Item 7 (a) and (b)
VALLEY CLEAN ENERGY ALLIANCE
Staff Report – Item 7 (a)
______________________________________________________________________________ TO: Board of Directors
FROM: Edward Burnham, Finance and Operations Director / Treasurer Mitch Sears, Executive Officer
SUBJECT: Monthly Treasurer’s Report (Information Item) – September 30, 2024 DATE: December 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 September 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 September 30, 2024.
Financial Statements for the period September 1, 2024 – September 30, 2024 In the Statement of Net Position, VCE, as of September 30, 2024, has a total of $44,842,492 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 September 30, 2024, VCE’s net position was $57,389,294.
In the Statement of Revenues, Expenditures, and Changes in Net Position, VCE recorded $7,947,476 of revenue (net of allowance for doubtful accounts), of which $9,706,672 was billed in September, and $5,962,628 represents estimated unbilled revenue. The cost of electricity for the September revenue totaled $4,833,626. For September, VCE’s gross margin was approximately 40% and the net income totaled $2,458,332. The year-to-date change in net position was $20,966,119.
Item 7 (a) and (b)
In the Statement of Cash Flows, VCE cash flows from operations were $8,419,171 due to September cash receipts of revenues being more than the monthly cash operating expenses.
Bank Account Balances (as of 9/30/2024):
Operating Account: $ 23,867,893
Insured Cash Sweep Account: $ 23,020,995
Debt Service Account: $ 1,100,000
CAISO Operational Account: $ 3,334,008
Total Cash on Deposit $ 51,322,896
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.
September 2024 earnings were $80,851.
VCE’s Outstanding Loan Balances (as of 9/30/2024):
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 September 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 September 30, 2024 Below are the financial statement line items with variances >$50,000 and 5% • Electric Revenue – ($4,567,474) and -05% – 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 – $5,327,725 and 9% – Favorable mainly due to budgeted renewable energy certificates budgeted no longer required, reimbursed RA costs related to PPA delays, lower load driven by lower spring temperatures reducing agriculture and residential usage compared to forecast.
• Reimbursable Revenues $614,000 (AgFIT) – Unfavorable Variance - Reimbursable AgFIT revenues and associated program costs are expected later this year resulting in budget timing differences. • General Programs Costs $603,709 – Favorable Variance due to timing differences for budgeted program costs.
• AgFIT Programs Costs $282,382 (AgFIT) – Favorable Variance due to timing difference for budgeted program costs that are expected later this year.
• Regulatory Costs $53,519 – Favorable Variance due to costs being captured as part of AgFIT. • CC Power Costs ($70,876) – Unfavorable Variance due to timing of annual dues and expanded scope of support services. Cost will normalize by year end to budget.
Attachments:
1) Financial Statements (Unaudited) September 1, 2024 to September 30, 2024 (with comparative year to date information.)
2) Actual vs. Budget for the year to date ending September 30, 2024
VALLEY CLEAN ENERGY ALLIANCE
FINANCIAL STATEMENTS
(UNAUDITED)
FOR THE PERIOD OF SEPTEMBER 1 TO SEPTEMBER 30, 2024
PREPARED ON DECEMBER 1, 2024
2 ASSETS
Current assets:
Cash and cash equivalents $ 44,842,492
Accounts receivable, net of allowance 14,564,641
Accrued revenue 5,962,628
Prepaid expenses 198,172
Inventory - Renewable Energy Credits -
Other current assets and deposits 4,728,934
Total current assets 70,296,868
Restricted assets:
