under this section, the JPA issuing the shares will have retained an investment adviser who is registered with the SEC (or exempt from registration), has assets under management in excess of five hundred million dollars ($500,000,000), and has not less than five years of experience investing in the securities and obligations authorized in subdivisions (a) to (q) of Government Code Section 53601, inclusive.

Prohibited Investment Types
Pursuant to Section 53601.6, SDCP shall not invest Funds in any security that could result in a zero-interest accrual, or less, if held to maturity. These prohibited investments include, but are not limited to, inverse floaters, range notes, or mortgage-derived interest-only strips. The purchase of foreign currency denominated securities is prohibited. The purchase of Crypto Asset Securities is prohibited. The purchase of a security with a forward settlement date exceeding 45 days from the time of the investment is prohibited. Trading securities for the sole purpose of 56 SDCP Investment Policy | 9
speculating on the future direction of interest rates is prohibited. Purchasing or selling securities on margin is prohibited. The use of reverse repurchase agreements, securities lending or any other form of borrowing or leverage is prohibited. SDCP is prohibited from investing in any company or organization whose business do not align with SDCP’s mission, vision, value, and goals.

Investment Portfolio Management
The term to maturity of any Funds invested shall not exceed five (5) years pursuant to Section 53601. The Treasurer will allocate Funds among authorized investments consistent with the objectives and standards of care outlined in this Policy.

Collateralization
Certificates of Deposit (CDs). SDCP shall require any commercial bank or savings and loan association to deposit eligible securities with an agency of a depository approved by the State Banking Department to secure any uninsured portion of a Non-Negotiable Certificate of Deposit.

The value of eligible securities as defined pursuant to California Government Code, Section 53651, pledged against a Certificate of Deposit shall be equal to 150% of the face value of the CD if the securities are classified as mortgages and 110% of the face value of the CD for all other classes of security.

Bank Deposits. This is the process by which Aa bank or financial institution may pledges securities, or other deposits for the purpose of securing repayment of deposited funds. SDCP shall require any bank or financial institution to comply with the collateralization criteria defined in California Government Code, Section 53651.

Risk Management and Diversification
SDCP’s investment portfolio will be diversified to avoid incurring unreasonable and avoidable risks associated with concentrating investments in specific security types, maturity segment, or in individual financial institutions. No more than 5% of the investment portfolio shall be in securities of any one issuer except for U.S. Treasuries, U.S. Government Agency issues, Supranationals and investment pools such as LAIF, and money market funds.

A. Credit Risk: Credit risk, defined as the risk of loss due to failure of the insurer of a security, shall be mitigated by investing in those securities with an “A” or above rating and approved in thise Investment Policy and by diversifying the investment portfolio so that the failure of any one issuer would not unduly harm SDCP’s cash flow. 57 SDCP Investment Policy | 10
B. Market Risk: Market risk or interest rate risk, defined as the risk of market value fluctuations due to overall changes in the general level of interest rates, shall be mitigated by implementing a short term and long-term investment strategies. It is explicitly recognized herein, however, that in a diversified portfolio, occasional measured losses are inevitable and must be considered within the context of overall investment return.

The duration of the portfolio will generally be approximately equal to the duration (typically, plus or minus 20%) of a Market Benchmark, an index selected by SDCP based on SDCP’s investment objectives, constraints and risk tolerances.

B. Credit Rating:

C. This Investment Policy sets forth minimum credit ratings for each type of security. These credit ratings apply to the initial purchase of a security and do not automatically force the sale of a security if the credit ratings of the security fall below the policy limits.

Minimum credit ratings:

1. For securities with maturities of 13 months or less, the rating must be in the highest short-term rating category (without regard to qualification of such rating symbol such as “+” or “- “) by at least one nationally recognized statistical rating organization (the “NRSRO”).

2. For securities with maturities greater than 13 months, the rating must be “A” or higher by at least one NRSRO.

The monitoring of credit ratings consists of the following procedures:

1. When a credit rating downgrade occurs which results in a rating below the minimum credit requirement, SDCP’s Finance Department or external investment adviser will analyze and evaluate the credit rating to determine whether to hold or sell the investment.

2. In the event a security in the Fund receives a credit rating downgrade which results in a rating below the minimum credit rating requirement, SDCP’s Treasurer will report the rating change to the Finance and Risk Management Committee in the monthly public report. In the same manner, the Finance and Risk Management Committee will be informed on the decision to hold or sell a downgraded security.

3. The Investment Officials or authorized employees involved in the investment process and external investment advisers shall meet at least quarterly to review and update the approved list of securities and establish credit criteria for each category of security. 58 SDCP Investment Policy | 11
To ensure that the Fund maintains the highest overall credit rating with the contracted NRSRO, the asset allocation and portfolio holdings will be provided to the contracted NRSRO on a monthly basis.

