Item 6A & 6B
VALLEY CLEAN ENERGY ALLIANCE
Staff Report – Item 6A
______________________________________________________________________________ TO: Board of Directors
FROM: Mitch Sears, Executive Director
Edward Burnham, Finance and Operations Director
SUBJECT: Financial Update – June 30, 2022 (unaudited) financial statements (with comparative year to date information) and Actual vs. Budget year to date ending June 30, 2022
DATE: September 8, 2022
RECOMMENDATION:
Accept the following Financial Statements (unaudited) for the period of June 1, 2022 to June 30, 2022 (with comparative year to date information) and Actual vs. Budget year to date ending June 30, 2022.
BACKGROUND & DISCUSSION:
The attached financial statements are prepared in a form to satisfy the debt covenants with River City Bank pursuant to the Line of Credit and are required to be prepared monthly.
The Financial Statements include the following reports:
• Statement of Net Position
• Statement of Revenues, Expenditures and Changes in Net Position • Statement of Cash Flows
In addition, Staff is reporting the Actual vs. Budget variances year to date ending June 30, 2022.
Financial Statements for the period June 1, 2022 – June 30, 2022 In the Statement of Net Position, VCEA, as of June 30, 2021, has a total of $5,129,922 in its checking, money market and lockbox accounts, $1,100,000 restricted assets for the Debt Service Reserve account, $1,998,276 restricted assets related to supplier deposits, and $1,011 restricted assets for the Power Purchases Reserve account. VCE has incurred obligations from Member agencies and owes as of June 30, 2021, $84,693. VCE member obligations are incurred monthly due to staffing, accounting, and legal services.
Item 6A & 6B
The term loan with River City Bank includes a current portion of $970,579. The line of credit with the County of Yolo has an outstanding balance of $3,000,000. On June 30, 2022, VCE’s net position is $10,759,456.
In the Statement of Revenues, Expenditures, and Changes in Net Position, VCEA recorded $ 9,666,691 of revenue (net of allowance for doubtful accounts), of which $9,268,140 was billed in June, and $4,554,979 represent estimated unbilled revenue. The cost of the electricity for the June revenue totaled $7,363,824. For June, VCEA’s gross margin was approximate 24% and net income totaled $1,902,966.
The year-to-date change in net position was $747,835.
In the Statement of Cash Flows, VCEA cash flows from operations were ($221,060) due to June cash receipts of revenues being less than the monthly cash operating expenses.
Actual vs. Budget Variances for the year to date ending June 30, 2022 Below are the financial statement line items with variances >$50,000 and 5% • Electric Revenue – ($1,973,537) and -6% – Unfavorable variance due to warmer weather than forecast during the winter months and heat storms in June.
• Other Revenues - Programs – $729,600 and 100% – favorable variance related to CPUC’s issued decision 21- 12-015 funding for VCE’s proposed “AgFIT” dynamic rate pilot offset by expenditures below. Please see September 8, 2022 companion Board Item 12 for 2022 Budget amendment request to include AgFIT revenues and expenditures for net zero 2022 budget impact.
• Purchased Power – ($458,983) and -2% – Unfavorable variance due to the weather that was warmer than forecast during the winter months, heat storms in June, and gas prices driving short-term power market increases.
• Programs – AgFIT – (730,866) and 100% unfavorable variance related to CPUC’s issued decision 21-12-015 funding for VCE’s proposed “AgFIT” dynamic rate pilot offset by revenues above. Please see September 8, 2022 companion Board Item 12 for 2022 Budget amendment request to include AgFIT revenues and expenditures for net zero 2022 budget impact.
Attachments:
1) Financial Statements (Unaudited) June 1, 2022 to June 30, 2022 (with comparative year to date information.)
