Item 5
VALLEY CLEAN ENERGY ALLIANCE
Staff Report – Item 5 (a)
______________________________________________________________________________ TO: Board of Directors
FROM: Edward Burnham, Chief Financial Officer / Treasurer Mitch Sears, Chief Executive Officer
SUBJECT: Monthly Treasurer’s Report (Informational Item) – March 31, 2025 DATE: May 8, 2025
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 March 31, 2025.
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 March 31, 2025.
Financial Statements for the period March 1, 2025 – March 31, 2025 In the Statement of Net Position, VCE, as of March 31, 2025, has a total of $57,725,733 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 March 31, 2025, VCE’s net position was $67,729,864.
In the Statement of Revenues, Expenditures, and Changes in Net Position, VCE recorded $4,371,940 of revenue (net of allowance for doubtful accounts), of which $7,885,224 was billed in, and $3,520,129 represents estimated unbilled revenue. The cost of electricity for the March revenue totaled $6,087,586 For March, VCE’s gross margin was approximately (35%) and the net loss totaled $2,243,860. The year-to-date change in net position was $4,466,152.
Item 5
In the Statement of Cash Flows, VCE cash flows from operations were $2,170,5274 due to March cash receipts of revenues being more than the monthly cash operating expenses.
Bank Account Balances (as of 03/31/2025):
Operating Account: $ 30,150,338
Insured Cash Sweep Account: $ 29,359,366
Debt Service Account: $ 1,100,000
CAISO Operational Account: $ 5,453,273
Total Cash on Deposit $ 66,062,977
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. March 2025 earnings were $124,176.
VCE’s Outstanding Loan Balances (as of 03/31/2025):
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 March 31, 2025 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 March 31, 2025 Below are the financial statement line items with variances >$50,000 and 5% • Electric Revenue – ($654,529) and 4% – Unfavorable variance due commercial customer billing being delayed by PG&E and lower load than forecasted mainly driven by agriculture. • Purchased Power – $852,574 and 8% – Unfavorable mainly due to timing difference of anticipated renewable energy credit sales in Q1.
• Labor & Benefits $168,252 and 39% – Favorable Variance due to vacancy for additional budgeted positions.
• Financial Consultant $79,000 and 10% – Favorable Variance due to timing difference for investment grade credit rating.
• Banking Fees $125,000 and 100% – Favorable Variance due to timing difference for letter of credit renewals.
• Programs $1,015,769 – Favorable Variance due to timing differences in 2024 year end accruals and actual payments.
Attachments:
1) Financial Statements (Unaudited) March 1, 2025 to March 31, 2025 (with comparative year to date information.)
2) Actual vs. Budget for the year to date ending March 31, 2025
VALLEY CLEAN ENERGY ALLIANCE
FINANCIAL STATEMENTS
(UNAUDITED)
FOR THE PERIOD OF MARCH 1 TO MARCH 31, 2025
PREPARED ON MAY 1, 2025
2 ASSETS
Current assets:
Cash and cash equivalents 57,729,733
Accounts receivable, net of allowance 8,307,252
Accrued revenue 3,439,524
Prepaid expenses 84,008
Inventory - Renewable Energy Credits -
Other current assets and deposits 7,260,156
Total current assets 76,820,672
Restricted assets:
Debt service reserve fund 1,100,000
Total restricted assets 1,100,000
TOTAL ASSETS $ 77,920,672
LIABILITIES
Current liabilities:
Accounts payable 271,663
Accrued payroll 154,373
Interest payable -
Due to member agencies (0)
Accrued cost of electricity 5,842,817