Debt service reserve fund 1,100,000
Total restricted assets 1,100,000
TOTAL ASSETS $ 71,396,868
LIABILITIES
Current liabilities:
Accounts payable $ 390,184
Accrued payroll 112,195
Interest payable -
Due to member agencies (1,723)
Accrued cost of electricity 9,794,391
Other accrued liabilities 1,851,790
Security deposits - energy supplies 1,800,000
User taxes and energy surcharges 60,737
TOTAL LIABILITIES $ 14,007,573
NET POSITION
Net position:
Local Programs Reserve $ 840,000
Restricted 1,100,000
Unrestricted 55,449,294
TOTAL NET POSITION $ 57,389,294
VALLEY CLEAN ENERGY ALLIANCE
STATEMENT OF NET POSITION
September 30, 2024
(UNAUDITED)
3 FOR THE
PERIOD ENDING
September 30, 2024 YEAR TO DATE
OPERATING REVENUE
Electricity sales, net $ 7,947,476 $ 81,201,124
Other revenue - -
TOTAL OPERATING REVENUES 7,947,476 81,201,124
OPERATING EXPENSES
Cost of electricity 4,833,626 55,522,275
Contract services 253,732 2,461,571
Staff compensation 135,778 1,232,771
General, administration, and other 346,860 1,615,760
TOTAL OPERATING EXPENSES 5,569,995 60,832,377
TOTAL OPERATING INCOME (LOSS) 2,377,481 20,368,747
NONOPERATING REVENUES (EXPENSES)
Interest income 80,851 597,372
Interest and related expenses - -
Other Non Operating Revenues - -
TOTAL NONOPERATING REVENUES (EXPENSES) 80,851 597,372
CHANGE IN NET POSITION 2,458,332 20,966,119
Net position at beginning of period 19,237,535 36,423,176 Net position at end of period $ 21,695,867 $ 57,389,294 (WITH COMPARATIVE YEAR TO DATE INFORMATION)
(UNAUDITED)
VALLEY CLEAN ENERGY ALLIANCE
STATEMENT OF REVENUES, EXPENDITURES AND
September 30, 2024
4 FOR THE
PERIOD ENDING
September 30, 2024 YEAR TO DATE
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from electricity sales $ 7,947,476 $ 81,201,124 Payments received from other revenue sources - -
Receipts for security deposits with energy suppliers - - Payments to purchase electricity 1,208,064 (55,522,275) Payments for contract services, general, and adminstration (600,592) (4,077,330) Payments for member agency services - -
Payments for staff compensation (135,778) (1,232,771)
Return of security deposits to energy suppliers - -
Other cash payments - -
Net cash provided (used) by operating activities 8,419,171 20,368,748
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 80,851 597,372
Net cash provided (used) by investing activities 80,851 597,372 NET CHANGE IN CASH AND CASH EQUIVALENTS 8,500,022 20,966,121 Cash and cash equivalents at beginning of period 37,442,470 24,976,372 Cash and cash equivalents at end of period 45,942,492 45,942,493 Cash and cash equivalents included in:
Cash and cash equivalents 44,842,492 44,842,493
Restricted assets 1,100,000 1,100,000
Cash and cash equivalents at end of period $ 45,942,492 $ 45,942,493
VALLEY CLEAN ENERGY ALLIANCE
STATEMENTS OF CASH FLOWS
September 30, 2024
(WITH YEAR TO DATE INFORMATION)
(UNAUDITED)
5 FOR THE
PERIOD ENDING
September 30, 2024 YEAR TO DATE
Operating Income (Loss) $ 2,377,481 $ 20,368,747
Depreciation expense
Revenue reduced for uncollectible accounts
(Increase) decrease in net accounts receivable (1,535,837) 4,485,895 (Increase) decrease in accrued revenue (1,078,136) 2,528,594 (Increase) decrease in prepaid expenses (1,858,738) 92,059 (Increase) decrease in inventory - renewable energy credits - - (Increase) decrease in other assets and deposits (11,769) 63,944 Increase (decrease) in accounts payable (41,037) 55,872 Increase (decrease) in accrued payroll (24,612) (53,828) Increase (decrease) in due to member agencies - 5,855
Increase (decrease) in accrued cost of electricity 10,610,209 (8,179,113) Increase (decrease) in other accrued liabilities - -