2) Actual vs. Budget for the year to date ending June 30, 2022
VALLEY CLEAN ENERGY ALLIANCE
FINANCIAL STATEMENTS
(UNAUDITED)
FOR THE PERIOD OF JUNE 1 TO JUNE 30, 2022
PREPARED ON AUGUST 2, 2022
2 ASSETS
Current assets:
Cash and cash equivalents 5,129,922 $
Accounts receivable, net of allowance 11,323,590 Accrued revenue 4,554,980 Prepaid expenses 15,038 Other current assets and deposits 2,139,195 Total current assets 23,162,725 Restricted assets:
Debt service reserve fund 1,100,000
Power purchase reserve fund 1,011 Total restricted assets 1,101,011 TOTAL ASSETS $ 24,263,736
LIABILITIES
Current liabilities:
Accounts payable 431,887 $
Accrued payroll 58,207 Interest payable 2,128 Due to member agencies 84,693 Accrued cost of electricity 6,822,119 Other accrued liabilities 30,696 Security deposits - energy supplies 1,980,000
User taxes and energy surcharges 123,971 Limited Term Loan 970,579 Loan - County of Yolo 3,000,000 Total current liabilities 13,504,280 Total noncurrent liabilities - TOTAL LIABILITIES $ 13,504,280
NET POSITION
Restricted
Local Programs Reserve 224,500 Restricted 1,101,011 Unrestricted 9,433,945 TOTAL NET POSITION $ 10,759,456
(UNAUDITED)
VALLEY CLEAN ENERGY ALLIANCE
STATEMENT OF NET POSITION
JUNE 30, 2022
3 FOR THE PERIOD
ENDING
JUNE 30, 2022 YEAR TO DATE
OPERATING REVENUE
Electricity sales, net 9,666,691 $ 32,141,862 $
Other revenue 729,600 729,600 $
TOTAL OPERATING REVENUES 32,871,462 10,396,291 OPERATING EXPENSES Cost of electricity 7,363,824 29,684,921
Contract services 246,543 1,258,302 Staff compensation 129,401 648,549 General, administration, and other 752,713 1,248,783 TOTAL OPERATING EXPENSES 32,110,955 8,492,481 TOTAL OPERATING INCOME (LOSS) 760,507 1,903,810 NONOPERATING REVENUES (EXPENSES) Interest income 2,043 7,926 Interest and related expenses (2,887) (20,598) TOTAL NONOPERATING REVENUES (EXPENSES) (12,672) (844)
CHANGE IN NET POSITION 1,902,966 747,835
Net position at beginning of period 8,856,490 10,011,621 Net position at end of period $ 10,759,456 $ 10,759,456
VALLEY CLEAN ENERGY ALLIANCE
STATEMENT OF REVENUES, EXPENDITURES AND
(UNAUDITED)
CHANGES IN NET POSITION
FOR THE PERIOD OF JUNE 1, 2022 TO JUNE 30, 2022
(WITH COMPARATIVE YEAR TO DATE INFORMATION)
4 FOR THE
PERIOD ENDING
JUNE 30, 2022 YEAR TO DATE
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from electricity sales 6,078,156 $ 26,074,438 $ Payments received from other revenue sources 729,600 729,600 Payments to purchase electricity (5,828,390) (28,110,776) Payments for contract services, general, and adminstration (933,532) (2,022,549) Payments for staff compensation (125,975) (654,251) Net cash provided (used) by operating activities (3,983,538) (221,060) CASH FLOWS FROM NON-CAPITAL FINANCING ACTIVITIES Principal payments of Debt (42,550) 2,817,553 Interest and related expenses (3,115) (18,141) Net cash provided (used) by non-capital financing activities 2,799,412 (45,665) CASH FLOWS FROM INVESTING ACTIVITIES Interest income 2,043 7,926 Net cash provided (used) by investing activities 7,926 2,043 NET CHANGE IN CASH AND CASH EQUIVALENTS (264,682) (1,320,234) Cash and cash equivalents at beginning of period 6,495,615 6,397,115 Cash and cash equivalents at end of period $ 6,088,653 6,230,933 $ Cash and cash equivalents included in:
