Item 6
VALLEY CLEAN ENERGY ALLIANCE
Staff Report – Item 6 (a)
______________________________________________________________________________ TO: Board of Directors
FROM: Edward Burnham, Finance and Operations Director / Treasurer Mitch Sears, Chief Executive Officer
SUBJECT: Monthly Treasurer’s Report (Informational Item) – November 30, 2024 DATE: February 13, 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 November 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 November 30, 2024.
Financial Statements for the period November 1, 2024 – November 30, 2024 In the Statement of Net Position, VCE, as of November 30, 2024, has a total of $51,273,055 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 November 30, 2024, VCE’s net position was $62,250,362.
In the Statement of Revenues, Expenditures, and Changes in Net Position, VCE recorded $6,293,341 of revenue (net of allowance for doubtful accounts), of which $5,548,611 was billed in November, and $4,986,718 represents estimated unbilled revenue. The cost of electricity for the November revenue totaled $2,844,230. For November, VCE’s gross margin was approximately 44% and the net income totaled $3,065,183. The year-to-date change in net position was $25,827,187.
VALLEY CLEAN ENERGY ALLIANCE
FINANCIAL STATEMENTS
(UNAUDITED)
FOR THE PERIOD OF NOVEMBER 1, 2024 THROUGH NOVEMBER 30, 2024 PREPARED ON JANUARY 25, 2025
2 ASSETS
Current assets:
Cash and cash equivalents $ 51,273,055
Accounts receivable, net of allowance 9,119,252
Accrued revenue 4,986,718
Prepaid expenses 283,855
Inventory - Renewable Energy Credits -
Other current assets and deposits 6,100,299
Total current assets 71,763,179
Restricted assets:
Debt service reserve fund 1,100,000
Total restricted assets 1,100,000
TOTAL ASSETS $ 72,863,179
LIABILITIES
Current liabilities:
Accounts payable $ 369,557
Accrued payroll 96,321
Interest payable -
Due to member agencies (1,723)
Accrued cost of electricity 6,434,258
Other accrued liabilities 1,898,254
Security deposits - energy supplies 1,800,000
User taxes and energy surcharges 16,150
TOTAL LIABILITIES $ 10,612,817
NET POSITION
Net position:
Local Programs Reserve $ 840,000
Restricted 1,100,000
Unrestricted 60,310,362
TOTAL NET POSITION $ 62,250,362
VALLEY CLEAN ENERGY ALLIANCE
STATEMENT OF NET POSITION
NOVEMBER 30, 2024
(UNAUDITED)
3 FOR THE
PERIOD ENDING
NOVEMBER 30, 2024 YEAR TO DATE
OPERATING REVENUE
Electricity sales, net $ 6,293,341 $ 93,767,916
Other revenue - -
TOTAL OPERATING REVENUES 6,293,341 93,767,916
OPERATING EXPENSES
Cost of electricity 2,844,230 62,494,049
Contract services 206,381 2,859,794
Staff compensation 145,439 1,511,374
General, administration, and other 137,559 1,907,600
TOTAL OPERATING EXPENSES 3,333,608 68,772,817
TOTAL OPERATING INCOME (LOSS) 2,959,732 24,995,099
NONOPERATING REVENUES (EXPENSES)
Interest income 105,451 832,088
Interest and related expenses - -
Other Non Operating Revenues - -
TOTAL NONOPERATING REVENUES (EXPENSES) 105,451 832,088
CHANGE IN NET POSITION 3,065,183 25,827,187
Net position at beginning of period 21,633,323 36,423,176 Net position at end of period $ 24,698,506 $ 62,250,362 (WITH COMPARATIVE YEAR TO DATE INFORMATION)
(UNAUDITED)
VALLEY CLEAN ENERGY ALLIANCE
STATEMENT OF REVENUES, EXPENDITURES AND
NOVEMBER 30, 2024
4 FOR THE
PERIOD ENDING
NOVEMBER 30 YEAR TO DATE
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from electricity sales $ 6,293,341 $ 93,767,916 Payments received from other revenue sources - -
Receipts for security deposits with energy suppliers - - Payments to purchase electricity (1,246,880) (61,694,049) Payments for contract services, general, and adminstration (343,940) (4,767,393) Payments for member agency services - -
Payments for staff compensation (145,439) (1,511,374)
Return of security deposits to energy suppliers - -
