Item 5
VALLEY CLEAN ENERGY ALLIANCE
Staff Report – Item 5 (a)
______________________________________________________________________________ TO: Board of Directors
FROM: Edward Burnham, Finance and Operations Director / Treasurer Mitch Sears, Executive Officer
SUBJECT: Monthly Treasurer’s Report (Information Item) – June 30, 2024 DATE: September 12, 2024
RECOMMENDATION:
Accept the Treasurer’s report on VCE’s cash, investments, debt, and unaudited financial statements (with comparative year to date information) and Actual vs. Budget year to date for the month ending June 30, 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 June 30, 2024.
Financial Statements for the period June 1, 2024 – June 30, 2024 In the Statement of Net Position, VCE, as of June 30, 2024, has a total of $37,225,668 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 June 30, 2024, VCE’s net position was $47,536,911.
In the Statement of Revenues, Expenditures, and Changes in Net Position, VCE recorded $9,118,333 of revenue (net of allowance for doubtful accounts), of which $8,924,087 was billed in June, and $3,182,777 represents estimated unbilled revenue. The cost of electricity for the June revenue totaled $5,588,394.
For June, VCE’s gross margin was approximately 48% and the net income totaled $3,978,033. The year-to-date change in net position was $11,113,736.
Item 5
In the Statement of Cash Flows, VCE cash flows from operations were $1,915,228 due to June cash receipts of revenues being more than the monthly cash operating expenses.
Bank Account Balances (as of 6/30/2024):
Operating Account: $ 18,689,673
Insured Cash Sweep Account: $ 19,930,101
Debt Service Account: $ 1,100,000
CAISO Operational Account: $ 2,720,792
Total Cash on Deposit $ 42,440,566
Note: VCE receives 4.45% interest earnings for the average balance on the ICS account and CAISO operational account equal to the Local Agency Investment Fund (LAIF) state investmentsrate. June 2024 earnings were $67,970.
VCE’s Outstanding Loan Balances (as of 6/30/2024):
Valley Clean Energy Alliance has available at the financial institution a line of credit totaling $11,000,000 with $7,000,000 withdrawal limit, which expires on April 15, 2026. The related debt outstanding at the close of business on June 30, 2024 was $0. VCE has issued, but undrawn, letters of credit for a total of $3,897,000 for regulatory and power purchase requirements.
Actual vs. Budget Variances for the year to date ending June 30, 2024 Below are the financial statement line items with variances >$50,000 and 5% • Electric Revenue – ($8,709,186) and -18% – Unfavorable variance due to retail load variance lower than forecasted due to mild and wet winter and lower spring temperatures reducing agriculture and residential revenues compared to forecast.
• Purchased Power – $717,268 and 3% – Favorable mainly due to budgeted renewable energy certificates not procured, lower load due to mild and wet winter, lower energy prices, and lower spring temperatures reducing agriculture and residential usage compared to forecast. • Reimbursable Revenues $610,000 (AgFIT) – Unfavorable Variance - Reimbursable AgFIT revenues and associated program costs are expected later this year resulting in budget timing differences. • General Programs Costs $313,373 – Favorable Variance – Budgeted program costs are amortized for the year resulting in timing differences.
• AgFIT Programs Costs $438,248 (AgFIT) – Favorable Variance – Program costs are expected later this year resulting in budget timing differences.
Attachments:
1) Financial Statements (Unaudited) June 1, 2024 to June 30, 2024 (with comparative year to date information.)
