Item 10
VALLEY CLEAN ENERGY ALLIANCE
Staff Report – Item 10
TO: Board of Directors
FROM: Mitch Sears, Executive Officer
Edward Burnham, Director of Finance & Internal Operations SUBJECT: Customer Dividend and Programs Allocation Report DATE: May 12, 2022
RECOMMENDATIONS
Informational Report
OVERVIEW
The Board adopted the VCE Rate Structure & Dividend Program Guidelines on June 17, 2019, to be effective starting at the beginning of the following fiscal year on July 1, 2019. The FY 2021/22 (6-month) audited financials resulted in a net loss of $3.1M for the fiscal year ending on December 31, 2021. The annual net loss of $3.1M for FY 2021/22 did not meet the threshold (profitability) to allocate reserves to customer dividend(s) and the local program reserve.
CONCLUSION
No cash reserve allocation will be contributed to customer dividends and the local program reserve.