Item 6
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 – January 31, 2024 (unaudited) financial statements (with comparative year to date information) and Actual vs. Budget year to date ending January 31, 2024
DATE: April 11, 2024
RECOMMENDATION:
Accept the following Financial Statements (unaudited) for the period of January 1, 2024 to January 31, 2024 (with comparative year to date information) and Actual vs. Budget year to date ending January 31, 2024.
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 January 31, 2024.
Financial Statements for the period January 1, 2024 – January 31, 2024 In the Statement of Net Position, VCE, as of January 30, 2024, has a total of $29,745,132 in its checking, money market and lockbox accounts, $1,100,000 restricted assets for the Debt Service Reserve account, and $1,800,000 restricted assets related to supplier deposits. On January 31, 2022, VCE’s net position was $39,904,384.
In the Statement of Revenues, Expenditures, and Changes in Net Position, VCE recorded $ 6,664,815 of revenue (net of allowance for doubtful accounts), of which $6,947,209 was billed in January, and $3,434,034 represent estimated unbilled revenue. The cost of electricity for the January revenue totaled Item 6
$2,773,970. For January, VCE’s gross margin was approximately 52% and the net income totaled $3,477,936. The year-to-date change in net position was 3,477,936.
In the Statement of Cash Flows, VCE cash flows from operations were $2,214,511 due to January cash receipts of revenues being more than the monthly cash operating expenses.
Actual vs. Budget Variances for the year to date ending January 31, 2024 Below are the financial statement line items with variances >$50,000 and 5% • Electric Revenue – ($293,185) and -4% – Unfavorable variance due to retail load variance lower than forecasted due to mild and wet winter.
• Purchased Power – ($2,066,030) and -46% – favorable mainly due to budgeted renewable energy certificates not procured, lower load due to mild and wet winter, and lower energy prices. • Reimbursable Revenues & Programs $300,000 (AgFIT) – Net Neutral Variance - Reimbursable revenues and associated program costs from timing differences.
Attachments:
1) Financial Statements (Unaudited) January 1, 2024 to January 31, 2024 (with comparative year to date information.)
2) Actual vs. Budget for the year to date ending January 31, 2024
VALLEY CLEAN ENERGY ALLIANCE
FINANCIAL STATEMENTS
(UNAUDITED)
FOR THE PERIOD OF JANUARY 1 TO JANUARY 31, 2024
PREPARED ON APRIL 5, 2024
2 ASSETS
Current assets:
Cash and cash equivalents $ 29,745,132
Accounts receivable, net of allowance 9,903,431
Accrued revenue 3,022,275
Prepaid expenses 67,688
Inventory - Renewable Energy Credits -
Other current assets and deposits 3,700,487
Total current assets 46,439,014
Restricted assets:
Debt service reserve fund 1,100,000
Total restricted assets 1,100,000
TOTAL ASSETS $ 47,539,014
LIABILITIES
Current liabilities:
Accounts payable $ 508,562
Accrued payroll 70,561
Interest payable -
Due to member agencies (1,723)
Accrued cost of electricity 3,120,839
Other accrued liabilities 2,088,083
Security deposits - energy supplies 1,800,000
User taxes and energy surcharges 48,308
TOTAL LIABILITIES $ 7,634,630
NET POSITION
Net position:
Local Programs Reserve $ 840,000
Restricted 1,100,000
Unrestricted 37,964,384
TOTAL NET POSITION $ 39,904,384
VALLEY CLEAN ENERGY ALLIANCE
STATEMENT OF NET POSITION
January 31, 2024
(UNAUDITED)
3 FOR THE
PERIOD ENDING
January 31, 2024 YEAR TO DATE
OPERATING REVENUE
Electricity sales, net $ 6,664,815 $ 6,664,815
Other revenue - -
TOTAL OPERATING REVENUES 6,664,815 6,664,815