2) Actual vs. Budget for the year to date ending June 30, 2024
VALLEY CLEAN ENERGY ALLIANCE
FINANCIAL STATEMENTS
(UNAUDITED)
FOR THE PERIOD OF JUNE 1 TO JUNE 30, 2024
PREPARED ON SEPTEMBER 4, 2024
2 ASSETS
Current assets:
Cash and cash equivalents $ 37,225,668
Accounts receivable, net of allowance 12,257,344
Accrued revenue 3,679,842
Prepaid expenses 2,034,490
Inventory - Renewable Energy Credits -
Other current assets and deposits 4,527,675
Total current assets 59,725,020
Restricted assets:
Debt service reserve fund 1,100,000
Total restricted assets 1,100,000
TOTAL ASSETS $ 60,825,020
LIABILITIES
Current liabilities:
Accounts payable $ 392,208
Accrued payroll 158,441
Interest payable -
Due to member agencies (1,723)
Accrued cost of electricity 8,832,768
Other accrued liabilities 2,079,772
Security deposits - energy supplies 1,800,000
User taxes and energy surcharges 26,644
TOTAL LIABILITIES $ 13,288,109
NET POSITION
Net position:
Local Programs Reserve $ 840,000
Restricted 1,100,000
Unrestricted 45,596,911
TOTAL NET POSITION $ 47,536,911
VALLEY CLEAN ENERGY ALLIANCE
STATEMENT OF NET POSITION
June 30, 2024
(UNAUDITED)
3 FOR THE
PERIOD ENDING
June 30, 2024 YEAR TO DATE
OPERATING REVENUE
Electricity sales, net $ 9,118,333 $ 41,686,284
Other revenue - -
TOTAL OPERATING REVENUES 9,118,333 41,686,284
OPERATING EXPENSES
Cost of electricity 4,761,206 27,949,732
Contract services 220,435 1,182,142
Staff compensation 129,835 843,951
General, administration, and other 96,793 953,202
TOTAL OPERATING EXPENSES 5,208,269 30,929,026
TOTAL OPERATING INCOME (LOSS) 3,910,064 10,757,258
NONOPERATING REVENUES (EXPENSES)
Interest income 67,970 356,478
Interest and related expenses - -
Other Non Operating Revenues - -
TOTAL NONOPERATING REVENUES (EXPENSES) 67,970 356,478
CHANGE IN NET POSITION 3,978,033 11,113,736
Net position at beginning of period 5,714,148 36,423,176 Net position at end of period $ 9,692,181 $ 47,536,911
(WITH COMPARATIVE YEAR TO DATE INFORMATION)
(UNAUDITED)
VALLEY CLEAN ENERGY ALLIANCE
STATEMENT OF REVENUES, EXPENDITURES AND
June 30, 2024
4 FOR THE
PERIOD ENDING
June 30, 2024 YEAR TO DATE
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from electricity sales $ 9,118,333 $ 41,686,284 Payments received from other revenue sources - -
Receipts for security deposits with energy suppliers - - Payments to purchase electricity (6,756,041)
Payments for contract services, general, and adminstration (317,229) (2,135,343) Payments for member agency services - -
Payments for staff compensation (129,835) (843,951)
Return of security deposits to energy suppliers - -
Other cash payments - -
Net cash provided (used) by operating activities 1,915,228 38,706,990
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 67,970 356,478
Net cash provided (used) by investing activities 67,970 356,478 NET CHANGE IN CASH AND CASH EQUIVALENTS 1,983,198 39,063,467 Cash and cash equivalents at beginning of period 36,342,470 28,579,933 Cash and cash equivalents at end of period 38,325,668 67,643,401 Cash and cash equivalents included in:
Cash and cash equivalents 37,225,668 66,543,401
Restricted assets 1,100,000 1,100,000
Cash and cash equivalents at end of period $ 38,325,668 $ 67,643,401
VALLEY CLEAN ENERGY ALLIANCE
STATEMENTS OF CASH FLOWS
June 30, 2024
(WITH YEAR TO DATE INFORMATION)
(UNAUDITED)
5 FOR THE
PERIOD ENDING
June 30, 2024 YEAR TO DATE
Operating Income (Loss) $ 3,910,064 $ 5,613,073
Depreciation expense
Revenue reduced for uncollectible accounts
(Increase) decrease in net accounts receivable 2,534,162 (593,095.56) (Increase) decrease in accrued revenue (353,308) 313,839.15 (Increase) decrease in prepaid expenses (2,054,732) (5,880.34) (Increase) decrease in inventory - renewable energy credits - - (Increase) decrease in other assets and deposits 1,948,353 15,756.69 Increase (decrease) in accounts payable (3,068,763) (54,547.41) Increase (decrease) in accrued payroll (16,463) (25,888.91) Increase (decrease) in due to member agencies - 5,855.40 Increase (decrease) in accrued cost of electricity (1,795,262) (1,645,382.32) Increase (decrease) in other accrued liabilities - -