Other cash payments - -
Net cash provided (used) by operating activities 4,557,082 25,795,100
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 105,451 832,088
Net cash provided (used) by investing activities 105,451 832,088 NET CHANGE IN CASH AND CASH EQUIVALENTS 4,662,533 26,627,188 Cash and cash equivalents at beginning of period 47,710,522 24,976,372 Cash and cash equivalents at end of period 52,373,055 51,603,560 Cash and cash equivalents included in:
Cash and cash equivalents 51,273,055 51,273,055
Restricted assets 1,100,000 1,100,000
Cash and cash equivalents at end of period $ 52,373,055 $ 52,373,055
VALLEY CLEAN ENERGY ALLIANCE
STATEMENTS OF CASH FLOWS
NOVEMBER 30 2024
(WITH YEAR TO DATE INFORMATION)
(UNAUDITED)
5 FOR THE
PERIOD ENDING
NOVEMBER 30
2024 YEAR TO DATE
Operating Income (Loss) $ 2,959,732 $ 24,995,099
Depreciation expense
Revenue reduced for uncollectible accounts
(Increase) decrease in net accounts receivable (3,026,593) (1,005,958) (Increase) decrease in accrued revenue 856,107 1,552,684 (Increase) decrease in prepaid expenses (4,732) 82,594
(Increase) decrease in inventory - renewable energy credits - - (Increase) decrease in other assets and deposits (15,670) 159,092 Increase (decrease) in accounts payable 25,200 76,499
Increase (decrease) in accrued payroll 20,977 (37,954)
Increase (decrease) in due to member agencies - 5,855
Increase (decrease) in accrued cost of electricity 3,443,325 (2,449,486) Increase (decrease) in other accrued liabilities - -
Increase (decrease )security deposits with energy suppliers 237,531 2,399,812 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 61,205 16,863 Increase (decrease) in advances from public purpose programs - - Net cash provided (used) by operating activities $ 4,557,082 $ 25,795,100 (UNAUDITED)
NOVEMBER 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 11/30/2024
Description YTD Actuals YTD Budget YTD Variance
% over
/-under
Total Revenues $ 94,599,534 $ 98,595,500 $ (3,995,966) -4% Electric Revenue $ 93,767,446 $ 97,478,000 $ (3,710,554) -4% Interest Revenues $ 832,088 $ 500,000 $ 332,088 66%
Reimbursable Revenues $ - $ 617,500 $ (617,500) -100%
Purchased Power $ 62,694,049 $ 69,880,000 $ (7,185,951) -10% Purchased Power Base $ 62,694,049 $ 66,552,000 $ (3,857,951) -6% Purchased Power Contingency 5% $ - $ 3,328,000 $ (3,328,000) -100% Labor & Benefits $ 1,505,013 $ 1,496,000 $ 9,013 1%
Salaries & Wages/Benefits $ 1,242,654 $ 1,232,000 $ 10,654 1% Contract Labor $ 151,674 $ 187,000 $ (35,326) -19%
Human Resources & Payroll $ 110,685 $ 77,000 $ 33,685 44% Office Supplies & Other Expenses $ 468,016 $ 345,200 $ 122,816 36% Technology Costs $ 73,547 $ 35,200 $ 38,347 109%
Office Supplies $ 10,018 $ 11,000 $ (982) -9%
Travel $ 23,070 $ 25,000 $ (1,930) -8%
CalCCA Dues $ 142,016 $ 132,000 $ 10,016 8%
CC Power $ 192,376 $ 136,500 $ 55,876 41%
Memberships $ 26,990 $ 5,500 $ 21,490 391%
Contractual Services $ 2,014,185 $ 2,076,650 $ (62,465) -3% Other Contract Services (e.g. IRP) $ 15,000 $ 35,000 $ (20,000) -57% Don Dame $ 3,660 $ 19,800 $ (16,140) -82%
Wholesale Energy Services (TEA) $ 830,367 $ 750,750 $ 79,617 11% 2030 100% Renewable & Storage $ - $ 27,500 $ (27,500) -100% Customer Support Call Center $ 741,175 $ 737,000 $ 4,175 1% Operating Services $ 77,702 $ 55,000 $ 22,702 41%
Commercial Legal Support $ 24,623 $ 22,000 $ 2,623 12%
Legal General Counsel $ 44,619 $ 77,000 $ (32,381) -42% Regulatory Counsel $ 125,284 $ 187,000 $ (61,716) -33%
Joint CCA Regulatory counsel $ 45,471 $ 17,600 $ 27,871 158% Legislative - (Lobbyist) $ 66,000 $ 63,250 $ 2,750 4%
Accounting Services $ (5,855) $ 2,750 $ (8,605) -313%
Financial Consultant $ - $ 22,000 $ (22,000) -100%
Audit Fees $ 46,140 $ 60,000 $ (13,860) -23%
Marketing $ 189,623 $ 275,000 $ (85,377) -31%