Brokers
The Treasurer shall endeavor to complete investment transactions in accordance with Section 53601.5, with institutions eligible to transact investment business with SDCP, in accordance with Section 53601.5, includeing:

A. Institutions licensed by the state as a broker-dealer.

B. Institutions that are members of a federally regulated securities exchange.

C. Primary government dealers as designated by the Federal Reserve Bank and non-primary government dealers.

D. Nationally or state-chartered banks.

E. The Federal Reserve Bank.

F. Direct issuers of securities eligible for purchase.

Broker/dealers shall be approved by the Chief Executive Officer upon recommendation by the Treasurer. Selection of broker/dealers shall be based upon the following criteria: the reputation and financial strength of the company or financial institution, the reputation and expertise of the individuals employed, and pursuant to the requirements of Section 53601.5. The Treasurer shall require any selected broker, brokerage firm, dealer, or securities firm to affirm that it has not, within any 48-consecutive month period, made a political contribution to any member of the SDCP Board, or any candidate who may join the SDCP Board in an amount exceeding the limitations contained in Rule G-37 of the Municipal Securities Rulemaking Board, the Political Reform Act, including section 84308, or any applicable SDCP Policy, as amended from time to time. The selected broker or dealers shall be provided with and acknowledge receipt of this Policy.

Losses
Losses are acceptable on a sale before maturity and may be taken if required to meet the liquidity needs of SDCP or if the reinvestment proceeds will earn an income flow with a present value higher than the present value of the income flow that would have been generated by the original investment, considering any investment loss or foregoing interest on the original investment.

Delivery and Safekeeping
The delivery and safekeeping of all securities shall be made through a third-party custodian when practical and cost effective as determined by the Treasurer, or a duly appointed Deputy Treasurer, and in accordance with Section 53608.
59 SDCP Investment Policy | 12
The Treasurer shall review all transaction confirmations for conformity with the original transaction and monitor for excessive trading.

Ethics and Conflict of Interest
The Investment Officials or authorized employees involved in the investment process, shall act as custodians of the public trust and will refrain from personal business activities that could conflict with proper execution of the investment program, or which could impair their ability to make impartial decisions. Investment Officials and any external investment advisers acknowledge that all direct SDCP investments are subject to public review and evaluation.

SDCP Investment Officials involved in the investment process shall refrain from personal business activity that could create a conflict of interest or the appearance of a conflict with proper execution of the investment program, or which could impair their ability to make impartial investment decisions.

SDCP Investment Officials shall disclose to General Counsel or designee (i) any material interests in financial institutions with which they conduct business, and (ii) disclose any personal investments with a direct, indirect or beneficial interest totaling $2,000 or more. Investment Officials shall refrain from undertaking any personal investment transactions with the same individual from the external investment adviser with whom business is conducted on behalf of SDCP.

Investment Officials, pursuant with all applicable laws, shall not accept honoraria, gifts, and gratuities from advisers, brokers, dealers, bankers, or other entity with whom SDCP conducts business.

Any external investment adviser contracted by SDCP will comply with Municipal Securities Rulemaking Board Rule G-37 and shall follow the Investment Adviser Fiduciary Standard established by the U.S. Securities and Exchange Commission.

Internal Controls
The Treasurer is responsible for establishing and maintaining an internal control structure designed to ensure that the assets of the entity are protected from loss, theft or misuse. The internal control structure shall be designed to provide reasonable assurance that these objectives are met.

Accordingly, the Treasurer shall establish and maintain internal controls that shall address the following points:

A. Control of Collusion: Collusion is a situation where two or more employees are working in conjunction to defraud their employer. To achieve a segregation of duties, individuals 60 SDCP Investment Policy | 13
who authorize investment transactions shall not also record or reconcile said transactions.

B. Clear Delegation of Authority to Subordinate Staff Members: Subordinate staff members must have a clear understanding of their authority and responsibilities to avoid improper actions. Clear delegation of authority also preserves the internal control structure that is contingent on the various staff positions and their respective responsibilities.

C. Delivery-Versus-Payment (DVP): All investment transactions shall be conducted on a delivery-versus-payment basis.

D. Safekeeping and Custody: Securities purchased from any bank or dealer, including appropriate collateral (as defined by California Government Code), that are not insured by the FDIC, shall be placed with an independent third party for custodial safekeeping.

To protect against potential losses due to failure of individual securities dealers, and to enhance access to securities, interest payments and maturity proceeds, all cash and securities in SDCP’s portfolio shall be held in safekeeping in SDCP’s name by a third-party custodian, acting as agent for SDCP under the terms of a custody agreement executed by the bank and SDCP. All investment transactions will require a safekeeping receipt or acknowledgment generated from the trade. A monthly report will be received by SDCP from the custodian listing all securities held in safekeeping with current market data and other information. The only exceptions to the foregoing shall be depository accounts and securities purchases made with: (1) local government investment pools; (2) time certificates of deposit, (3) Local Agency Investment Fund, and (4) mutual funds and money market mutual funds, since these securities are not deliverable.

E. Avoidance of Physical Delivered Bearer Securities: Book entry securities are much easier to transfer and account for since actual delivery of a document never takes place.

Bearer securities must be properly safeguarded against loss or destruction. The potential for fraud and loss increases with such securities.

F. Written Confirmation of Telephone Wire Transfers: Due to the potential for error and improprieties arising from telephone transactions, all telephone transactions should be supported by written or electronic communications and approved by the appropriate person. SDCP will consider entering intoDevelopment of a Wire Transfer Agreement with the Lead Bank or Third-Party.