Other accrued liabilities 2,075,089
Security deposits - energy supplies 1,800,000
User taxes and energy surcharges 46,866
TOTAL LIABILITIES $ 10,190,808
NET POSITION
Net position:
Local Programs Reserve 1,085,585
Restricted 1,100,000
Unrestricted 65,544,279
TOTAL NET POSITION $ 67,729,864
VALLEY CLEAN ENERGY ALLIANCE
STATEMENT OF NET POSITION
'MARCH 31, 2025
(UNAUDITED)
3 FOR THE
PERIOD ENDING
MARCH 31, 2025 YEAR TO DATE
OPERATING REVENUE
Electricity sales, net $ 4,371,940 $ 17,453,472
Other revenue - (73,470)
TOTAL OPERATING REVENUES 4,371,940 17,380,002
OPERATING EXPENSES
Cost of electricity 6,087,586 12,200,573
Contract services 373,719 627,019
Staff compensation 195,221 415,456
General, administration, and other 83,450 30,003
TOTAL OPERATING EXPENSES 6,739,976 13,273,052
TOTAL OPERATING INCOME (LOSS) (2,368,036) 4,106,950
NONOPERATING REVENUES (EXPENSES)
Interest income 124,176 359,202
Interest and related expenses - -
Other Non Operating Revenues - -
TOTAL NONOPERATING REVENUES (EXPENSES) 124,176 359,202
CHANGE IN NET POSITION (2,243,860) 4,466,152
Net position at beginning of period 69,973,723 63,263,712 Net position at end of period $ 67,729,864 $ 67,729,864 (WITH COMPARATIVE YEAR TO DATE INFORMATION)
(UNAUDITED)
VALLEY CLEAN ENERGY ALLIANCE
STATEMENT OF REVENUES, EXPENDITURES AND
MARCH 31, 2025
4 FOR THE
PERIOD ENDING
MARCH 31, 2025 YEAR TO DATE
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from electricity sales $ 5,810,002 $ 18,101,686 Payments received from other revenue sources - (73,470) Receipts for security deposits with energy suppliers - - Payments to purchase electricity (3,312,468) (10,813,102) Payments for contract services, general, and adminstration (416,309) (1,132,974) Payments for member agency services - -
Payments for staff compensation (34,875) (94,823)
Return of security deposits to energy suppliers - -
Other cash payments - -
Net cash provided (used) by operating activities 2,046,351 5,987,318
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 124,176 359,202
Net cash provided (used) by investing activities 124,176 359,202 NET CHANGE IN CASH AND CASH EQUIVALENTS 2,170,527 6,346,520 Cash and cash equivalents at beginning of period 57,030,697 57,030,697 Cash and cash equivalents at end of period 59,201,224 63,377,217 Cash and cash equivalents included in:
Cash and cash equivalents 57,729,733 57,729,733
Restricted assets 1,100,000 1,100,000
Cash and cash equivalents at end of period $ 58,829,733 $ 58,829,733 (UNAUDITED)
VALLEY CLEAN ENERGY ALLIANCE
STATEMENTS OF CASH FLOWS
MARCH 31, 2025
(WITH YEAR TO DATE INFORMATION)
5 FOR THE
PERIOD ENDING
MARCH 31, 2025 YEAR TO DATE
Operating Income (Loss) $ (2,368,036) $ 4,106,950
Depreciation expense
Increase (decrease) for uncollectible accounts 48,800 178,400 (Increase) decrease in net accounts receivable 915,739 418,914 (Increase) decrease in accrued revenue 409,587 9,774
(Increase) decrease in prepaid expenses 4,732 14,197
(Increase) decrease in inventory - renewable energy credits - - (Increase) decrease in other assets and deposits 8,721 1,817 Increase (decrease) in accounts payable 32,139 (477,769) Increase (decrease) in accrued payroll 27,879 2,899
Increase (decrease) in due to member agencies - -
Increase (decrease) in accrued cost of electricity 2,775,119 1,387,472 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 179,876 346,828 Increase (decrease) in user taxes due to other governments 11,797 (2,164) Increase (decrease) in advances from public purpose programs - - Net cash provided (used) by operating activities $ 2,046,351 $ 5,987,318