Cash and cash equivalents 5,129,922 5,129,922 Restricted assets 1,101,011 1,101,021 Cash and cash equivalents at end of period $ 6,230,933 $ 6,230,943 (WITH YEAR TO DATE INFORMATION)
(UNAUDITED)
VALLEY CLEAN ENERGY ALLIANCE
STATEMENTS OF CASH FLOWS
FOR THE PERIOD OF JUNE 1 TO JUNE 31, 2022
5 FOR THE
PERIOD ENDING
JUNE 30, 2022 YEAR TO DATE
Operating Income (Loss) 1,903,810 $ 760,507 $
(Increase) decrease in net accounts receivable (2,951,030.00) (4,015,745.41) (Increase) decrease in accrued revenue (662,496) (2,786,786.74) (Increase) decrease in prepaid expenses 3,762 870,192.00 (Increase) decrease in other assets and deposits (140,919) (140,919.00) Increase (decrease) in accounts payable 26,420 (12,855.00) Increase (decrease) in accrued payroll 3,426 (5,702.00) Increase (decrease) in due to member agencies 20,963 (33,252.00) Increase (decrease) in accrued cost of electricity 1,535,434 1,489,950.00 Increase (decrease) in other accrued liabilities 14,579 (255,054.00) Increase (decrease) in user taxes and energy surcharges 24,991 5,208.10 Net cash provided (used) by operating activities $ (4,124,457) (221,060) $ FOR THE PERIOD OF JUNE 1 TO JUNE 31, 2022
VALLEY CLEAN ENERGY ALLIANCE
STATEMENTS OF CASH FLOWS
RECONCILIATION OF OPERATING INCOME TO NET
CASH PROVIDED (USED) BY OPERATING ACTIVITIES
(WITH YEAR TO DATE INFORMATION)
(UNAUDITED)
VALLEY CLEAN ENERGY
2022 YTD ACTUAL VS. BUDGET
FOR THE YEAR TO DATE ENDING 06/30/22
Description YTD
Actuals
YTD
Budget
YTD
Variance
%
over/-under
Electric Revenue $ 32,871,463 $ 34,845,000 $ (1,973,537) -6% Other Revenues - Programs $ 729,600 $ - $ 729,600 100%
Interest Revenues $ 8,251 $ 9,000 $ (749) -8%
Purchased Power $ 29,684,921 $ 29,219,900 $ 458,983 2%
Purchased Power Base $ 29,678,883 $ 28,658,700 $ 1,020,183 4% Purchased Power Contingency 2% $ - $ 561,200 $ (561,200) -100% Labor & Benefits $ 649,545 $ 653,400 $ (3,855) -1%
Salaries & Wages/Benefits $ 537,026 $ 544,800 $ (7,774) -1% Contract Labor (SMUD Staff Aug) $ - $ 23,400 $ (23,400) -100% Human Resources & Payroll $ 112,519 $ 85,200 $ 27,319 32% Office Supplies & Other Expenses $ 123,965 $ 103,000 $ 20,965 20% Technology Costs $ 34,264 $ 22,000 $ 12,264 56%
Office Supplies $ 5,934 $ 1,200 $ 4,734 395%
Travel $ - $ 3,000 $ (3,000) -100%
CalCCA Dues $ 55,875 $ 63,600 $ (7,725) -12%
CC Power $ 26,891 $ 12,000 $ 14,891 124%
Memberships $ 1,000 $ 1,200 $ (200) -17%
Contractual Services $ 1,175,098 $ 1,239,600 $ (64,502) -5% Other Contract Services $ - $ 12,600 $ (12,600) -100%
Don Dame $ 4,666 $ 4,800 $ (134) -3%
SMUD - Credit Support $ 238,274 $ 242,300 $ (4,026) -2% SMUD - Wholesale Energy Services $ 295,457 $ 292,800 $ 2,657 1% SMUD - Call Center $ 393,200 $ 395,500 $ (2,300) -1%
SMUD - Operating Services $ 22,664 $ 30,000 $ (7,336) -24% Commercial Legal Support $ - $ - $ - 100%
Legal General Counsel $ 56,561 $ 77,400 $ (20,839) -27% Regulatory Counsel $ 82,212 $ 99,600 $ (17,388) -17%
Joint CCA Regulatory counsel $ 192 $ 16,200 $ (16,008) -99% Legislative - (Lobbyist) $ 30,000 $ 30,000 $ - 0%