Increase (decrease )security deposits with energy suppliers - 1,028,447 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 (18,388) (27,724) Increase (decrease) in advances from public purpose programs - - Net cash provided (used) by operating activities $ 8,419,171 $ 20,368,748 (UNAUDITED)
September 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 09/30/2024
Description YTD Actuals YTD Budget YTD Variance
% over
/-under
Total Revenues $ 80,998,026 $ 85,565,500 $ (4,567,474) -5% Electric Revenue $ 80,400,654 $ 84,551,000 $ (4,150,346) -5% Interest Revenues $ 597,372 $ 400,000 $ 197,372 49%
Reimbursable Revenues $ - $ 614,500 $ (614,500) -100%
Purchased Power $ 55,522,275 $ 60,850,000 $ (5,327,725) -9% Purchased Power Base $ 55,522,275 $ 57,952,000 $ (2,429,725) -4% Purchased Power Contingency 5% $ - $ 2,898,000 $ (2,898,000) -100% Labor & Benefits $ 1,226,413 $ 1,224,000 $ 2,413 0%
Salaries & Wages/Benefits $ 1,007,134 $ 1,008,000 $ (866) 0% Contract Labor $ 126,836 $ 153,000 $ (26,164) -17%
Human Resources & Payroll $ 92,444 $ 63,000 $ 29,444 47% Office Supplies & Other Expenses $ 405,091 $ 295,800 $ 109,291 37% Technology Costs $ 65,344 $ 28,800 $ 36,544 127%
Office Supplies $ 8,804 $ 9,000 $ (196) -2%
Travel $ 22,001 $ 24,000 $ (1,999) -8%
CalCCA Dues $ 114,576 $ 108,000 $ 6,576 6%
CC Power $ 192,376 $ 121,500 $ 70,876 58%
Memberships $ 1,990 $ 4,500 $ (2,510) -56%
Contractual Services $ 1,629,078 $ 1,693,350 $ (64,272) -4% Other Contract Services (e.g. IRP) $ 15,000 $ 27,000 $ (12,000) -44% Don Dame $ 2,974 $ 16,200 $ (13,226) -82%
Wholesale Energy Services (TEA) $ 643,957 $ 614,250 $ 29,707 5% 2030 100% Renewable & Storage $ - $ 22,500 $ (22,500) -100% Customer Support Call Center $ 592,324 $ 603,000 $ (10,676) -2% Operating Services $ 84,924 $ 45,000 $ 39,924 89%
Commercial Legal Support $ 12,889 $ 18,000 $ (5,112) -28% Legal General Counsel $ 36,774 $ 63,000 $ (26,226) -42% Regulatory Counsel $ 99,481 $ 153,000 $ (53,519) -35%
Joint CCA Regulatory counsel $ 45,471 $ 14,400 $ 31,071 216% Legislative - (Lobbyist) $ 55,000 $ 51,750 $ 3,250 6%
Accounting Services $ (5,855) $ 2,250 $ (8,105) -360%
Financial Consultant $ - $ 18,000 $ (18,000) -100%
Audit Fees $ 46,140 $ 45,000 $ 1,140 3%
Marketing $ 176,413 $ 225,000 $ (48,587) -22%
Marketing Collateral $ 174,111 $ 216,000 $ (41,889) -19% Community Engagement Activities & Sponsorships $ 2,302 $ 9,000 $ (6,698) -74% Programs $ 693,909 $ 1,593,500 $ (899,591) -56%
Program Costs (Rebates, Incentives, etc.) $ 96,291 $ 700,000 $ (603,709) -86% AG Fit $ 597,618 $ 880,000 $ (282,382) -32%
PIPP Program $ - $ 13,500 $ (13,500) -100%
Rents & Leases $ 41,730 $ 36,900 $ 4,830 13%
Hunt Boyer Mansion $ 41,730 $ 18,900 $ 22,830 121%
Lease Improvement $ - $ 18,000 $ (18,000) -100%
Other A&G $ 399,144 $ 411,900 $ (12,756) -3%
Development - New Members $ - $ 18,900 $ (18,900) -100% Strategic Plan Implementation $ 786 $ 57,600 $ (56,814) -99% PG&E Data Fees $ 221,702 $ 216,000 $ 5,702 3%
Insurance $ 38,623 $ 36,000 $ 2,623 7%
Banking Fees $ 138,032 $ 83,400 $ 54,632 66%
Miscellaneous Operating Expenses $ 2,834 $ 9,000 $ (6,166) -69% Contingency $ - $ 180,000 $ (180,000) -100%
0 0
TOTAL OPERATING EXPENSES $ 60,096,888 $ 66,519,450 $ (6,422,562) -10% Interest on RCB Term loan $ - $ - $ - 100%
NET INCOME $ 19,046,050 20,901,138 $ 1,855,088 $
Item 7 (a) and (b)
VALLEY CLEAN ENERGY ALLIANCE
Staff Report – Item 7 (b)
______________________________________________________________________________ TO: Board of Directors
FROM: Edward Burnham, Finance and Operations Director / Treasurer Mitch Sears, Executive Officer
SUBJECT: Monthly Treasurer’s Report (Information Item) – October 31, 2024 DATE: December 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 October 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 October 31, 2024.