Increase (decrease )security deposits with energy suppliers 827,188 - 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 (16,008) 16,094.60 Increase (decrease) in advances from public purpose programs - Net cash provided (used) by operating activities $ 1,915,229 $ 3,639,825 (UNAUDITED)
June 30, 2024
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)
VALLEY CLEAN ENERGY
2024 YTD ACTUAL VS. BUDGET
FOR THE YEAR TO DATE ENDING 06/30/2024
Description YTD Actuals YTD Budget YTD Variance
% over
/-under
Total Revenues $ 42,042,291 $ 51,260,000 $ (9,217,709) -18% Electric Revenue $ 41,685,814 $ 50,395,000 $ (8,709,186) -17% Interest Revenues $ 356,478 $ 255,000 $ 101,478 40%
Reimbursable Revenues $ - $ 610,000 $ (610,000) -100%
Purchased Power $ 27,949,732 $ 30,101,000 $ (2,151,268) -7% Purchased Power Base $ 27,949,732 $ 28,667,000 $ (717,268) -3% Purchased Power Contingency 5% $ - $ 1,434,000 $ (1,434,000) -100% Labor & Benefits $ 825,976 $ 816,000 $ 9,976 1%
Salaries & Wages $ 690,500 $ 672,000 $ 18,500 3%
Benefits $ 63,227 $ 102,000 $ (38,773) -38%
Human Resources & Payroll $ 72,250 $ 42,000 $ 30,250 72% Office Supplies & Other Expenses $ 145,875 $ 167,700 $ (21,825) -13% Technology Costs $ 43,057 $ 19,200 $ 23,857 124%
Office Supplies $ 6,911 $ 6,000 $ 911 15%
Travel $ 20,501 $ 22,500 $ (1,999) -9%
CalCCA Dues $ 73,416 $ 72,000 $ 1,416 2%
CC Power $ - $ 45,000 $ (45,000) -100%
Memberships $ 1,990 $ 3,000 $ (1,010) -34%
Contractual Services $ 1,045,689 $ 1,141,900 $ (96,211) -8% Other Contract Services (e.g. IRP) $ - $ 16,000 $ (16,000) -100% Don Dame $ 2,186 $ 10,800 $ (8,614) -80%
Wholesale Energy Services (TEA) $ 409,043 $ 409,500 $ (457) 0% 2030 100% Renewable & Storage $ - $ 15,000 $ (15,000) -100% Customer Support Call Center $ 371,301 $ 402,000 $ (30,699) -8% Operating Services $ 44,128 $ 30,000 $ 14,128 47%
Commercial Legal Support $ 2,564 $ 12,000 $ (9,437) -79% Legal General Counsel $ 22,974 $ 42,000 $ (19,026) -45% Regulatory Counsel $ 69,238 $ 102,000 $ (32,762) -32%
Joint CCA Regulatory counsel $ 45,471 $ 9,600 $ 35,871 374% Legislative - (Lobbyist) $ 38,500 $ 34,500 $ 4,000 12%
Accounting Services $ (5,855) $ 1,500 $ (7,355) -490%
Financial Consultant $ - $ 12,000 $ (12,000) -100%
Audit Fees $ 46,140 $ 45,000 $ 1,140 3%
Marketing $ 109,534 $ 150,000 $ (40,467) -27%
Marketing Collateral $ 109,534 $ 144,000 $ (34,467) -24% Community Engagement Activities & Sponsorships $ - $ 6,000 $ (6,000) -100% Programs $ 408,379 $ 1,169,000 $ (760,621) -65%
Program Costs (Rebates, Incentives, etc.) $ 86,627 $ 400,000 $ (313,373) -78% AG Fit $ 321,752 $ 760,000 $ (438,248) -58%
PIPP Program $ - $ 9,000 $ (9,000) -100%
Rents & Leases $ 23,790 $ 24,600 $ (810) -3%
Hunt Boyer Mansion $ 23,790 $ 12,600 $ 11,190 89%
Lease Improvement $ - $ 12,000 $ (12,000) -100%
Other A&G $ 295,810 $ 301,800 $ (5,990) -2%
Development - New Members $ - $ 12,600 $ (12,600) -100% Strategic Plan Implementation $ - $ 38,400 $ (38,400) -100% PG&E Data Fees $ 132,972 $ 144,000 $ (11,028) -8%
Insurance $ 24,807 $ 24,000 $ 807 3%
Banking Fees $ 138,032 $ 82,800 $ 55,232 67%
Miscellaneous Operating Expenses $ 754 $ 6,000 $ (5,246) -87% Contingency $ - $ 120,000 $ (120,000) -100%
0 0
TOTAL OPERATING EXPENSES $ 30,805,539 $ 33,998,000 $ (3,192,461) -9% Interest on RCB Term loan $ - $ - $ - 100%
Interest Expense - Bridge Loan \ Line of Credit $ - $ - $ - 100% NET INCOME $ 17,262,000 11,236,752 $ (6,025,248) $
Item 5
VALLEY CLEAN ENERGY ALLIANCE
Staff Report – Item 5 (b)
______________________________________________________________________________ TO: Board of Directors
FROM: Edward Burnham, Finance and Operations Director / Treasurer Mitch Sears, Executive Officer
SUBJECT: Monthly Treasurer’s Report (Information Item) – July 31, 2024 DATE: September 12, 2024
RECOMMENDATION:
Accept the Treasurer’s report on VCE’s cash, investments, debt, and unaudited financial statements (with comparative year to date information) and Actual vs. Budget year to date for month ending July 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 July 31, 2024.