OPERATING EXPENSES
Cost of electricity 2,773,970 2,773,970
Contract services 189,745 189,745
Staff compensation 139,390 139,390
General, administration, and other 134,462 134,462
TOTAL OPERATING EXPENSES 3,237,567 3,237,567
TOTAL OPERATING INCOME (LOSS) 3,427,249 3,427,249
NONOPERATING REVENUES (EXPENSES)
Interest income 50,688 50,688
Interest and related expenses - -
Other Non Operating Revenues - -
TOTAL NONOPERATING REVENUES (EXPENSES) 50,688 50,688
CHANGE IN NET POSITION 3,477,936 3,477,936
Net position at beginning of period - 36,426,448
Net position at end of period $ 3,477,936 $ 39,904,384
(WITH COMPARATIVE YEAR TO DATE INFORMATION)
(UNAUDITED)
VALLEY CLEAN ENERGY ALLIANCE
STATEMENT OF REVENUES, EXPENDITURES AND
January 31, 2024
4 FOR THE
PERIOD ENDING
January 31, 2024 YEAR TO DATE
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from electricity sales $ 6,664,815 $ 6,664,815 Payments received from other revenue sources - -
Receipts for security deposits with energy suppliers - - Payments to purchase electricity (3,986,707) (3,986,707) Payments for contract services, general, and adminstration (324,207) (324,207) Payments for member agency services - -
Payments for staff compensation (139,390) (139,390)
Return of security deposits to energy suppliers - -
Other cash payments - -
Net cash provided (used) by operating activities 2,214,511 2,214,511
CASH FLOWS FROM NON-CAPITAL FINANCING ACTIVITIES
Principal payments of Debt - -
Interest and related expenses - -
Other Non Operating Revenue - -
Net cash provided (used) by non-capital financing
activities - -
CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Acquisition of nondepreciable assets
Acquisition of capital assets
Net cash provided (used) by capital and related financing activities
CASH FLOWS FROM INVESTING ACTIVITIES
Interest income 50,688 50,688
Net cash provided (used) by investing activities 50,688 50,688 NET CHANGE IN CASH AND CASH EQUIVALENTS 2,265,199 2,265,199 Cash and cash equivalents at beginning of period 28,579,933 28,579,933 Cash and cash equivalents at end of period 30,845,132 30,845,132 Cash and cash equivalents included in:
Cash and cash equivalents 29,745,132 29,745,132
Restricted assets 1,100,000 1,100,000
Cash and cash equivalents at end of period $ 30,845,132 $ 30,845,132 (UNAUDITED)
VALLEY CLEAN ENERGY ALLIANCE
STATEMENTS OF CASH FLOWS
January 31, 2024
(WITH YEAR TO DATE INFORMATION)
5 FOR THE
PERIOD ENDING
January 31, 2024 YEAR TO DATE
Operating Income (Loss) $ 3,427,249 $ 3,427,249
Revenue reduced for uncollectible accounts
(Increase) decrease in net accounts receivable (411,608) (411,608) (Increase) decrease in accrued revenue (411,759) (411,759) (Increase) decrease in prepaid expenses (2,940) (2,940) (Increase) decrease in inventory - renewable energy credits - - (Increase) decrease in other assets and deposits 28,459 28,459 Increase (decrease) in accounts payable (62,506) (62,506) Increase (decrease) in accrued payroll (7,739) (7,739)
Increase (decrease) in due to member agencies 5,855 5,855 Increase (decrease) in accrued cost of electricity (335,205) (335,205) Increase (decrease) in other accrued liabilities - -
Increase (decrease )security deposits with energy suppliers - - Increase (decrease) in user taxes and energy surcharges - - Increase (decrease) in security deposits from energy suppliers - Increase (decrease) in user taxes due to other governments (15,295) (15,295) Increase (decrease) in advances from public purpose programs - Net cash provided (used) by operating activities $ 2,214,511 $ 2,214,511
RECONCILIATION OF OPERATING INCOME TO NET CASH
PROVIDED (USED) BY OPERATING ACTIVITIES