Marketing Collateral $ 184,983 $ 264,000 $ (79,017) -30% Community Engagement Activities & Sponsorships $ 4,640 $ 11,000 $ (6,360) -58% Programs $ 878,291 $ 1,876,500 $ (998,209) -53%
Program Costs (Rebates, Incentives, etc.) $ 96,291 $ 900,000 $ (803,709) -89% AG Fit $ 782,000 $ 960,000 $ (178,000) -19%
PIPP Program $ - $ 16,500 $ (16,500) -100%
Rents & Leases $ 45,630 $ 45,100 $ 530 1%
Hunt Boyer Mansion $ 45,630 $ 23,100 $ 22,530 98%
Lease Improvement $ - $ 22,000 $ (22,000) -100%
Other A&G $ 431,747 $ 485,300 $ (53,553) -11%
Development - New Members $ - $ 23,100 $ (23,100) -100% Strategic Plan Implementation $ 2,399 $ 70,400 $ (68,001) -97% PG&E Data Fees $ 243,588 $ 264,000 $ (20,412) -8%
Insurance $ 47,727 $ 44,000 $ 3,727 8%
Banking Fees $ 138,032 $ 83,800 $ 54,232 65%
Miscellaneous Operating Expenses $ 9,192 $ 11,000 $ (1,808) -16% Contingency $ - $ 220,000 $ (220,000) -100%
0 0
TOTAL OPERATING EXPENSES $ 68,235,746 $ 76,710,750 $ (8,475,004) -11% NET INCOME $ 21,884,750 26,363,788 $ 4,479,038 $
Item 6
VALLEY CLEAN ENERGY ALLIANCE
Staff Report – Item 6 (b)
______________________________________________________________________________ TO: Board of Directors
FROM: Edward Burnham, Finance and Operations Director / Treasurer Mitch Sears, Chief Executive Officer
SUBJECT: Monthly Treasurer’s Report (Informational Item) – December 31, 2024 DATE: February 13, 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 December 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 December 31, 2024.
Financial Statements for the period December 1, 2024 – December 31, 2024 In the Statement of Net Position, VCE, as of December 31, 2024, has a total of $51,655,013 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 December 31, 2024, VCE’s net position was $64,165,665.
In the Statement of Revenues, Expenditures, and Changes in Net Position, VCE recorded $5,068,462 of revenue (net of allowance for doubtful accounts), of which $6,763,902.80 was billed in December, and $3,375,827 represents estimated unbilled revenue. The cost of electricity for the December revenue totaled $2,836,804. For December, VCE’s gross margin was approximately 13% and the net income totaled $1,843,304. The year-to-date change in net position was $27,742,489.
Item 6
In the Statement of Cash Flows, VCE cash flows from operations were ($497,670) due to December cash receipts of revenues being less than the monthly cash operating expenses.
Bank Account Balances (as of 7/31/2024):
Operating Account: $ 26,047,734
Insured Cash Sweep Account: $ 27,304,632
Debt Service Account: $ 1,100,000
CAISO Operational Account: $ 5,106,445
Total Cash on Deposit $ 59,558,811
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. December 2024 earnings were $117,744.
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 December 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 December 31, 2024 Below are the financial statement line items with variances >$50,000 and 5% • Electric Revenue – ($5,264,260) 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 – $9,669,147 and 13% – 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. An additional $3,581,000 in power cost contingency was not required. • General Programs Costs $803,709 and 89% – Favorable Variance due to timing differences for budgeted program costs.
• Marketing Collateral $64,620 and 22% – Favorable Variance due to lower programs activity than forecasted.
• Strategic Plan $74,401 and 97% – Favorable Variance due to timing of prepay in 2025. • Regulatory Costs $61,716 – Favorable Variance due to costs being captured as part of AgFIT. • CC Power Costs ($55,876) – Unfavorable Variance due to timing of annual dues and expanded scope of support services. Cost will normalize in 2025.
Attachments:
1) Financial Statements (Unaudited) December 1, 2024 to December 31, 2024 (with comparative year to date information.)
