2 Finance and Risk
Management Committee
Regular Meeting
November 13, 2025
3 Welcome and Call to Order
4 Roll Call
55 6
Land Acknowledgement
7 Items to be Withdrawn or
Reordered on the Agenda
8 Public Comment on non-Agenda Items
9 Consent
Calendar
1. Approve October 16, 2025, Meeting
Minutes
2. Approve 2026 Meeting Schedule
10 Public Comment on Consent Calendar
11 Regular
Agenda
3. Fiscal Year End 2024-25 Financial Audit
4. Treasurer’s Report for Period Ending
August 31, 2025
12 Item No. 3
Fiscal Year End 2024-
25 Financial Audit
Recommendation:
Receive and File Fiscal Year End 2024-25
Financial Audit.
Presenter:
Dr. Eric Washington, Chief Financial Officer/Treasurer
Kellin Gilbert and Alauna Rico, Sorren
13 sorren.com
San Diego Community Power
Finance & Risk Management Committee
November 13, 2025
14 Introduction
Kellin Gilbert, CPA
Audit Partner
17 years in public accounting and performing audits of government entities Currently working with several CCA’s throughout California Aliandra Schaffer
Engagement Supervisor
6 years in public accounting and performing audits of governments (CCA’s) Alauna Rico
Audit Senior Associate
4 years in public accounting and performing audits of governments (CCA’s) 15 Results of Current Year Audit
Following up on our presentation from October 16th, 2025:
The 2025 audit is complete. We have reported the following:
• Unmodified opinion – Based on our audit, the financial statements are materially accurate.
• No significant deficiencies or material weakness in internal control noted. 16 Required Board Communications
As discussed in Note 13, Community Power adopted GASB 102 through 104 which did not have a material effect on the financial statements.
We did not propose any adjustments to the financial statements. We did not identify any significant or unusual transactions or applications of accounting principles where a lack of authoritative guidance exists.
There have been no disagreements with management concerning the scope of our audit and we have not encountered any difficulties in dealing with management during the performance of our audit.
We issued a letter to the Board of Directors dated October 30th detailing these required communications.
17 Kellin Gilbert
Partner
[email protected]
(707) 577-1511
sorren.com
18 Public Comment on
Item No. 3
19 Item No. 3
Committee Members
Comments or
Questions
Fiscal Year End 2024-25
Financial Audit
Recommendation:
Receive and File Fiscal Year End 2024-25
Financial Audit.
20 Item No. 4
Treasurer’s Report for
Period Ending
August 31, 2025
Presenter:
Dr. Eric Washington, Chief Financial Officer/Treasurer
Recommendation: Receive and file
Community Power’s revisions to the existing
Net Energy Metering Tariff/Program (NEM)
and to the existing Net Billing Tariff (NBT) and
Community Power’s establishment of the new
Net Billing Tariff Virtual (NBT-V) and a Net
Billing Tariff Aggregation (NBT-A) for all new
customers who elect this and who have
installed onsite generation on or after
February 15, 2024 that qualifies for the tariff
and for existing customers transitioning out of
the Virtual Net Energy Metering Tariff (VNEM)
or the Net Energy Metering Aggregation Tariff
(NEMA) following the conclusion and/or
termination of their 20-year VNEM or NEMA
legacy period.
Recommendation:
Receive and File Treasurer’s Report for Period
Ending August 31,2025.
21 Results for the period overperformed overall
compared to the amended budget:
• Net operating revenues 2.9 percent under
budget.
• Operating expenses came in
(6.0) percentage points under budget.
Financial results for YTD FY26:
• $308.7M in net operating revenues
• $250.7M in total expenses (including
energy costs of $223.2M)
• $58.0M change in YTD net position
Item 4: Treasurer’s report
$-
$50,000,000
$100,000,000
$150,000,000
$200,000,000
$250,000,000
$300,000,000
$350,000,000
Net Operating Revenues Total Expenses Change in Net Position YTD FY26 Results v. Budget
YTD FY26 as of 8/31/25 (2 months) FY26 YTD Budget
YTD FY26 as of
8/31/25 (2 months) FY26 YTD Budget Budget Variance ($) Budget (%) Net Operating Revenues $ 308,705,258 $ 318,035,000 $ (9,329,742) 97.1% Total Expenses $ 250,721,716 $ 266,459,000 $ (15,737,284) 94% Change in Net Position $ 57,983,543 $ 51,576,000 $ 6,407,543 Budget Comparison
22 $M $50M $100M $150M $200M
Item 4: Treasurer’s Report
$M $200M $400M $600M
$58M
Reserve
Contribution
FY 2025-26 YTD
$667M
Total Liquidity
FY 2025-26 YTD
$0M
Outstanding
Debt
FY 2025-26 YTD
88%
Percent Reserve
Goal Met
FY 2025-26
CONTRIBUTION RESERVES
GOAL DEBT
Reserve contribution
for the fiscal year
Outstanding Debt
FY26 YTD
Total available
liquidity FY26 YTD
$499M 180-DCOH
Reserve Target FY26
$499M
$58M Actual
FYTD $51.5M Budget
FYTD
$439.9M
Cash + investments
$227.5M
LOC
$M $20M $40M $60M
Cash
88%
Unmet
Reserves
12%
23 159
Days
Cash on Hand
241
Days
Cash on Hand with
Total Liquidity
Item 4: Treasurer’s report
24 Item 4: Treasurer’s Report
25 Public Comment on
Item No. 4
26 Item No. 4
Committee Members
Comments or
Questions
Treasurer’s Report for
Period Ending August
31, 2025
Recommendation:
Receive and File Treasurer’s Report for
Period Ending August 31, 2025.
27 Committee Member Announcements
28 Adjournment
29 Next Regular Finance and
Risk Management
Committee Meeting
December 4, 2025
[email protected]