G. Audits: SDCP’s Funds shall be subject to a process of independent review by its external auditors. SDCP’s external auditors shall review the investment portfolio in connection with SDCP’s annual audit for compliance with the Policy pursuant to Section 27134. The results of the audit shall be reported to the Treasurer.

Reports
61 SDCP Investment Policy | 14
A. Monthly: The Treasurer will perform a monthly review of the investment function.

Following the commencement of investment transactions, the Treasurer shall submit a monthly report of all investment transactions to the Finance and Risk Management Committee. Investment transactions are defined as the purchase, sale or exchange of securities.

B. Annually: The Treasurer will submit an annual report to the Finance and Risk Management Committee within 60 days of the end of a fiscal year providing the following:
• A list of individual securities by investment type, issuer, credit risk rating, CUSIP number, settlement date of purchase, date of maturity, par value and dollar amount invested on all securities, and the market value and source of the market value information;
• A statement that the portfolio is in compliance with this Policy and in accordance with Section 53646 or the manner in which the portfolio is not in compliance; and • A statement of SDCP’s ability to meet anticipated cash requirements for the upcoming 12 months.
• The Treasurer shall monitor and evaluate the portfolio’s performance relative to the chosen market benchmark(s), which will be included in the Treasurer’s annual report.

The Treasurer shall select an appropriate, readily available index to use as a market benchmark. Benchmarks may change over time based on changes in market conditions or cash flow requirements.

C. Annual Review: This Policy will be reviewed annually by the Treasurer. The Board is authorized to approve changes to this Policy following the review of proposed changes by the Finance Risk Management Committee.

62 SDCP Investment Policy | 15
Glossary of Investment Terms
ASSET BACKED SECURITIES. Securities supported by pools of installment loans or leases or by pools of revolving lines of credit.

BANKERS’ ACCEPTANCES. A short-term, negotiable, unconditional, and time draft drawn on and accepted by a bank. It is typically used in trade to finance the purchase and sale of goods.

BENCHMARK. A comparison security or portfolio. A performance benchmark is a partial market index, which reflects the mix of securities allowed under a specific investment policy.

BROKER. A broker brings buyers and sellers together for a transaction for which the broker receives a commission. A broker does not sell securities from his own position.

CALLABLE. A callable security gives the issuer the option to call it from the investor prior to its maturity. The main cause of a call is a decline in interest rates. If interest rates decline, the issuer will likely call its current securities and reissue them at a lower rate of interest.

CERTIFICATE OF DEPOSIT (CD). A time deposit with a specific maturity evidenced by a certificate. Large denomination CDs may be marketable.

CERTIFICATE OF DEPOSIT ACCOUNT REGISTRY SYSTEM (CDARS). A private placement service that allows local agencies to purchase more than $250,000 in CDs from a single financial institution (must be a participating institution of CDARS) while still maintaining FDIC insurance coverage. CDARS is currently the only entity providing this service. CDARS facilitates the trading of deposits between the California institution and other participating institutions in amounts that are less than $250,000 each, so that FDIC coverage is maintained.

COLLATERAL. Securities or cash pledged by a borrower to secure repayment of a loan or repurchase agreement. Also, securities pledged by a financial institution to secure deposits of public monies.

COLLATERALIZED MORTGAGE OBLIGATIONS (CMO). Classes of bonds that redistribute the cash flows of mortgage securities (and whole loans) to create securities that have different levels of prepayment risk, as compared to the underlying mortgage securities.

COMMERCIAL PAPER. The short-term unsecured debt of corporations.

COUPON. The rate of return at which interest is paid on a bond.

CREDIT RISK. The risk that principal and/or interest on an investment will not be paid in a timely manner due to changes in the condition of the issuer. 63 SDCP Investment Policy | 16
CRYPTO ASSET. Digital assets that use public ledgers over the internet to prove ownership.

They use cryptography, peer-to-peer networks and a distributed ledger technology (DLT) – such as blockchain – to create, verify and secure transactions.

CUSIP. Committee on Uniform Securities Identification Procedures. A CUSIP number identifies most financial instruments, including: stocks of all registered U.S. and Canadian companies, commercial paper, and U.S. government and municipal bonds.

DEALER. A dealer acts as a principal in security transactions, selling securities from and buying securities for his own position.

DELIVERY vs PAYMENT (DVP). A securities industry procedure whereby payment for a security must be made at the time the security is delivered to the purchaser’s agent.

DISCOUNT. The difference between the par value of a bond and the cost of the bond, when the cost is below par. Some short-term securities, such as T-bills and banker’s acceptances, are known as discount securities. They sell at a discount from par, and return the par value to the investor at maturity without additional interest. Other securities, which have fixed coupons, trade at a discount when the coupon rate is lower than the current market rate for securities of that maturity and/or quality.

DIVERSIFICATION. Dividing investment funds among a variety of investments to avoid excessive exposure to any one source of risk.

DURATION. The weighted average time to maturity of a bond where the weights are the present values of the future cash flows. Duration measures the price sensitivity of a bond to changes in interest rates. (See modified duration).

FEDERAL FUNDS RATE. The rate of interest charged by banks for short-term loans to other banks. The Federal Reserve Bank through open-market operations establishes it.