Financial Statements for the period October 1, 2024 – October 31, 2024 In the Statement of Net Position, VCE, as of October 31, 2024, has a total of $46,610,522 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 October 31, 2024, VCE’s net position was $58,985,083.
In the Statement of Revenues, Expenditures, and Changes in Net Position, VCE recorded $7,073,451 of revenue (net of allowance for doubtful accounts), of which $9,706,672 was billed in October, and $5,962,628 represents estimated unbilled revenue. The cost of electricity for the October revenue totaled $4,327,544. For October, VCE’s gross margin was approximately 40% and the net income totaled $2,395,788. The year-to-date change in net position was $22,561,907.
Item 7 (a) and (b)
In the Statement of Cash Flows, VCE cash flows from operations were $1,638,764 due to October cash receipts of revenues being more than the monthly cash operating expenses.
Bank Account Balances (as of 7/31/2024):
Operating Account: $ 25,454,550
Insured Cash Sweep Account: $ 23,111,274
Debt Service Account: $ 1,100,000
CAISO Operational Account: $ 4,055,884
Total Cash on Deposit $ 53,721,708
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. October 2024 earnings were $129,265.
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 October 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 October 31, 2024 Below are the financial statement line items with variances >$50,000 and 5% • Electric Revenue – ($4,313,258) and -05% – 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 – $5,636,181 and 9% – Favorable mainly due to budgeted renewable energy certificates budgeted no longer required, reimbursed RA costs related to PPA delays, lower load driven by lower spring temperatures reducing agriculture and residential usage compared to forecast.
• Reimbursable Revenues $614,000 (AgFIT) – Unfavorable Variance - Reimbursable AgFIT revenues and associated program costs are expected later this year resulting in budget timing differences. • General Programs Costs $703,709 – Favorable Variance due to timing differences for budgeted program costs.
• AgFIT Programs Costs $197,756 (AgFIT) – Favorable Variance due to timing difference for budgeted program costs that are expected later this year.
• Marketing Collateral $58,548 – Favorable Variance due to timing difference related to programs implementation.
Attachments:
1) Financial Statements (Unaudited) October 1, 2024 to October 31, 2024 (with comparative year to date information.)
2) Actual vs. Budget for the year to date ending October 31, 2024
VALLEY CLEAN ENERGY ALLIANCE
FINANCIAL STATEMENTS
(UNAUDITED)
FOR THE PERIOD OF OCTOBER 1 TO OCTOBER 30, 2024
PREPARED ON DECEMBER 1, 2024
2 ASSETS
Current assets:
Cash and cash equivalents $ 46,610,522
Accounts receivable, net of allowance 12,106,934
Accrued revenue 4,130,612
Prepaid expenses 304,257
Inventory - Renewable Energy Credits -
Other current assets and deposits 5,862,767
Total current assets 69,015,093
Restricted assets:
Debt service reserve fund 1,100,000
Total restricted assets 1,100,000
TOTAL ASSETS $ 70,115,093
LIABILITIES
Current liabilities:
Accounts payable $ 394,757
Accrued payroll 117,298
Interest payable -
Due to member agencies (1,723)
Accrued cost of electricity 6,882,979
Other accrued liabilities 1,859,344
Security deposits - energy supplies 1,800,000