Adjustments to reconcile operating income to net cash provided (used) by operating activities:
VALLEY CLEAN ENERGY ALLIANCE
STATEMENTS OF CASH FLOWS
(WITH YEAR TO DATE INFORMATION)
(UNAUDITED)
VALLEY CLEAN ENERGY
2024 YTD ACTUAL VS. BUDGET
FOR THE YEAR TO DATE ENDING 01/31/24
Description YTD Actuals YTD Budget YTD Variance
% over
/-under
Total Revenues $ 6,715,533 $ 7,300,000 $ (584,467) -8%
Electric Revenue $ 6,664,845 $ 6,958,000 $ (293,155) -4% Interest Revenues $ 50,688 $ 40,000 $ 10,688 27%
Reimbursable Revenues $ - $ 302,000 $ (302,000) -100%
Purchased Power $ 2,773,970 $ 5,082,000 $ (2,308,030) -45% Purchased Power Base $ 2,773,970 $ 4,840,000 $ (2,066,030) -43% Purchased Power Contingency 5% $ - $ 242,000 $ (3,238) -1% Labor & Benefits $ 134,462 $ 136,000 $ (1,538) -1%
Salaries & Wages/Benefits $ 110,300 $ 112,000 $ (1,700) -2% Contract Labor $ - $ 17,000 $ (17,000) -100%
Human Resources & Payroll $ 24,162 $ 7,000 $ 17,162 245% Office Supplies & Other Expenses $ 16,976 $ 24,700 $ (7,724) -31% Technology Costs $ 5,344 $ 3,200 $ 2,144 67%
Office Supplies $ 680 $ 1,000 $ (320) -32%
Travel $ - $ 500 $ (500) -100%
CalCCA Dues $ 10,752 $ 12,000 $ (1,248) -10%
CC Power $ - $ 7,500 $ (7,500) -100%
Memberships $ 200 $ 500 $ (300) -60%
Contractual Services $ 175,784 $ 182,650 $ (6,866) -4%
Other Contract Services (e.g. IRP) $ - $ 2,500 $ (2,500) -100% Don Dame $ 380 $ 1,800 $ (1,420) -79%
Wholesale Energy Services (TEA) $ 48,290 $ 68,250 $ (19,960) -29% 2030 100% Renewable & Storage $ - $ 2,500 $ (2,500) -100% Customer Support Call Center $ 76,282 $ 67,000 $ 9,282 14% Operating Services $ 22,310 $ 5,000 $ 17,310 346%
Commercial Legal Support $ (7,776) $ 2,000 $ (9,776) -489% Legal General Counsel $ 2,295 $ 7,000 $ (4,705) -67%
Regulatory Counsel $ 1,095 $ 17,000 $ (15,905) -94%
Joint CCA Regulatory counsel $ 28,263 $ 1,600 $ 26,663 1666% Legislative - (Lobbyist) $ 10,500 $ 5,750 $ 4,750 83%
Accounting Services $ (5,855) $ 250 $ (6,105) -2442%
Financial Consultant $ - $ 2,000 $ (2,000) -100%
Audit Fees $ - $ - $ - 100%
Marketing $ 14,286 $ 25,000 $ (10,714) -43%
Marketing Collateral $ 14,286 $ 24,000 $ (9,714) -40%
Community Engagement Activities & Sponsorships $ - $ 1,000 $ (1,000) -100% Programs $ 81,679 $ 361,500 $ (279,821) -77%
Program Costs (Rebates, Incentives, etc.) $ 81,679 $ 60,000 $ 21,679 36% AG Fit $ - $ 300,000 $ (300,000) -100%
PIPP Program $ - $ 1,500 $ (1,500) -100%
Rents & Leases $ 14,040 $ 4,100 $ 9,940 242%
Hunt Boyer Mansion $ 14,040 $ 2,100 $ 11,940 569%
Lease Improvement $ - $ 2,000 $ (2,000) -100%
Other A&G $ 25,723 $ 36,700 $ (10,977) -30%
Development - New Members $ - $ 2,100 $ (2,100) -100%
Strategic Plan Implementation $ - $ 6,400 $ (6,400) -100% PG&E Data Fees $ 22,783 $ 24,000 $ (1,217) -5%
Insurance $ 2,940 $ 4,000 $ (1,060) -27%
Banking Fees $ - $ 200 $ (200) -100%
Miscellaneous Operating Expenses $ 677 $ 1,000 $ (323) -32% Contingency $ - $ 20,000 $ (20,000) -100%
0 0
TOTAL OPERATING EXPENSES $ 3,237,597 $ 5,873,650 $ (2,636,053) -45% Interest on RCB Term loan $ - $ - $ - 100%
Interest Expense - Bridge Loan \ Line of Credit $ - $ - $ - 100% NET INCOME $ 1,426,350 3,477,936 $
Item 6
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 – February 29, 2024 (unaudited) financial statements (with comparative year to date information) and Actual vs. Budget year to date ending February 29, 2024
DATE: April 11, 2024
RECOMMENDATION:
Accept the following Financial Statements (unaudited) for the period of February 1, 2024 to February 29, 2024 (with comparative year to date information) and Actual vs. Budget year to date ending February 29, 2024.