ISSUER. The entity identified as the counterparty or obligator related to a security trade.

INVERSE FLOATER. A bond or other type of debt whose coupon rate has an inverse relationship to a benchmark rate.

INVESTMENT OFFICIALS. This includes any applicable SDCP staff participating in the investment process; SDCP Treasurer; SDCP Deputy Treasurer(s); and SDCP Board of Directors.

LEVERAGE. Borrowing funds in order to invest in securities that have the potential to pay earnings at a rate higher than the cost of borrowing.

LIQUID. Term for securities that can be converted to cash quickly.

LIQUIDITY. The speed and ease with which an asset can be converted to cash. 64 SDCP Investment Policy | 17
LOCAL AGENCY INVESTMENT FUND (LAIF). A voluntary investment fund open to government entities and certain non-profit organizations in California that is managed by the State Treasurer’s Office.

LOCAL GOVERNMENT INVESTMENT POOL. Investment pools that range from the State Treasurer’s Office Local Agency Investment Fund (LAIF) to county pools, to Joint Powers Authorities (JPAs). These funds are not subject to the same SEC rules applicable to money market mutual funds.

MARGIN. The difference between the market value of a security and the loan a broker makes using that security as collateral.

MARKET RISK. The risk that the value of securities will fluctuate with changes in overall market conditions or interest rates.

MARKET VALUE. The price at which a security can be traded.

MATURITY. The final date upon which the principal of a security becomes due and payable.

MEDIUM TERM NOTES. Unsecured, investment-grade senior debt securities of major corporations which are sold in relatively small amounts on either a continuous or an intermittent basis. MTNs are highly flexible debt instruments that can be structured to respond to market opportunities or to investor preferences.

MODIFIED DURATION. The percent change in price for a 100 basis point change in yields.

Modified duration is the best single measure of a portfolio’s or security’s exposure to market risk.

MONEY MARKET. The market in which short-term debt instruments (T-bills, discount notes, commercial paper, and banker’s acceptances) are issued and traded.

MORTGAGE BACK SECURITY. Debt obligations that represent claims to the cash flows from pools of mortgage loans, most commonly on residential property.

MORTGAGE-DERIVED INTEREST-ONLY STRIPS. A financial product created by separating the interest and principal payments of a mortgage-backed security.

MORTGAGE PASS-THROUGH SECURITIES. A securitized participation in the interest and principal cash flows from a specified pool of mortgages. Principal and interest payments made on the mortgages are passed through to the holder of the security.

MUNICIPAL SECURITIES. Securities issued by state and local agencies to finance capital and operating expenses.

MUTUAL FUND. An entity which pools the funds of investors and invests those funds in a set of securities which is specifically defined in the fund’s prospectus. Mutual funds can be invested in various types of domestic and/or international stocks, bonds, and money market 65 SDCP Investment Policy | 18
instruments, as set forth in the individual fund’s prospectus. For most large, institutional investors, the costs associated with investing in mutual funds are higher than the investor can obtain through an individually managed portfolio.

NATIONALLY RECOGNIZED STATISTICAL RATING ORGANIZATION (NRSRO). A credit rating agency that the Securities and Exchange Commission in the United States uses for regulatory purposes. Credit rating agencies provide assessments of an investment's risk. The issuers of investments, especially debt securities, pay credit rating agencies to provide them with ratings. The three most prominent NRSROs are Fitch, S&P, and Moody's.

NEGOTIABLE CD. A short-term debt instrument that pays interest and is issued by a bank, savings or federal association, state or federal credit union, or state-licensed branch of a foreign bank. Negotiable CDs are traded in a secondary market and are payable upon order to the bearer or initial depositor (investor).

PREMIUM. The difference between the par value of a bond and the cost of the bond, when the cost is above par.

RANGE NOTES. A structured investment where the coupon is linked to the performance of a reference index
REPURCHASE AGREEMENT. Short-term purchases of securities with a simultaneous agreement to sell the securities back at a higher price. From the seller’s point of view, the same transaction is a reverse repurchase agreement.

SAFEKEEPING. A service to bank customers whereby securities are held by the bank in the customer’s name.

SUPRANATIONAL. A Supranational is a multi-national organization whereby member states transcend national boundaries or interests to share in the decision making to promote economic development in the member countries.

TOTAL RATE OF RETURN. A measure of a portfolio’s performance over time. It is the internal rate of return, which equates the beginning value of the portfolio with the ending value; it includes interest earnings, realized and unrealized gains, and losses in the portfolio.

U.S. TREASURY OBLIGATIONS. Securities issued by the U.S. Treasury and backed by the full faith and credit of the United States. Treasuries are considered to have no credit risk, and are the benchmark for interest rates on all other securities in the US and overseas. The Treasury issues both discounted securities and fixed coupon notes and bonds.