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)
MARCH 31, 2025
VALLEY CLEAN ENERGY
2025 YTD ACTUAL VS. BUDGET
FOR THE YEAR TO DATE ENDING 03/31/25
Description YTD
Actuals
YTD
Budget
YTD
Variance
% over
/-under
Total Revenues $ 17,739,202 $ 18,528,000 $ (788,798) -4% Electric Revenue $ 17,453,471 $ 18,108,000 $ (654,529) -4% Interest Revenues $ 359,201 $ 240,000 $ 119,201 50%
Reimbursable Revenues $ (73,470) $ 180,000 $ (253,470) -141% Purchased Power $ 12,200,574 $ 11,348,000 $ 852,574 8%
Purchased Power Base $ 12,200,574 $ 10,808,000 $ 1,392,574 13% Purchased Power Contingency 5% $ - $ 540,000 $ (342,029) -63% Labor & Benefits $ 351,224 $ 525,000 $ (173,776) -33%
Salaries & Wages/Benefits $ 263,748 $ 432,000 $ (168,252) -39% Contract Labor $ 59,700 $ 48,000 $ 11,700 24%
Human Resources & Payroll $ 27,776 $ 45,000 $ (17,224) -38% Office Supplies & Other Expenses $ 68,299 $ 119,100 $ (50,801) -43% Technology Costs $ 24,156 $ 9,600 $ 14,556 152%
Office Supplies $ 1,143 $ 3,000 $ (1,857) -62%
Travel $ 1,242 $ 1,500 $ (258) -17%
CalCCA Dues $ 41,160 $ 48,000 $ (6,840) -14%
CC Power $ - $ 54,000 $ (54,000) -100%
Memberships $ 599 $ 3,000 $ (2,401) -80%
Contractual Services $ 595,397 $ 753,200 $ (157,803) -21% Other Contract Services (e.g. IRP) $ - $ 18,000 $ (18,000) -100% Don Dame $ 860 $ 5,400 $ (4,540) -84%
Wholesale Energy Services (TEA) $ 219,776 $ 216,000 $ 3,776 2% 2030 100% Renewable & Storage $ - $ 7,500 $ (7,500) -100% Customer Support Call Center $ 260,127 $ 241,500 $ 18,627 8% Operating Services $ 54,803 $ 30,000 $ 24,803 83%
Commercial Legal Support $ 11,395 $ 6,000 $ 5,395 90%
Legal General Counsel $ 5,488 $ 21,000 $ (15,512) -74%
Regulatory Counsel $ 5,798 $ 51,000 $ (45,202) -89%
Joint CCA Regulatory counsel $ - $ 4,800 $ (4,800) -100% Legislative - (Lobbyist) $ 16,500 $ 17,250 $ (750) -4%
Accounting Services $ - $ 750 $ (750) -100%
Financial Consultant $ - $ 79,000 $ (79,000) -100%
Audit Fees $ 20,650 $ 55,000 $ (34,350) -62%
Marketing $ 34,611 $ 93,000 $ (58,389) -63%
Marketing Collateral $ 34,611 $ 81,000 $ (46,389) -57%
Community Engagement Activities & Sponsorships $ - $ 12,000 $ (12,000) -100% Programs $ (152,296) $ 863,500 $ (1,015,796) -118%
Program Costs (Rebates, Incentives, etc.) $ 24,340 $ 180,000 $ (155,660) -86% Member Agency Advisory Services $ - $ 39,000 $ (39,000) -100% AG Fit $ (176,636) $ 640,000 $ (816,636) -128%
PIPP Program $ - $ 4,500 $ (4,500) -100%
Rents & Leases $ 5,850 $ 12,300 $ (6,450) -52%
Hunt Boyer Mansion $ 5,850 $ 6,300 $ (450) -7%
Lease Improvement $ - $ 6,000 $ (6,000) -100%
Other A&G $ 97,527 $ 279,900 $ (182,373) -65%
Development - New Members $ - $ 6,300 $ (6,300) -100%
Strategic Plan Implementation $ 17,664 $ 19,200 $ (1,536) -8% Strategic Plan Update & Community Focus Group $ - $ 30,000 $ (30,000) -100% PG&E Data Fees $ 65,667 $ 75,000 $ (9,333) -12%
Insurance $ 14,196 $ 24,000 $ (9,804) -41%
Banking Fees $ - $ 125,400 $ (125,400) -100%
Miscellaneous Operating Expenses $ 4,461 $ 3,000 $ 1,461 49% Contingency $ - $ 60,000 $ (60,000) -100%
0 0
TOTAL OPERATING EXPENSES $ 13,205,648 $ 14,057,000 $ (851,352) -6% Interest on RCB Term loan $ - $ - $ - 100%
NET INCOME $ 4,471,000 4,533,554 $
Item 5
VALLEY CLEAN ENERGY ALLIANCE
Staff Report – Item 5 (b)
______________________________________________________________________________ TO: Board of Directors
FROM: Edward Burnham, Chief Financial Officer / Treasurer Mitch Sears, Chief Executive Officer
SUBJECT: Monthly Treasurer’s Report (Informational Item) – April 30, 2025 DATE: June 10, 2025
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 April 30, 2025.