Financial Statements for the period July 1, 2024 – July 31, 2024 In the Statement of Net Position, VCE, as of July 31, 2024, has a total of $34,826,681 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 July 31, 2024, VCE’s net position was $49,307,638.
In the Statement of Revenues, Expenditures, and Changes in Net Position, VCE recorded $18,804,693 of revenue (net of allowance for doubtful accounts), of which $16,106,207 was billed in July, and $6,543,544 represents estimated unbilled revenue. The cost of electricity for the July revenue totaled $16,515,883. For July, VCE’s gross margin was approximately 13% and the net income totaled $1,770,727. The year-to-date change in net position was $12,884,462.
Item 5
In the Statement of Cash Flows, VCE cash flows from operations were ($497,670) due to July cash receipts of revenues being less than the monthly cash operating expenses.
Bank Account Balances (as of 7/31/2024):
Operating Account: $ 23,228,205
Insured Cash Sweep Account: $ 20,261,982
Debt Service Account: $ 1,100,000
CAISO Operational Account: $ 2,922,635
Total Cash on Deposit $ 47,512,822
Note: VCE receives 4.45% interest earnings for the average balance on the ICS account and CAISO operational account equal to the Local Agency Investment Fund (LAIF) state investments rate. July 2024 earnings were $81,881.
VCE’s Outstanding Loan Balances (as of 7/31/2024):
Valley Clean Energy Alliance has available at the financial institution a line of credit totaling $11,000,000 with a $7,000,000 withdrawal limit, which expires on April 15, 2026. The related debt outstanding at the close of business on July 31, 2024 was $0. VCE has issued, but undrawn, letters of credit for a total of $3,897,000 for regulatory and power purchase requirements.
Actual vs. Budget Variances for the year to date ending July 31, 2024 Below are the financial statement line items with variances >$50,000 and 5% • Electric Revenue – ($2,857,493) and -5% – Unfavorable variance due to retail load variance lower than forecasted due to mild and wet winter and lower spring temperatures reducing agriculture and residential revenues compared to forecast.
• Purchased Power – $5,133,615 and 13% – Unfavorable mainly due to budgeted renewable energy certificates not procured, lower load due to mild and wet winter, lower energy prices, and lower spring temperatures reducing agriculture and residential usage compared to forecast. • Reimbursable Revenues $611,500 (AgFIT) – Unfavorable Variance - Reimbursable AgFIT revenues and associated program costs are expected later this year resulting in budget timing differences. • General Programs Costs $413,373 – Favorable Variance – Budgeted program costs are amortized for the year resulting in timing differences.
• AgFIT Programs Costs $281,743 (AgFIT) – Favorable Variance – Program costs are expected later this year resulting in budget timing differences.
Attachments:
3) Financial Statements (Unaudited) July 1, 2024 to July 31, 2024 (with comparative year to date information.)