TREASURY BILLS. All securities issued with initial maturities of one year or less are issued as discounted instruments, and are called Treasury bills. The Treasury currently issues three- and six-month T-bills at regular weekly auctions. It also issues “cash management” bills as needed to smooth out cash flows.
66 SAN DIEGO COMMUNITY POWER
Staff Report – Item 4
______________________________________________________________________ TO: Finance and Risk Management Committee
FROM: Dr. Eric Washington, Chief Financial Officer
Tim Manglicmot, Director of Finance
VIA: Karin Burns, Chief Executive Officer
SUBJECT: Recommend Board Adoption of Resolution No. 2025-09, Approving a Disposal of Surplus Property Policy
DATE: August 21, 2025
______________________________________________________________________ RECOMMENDATION:

Recommend Board adoption of Resolution No. 2025-09, approving a Disposal of Surplus Property Policy.

BACKGROUND:

On October 1, 2019, the Founding Members of San Diego Community Power (Community Power) adopted the Joint Powers Agreement (JPA) which was amended and restated on December 16, 2021.

Section 3.2.12 of the JPA specifies that the Community Power Board of Directors (Board) may at its discretion adopt rules, regulations, policies, bylaws and procedures governing the operation of Community Power.

Further, Section 4.5.5 of the JPA states that one of the general purposes of the Board is to set policy.

ANALYSIS AND DISCUSSION:

An analysis of policies identified the need to adopt a policy governing the disposal of surplus property. Surplus property is defined broadly as all furniture, equipment, or other tangible assets owned by Community Power that is determined by the Chief Executive Officer (CEO) to be obsolete, damaged, or no longer useable by Community Power.

Under the proposed policy, the Chief Executive Officer (CEO) shall review an annual list of surplus property and ensure its disposal in accordance with this policy. Disposal of property valued at $25,000 or more at the time of surplus will be approved by the Board 67 of Directors. Property valued below $25,000 will be disposed on the approval of the CEO, and property considered de minimis in value, which is defined as below $500, can be disposed without any formal process.

The methods of disposal may include auction, direct donation, recycling, or as regular waste. All disposal of individual Surplus Property that is not of di minimis value must be recorded and reported to the Board. Any proceeds from the disposition of the Surplus Property are required to be deposited into Community Power’s operating budget.

FISCAL IMPACT:

N/A
STRATEGIC PLAN:

This policy furthers the Strategic Planning goal of continuing to enhance financial controls and policies to meet or exceed best practices, including contracting, risk management, and procurement.

ATTACHMENTS:

Attachment A: Resolution No. 2025-09, approving Disposal of Surplus Property Policy Exhibit A: Community Power Disposal of Surplus Property Policy 68 ITEM 4

ATTACHMENT A
69 RESOLUTION NO. 2025-09

A RESOLUTION OF THE BOARD OF DIRECTORS OF SAN DIEGO

COMMUNITY POWER (COMMUNITY POWER), ESTABLISHING

PROCEDURES FOR DISPOSAL OF SURPLUS PROPERTY
OWNED BY COMMUNITY POWER.

A. San Diego Community Power (Community Power) is a joint powers agency formed pursuant to the Joint Exercise of Powers Act (Cal. Gov. Code § 6500 et seq.), California Public Utilities Code § 366.2, and a Joint Powers Agreement effective on October 1, 2019, and amended and restated December 16, 2021 (JPA Agreement).

B. Pursuant to Section 3.2, Specific Powers. Specific powers of Community Power shall include, but not be limited to, each of the following powers, which may be exercised at the discretion of the Board:

3.2.4, the Board may acquire property for electric generation/interconnection purposes by eminent domain, or otherwise, except as limited under Section 6508 of the Act and Sections 3.6 and 4.12.3 of this Agreement, and to hold or dispose of any property; provided, however, SDCP shall not exercise the power of eminent domain within the jurisdiction of a Party over its objection.

C. Surplus Property is defined as all furniture, equipment or other tangible assets owned by Community Power that is determined by the Chief Executive Officer to be obsolete, damaged, or no longer usable by Community Power.

D. On an annual basis, Community Power shall review and inventory all property and equipment to compile a listing of property, for presentation to the CEO, as Surplus Property. The CEO will review the listing of Surplus Property and ensure the disposal of the Surplus Property in accordance with this Policy.

NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of San Diego Community Power as follows:

Section 1. The Board of Directors of Community Power wish to establish a Surplus Policy attached as an exhibit to this Resolution.

Section 2. This resolution shall take effect immediately upon its adoption. 70 2
R2025-09
PASSED AND ADOPTED at a meeting of the Board of Directors of San Diego Community Power held on August 28, 2025.

AYES:

NOES:

ABSTAIN:

ABSENT:
__________________________________________
,Chair
San Diego Community Power
ATTEST: APPROVED AS TO FORM:
___________________________ ___________________________ Maricela Hernandez, MMC, CPMC Veera Tyagi, General Counsel Clerk of the Board/Board Secretary San Diego Community Power San Diego Community Power
71 ITEM 4

EXHIBIT A
72 1

BOARD POLICY
Policy Disposal of Surplus
Property
Original Adoption Date August 28, 2025
Approval Date August 28, 2025 Resolution No. 2025-009
PURPOSE AND SCOPE:

This policy establishes the requirements for disposal of Surplus Property owned by San Diego Community Power (“Community Power”).

DEFINITIONS:

Surplus Property is defined as all furniture, equipment, or other tangible assets owned by Community Power that is determined by the Chief Executive Officer (CEO) to be obsolete, damaged, or no longer useable by Community Power.