Accounting Services $ 6,505 $ 13,200 $ (6,695) -51%
Financial Consultant $ - $ 12,600 $ (12,600) -100%
Audit Fees $ 45,368 $ 12,600 $ 32,768 260%
Marketing $ 94,008 $ 123,000 $ (28,992) -24%
Marketing Collateral $ 94,008 $ 120,000 $ (25,992) -22% Community Engagement Activities & Sponsorships $ 3,000 - $ (3,000) $ -100% Programs $ 824,239 $ 87,000 $ 6,373 7%
Program Costs $ 93,373 $ 87,000 $ 6,373 7%
Programs - AgFIT $ 730,866 $ - $ 730,866 100%
Rents & Leases $ 12,800 $ 10,800 $ 2,000 19%
Hunt Boyer Mansion $ 12,800 $ 10,800 $ 2,000 19%
Other A&G $ 276,126 $ 175,400 $ 100,726 57%
Development - New Members $ - $ 12,600 $ (12,600) -100% Strategic Plan Implementation $ (90) $ 12,600 $ (12,690) -101% PG&E Data Fees $ 126,784 $ 138,000 $ (11,216) -8%
Insurance $ 7,560 $ 4,200 $ 3,360 80%
Banking Fees $ 141,872 $ 8,000 $ 133,872 1673%
Miscellaneous Operating Expenses $ 176 $ 600 $ 600 100% Contingency $ - $ 20,000 $ 20,000 100%
TOTAL OPERATING EXPENSES 32,840,878 $ 31,632,700 $ 512,298 $ 2% Interest on RCB loan $ 20,598 $ 18,400 $ 2,198 12%
Interest Expense - Bridge Loan $ - $ 31,200 $ (31,200) -100% NET INCOME 18,238 $ 3,171,700 $ (2,457,582) $ -77%
Item 6A & 6B
VALLEY CLEAN ENERGY ALLIANCE
Staff Report – Item 6B
______________________________________________________________________________ TO: Board of Directors
FROM: Mitch Sears, Executive Director
Edward Burnham, Finance and Operations Director
SUBJECT: Financial Update – July 31, 2022 (unaudited) financial statements (with comparative year to date information) and Actual vs. Budget year to date ending July 31, 2022
DATE: September 8, 2022
RECOMMENDATION:
Accept the following Financial Statements (unaudited) for the period of July 1, 2022 to July 31, 2022 (with comparative year to date information) and Actual vs. Budget year to date ending July 31, 2022.
BACKGROUND & DISCUSSION:
The attached financial statements are prepared in a form to satisfy the debt covenants with River City Bank pursuant to the Line of Credit and are required to be prepared monthly.
The Financial Statements include the following reports:
• Statement of Net Position
• Statement of Revenues, Expenditures and Changes in Net Position • Statement of Cash Flows
In addition, Staff is reporting the Actual vs. Budget variances year to date ending July 31, 2022.
Financial Statements for the period July 1, 2022 – July 31, 2022 In the Statement of Net Position, VCEA, as of July 31, 2021, has a total of $5,135,132 in its checking, money market and lockbox accounts, $1,100,000 restricted assets for the Debt Service Reserve account, $1,998,276 restricted assets related to supplier deposits, and $503,082 restricted assets for the Power Purchases Reserve account. VCE has incurred obligations from Member agencies and owes as of July 30, 2021, $62,026. VCE member obligations are incurred monthly due to staffing, accounting, and legal services.
Item 6A & 6B
The term loan with River City Bank includes a current portion of $927,800. The line of credit with the County of Yolo has an outstanding balance of $3,000,000. On July 31, 2022, VCE’s net position is $13,959,047.