4) Actual vs. Budget for the year to date ending July 31, 2024
VALLEY CLEAN ENERGY ALLIANCE
FINANCIAL STATEMENTS
(UNAUDITED)
FOR THE PERIOD OF JULY 1 TO JULY 31, 2024
PREPARED ON SEPTEMBER 4, 2024
2 ASSETS
Current assets:
Cash and cash equivalents $ 34,826,681
Accounts receivable, net of allowance 17,697,547
Accrued revenue 6,543,544
Prepaid expenses 2,089,081
Inventory - Renewable Energy Credits -
Other current assets and deposits 4,729,518
Total current assets 65,886,372
Restricted assets:
Debt service reserve fund 1,100,000
Total restricted assets 1,100,000
TOTAL ASSETS $ 66,986,372
LIABILITIES
Current liabilities:
Accounts payable $ 360,030
Accrued payroll 93,374
Interest payable -
Due to member agencies (1,723)
Accrued cost of electricity 13,321,241
Other accrued liabilities 2,050,988
Security deposits - energy supplies 1,800,000
User taxes and energy surcharges 54,825
TOTAL LIABILITIES $ 17,678,734
NET POSITION
Net position:
Local Programs Reserve $ 840,000
Restricted 1,100,000
Unrestricted 47,367,638
TOTAL NET POSITION $ 49,307,638
VALLEY CLEAN ENERGY ALLIANCE
STATEMENT OF NET POSITION
July 31, 2024
(UNAUDITED)
3 FOR THE
PERIOD ENDING July
31, 2024 YEAR TO DATE
OPERATING REVENUE
Electricity sales, net $ 18,804,693 $ 60,490,977
Other revenue - -
TOTAL OPERATING REVENUES 18,804,693 60,490,977
OPERATING EXPENSES
Cost of electricity 16,515,883 44,465,615
Contract services 223,090 1,405,231
Staff compensation 134,966 978,917
General, administration, and other 241,909 1,195,111
TOTAL OPERATING EXPENSES 17,115,847 48,044,874
TOTAL OPERATING INCOME (LOSS) 1,688,846 12,446,103
NONOPERATING REVENUES (EXPENSES)
Interest income 81,881 438,359
Interest and related expenses - -
Other Non Operating Revenues - -
TOTAL NONOPERATING REVENUES (EXPENSES) 81,881 438,359
CHANGE IN NET POSITION 1,770,727 12,884,462
Net position at beginning of period 5,714,148 36,423,176 Net position at end of period $ 7,484,875 $ 49,307,638
(WITH COMPARATIVE YEAR TO DATE INFORMATION)
(UNAUDITED)
VALLEY CLEAN ENERGY ALLIANCE
STATEMENT OF REVENUES, EXPENDITURES AND
July 31, 2024
4 FOR THE
PERIOD ENDING
July 31, 2024 YEAR TO DATE
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from electricity sales $ 18,804,693 $ 60,490,977 Payments received from other revenue sources - -
Receipts for security deposits with energy suppliers - - Payments to purchase electricity (18,702,398)
Payments for contract services, general, and adminstration (464,999) (2,600,342) Payments for member agency services - -
Payments for staff compensation (134,966) (978,917)
Return of security deposits to energy suppliers - -
Other cash payments - -
Net cash provided (used) by operating activities (497,670) 56,911,718
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 81,881 438,359
Net cash provided (used) by investing activities 81,881 438,359 NET CHANGE IN CASH AND CASH EQUIVALENTS (415,789) 57,350,077 Cash and cash equivalents at beginning of period 36,342,470 28,579,933 Cash and cash equivalents at end of period 35,926,681 85,930,010 Cash and cash equivalents included in:
Cash and cash equivalents 34,826,681 84,830,010
Restricted assets 1,100,000 1,100,000
Cash and cash equivalents at end of period $ 35,926,681 $ 85,930,010 (UNAUDITED)
VALLEY CLEAN ENERGY ALLIANCE
STATEMENTS OF CASH FLOWS
July 31, 2024
(WITH YEAR TO DATE INFORMATION)
5 FOR THE
PERIOD ENDING
July 31, 2024 YEAR TO DATE
Operating Income (Loss) $ 1,688,846 $ 5,613,073
Depreciation expense
Revenue reduced for uncollectible accounts