POLICY STATEMENT:

On an annual basis, Community Power shall review and inventory all property and equipment to compile a listing of property, for presentation to the CEO, as Surplus Property. The CEO will review the listing of Surplus Property and ensure the disposal of the Surplus Property in accordance with this Policy.

CATEGORIES OF SURPLUS PROPERTY:

1. Property Valued at $25,000 or more. For Surplus Property that is a capital asset and has, individually, an estimated market value exceeding $25,000 or more at the time of surplus, disposal of such property must be approved by the Board of Directors of Community Power. Upon approval, the CEO may dispose of such property from the methods listed below, taking into consideration the type of property, condition of the property, and circumstances under which disposal is deemed necessary, provided that the CEO shall, within a reasonable period of time, provide a report back to the Board regarding such disposal at a regular meeting.

2. Property Valued Under $25,000. The CEO will determine how to dispose of individual Surplus Property with an estimated market value of less than $25,000 at the time of surplus, from the methods listed below, taking into consideration the type of property, condition of the property, and circumstances under which disposal is deemed necessary. To the extent any Surplus Property is not capitalized by Community Power accounting, then such Surplus Property shall be presumed to fall within this category. The CEO shall, within a reasonable period of time, provide a report to the Board regarding such disposal at a regular meeting. 73 2

3. Property of De Minimis Value. For property of de minimis value, Community Power staff shall be able to recycle or discard such property from time to time if Community Power staff deems such property to be obsolete, damaged, or no longer useable by Community Power. For purposes of this Policy, “property of de minimis value” means any individual property with value of less than $500 such as used office supplies or kitchen supplies.

METHODS TO DISPOSE OF SURPLUS PROPERTY:

1. Auction. Sale by auction or direct solicitation of bids.

2. Direct Donation. Donation of Surplus Property directly to any California public institution, including but not limited to, public libraries, school districts, or interested 501(c)(3) charities.

3. Certain Electronic Equipment. Surplus electronic equipment such as hard drives and other recordable media (rewritable and non-rewritable) will not be included in any auction, direct donation, or other routine means of disposing of equipment (e.g., E-waste recycling, etc.) without proper sanitization. a. All hard drives and other rewriteable media shall be sanitized according to US Department of Defense (“DoD”) data sanitization standard (DoD 5220.22-M).
b. Community Power IT staff will physically destroy, or make arrangements for the physical destruction of, any rewritable and non-rewriteable media such as CDs, DVDs, and USB Drives.

4. E-waste Recycling. Computers, monitors, DVD players, fax machines, and other types of electronic products may be E-waste recycled.

5. Other Recycling. If the Surplus Property cannot be reused by a third party, it should be recycled, if possible. If the Surplus Property cannot be reused or recycled, then it shall be discarded (see also Property of De Minimis Value section above).

DOCUMENTATION AND PROCEEDS FROM THE SALE OF SURPLUS PROPERTY:

1. Documentation. For the disposal of all property that is not of de minimis value, Community Power staff will indicate on a Disposal of Surplus Property form that said item has been deemed Surplus Property and will include, at a minimum, the description of disposition method, date of the disposition, and any proceeds from said 74 3
disposition. This form and related supporting documents should be submitted to the Finance Department for the timely updating of property inventory and accounting records.

2. Proceeds. The proceeds from the sale of any Surplus Property will be deposited into the Community Power Operating Fund and accounted for in accordance with Generally Accepted Accounting Principles.

Prior Versions:

N/A
75 SAN DIEGO COMMUNITY POWER
Staff Report – Item 5
______________________________________________________________________ TO: Finance and Risk Management Committee
FROM: Chandra Pugh, Senior Director of People Operations and Administrative Services
VIA: Karin Burns, Chief Executive Officer
SUBJECT: Recommend Board Adoption Resolution No. 2025-10, Requesting CalPERS to Authorize the Division Vote of Community Power Employees to Participate in Social Security, and Upon Receiving Authorization, Authorize Community Power to Conduct the Division Vote
DATE: August 21, 2025
______________________________________________________________________ RECOMMENDATION:

Recommend Board adoption of Resolution No. 2025-10, requesting CalPERS to authorize the division vote of Community Power employees to participate in Social Security and for Community Power to conduct the division vote upon receiving said authorization.

BACKGROUND:

Community Power and employees have been contributing to Social Security since the agency’s inception. In 2021, a 401(a) plan was established to which Community Power contributes an amount equal to 10% of the employee’s salary for the employee’s benefit.

To continue Social Security participation, Community Power needs a Section 218 Agreement with the Social Security Administration (SSA) in order to cover former, present, and future employees. In California, the Section 218 Agreement is administered through CalPERS. Community Power is working closely with CalPERS to put a Section 218 Agreement in place.

ANALYSIS AND DISCUSSION:

To establish a Section 218 Agreement covering Community Power employees, a division vote will be conducted in which employees can opt in or opt out of Social Security at that time.
• “Opt in” means the employee stays in Social Security – status quo • “Opt out” means the employee will no longer participate in Social Security 76 Former employees and future employees will be opted into Social Security as long as at least one employee opts in. To initiate the process, CalPERS requires Board adoption of Resolution No. 2025-10, which requests CalPERS to authorize the division vote and upon receiving authorization, authorizing Community Power to conduct the vote after providing proper notice to eligible employees. After Board adoption of the resolution, eligible employees will be provided at least 90 days’ notice for the vote.