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 February 29, 2024.
Financial Statements for the period February 1, 2024 – February 29, 2024 In the Statement of Net Position, VCE, as of February 30, 2024, has a total of $31,220,833 in its checking, money market and lockbox accounts, $1,100,000 restricted assets for the Debt Service Reserve account, and $1,800,000 restricted assets related to supplier deposits. On February 29, 2022, VCE’s net position was $42,137,324.
In the Statement of Revenues, Expenditures, and Changes in Net Position, VCE recorded $ 6,570,991 of revenue (net of allowance for doubtful accounts), of which $6,204,705 was billed in February, and $3,747,873 represent estimated unbilled revenue. The cost of electricity for the February revenue Item 6
totaled $3,965,304. For February, VCE’s gross margin was approximately 40% and the net income totaled $2,236,212. The year-to-date change in net position was 5,714,148.
In the Statement of Cash Flows, VCE cash flows from operations were $1,425,314 due to February cash receipts of revenues being more than the monthly cash operating expenses.
Actual vs. Budget Variances for the year to date ending February 29, 2024 Below are the financial statement line items with variances >$50,000 and 5% • Electric Revenue – ($523,164) and -4% – Unfavorable variance due to retail load variance lower than forecasted due to mild and wet winter.
• Purchased Power – ($2,093,726) and -46% – favorable mainly due to budgeted renewable energy certificates not procured, lower load due to mild and wet winter, and lower energy prices. • Reimbursable Revenues & Programs $600,000 (AgFIT) – Net Neutral Variance - Reimbursable revenues and associated program costs from timing differences.
Attachments:
3) Financial Statements (Unaudited) February 1, 2024 to February 29, 2024 (with comparative year to date information.)
4) Actual vs. Budget for the year to date ending February 29, 2024
VALLEY CLEAN ENERGY ALLIANCE
FINANCIAL STATEMENTS
(UNAUDITED)
FOR THE PERIOD OF FEBRUARY 1 TO FEBRUARY 29, 2024
PREPARED ON APRIL 5, 2024
2 ASSETS
Current assets:
Cash and cash equivalents 31,220,833
Accounts receivable, net of allowance 9,993,098
Accrued revenue 3,747,874
Prepaid expenses 52,045
Inventory - Renewable Energy Credits -
Other current assets and deposits 3,700,487
Total current assets 48,714,338
Restricted assets:
Debt service reserve fund 1,100,000
Total restricted assets 1,100,000
TOTAL ASSETS $ 49,814,338
LIABILITIES
Current liabilities:
Accounts payable $ 500,603
Accrued payroll 91,984
Interest payable -
Due to member agencies (1,723)
Accrued cost of electricity 2,909,994
Other accrued liabilities 2,359,238
Security deposits - energy supplies 1,800,000
User taxes and energy surcharges 16,918
TOTAL LIABILITIES $ 7,677,014
NET POSITION
Net position:
Local Programs Reserve $ 840,000
Restricted 1,100,000
Unrestricted 40,197,324
TOTAL NET POSITION $ 42,137,324
VALLEY CLEAN ENERGY ALLIANCE
STATEMENT OF NET POSITION
February 29, 2024
(UNAUDITED)
3 FOR THE
PERIOD ENDING
February 29, 2024 YEAR TO DATE
OPERATING REVENUE
Electricity sales, net $ 6,570,991 $ 13,235,806
Other revenue - -
TOTAL OPERATING REVENUES 6,570,991 13,235,806
OPERATING EXPENSES
Cost of electricity 3,965,304 6,739,273
Contract services 226,804 416,549
Staff compensation 135,165 274,555
General, administration, and other 57,894 192,356