(Increase) decrease in net accounts receivable 5,468,986 (593,095.56) (Increase) decrease in accrued revenue 2,863,703 313,839.15 (Increase) decrease in prepaid expenses 68,311 (5,880.34) (Increase) decrease in inventory - renewable energy credits - - (Increase) decrease in other assets and deposits (13,720) 15,756.69 Increase (decrease) in accounts payable (6,324,051) (54,547.41) Increase (decrease) in accrued payroll 65,067 (25,888.91) Increase (decrease) in due to member agencies - 5,855.40 Increase (decrease) in accrued cost of electricity (4,488,473) (1,645,382.32) Increase (decrease) in other accrued liabilities - -
Increase (decrease )security deposits with energy suppliers 201,843 - 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 (28,181) 16,094.60 Increase (decrease) in advances from public purpose programs - Net cash provided (used) by operating activities $ (497,670) $ 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)
July 31, 2024
VALLEY CLEAN ENERGY
2024 YTD ACTUAL VS. BUDGET
FOR THE YEAR TO DATE ENDING 07/31/2024
Description YTD Actuals YTD Budget YTD Variance
% over
/-under
Total Revenues $ 60,928,865 $ 64,262,000 $ (3,333,135) -5% Electric Revenue $ 60,490,507 $ 63,348,000 $ (2,857,493) -5% Interest Revenues $ 438,359 $ 302,500 $ 135,859 45%
Reimbursable Revenues $ - $ 611,500 $ (611,500) -100%
Purchased Power $ 44,465,615 $ 41,299,000 $ 3,166,615 8% Purchased Power Base $ 44,465,615 $ 39,332,000 $ 5,133,615 13% Purchased Power Contingency 5% $ - $ 1,967,000 $ (1,967,000) -100% Labor & Benefits $ 960,942 $ 952,000 $ 8,942 1%
Salaries & Wages/Benefits $ 799,701 $ 784,000 $ 15,701 2% Contract Labor $ 72,348 $ 119,000 $ (46,652) -39%
Human Resources & Payroll $ 88,893 $ 49,000 $ 39,893 81% Office Supplies & Other Expenses $ 170,201 $ 192,400 $ (22,199) -12% Technology Costs $ 48,204 $ 22,400 $ 25,804 115%
Office Supplies $ 7,370 $ 7,000 $ 370 5%
Travel $ 20,501 $ 23,000 $ (2,499) -11%
CalCCA Dues $ 87,136 $ 84,000 $ 3,136 4%
CC Power $ 5,000 $ 52,500 $ (47,500) -90%
Memberships $ 1,990 $ 3,500 $ (1,510) -43%
Contractual Services $ 1,242,960 $ 1,325,050 $ (82,090) -6% Other Contract Services (e.g. IRP) $ - $ 19,000 $ (19,000) -100% Don Dame $ 2,419 $ 12,600 $ (10,181) -81%
Wholesale Energy Services (TEA) $ 493,302 $ 477,750 $ 15,552 3% 2030 100% Renewable & Storage $ - $ 17,500 $ (17,500) -100% Customer Support Call Center $ 447,565 $ 469,000 $ (21,435) -5% Operating Services $ 50,424 $ 35,000 $ 15,424 44%
Commercial Legal Support $ 2,564 $ 14,000 $ (11,437) -82% Legal General Counsel $ 32,724 $ 49,000 $ (16,276) -33% Regulatory Counsel $ 84,206 $ 119,000 $ (34,794) -29%
Joint CCA Regulatory counsel $ 45,471 $ 11,200 $ 34,271 306% Legislative - (Lobbyist) $ 44,000 $ 40,250 $ 3,750 9%
Accounting Services $ (5,855) $ 1,750 $ (7,605) -435%
Financial Consultant $ - $ 14,000 $ (14,000) -100%
Audit Fees $ 46,140 $ 45,000 $ 1,140 3%
Marketing $ 123,000 $ 175,000 $ (52,000) -30%
Marketing Collateral $ 123,000 $ 168,000 $ (45,000) -27% Community Engagement Activities & Sponsorships $ - $ 7,000 $ (7,000) -100% Programs $ 604,884 $ 1,310,500 $ (705,616) -54%
Program Costs (Rebates, Incentives, etc.) $ 86,627 $ 500,000 $ (413,373) -83% AG Fit $ 518,257 $ 800,000 $ (281,743) -35%
PIPP Program $ - $ 10,500 $ (10,500) -100%
Rents & Leases $ 25,740 $ 28,700 $ (2,960) -10%
Hunt Boyer Mansion $ 25,740 $ 14,700 $ 11,040 75%
Lease Improvement $ - $ 14,000 $ (14,000) -100%
Other A&G $ 322,354 $ 338,500 $ (16,146) -5%
Development - New Members $ - $ 14,700 $ (14,700) -100% Strategic Plan Implementation $ - $ 44,800 $ (44,800) -100% PG&E Data Fees $ 154,783 $ 168,000 $ (13,217) -8%
Insurance $ 29,539 $ 28,000 $ 1,539 5%
Banking Fees $ 138,032 $ 83,000 $ 55,032 66%
Miscellaneous Operating Expenses $ 4,191 $ 7,000 $ (2,809) -40% Contingency $ - $ 140,000 $ (140,000) -100%
0 0
TOTAL OPERATING EXPENSES $ 47,919,887 $ 45,768,150 $ 2,151,737 5% Interest on RCB Term loan $ - $ - $ - 100%
Interest Expense - Bridge Loan \ Line of Credit $ - $ - $ - 100% NET INCOME $ 18,493,850 13,008,979 $ (5,484,871) $