FISCAL IMPACT:

One-time fee: There is a one-time fee of $650 to establish the Section 218 Agreement.

Annual Fee: An annual fee will also apply, which may vary each fiscal year based on the number of employees reported to CALPERS but is expected to be approximately $200 per year.

ATTACHMENTS:

A: Resolution No. 2025-10 Requesting CalPERS to Authorize the Division Vote of Community Power Employees to Participate in Social Security and Upon Receiving Authorization, Authorize Community Power to Conduct the Division Vote 77 ITEM 5

ATTACHMENT A
78

RESOLUTION NO. 2025-10

A RESOLUTION OF THE BOARD OF DIRECTORS OF SAN DIEGO

COMMUNITY POWER REQUESTING CALPERS TO AUTHORIZE THE

DIVISION VOTE OF COMMUNITY POWER EMPLOYEES TO PARTICIPATE

IN SOCIAL SECURITY AND UPON RECEIVING AUTHORIZATION, FOR COMMUNITY POWER TO CONDUCT THE DIVISION VOTE.

WHEREAS, the San Diego Community Power hereinafter designated as "Public Agency", desires to establish a "deemed" retirement system pursuant to Section 218(d)(6) of the Federal Social Security Act composed of positions of members of the San Diego Community Power Money Purchase Plan by Empower Retirement hereinafter designated as "Present Retirement System", desiring coverage, and to include services performed by individuals employed by the Public Agency in positions covered by said "deemed" retirement system, as members of a coverage group established by Section 218(d)(4) of said Act, in the California State Social Security Agreement of March 9, 1951, providing for the coverage of public employees under the insurance system established by said Act as amended; and
WHEREAS, State and Federal law and regulations require, as a condition of such coverage, that a division be authorized by the Board of Administration, Public Employees' Retirement System; and WHEREAS, it is necessary that the "Public Agency" now designate any services which it desires to exclude from coverage with respect to such coverage group under said insurance system; and
WHEREAS, it is necessary for the Public Agency to set forth the modification, if any, of the benefits and contributions under the Present Retirement System that may result from coverage under the said insurance system with respect to such coverage group;
NOW, THEREFORE, BE IT RESOLVED, that the Board of Administration, Public Employees' Retirement System, be and hereby is requested to authorize the foregoing division; and
BE IT FURTHER RESOLVED, that upon receipt of authorization from the Board of Administration a division shall be conducted in accordance with the requirements of Section 218(d) of the Social Security Act, and applicable State and Federal laws and regulations; that each eligible member of the Present Retirement System at the time of the division shall be furnished a form to permit the member to elect whether or not his services should be excluded from or included under the said California State Social Security Agreement as hereinbefore provided; with such coverage effective as to services performed on and after January 1, 2021; and
79

BE IT FURTHER RESOLVED, that the following services with respect to said coverage group of the Public Agency shall be excluded from coverage under said agreement:

1. All services excluded from coverage under the agreement by Section 218 of the Social Security Act; and

2. Services excluded by option of the Public Agency (Check a. or b.; fill in part b if checked):
a. No optional exclusions desired.
b. Service performed:

BE IT FURTHER RESOLVED, that with respect to the said coverage group the benefits and contributions of the Present Retirement System shall not be modified in any way; and
BE IT FURTHER RESOLVED, that notice of the division shall be given to members of the Present System not less than ninety days prior to the date of the division; provided, however, that notice shall be given to employees becoming members of the Present Retirement System after the date of such notice up to and including the date of the division on the date on which they attain membership in the system; and that San Diego Community Power is hereby designated and appointed to conduct such division on behalf of the Public Agency in accordance with law, regulations, and this resolution, including the fixing of the date and the giving of proper notice thereof to members of the Present Retirement System and to all such eligible employees; and 80

BE IT FURTHER RESOLVED, that the Public Agency will pay and reimburse the State at such time and in such amounts as may be determined by the State the approximate cost of any and all work and services relating to such division.

PASSED, APPROVED AND ADOPTED at a meeting of the Board of Directors of San Diego Community Power held on August 28, 2025, with the following vote.

AYES:

NOES:

ABSTAINED:

ABSENT:
_____________________________
, Chair
Board of Directors
San Diego Community Power
ATTEST: APPROVED AS TO FORM:
________________________________ ______________________________ Maricela Hernandez, MMC, CPMC Veera Tyagi, General Counsel Clerk of the Board/Secretary San Diego Community Power
San Diego Community Power

CERTIFICATION
I, Maricela Hernandez, Secretary of the San Diego Community Power Board of Directors, State of California, do hereby certify the foregoing to be a full, true, and correct copy of Resolution No. 2025-10 adopted by the San Diego Community Power Board of Directors of the San Diego Community Power at the regular meeting held on the 28th day of August, 2025, as the same appears of record in my office.