User taxes and energy surcharges 77,355
TOTAL LIABILITIES $ 11,130,010
NET POSITION
Net position:
Local Programs Reserve $ 840,000
Restricted 1,100,000
Unrestricted 57,045,083
TOTAL NET POSITION $ 58,985,083
VALLEY CLEAN ENERGY ALLIANCE
STATEMENT OF NET POSITION
OCTOBER 31, 2024
(UNAUDITED)
3 FOR THE
PERIOD ENDING
OCTOBER 31, 2024 YEAR TO DATE
OPERATING REVENUE
Electricity sales, net $ 7,073,451 $ 87,474,575
Other revenue - -
TOTAL OPERATING REVENUES 7,073,451 87,474,575
OPERATING EXPENSES
Cost of electricity 4,327,544 59,849,819
Contract services 191,841 2,653,412
Staff compensation 133,165 1,365,935
General, administration, and other 154,378 1,770,138
TOTAL OPERATING EXPENSES 4,806,928 65,639,305
TOTAL OPERATING INCOME (LOSS) 2,266,523 21,835,270
NONOPERATING REVENUES (EXPENSES)
Interest income 129,265 726,637
Interest and related expenses - -
Other Non Operating Revenues - -
TOTAL NONOPERATING REVENUES (EXPENSES) 129,265 726,637
CHANGE IN NET POSITION 2,395,788 22,561,907
Net position at beginning of period 19,237,535 36,423,176 Net position at end of period $ 21,633,323 $ 58,985,083 (WITH COMPARATIVE YEAR TO DATE INFORMATION)
(UNAUDITED)
VALLEY CLEAN ENERGY ALLIANCE
STATEMENT OF REVENUES, EXPENDITURES AND
OCTOBER 31, 2024
4 FOR THE
PERIOD ENDING
OCTOBER 31, 2024 YEAR TO DATE
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from electricity sales $ 7,073,451 $ 87,474,575 Payments received from other revenue sources - -
Receipts for security deposits with energy suppliers - - Payments to purchase electricity (4,955,669) (59,677,578) Payments for contract services, general, and adminstration (345,853) (4,423,550) Payments for member agency services - -
Payments for staff compensation (133,165) (1,365,935)
Return of security deposits to energy suppliers - -
Other cash payments - -
Net cash provided (used) by operating activities 1,638,764 22,007,512
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 129,265 726,637
Net cash provided (used) by investing activities 129,265 726,637 NET CHANGE IN CASH AND CASH EQUIVALENTS 1,768,029 22,734,149 Cash and cash equivalents at beginning of period 45,942,492 24,976,372 Cash and cash equivalents at end of period 47,710,522 47,710,521 Cash and cash equivalents included in:
Cash and cash equivalents 46,610,522 46,610,521
Restricted assets 1,100,000 1,100,000
Cash and cash equivalents at end of period $ 47,710,522 $ 47,710,521 (UNAUDITED)
VALLEY CLEAN ENERGY ALLIANCE
STATEMENTS OF CASH FLOWS
OCTOBER 31, 2024
(WITH YEAR TO DATE INFORMATION)
5 FOR THE
PERIOD ENDING
OCTOBER 31, 2024 YEAR TO DATE
Operating Income (Loss) $ 2,266,523 $ 21,835,270
Depreciation expense
Revenue reduced for uncollectible accounts
(Increase) decrease in net accounts receivable (1,665,261) 2,020,635 (Increase) decrease in accrued revenue (1,832,017) 696,577 (Increase) decrease in prepaid expenses (4,732) 87,327
(Increase) decrease in inventory - renewable energy credits - - (Increase) decrease in other assets and deposits 110,818 174,762 Increase (decrease) in accounts payable (4,573) 51,299
Increase (decrease) in accrued payroll (5,103) (58,931) Increase (decrease) in due to member agencies - 5,855
Increase (decrease) in accrued cost of electricity 1,655,893 (4,923,220) Increase (decrease) in other accrued liabilities - -