In the Statement of Revenues, Expenditures, and Changes in Net Position, VCEA recorded $13,028,262 of revenue (net of allowance for doubtful accounts), of which $11,363,685 was billed in July, and $6,375,738 represent estimated unbilled revenue. The cost of electricity for the July revenue amount totaled $9,734,827. For July, VCEA’s gross margin was approximate 25% and net income totaled $3,199,591. The year-to-date change in net position was $3,947,426.
In the Statement of Cash Flows, VCEA cash flows from operations were $550,025 due to July cash receipts of revenues being more than the monthly cash operating expenses.
Actual vs. Budget Variances for the year to date ending July 31, 2022 Below are the financial statement line items with variances >$50,000 and 5% • Electric Revenue – ($2,099,575) and -4% – Unfavorable variance due to weather that was warmer than forecast during the winter months and heat storms in June & July. • Other Revenues - Programs – $999,846 and 100% – favorable variance related to CPUC’s issued decision 21- 12-015 funding for VCE’s proposed “AgFIT” dynamic rate pilot offset by expenditures below. Please see September 8, 2022, companion Board Item 12 for 2022 Budget amendment request to include AgFIT revenues and expenditures for net zero 2022 budget impact.
• Purchased Power – ($2,061,110) and -6% – Unfavorable variance due to warmer weather than forecast during the winter months, heat storms in June and July, and gas prices driving short-term power market increases. • Programs – AgFIT – (730,866) and 100% unfavorable variance related to CPUC’s issued decision 21-12-015 funding for VCE’s proposed “AgFIT” dynamic rate pilot offset by revenues above. Please see September 8, 2022 companion Board Item 12 for 2022 Budget amendment request to include AgFIT revenues and expenditures for net zero 2022 budget impact.
Attachments:
3) Financial Statements (Unaudited) July 1, 2022 to July 31, 2022 (with comparative year to date information.)
4) Actual vs. Budget for the year to date ending July 31, 2022
VALLEY CLEAN ENERGY ALLIANCE
FINANCIAL STATEMENTS
(UNAUDITED)
FOR THE PERIOD OF JULY 1 TO JULY 31, 2022
PREPARED ON September 2, 2022
2 ASSETS
Current assets:
Cash and cash equivalents 5,135,132 $
Accounts receivable, net of allowance 14,097,206 Accrued revenue 6,375,738 Prepaid expenses 32,799 Other current assets and deposits 2,139,195 Total current assets 27,780,070 Restricted assets:
Debt service reserve fund 1,100,000
Power purchase reserve fund 503,082 Total restricted assets 1,603,082 TOTAL ASSETS $ 29,383,152
LIABILITIES
Current liabilities:
Accounts payable 428,445 $
Accrued payroll 55,213 Interest payable 4,589 Due to member agencies 62,026 Accrued cost of electricity 8,730,424 Other accrued liabilities 39,319 Security deposits - energy supplies 1,980,000
User taxes and energy surcharges 149,912 Limited Term Loan 927,800 Loan - County of Yolo 3,000,000 Total current liabilities 15,377,728 Total noncurrent liabilities - TOTAL LIABILITIES $ 15,377,728
NET POSITION
Restricted
Local Programs Reserve 224,500 Restricted 1,603,082 Unrestricted 12,177,842 TOTAL NET POSITION $ 14,005,424 (UNAUDITED)