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 April 30, 2025.
Financial Statements for the period April 1, 2025 – April 30, 2025 In the Statement of Net Position, VCE, as of April 30, 2025, has a total of $58,708,145 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 April 30, 2025, VCE’s net position was $68,928,630.
In the Statement of Revenues, Expenditures, and Changes in Net Position, VCE recorded $5,369,403 of revenue (net of allowance for doubtful accounts), of which $5,345,015 was billed in, and $ 3,538,130 represents estimated unbilled revenue. The cost of electricity for the April revenue totaled $3,768,246 For April, VCE’s gross margin was approximately 31% and the net income totaled $1,199,436. The year-to-date change in net position was $5,664,919.
Item 5
In the Statement of Cash Flows, VCE cash flows from operations were $1,244,619 due to April cash receipts of revenues being more than the monthly cash operating expenses.
Bank Account Balances (as of 04/30/2025):
Operating Account: $ 30,528,037
Insured Cash Sweep Account: $ 29,464,722
Debt Service Account: $ 1,100,000
CAISO Operational Account: $ 5,665,957
Total Cash on Deposit $ 66,758,716
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. April 2025 earnings were $124,594.
VCE’s Outstanding Loan Balances (as of 04/30/2025):
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 April 30, 2025 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 April 30, 2025 Below are the financial statement line items with variances >$50,000 and 5% • Electric Revenue – ($654,529) and 4% – Unfavorable variance mainly due to lower load than forecasted mainly driven by agriculture.
• Purchased Power – $735,820 and 5% – Favorable mainly due to lower load than forecasted mainly driven by agriculture.
• Labor & Benefits $192,259 and 33% – Favorable Variance due to vacancy for additional budgeted positions.
• CC Power Expenses $72,000 and 100% – Favorable Variance due to timing of annual billing cycle. • Financial Consultant $81,000 and 100% – Favorable Variance due to timing difference for investment grade credit rating postponed.
• Banking Fees $125,000 and 100% – Favorable Variance due to timing difference for letter of credit renewals.
• Programs $1,033,117 – Favorable Variance due to timing differences in 2024 year end accruals and actual payments related to AgFIT closeout.
Attachments:
3) Financial Statements (Unaudited) April 1, 2025 to April 30, 2025 (with comparative year to date information.)
4) Actual vs. Budget for the year to date ending April 30, 2025
VALLEY CLEAN ENERGY ALLIANCE
FINANCIAL STATEMENTS
(UNAUDITED)
FOR THE PERIOD OF APRIL 1 TO APRIL 30, 2025
PREPARED ON JUNE 3, 2025
2 ASSETS
Current assets:
Cash and cash equivalents 58,708,145 Accounts receivable, net of allowance 7,588,603 Accrued revenue 3,538,131
Prepaid expenses 115,577 Inventory - Renewable Energy Credits - Other current assets and deposits 7,472,840 Total current assets 77,423,296 Restricted assets:
Debt service reserve fund 1,100,000
Total restricted assets 1,100,000 TOTAL ASSETS $ 78,523,296
LIABILITIES
Current liabilities:
Accounts payable 242,118
Accrued payroll 137,255
Interest payable - Due to member agencies (0) Accrued cost of electricity 5,267,494 Other accrued liabilities 2,082,277
Security deposits - energy supplies 1,800,000
User taxes and energy surcharges 65,521