2) Actual vs. Budget for the year to date ending December 31, 2024
VALLEY CLEAN ENERGY ALLIANCE
FINANCIAL STATEMENTS
(UNAUDITED)
FOR THE PERIOD OF DECEMBER 1, 2024 THROUGH DECEMBER 31, 2024 PREPARED ON FEBRUARY 2, 2025
2 ASSETS
Current assets:
Cash and cash equivalents $ 51,655,013
Accounts receivable, net of allowance 9,589,355
Accrued revenue 3,375,828
Prepaid expenses 267,354
Inventory - Renewable Energy Credits -
Other current assets and deposits 6,913,329
Total current assets 71,800,878
Restricted assets:
Debt service reserve fund 1,100,000
Total restricted assets 1,100,000
TOTAL ASSETS $ 72,900,878
LIABILITIES
Current liabilities:
Accounts payable $ 393,630
Accrued payroll 112,035
Interest payable -
Due to member agencies (1,723)
Accrued cost of electricity 4,499,818
Other accrued liabilities 1,903,237
Security deposits - energy supplies 1,800,000
User taxes and energy surcharges 28,217
TOTAL LIABILITIES $ 8,735,214
NET POSITION
Net position:
Local Programs Reserve $ 840,000
Restricted 1,100,000
Unrestricted 62,225,665
TOTAL NET POSITION $ 64,165,665
VALLEY CLEAN ENERGY ALLIANCE
STATEMENT OF NET POSITION
DECEMBER 31, 2024
(UNAUDITED)
3 FOR THE
PERIOD ENDING
DECEMBER 31, 2024 YEAR TO DATE
OPERATING REVENUE
Electricity sales, net $ 5,068,462 $ 98,836,378
Other revenue - -
TOTAL OPERATING REVENUES 5,068,462 98,836,378
OPERATING EXPENSES
Cost of electricity 2,836,804 65,258,856
Contract services 240,429 3,100,223
Staff compensation 130,826 1,642,200
General, administration, and other 134,842 2,042,442
TOTAL OPERATING EXPENSES 3,342,902 72,043,721
TOTAL OPERATING INCOME (LOSS) 1,725,560 26,792,657
NONOPERATING REVENUES (EXPENSES)
Interest income 117,744 949,832
Interest and related expenses - -
Other Non Operating Revenues - -
TOTAL NONOPERATING REVENUES (EXPENSES) 117,744 949,832
CHANGE IN NET POSITION 1,843,304 27,742,489
Net position at beginning of period 21,633,323 36,423,176 Net position at end of period $ 23,476,627 $ 64,165,665 (WITH COMPARATIVE YEAR TO DATE INFORMATION)
(UNAUDITED)
VALLEY CLEAN ENERGY ALLIANCE
STATEMENT OF REVENUES, EXPENDITURES AND
DECEMBER 31, 2024
4 FOR THE
PERIOD ENDING
DECEMBER 31, 2024 YEAR TO DATE
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from electricity sales $ 5,068,462 $ 98,836,378 Payments received from other revenue sources - -
Receipts for security deposits with energy suppliers - - Payments to purchase electricity 364,383 (64,458,856)
Payments for contract services, general, and adminstration (375,271) (5,142,663) Payments for member agency services - -
Payments for staff compensation (130,826) (1,642,200)
Return of security deposits to energy suppliers - -
Other cash payments - -
Net cash provided (used) by operating activities 4,926,747 27,592,659
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 117,744 949,832
Net cash provided (used) by investing activities 117,744 949,832 NET CHANGE IN CASH AND CASH EQUIVALENTS 5,044,491 28,542,491 Cash and cash equivalents at beginning of period 47,710,522 24,976,372 Cash and cash equivalents at end of period 52,755,013 53,518,863 Cash and cash equivalents included in:
Cash and cash equivalents 51,655,013 51,655,013
Restricted assets 1,100,000 1,100,000
Cash and cash equivalents at end of period $ 52,755,013 $ 52,755,013
VALLEY CLEAN ENERGY ALLIANCE
STATEMENTS OF CASH FLOWS
DECEMBER 31, 2024
(WITH YEAR TO DATE INFORMATION)
(UNAUDITED)
5 FOR THE
PERIOD ENDING
DECEMBER 31, 2024 YEAR TO DATE
Operating Income (Loss) $ 1,725,560 $ 26,792,657
Depreciation expense
Revenue reduced for uncollectible accounts
(Increase) decrease in net accounts receivable 465,121 (540,838) (Increase) decrease in accrued revenue (1,610,891) (58,207) (Increase) decrease in prepaid expenses (4,732) 77,862