TOTAL OPERATING EXPENSES 4,385,166 7,622,733
TOTAL OPERATING INCOME (LOSS) 2,185,825 5,613,073
NONOPERATING REVENUES (EXPENSES)
Interest income 50,387 101,075
Interest and related expenses - -
Other Non Operating Revenues - -
TOTAL NONOPERATING REVENUES (EXPENSES) 50,387 101,075
CHANGE IN NET POSITION 2,236,212 5,714,148
Net position at beginning of period 3,477,936 36,423,176 Net position at end of period $ 5,714,148 $ 42,137,324
(WITH COMPARATIVE YEAR TO DATE INFORMATION)
(UNAUDITED)
VALLEY CLEAN ENERGY ALLIANCE
STATEMENT OF REVENUES, EXPENDITURES AND
February 29, 2024
4 FOR THE
PERIOD ENDING
February 29, 2024 YEAR TO DATE
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from electricity sales $ 6,570,991 $ 13,235,806 Payments received from other revenue sources - -
Receipts for security deposits with energy suppliers - - Payments to purchase electricity (4,725,814) (8,712,522) Payments for contract services, general, and adminstration (284,698) (608,905) Payments for member agency services - -
Payments for staff compensation (135,165) (274,555)
Return of security deposits to energy suppliers - -
Other cash payments - -
Net cash provided (used) by operating activities 1,425,314 3,639,825
CASH FLOWS FROM NON-CAPITAL FINANCING ACTIVITIES
Principal payments of Debt - -
Interest and related expenses - -
Other Non Operating Revenue - -
Net cash provided (used) by non-capital financing activities - -
CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Acquisition of nondepreciable assets
Acquisition of capital assets
Net cash provided (used) by capital and related financing activities
CASH FLOWS FROM INVESTING ACTIVITIES
Interest income 50,387 101,075
Net cash provided (used) by investing activities 50,387 101,075 NET CHANGE IN CASH AND CASH EQUIVALENTS 1,475,701 3,740,900 Cash and cash equivalents at beginning of period 30,845,132 28,579,933 Cash and cash equivalents at end of period 32,320,833 32,320,833 Cash and cash equivalents included in:
Cash and cash equivalents 31,220,833 31,220,833
Restricted assets 1,100,000 1,100,000
Cash and cash equivalents at end of period $ 32,320,833 $ 32,320,833 (UNAUDITED)
VALLEY CLEAN ENERGY ALLIANCE
STATEMENTS OF CASH FLOWS
February 29, 2024
(WITH YEAR TO DATE INFORMATION)
5 FOR THE
PERIOD ENDING
February 29, 2024 YEAR TO DATE
Operating Income (Loss) $ 2,185,825 $ 5,613,073
Depreciation expense
Revenue reduced for uncollectible accounts
(Increase) decrease in net accounts receivable (181,487) (593,095.56) (Increase) decrease in accrued revenue 725,598 313,839.15 (Increase) decrease in prepaid expenses (2,940) (5,880.34) (Increase) decrease in inventory - renewable energy credits - - (Increase) decrease in other assets and deposits (12,702) 15,756.69 Increase (decrease) in accounts payable 7,959 (54,547.41) Increase (decrease) in accrued payroll (18,150) (25,888.91) Increase (decrease) in due to member agencies - 5,855.40 Increase (decrease) in accrued cost of electricity (1,310,178) (1,645,382.32) Increase (decrease) in other accrued liabilities - -
Increase (decrease )security deposits with energy suppliers - - Increase (decrease) in user taxes and energy surcharges - - Increase (decrease) in security deposits from energy suppliers - - Increase (decrease) in user taxes due to other governments 31,390 16,094.60 Increase (decrease) in advances from public purpose programs - Net cash provided (used) by operating activities $ 1,425,314 $ 3,639,825