TOTAL LIABILITIES $ 9,594,665
NET POSITION
Net position:
Local Programs Reserve 1,085,585
Restricted 1,100,000
Unrestricted 66,743,045 TOTAL NET POSITION $ 68,928,630
VALLEY CLEAN ENERGY ALLIANCE
STATEMENT OF NET POSITION
APRIL 30, 2025
(UNAUDITED)
3 FOR THE
PERIOD ENDING
APRIL 30, 2025 YEAR TO DATE
OPERATING REVENUE
Electricity sales, net $ 5,369,403 $ 22,822,875
Other revenue - (73,470)
TOTAL OPERATING REVENUES 5,369,403 22,749,405
OPERATING EXPENSES
Cost of electricity 3,768,246 15,968,820 Contract services 198,286 825,305 Staff compensation 153,332 569,458 General, administration, and other 174,696 204,700
TOTAL OPERATING EXPENSES 17,568,282 4,294,561 TOTAL OPERATING INCOME (LOSS) 1,074,842 5,181,123
NONOPERATING REVENUES (EXPENSES)
Interest income 124,594 483,796
Interest and related expenses - - Other Non Operating Revenues - - TOTAL NONOPERATING REVENUES (EXPENSES) 483,796 124,594 CHANGE IN NET POSITION 1,199,436 5,664,919 Net position at beginning of period 67,729,194 63,263,712 Net position at end of period $ 68,928,630 $ 68,928,630 (WITH COMPARATIVE YEAR TO DATE INFORMATION)
(UNAUDITED)
VALLEY CLEAN ENERGY ALLIANCE
STATEMENT OF REVENUES, EXPENDITURES AND
APRIL 30, 2025
4 FOR THE
PERIOD ENDING
APRIL 30, 2025 YEAR TO DATE
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from electricity sales $ 6,061,400 $ 24,163,086 Payments received from other revenue sources - (73,470) Receipts for security deposits with energy suppliers - - Payments to purchase electricity (4,343,570) (15,156,671) Payments for contract services, general, and adminstration (439,871) (1,572,844) Payments for member agency services - - Payments for staff compensation (33,340) (128,832) Return of security deposits to energy suppliers - - Other cash payments - - Net cash provided (used) by operating activities 7,231,268 1,244,619 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 124,594 483,796
Net cash provided (used) by investing activities 483,796 124,594 NET CHANGE IN CASH AND CASH EQUIVALENTS 1,369,214 7,715,064 Cash and cash equivalents at beginning of period 58,829,733 58,829,733 Cash and cash equivalents at end of period 60,198,947 66,544,797 Cash and cash equivalents included in:
Cash and cash equivalents 58,708,145 58,708,145
Restricted assets 1,100,000 1,100,000
Cash and cash equivalents at end of period $ 59,808,145 $ 59,808,145 (UNAUDITED)
VALLEY CLEAN ENERGY ALLIANCE
STATEMENTS OF CASH FLOWS
APRIL 30, 2025
(WITH YEAR TO DATE INFORMATION)
5 FOR THE
PERIOD ENDING
APRIL 30, 2025 YEAR TO DATE
Operating Income (Loss) 1,074,842 $ 5,181,123 $
Depreciation expense
Increase (decrease) for uncollectible accounts 53,300 231,700 (Increase) decrease in net accounts receivable 637,300 1,056,214 (Increase) decrease in accrued revenue (98,607) (88,833) (Increase) decrease in prepaid expenses 5,775 19,972 (Increase) decrease in inventory - renewable energy credits - - (Increase) decrease in other assets and deposits (37,344) (35,527) Increase (decrease) in accounts payable (29,545) (507,313) Increase (decrease) in accrued payroll (17,118) (14,219) Increase (decrease) in due to member agencies - - Increase (decrease) in accrued cost of electricity (575,324) 812,148 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 212,684 559,512 Increase (decrease) in user taxes due to other governments 18,655 16,492 Increase (decrease) in advances from public purpose programs - - Net cash provided (used) by operating activities $ 1,244,619 $ 7,231,268