VALLEY CLEAN ENERGY ALLIANCE
STATEMENT OF NET POSITION
July 31, 2022
3 FOR THE PERIOD
ENDING
JULY 31, 2022 YEAR TO DATE
OPERATING REVENUE
Electricity sales, net 13,028,262 $ 45,899,724 $
Other revenue 270,246 999,846.00 TOTAL OPERATING REVENUES 46,899,570 13,298,508
OPERATING EXPENSES
Cost of electricity 9,734,827 39,419,748
Contract services 203,161 1,461,463 Staff compensation 81,805 730,354 General, administration, and other 30,321 1,279,104 TOTAL OPERATING EXPENSES 42,890,669 10,050,114 TOTAL OPERATING INCOME (LOSS) 4,008,901 3,248,394 NONOPERATING REVENUES (EXPENSES) Interest income 2,922 10,848 Interest and related expenses (5,348) (25,946) TOTAL NONOPERATING REVENUES (EXPENSES) (15,098) (2,426)
CHANGE IN NET POSITION 3,245,968 3,993,803
Net position at beginning of period 10,759,456 10,011,621 Net position at end of period $ 14,005,424 $ 14,005,424 (WITH COMPARATIVE YEAR TO DATE INFORMATION)
VALLEY CLEAN ENERGY ALLIANCE
STATEMENT OF REVENUES, EXPENDITURES AND
(UNAUDITED)
CHANGES IN NET POSITION
FOR THE PERIOD OF JULY 1, 2022 TO JULY 31, 2022
4 FOR THE
PERIOD ENDING
JULY 31, 2022 YEAR TO DATE
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from electricity sales 8,459,829 $ 34,534,267 $ Payments received from other revenue sources 270,246 999,846.00 Payments to purchase electricity (7,826,522) (35,937,298.00) Payments for contract services, general, and adminstration (268,729) (2,291,278.00) Payments for staff compensation (84,799) (739,050.00) Net cash provided (used) by operating activities (3,433,513) 550,025 CASH FLOWS FROM NON-CAPITAL FINANCING ACTIVITIES Principal payments of Debt (42,779) 2,774,774 Interest and related expenses (2,887) (24,143) Net cash provided (used) by non-capital financing activities 2,750,631 (45,666) CASH FLOWS FROM INVESTING ACTIVITIES Interest income 2,922 10,848 Net cash provided (used) by investing activities 2,922 10,848 NET CHANGE IN CASH AND CASH EQUIVALENTS 507,281 (812,953) Cash and cash equivalents at beginning of period 6,230,933 6,230,933 Cash and cash equivalents at end of period $ 6,088,653 6,738,214 $ Cash and cash equivalents included in:
Cash and cash equivalents 5,135,132 5,135,132 Restricted assets 1,603,082 1,603,082 Cash and cash equivalents at end of period $ 6,738,214 $ 6,738,214
VALLEY CLEAN ENERGY ALLIANCE
STATEMENTS OF CASH FLOWS
FOR THE PERIOD OF JULY 1 TO JULY 31, 2022
(WITH YEAR TO DATE INFORMATION)
(UNAUDITED)
5 FOR THE
PERIOD ENDING
JULY 31, 2022 YEAR TO DATE
Operating Income (Loss) 3,248,394 $ 4,008,901 $
(Increase) decrease in net accounts receivable (2,773,616.00) (6,789,361.41) (Increase) decrease in accrued revenue (1,820,758) (4,607,544.74) (Increase) decrease in prepaid expenses (17,761) 852,431.00 (Increase) decrease in other assets and deposits - (140,919.00) Increase (decrease) in accounts payable (3,442) (16,297.00) Increase (decrease) in accrued payroll (2,994) (8,696.00) Increase (decrease) in due to member agencies (22,667) (55,919.00) Increase (decrease) in accrued cost of electricity 1,908,305 3,398,255.00 Increase (decrease) in other accrued liabilities 8,623 (246,431.00) Increase (decrease) in user taxes and energy surcharges 25,941 31,149.10 Net cash provided (used) by operating activities $ (3,574,432) 550,025 $