Increase (decrease )security deposits with energy suppliers 1,133,833 2,162,280 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 (16,618) (44,342) Increase (decrease) in advances from public purpose programs - - Net cash provided (used) by operating activities $ 1,638,764 $ 22,007,512
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)
OCTOBER 31, 2024
VALLEY CLEAN ENERGY
2024 YTD ACTUAL VS. BUDGET
FOR THE YEAR TO DATE ENDING 10/30/2024
Description YTD Actuals YTD Budget YTD Variance
% over
/-under
Total Revenues $ 88,200,742 $ 92,514,000 $ (4,313,258) -5% Electric Revenue $ 87,474,105 $ 91,448,000 $ (3,973,895) -4% Interest Revenues $ 726,637 $ 450,000 $ 276,637 61%
Reimbursable Revenues $ - $ 616,000 $ (616,000) -100%
Purchased Power $ 59,849,819 $ 65,486,000 $ (5,636,181) -9% Purchased Power Base $ 59,849,819 $ 62,367,000 $ (2,517,181) -4% Purchased Power Contingency 5% $ - $ 3,119,000 $ (3,119,000) -100% Labor & Benefits $ 1,359,577 $ 1,360,000 $ (423) 0%
Salaries & Wages/Benefits $ 1,119,659 $ 1,120,000 $ (341) 0% Contract Labor $ 138,354 $ 170,000 $ (31,646) -19%
Human Resources & Payroll $ 101,564 $ 70,000 $ 31,564 45% Office Supplies & Other Expenses $ 424,080 $ 320,500 $ 103,580 32% Technology Costs $ 69,932 $ 32,000 $ 37,932 119%
Office Supplies $ 9,313 $ 10,000 $ (687) -7%
Travel $ 22,173 $ 24,500 $ (2,327) -9%
CalCCA Dues $ 128,296 $ 120,000 $ 8,296 7%
CC Power $ 192,376 $ 129,000 $ 63,376 49%
Memberships $ 1,990 $ 5,000 $ (3,010) -60%
Contractual Services $ 1,812,948 $ 1,877,500 $ (64,552) -3% Other Contract Services (e.g. IRP) $ 15,000 $ 31,000 $ (16,000) -52% Don Dame $ 3,324 $ 18,000 $ (14,676) -82%
Wholesale Energy Services (TEA) $ 753,881 $ 682,500 $ 71,381 10% 2030 100% Renewable & Storage $ - $ 25,000 $ (25,000) -100% Customer Support Call Center $ 668,829 $ 670,000 $ (1,171) 0% Operating Services $ 61,660 $ 50,000 $ 11,660 23%
Commercial Legal Support $ 17,502 $ 20,000 $ (2,498) -12% Legal General Counsel $ 39,504 $ 70,000 $ (30,496) -44% Regulatory Counsel $ 106,992 $ 170,000 $ (63,008) -37%
Joint CCA Regulatory counsel $ 45,471 $ 16,000 $ 29,471 184% Legislative - (Lobbyist) $ 60,500 $ 57,500 $ 3,000 5%
Accounting Services $ (5,855) $ 2,500 $ (8,355) -334%
Financial Consultant $ - $ 20,000 $ (20,000) -100%
Audit Fees $ 46,140 $ 45,000 $ 1,140 3%
Marketing $ 185,878 $ 250,000 $ (64,122) -26%
Marketing Collateral $ 181,452 $ 240,000 $ (58,548) -24% Community Engagement Activities & Sponsorships $ 4,426 $ 10,000 $ (5,574) -56% Programs $ 818,535 $ 1,735,000 $ (916,465) -53%
Program Costs (Rebates, Incentives, etc.) $ 96,291 $ 800,000 $ (703,709) -88% AG Fit $ 722,244 $ 920,000 $ (197,756) -21%
PIPP Program $ - $ 15,000 $ (15,000) -100%
Rents & Leases $ 43,680 $ 41,000 $ 2,680 7%
Hunt Boyer Mansion $ 43,680 $ 21,000 $ 22,680 108%
Lease Improvement $ - $ 20,000 $ (20,000) -100%
Other A&G $ 402,770 $ 448,600 $ (45,830) -10%
Development - New Members $ - $ 21,000 $ (21,000) -100% Strategic Plan Implementation $ 786 $ 64,000 $ (63,214) -99% PG&E Data Fees $ 220,956 $ 240,000 $ (19,044) -8%
Insurance $ 42,995 $ 40,000 $ 2,995 7%
Banking Fees $ 138,032 $ 83,600 $ 54,432 65%
Miscellaneous Operating Expenses $ 4,965 $ 10,000 $ (5,035) -50% Contingency $ - $ 200,000 $ (200,000) -100%
0 0
TOTAL OPERATING EXPENSES $ 64,902,252 $ 71,728,600 $ (6,826,348) -10% NET INCOME $ 20,785,400 23,298,490 $ 2,513,090 $