RECONCILIATION OF OPERATING INCOME TO NET CASH
PROVIDED (USED) BY OPERATING ACTIVITIES
Adjustments to reconcile operating income to net cash provided (used) by
VALLEY CLEAN ENERGY ALLIANCE
STATEMENTS OF CASH FLOWS
(WITH YEAR TO DATE INFORMATION)
(UNAUDITED)
VALLEY CLEAN ENERGY
2024 YTD ACTUAL VS. BUDGET
FOR THE YEAR TO DATE ENDING 02/29/24
Description YTD Actuals YTD Budget YTD Variance
% over
/-under
Total Revenues $ 13,336,911 $ 14,443,000 $ (1,106,089) -8% Electric Revenue $ 13,235,836 $ 13,759,000 $ (523,164) -4% Interest Revenues $ 101,075 $ 80,000 $ 21,075 26%
Reimbursable Revenues $ - $ 604,000 $ (604,000) -100%
Purchased Power $ 6,739,274 $ 9,275,000 $ (2,535,726) -27% Purchased Power Base $ 6,739,274 $ 8,833,000 $ (2,093,726) -24% Purchased Power Contingency 5% $ - $ 442,000 $ (442,000) -100% Labor & Benefits $ 269,627 $ 272,000 $ (2,373) -1%
Salaries & Wages/Benefits $ 217,751 $ 224,000 $ (6,249) -3% Contract Labor $ - $ 34,000 $ (34,000) -100%
Human Resources & Payroll $ 51,876 $ 14,000 $ 37,876 271% Office Supplies & Other Expenses $ 38,383 $ 49,400 $ (11,017) -22% Technology Costs $ 13,953 $ 6,400 $ 7,553 118%
Office Supplies $ 1,171 $ 2,000 $ (829) -41%
Travel $ - $ 1,000 $ (1,000) -100%
CalCCA Dues $ 21,504 $ 24,000 $ (2,496) -10%
CC Power $ - $ 15,000 $ (15,000) -100%
Memberships $ 1,755 $ 1,000 $ 755 76%
Contractual Services $ 375,355 $ 365,300 $ 10,055 3%
Other Contract Services (e.g. IRP) $ - $ 5,000 $ (5,000) -100% Don Dame $ 671 $ 3,600 $ (2,929) -81%
Wholesale Energy Services (TEA) $ 120,810 $ 136,500 $ (15,690) -11% 2030 100% Renewable & Storage $ - $ 5,000 $ (5,000) -100% Customer Support Call Center $ 149,123 $ 134,000 $ 15,123 11% Operating Services $ 22,340 $ 10,000 $ 12,340 123%
Commercial Legal Support $ (6,020) $ 4,000 $ (10,020) -251% Legal General Counsel $ 8,638 $ 14,000 $ (5,362) -38%
Regulatory Counsel $ 21,581 $ 34,000 $ (12,419) -37%
Joint CCA Regulatory counsel $ 44,067 $ 3,200 $ 40,867 1277% Legislative - (Lobbyist) $ 16,500 $ 11,500 $ 5,000 43%
Accounting Services $ (5,855) $ 500 $ (6,355) -1271%
Financial Consultant $ - $ 4,000 $ (4,000) -100%
Audit Fees $ 3,500 $ - $ 3,500 100%
Marketing $ 22,884 $ 50,000 $ (27,116) -54%
Marketing Collateral $ 22,884 $ 48,000 $ (25,116) -52%
Community Engagement Activities & Sponsorships $ - $ 2,000 $ (2,000) -100% Programs $ 86,627 $ 723,000 $ (636,373) -88%
Program Costs (Rebates, Incentives, etc.) $ 86,627 $ 120,000 $ (33,373) -28% AG Fit $ - $ 600,000 $ (600,000) -100%
PIPP Program $ - $ 3,000 $ (3,000) -100%
Rents & Leases $ 15,990 $ 8,200 $ 7,790 95%
Hunt Boyer Mansion $ 15,990 $ 4,200 $ 11,790 281%
Lease Improvement $ - $ 4,000 $ (4,000) -100%
Other A&G $ 51,446 $ 73,400 $ (21,954) -30%
Development - New Members $ - $ 4,200 $ (4,200) -100%
Strategic Plan Implementation $ - $ 12,800 $ (12,800) -100% PG&E Data Fees $ 45,566 $ 48,000 $ (2,434) -5%
Insurance $ 5,880 $ 8,000 $ (2,120) -27%
Banking Fees $ - $ 400 $ (400) -100%
Miscellaneous Operating Expenses $ 677 $ 2,000 $ (1,323) -66% Contingency $ - $ 40,000 $ (40,000) -100%
0 0
TOTAL OPERATING EXPENSES $ 7,600,263 $ 10,858,300 $ (3,258,037) -30% Interest on RCB Term loan $ - $ - $ - 100%
Interest Expense - Bridge Loan \ Line of Credit $ - $ - $ - 100% NET INCOME $ 3,584,700 5,736,648 $