RECONCILIATION OF OPERATING INCOME TO NET
CASH PROVIDED (USED) BY OPERATING ACTIVITIES
(WITH YEAR TO DATE INFORMATION)
(UNAUDITED)
FOR THE PERIOD OF JULY 1 TO JULY 31, 2022
VALLEY CLEAN ENERGY ALLIANCE
STATEMENTS OF CASH FLOWS
VALLEY CLEAN ENERGY
2022 YTD ACTUAL VS. BUDGET
FOR THE YEAR TO DATE ENDING 07/31/22
Description YTD
Actuals
YTD
Budget
YTD
Variance
%
over/-under
Electric Revenue $ 45,899,725 $ 47,999,300 $ (2,099,575) -4% Other Revenues - Programs $ 999,846 $ - $ 999,846 100%
Interest Revenues $ 11,173 $ 10,500 $ 673 6%
Purchased Power $ 39,419,748 $ 37,352,600 $ 2,061,110 6% Purchased Power Base $ 39,413,710 $ 37,135,700 $ 2,278,010 6% Purchased Power Contingency 2% $ - $ 216,900 $ (216,900) -100% Labor & Benefits $ 731,350 $ 761,300 $ (29,950) -4%
Salaries & Wages/Benefits $ 597,692 $ 635,600 $ (37,908) -6% Contract Labor (SMUD Staff Aug) $ - $ 26,300 $ (26,300) -100% Human Resources & Payroll $ 133,658 $ 99,400 $ 34,258 34% Office Supplies & Other Expenses $ 136,415 $ 119,400 $ 17,015 14% Technology Costs $ 36,514 $ 24,900 $ 11,614 47%
Office Supplies $ 6,426 $ 1,400 $ 5,026 359%
Travel $ - $ 3,500 $ (3,500) -100%
CalCCA Dues $ 65,583 $ 74,200 $ (8,617) -12%
CC Power $ 26,891 $ 14,000 $ 12,891 92%
Memberships $ 1,000 $ 1,400 $ (400) -29%
Contractual Services $ 1,393,738 $ 1,458,800 $ (65,062) -4% Other Contract Services $ - $ 14,700 $ (14,700) -100%
Don Dame $ 5,866 $ 5,700 $ 166 3%
SMUD - Credit Support $ 297,072 $ 280,100 $ 16,972 6%
SMUD - Wholesale Energy Services $ 345,534 $ 342,900 $ 2,634 1% SMUD - Call Center $ 462,343 $ 462,600 $ (257) 0%
SMUD - Operating Services $ 29,210 $ 35,100 $ (5,890) -17% Commercial Legal Support $ - $ - $ - 100%
Legal General Counsel $ 66,004 $ 90,300 $ (24,296) -27% Regulatory Counsel $ 97,174 $ 116,200 $ (19,026) -16%
Joint CCA Regulatory counsel $ 1,651 $ 18,900 $ (17,249) -91% Legislative - (Lobbyist) $ 35,000 $ 35,100 $ (100) 0%
Accounting Services $ 8,517 $ 15,400 $ (6,883) -45%
Financial Consultant $ - $ 14,700 $ (14,700) -100%
Audit Fees $ 45,368 $ 27,100 $ 18,268 67%
Marketing $ 112,624 $ 143,500 $ (30,876) -22%
Marketing Collateral $ 112,624 $ 140,000 $ (27,376) -20% Community Engagement Activities & Sponsorships $ 3,500 - $ (3,500) $ -100% Programs $ 828,211 $ 101,500 $ 726,711 716%
Program Costs $ 97,345 $ 101,500 $ (4,156) -4%
Programs - AgFIT $ 730,866 $ - $ 730,866 100%
Rents & Leases $ 14,400 $ 12,600 $ 1,800 14%
Hunt Boyer Mansion $ 14,400 $ 12,600 $ 1,800 14%
Other A&G $ 300,707 $ 207,700 $ 93,007 45%
Development - New Members $ - $ 14,700 $ (14,700) -100% Strategic Plan Implementation $ 1,324 $ 19,000 $ (17,676) -93% PG&E Data Fees $ 148,841 $ 161,000 $ (12,159) -8%
Insurance $ 8,670 $ 4,900 $ 3,770 77%
Banking Fees $ 141,872 $ 8,100 $ 133,772 1652%
Miscellaneous Operating Expenses $ 176 $ 600 $ 600 100% Contingency $ - $ 20,000 $ 20,000 100%
TOTAL OPERATING EXPENSES 42,937,369 $ 40,178,000 $ 2,794,355 $ 7% Interest on RCB loan $ 23,450 $ 21,200 $ 2,250 11%
Interest Expense - Bridge Loan $ 2,496 $ 41,600 $ (39,104) -94% NET INCOME 2,947,583 $ 7,769,000 $ (4,856,403) $ -63%