Signature
Secretary, San Diego Community Power
Board of Directors ______________________
Title
Date
81 SAN DIEGO COMMUNITY POWER
Staff Report – Item 6
______________________________________________________________________ TO: Finance and Risk Management Committee
FROM: Dr. Eric Washington, Chief Financial Officer
Jeb Spengler, Strategic Finance Manager
VIA: Karin Burns, Chief Executive Officer
SUBJECT: Update on Results from Clean Energy Prepayment Bond Transaction No. 2
DATE: August 21, 2025
______________________________________________________________________ RECOMMENDATION:

Receive and file the update for the Clean Energy Prepayment Bond finance initiative.

BACKGROUND:

Municipal electric, gas utilities, and tax-exempt entities such as community choice aggregators (CCAs) in the United States (US) can prepay for a supply of electricity or natural gas from a taxable (corporate) entity and fund that prepayment with tax-exempt municipal bonds. These entities must sell that commodity to retail end-users within their traditional service area.

Prepayment transactions are legal and codified in US Tax Law. Since the first natural gas prepayments were made in the early 1990s, the Internal Revenue Service (IRS) issued rules allowing tax-exempt prepayments, and Congress enacted legislation specifically allowing the transactions (National Energy Policy Act of 2005; Section 1327).

Prepayments have saved utility ratepayers (natural gas, electricity from gas-fired power plants, and energy from renewable power projects) billions of dollars in reduced rates and energy charges and are anticipated to continue to do so over the 30-year life of the transactions.

Previous Clean Energy Prepay Transaction
Community Power executed the first energy prepay transaction in November 2024, issuing bonds through the California Community Choice Financing Authority (“CCCFA”), a Joint Powers Authority in which Community Power is a member. The average annual 82 savings in energy costs from the first transaction equal approximately $6.8 million between 2025 and 2032.
2025 Clean Energy Prepay Transaction
On June 26, 2025, the Board received an overview presentation by staff regarding energy prepayment transactions and approved and adopted a Resolution authorizing staff to proceed with the transaction subject to the following parameters (all of which were met):
• That the aggregate bond principal will not exceed $1.5 billion; • That the minimum “Prepaid Discount” shall be at least 8%. This establishes the minimum cost savings;
• That the fees of the transaction will not exceed 1% of the bond issuance amount; • That the Bonds are not obligations of Community Power.

Community Power’s second clean energy prepayment bond sale occurred July 15, 2025, and achieved the following results:

Bond Size: $1,005,685,000
Initial tenor of bonds: July 1, 2034
Final bond maturity date: October 1, 2055
Savings through July 1, 2034: $54.1 million (~$6.2 million annually) Together with the savings from the first prepay transaction, Community Power has generated average annual savings of approximately $13 million. The savings from the first prepay transaction are locked in until 2032 while the savings on the second prepay transaction are locked in until 2034. After the initial tenor period, the bonds are repriced, and a new savings level is locked in at an additional minimum discount rate.

ANALYSIS AND DISCUSSION:

Clean Energy Prepay Structure Summary
An energy prepayment, or 'prepay,' is a long-term financial arrangement designed for municipal utilities and tax-exempt entities like Community Choice Aggregators (CCAs).

This structure offers the potential for significant cost savings on power procurement. • Participants: A tax-exempt Load Serving Entity (LSE), like Community Power, known as the "Prepay Buyer," and a taxable financial counterparty (usually a bank), referred to as the "Prepay Supplier." The bonds are issued through a third-party conduit issuer (CCCFA) where CCCFA acts as the Counterparty to both the LSE and the Prepay Supplier for the underlying transaction agreements. • Agreement: The LSE and Prepay Supplier enter into a 30-year power supply contract.
83 • Process: The LSE assigns its existing power supply contracts to the Prepay Supplier. The Prepay Supplier then pays the contract price to the Power Purchase Agreement (PPA) provider.
• Payments: The LSE pays the Prepay Supplier at a discounted rate, which is predetermined in the prepay documents for the bond's initial term. This rate is influenced by the spread between taxable and tax-exempt bond interest rates. • Savings: The availability of the taxable and tax-exempt interest rate spread is critical for the LSE to achieve savings through the prepay structure. • Repricing: At future bond repricing periods, the discount rate will be reset, with a negotiated minimum discount rate.

TIMELINE
Staff is providing an update and presentation to the Community Advisory Committee on San Diego Community Power’s second clean energy prepayment bond financing. Below is the timeline for which the transaction occurred.
• May 22, 2025: Board approves VAMO energy purchase with Clean Power Alliance • June 11, 2025: Scheduled Kestrel Green Bond certification interview • June 12, 2025: FRMC – Presentation and recommendation for Board approval on prepay Resolution to authorize a second prepay transaction with parameters and documents utilizing the same project participants as first transaction • June 26, 2025: Board – Presentation on second prepay Resolution to authorize prepay transaction parameters and documents
• July 15, 2025: Bond Pricing
• July 25, 2025: Bond Closing
• September 1, 2025: Energy cost savings begin on prepay transaction #2 FISCAL IMPACT:

N/A
STRATEGIC PLAN:

This activity supports the strategic plan goal of delivering affordable, clean energy by reducing power costs for Community Power and its customers.

ATTACHMENTS:

A: Official Statement
84 ITEM 6

ATTACHMENT A
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