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)
APRIL 30, 2025
VALLEY CLEAN ENERGY
2025 YTD ACTUAL VS. BUDGET
FOR THE YEAR TO DATE ENDING 04/30/2025
Description YTD
Actuals
YTD
Budget
YTD
Variance
% over
/-under
Total Revenues $ 23,233,199 $ 24,530,000 $ (1,296,801) -5% Electric Revenue $ 22,822,874 $ 23,965,000 $ (1,142,126) -5% Interest Revenues $ 483,795 $ 325,000 $ 158,795 49%
Reimbursable Revenues $ (73,470) $ 240,000 $ (313,470) -131% Purchased Power $ 15,968,820 $ 15,233,000 $ 735,820 5%
Purchased Power Base $ 15,968,820 $ 14,508,000 $ 1,460,820 10% Purchased Power Contingency 5% $ - $ 725,000 $ (387,704) -53% Labor & Benefits $ 504,556 $ 700,000 $ (195,444) -28%
Salaries & Wages/Benefits $ 383,741 $ 576,000 $ (192,259) -33% Contract Labor $ 84,258 $ 64,000 $ 20,258 32%
Human Resources & Payroll $ 36,557 $ 60,000 $ (23,443) -39% Office Supplies & Other Expenses $ 92,800 $ 185,100 $ (92,300) -50% Technology Costs $ 30,532 $ 19,600 $ 10,932 56%
Office Supplies $ 1,538 $ 4,000 $ (2,462) -62%
Travel $ 1,242 $ 21,500 $ (20,258) -94%
CalCCA Dues $ 58,660 $ 64,000 $ (5,340) -8%
CC Power $ - $ 72,000 $ (72,000) -100%
Memberships $ 829 $ 4,000 $ (3,171) -79%
Contractual Services $ 796,286 $ 961,600 $ (165,314) -17% Other Contract Services (e.g. IRP) $ - $ 24,000 $ (24,000) -100% Don Dame $ 1,270 $ 7,200 $ (5,930) -82%
Wholesale Energy Services (TEA) $ 294,148 $ 288,000 $ 6,148 2% 2030 100% Renewable & Storage $ - $ 10,000 $ (10,000) -100% Customer Support Call Center $ 341,746 $ 322,000 $ 19,746 6% Operating Services $ 64,645 $ 40,000 $ 24,645 62%
Commercial Legal Support $ 13,889 $ 8,000 $ 5,889 74%
Legal General Counsel $ 4,997 $ 28,000 $ (23,003) -82%
Regulatory Counsel $ 11,861 $ 68,000 $ (56,139) -83%
Joint CCA Regulatory counsel $ - $ 6,400 $ (6,400) -100% Legislative - (Lobbyist) $ 22,000 $ 23,000 $ (1,000) -4% Accounting Services $ - $ 1,000 $ (1,000) -100%
Financial Consultant $ - $ 81,000 $ (81,000) -100%
Audit Fees $ 41,730 $ 55,000 $ (13,270) -24%
Marketing $ 53,970 $ 124,000 $ (70,030) -56%
Marketing Collateral $ 53,940 $ 108,000 $ (54,060) -50% Community Engagement Activities & Sponsorships $ 30 $ 16,000 $ (15,970) -100% Programs $ (55,117) $ 978,000 $ (1,033,117) -106%
Program Costs (Rebates, Incentives, etc.) $ 39,166 $ 240,000 $ (200,834) -84% Member Agency Advisory Services $ - $ 52,000 $ (52,000) -100% AG Fit $ (94,283) $ 680,000 $ (774,283) -114%
PIPP Program $ - $ 6,000 $ (6,000) -100%
Rents & Leases $ 7,950 $ 16,400 $ (8,450) -52%
Hunt Boyer Mansion $ 7,950 $ 8,400 $ (450) -5%
Lease Improvement $ - $ 8,000 $ (8,000) -100%
Other A&G $ 124,346 $ 331,600 $ (207,254) -63%
Development - New Members $ - $ 8,400 $ (8,400) -100%
Strategic Plan Implementation $ 16,814 $ 25,600 $ (8,786) -34% Strategic Plan Update & Community Focus Group $ - $ 40,000 $ (40,000) -100% PG&E Data Fees $ 87,561 $ 100,000 $ (12,439) -12%
Insurance $ 19,971 $ 32,000 $ (12,029) -38%
Banking Fees $ - $ 125,600 $ (125,600) -100%
Miscellaneous Operating Expenses $ 6,597 $ 4,000 $ 2,597 65% Contingency $ - $ 80,000 $ (80,000) -100%
0 0
TOTAL OPERATING EXPENSES $ 17,500,209 $ 18,613,700 $ (1,113,491) -6% Interest on RCB Term loan $ - $ - $ - 100%
NET INCOME $ 5,916,300 5,732,990 $