(Increase) decrease in inventory - renewable energy credits - - (Increase) decrease in other assets and deposits (11,769) 147,323 Increase (decrease) in accounts payable (24,073) 52,426 Increase (decrease) in accrued payroll (15,714) (53,667) Increase (decrease) in due to member agencies - 5,855
Increase (decrease) in accrued cost of electricity 3,602,283 (2,048,389) Increase (decrease) in other accrued liabilities - -
Increase (decrease )security deposits with energy suppliers 813,030 3,212,841 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 (12,068) 4,795 Increase (decrease) in advances from public purpose programs - - Net cash provided (used) by operating activities $ 4,926,748 $ 27,592,659 (UNAUDITED)
DECEMBER 31, 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 12/31/2024
Description YTD Actuals YTD Budget YTD Variance
% over
/-under
Total Revenues $ 99,785,740 $ 105,050,000 $ (5,264,260) -5% Electric Revenue $ 98,835,908 $ 103,881,000 $ (5,045,092) -5% Interest Revenues $ 949,832 $ 550,000 $ 399,832 73%
Reimbursable Revenues $ - $ 619,000 $ (619,000) -100%
Purchased Power $ 65,530,853 $ 75,200,000 $ (9,669,147) -13% Purchased Power Base $ 65,530,853 $ 71,619,000 $ (6,088,147) -9% Purchased Power Contingency 5% $ - $ 3,581,000 $ (3,581,000) -100% Labor & Benefits $ 1,635,839 $ 1,632,000 $ 3,839 0%
Salaries & Wages/Benefits $ 1,349,451 $ 1,344,000 $ 5,451 0% Contract Labor $ 166,582 $ 204,000 $ (37,418) -18%
Human Resources & Payroll $ 119,806 $ 84,000 $ 35,806 43% Office Supplies & Other Expenses $ 487,558 $ 369,900 $ 117,658 32% Technology Costs $ 78,863 $ 38,400 $ 40,463 105%
Office Supplies $ 10,524 $ 12,000 $ (1,476) -12%
Travel $ 23,070 $ 25,500 $ (2,430) -10%
CalCCA Dues $ 155,736 $ 144,000 $ 11,736 8%
CC Power $ 192,376 $ 144,000 $ 48,376 34%
Memberships $ 26,990 $ 6,000 $ 20,990 350%
Contractual Services $ 2,216,218 $ 2,260,800 $ (44,582) -2% Other Contract Services (e.g. IRP) $ 15,000 $ 39,000 $ (24,000) -62% Don Dame $ 3,980 $ 21,600 $ (17,620) -82%
Wholesale Energy Services (TEA) $ 906,583 $ 819,000 $ 87,583 11% 2030 100% Renewable & Storage $ - $ 30,000 $ (30,000) -100% Customer Support Call Center $ 811,385 $ 804,000 $ 7,385 1% Operating Services $ 90,863 $ 60,000 $ 30,863 51%
Commercial Legal Support $ 31,525 $ 24,000 $ 7,525 31%
Legal General Counsel $ 44,461 $ 84,000 $ (39,539) -47% Regulatory Counsel $ 155,165 $ 204,000 $ (48,835) -24%
Joint CCA Regulatory counsel $ 45,471 $ 19,200 $ 26,271 137% Legislative - (Lobbyist) $ 71,500 $ 69,000 $ 2,500 4%
Accounting Services $ (5,855) $ 3,000 $ (8,855) -295%
Financial Consultant $ - $ 24,000 $ (24,000) -100%
Audit Fees $ 46,140 $ 60,000 $ (13,860) -23%
Marketing $ 228,589 $ 300,000 $ (71,411) -24%
Marketing Collateral $ 223,380 $ 288,000 $ (64,620) -22% Community Engagement Activities & Sponsorships $ 5,209 $ 12,000 $ (6,791) -57% Programs $ 949,900 $ 2,018,000 $ (1,068,100) -53%
Program Costs (Rebates, Incentives, etc.) $ 98,011 $ 1,000,000 $ (901,989) -90% AG Fit $ 851,888 $ 1,000,000 $ (148,112) -15%
PIPP Program $ - $ 18,000 $ (18,000) -100%
Rents & Leases $ 60,033 $ 49,200 $ 10,833 22%
Hunt Boyer Mansion $ 60,033 $ 25,200 $ 34,833 138%
Lease Improvement $ - $ 24,000 $ (24,000) -100%
Other A&G $ 458,352 $ 522,000 $ (63,648) -12%
Development - New Members $ - $ 25,200 $ (25,200) -100% Strategic Plan Implementation $ 2,399 $ 76,800 $ (74,401) -97% PG&E Data Fees $ 265,461 $ 288,000 $ (22,539) -8%
Insurance $ 52,459 $ 48,000 $ 4,459 9%
Banking Fees $ 138,032 $ 84,000 $ 54,032 64%
Miscellaneous Operating Expenses $ 11,306 $ 12,100 $ (794) -7% Contingency $ - $ 240,000 $ (240,000) -100%
0 0
TOTAL OPERATING EXPENSES $ 71,578,647 $ 82,604,000 $ (11,025,353) -13% NET INCOME $ 22,446,000 28,207,092 $ 5,761,092 $