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) – January 31, 2026 DATE: June 11, 2026
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 January 31, 2026.
BACKGROUND & DISCUSSION:
The attached financial statements are prepared in a form to satisfy the debt covenants with River City Bank pursuant to the Line of Credit and are required to be prepared monthly.
The Financial Statements include the following reports:
• Statement of Net Position
• Statement of Revenues, Expenditures and Changes in Net Position • Statement of Cash Flows
In addition, Staff is reporting the Actual vs. Budget variances year to date ending January 31, 2026.
Financial Statements for the period January 1, 2026 – January 31, 2026 In the Statement of Net Position, VCE, as of January 31, 2026, has a total of $81,146,282 in its checking, money market and lockbox accounts, $1,100,000 restricted assets for the Debt Service Reserve account, and $1,800,000 restricted assets related to supplier deposits. On January 31, 2026, VCE’s net position was $96,309,464.
In the Statement of Revenues, Expenditures, and Changes in Net Position, VCE recorded $5,746,928 of revenue (net of allowance for doubtful accounts), of which $5,844,312 was billed in, and $3,389,203 represents estimated unbilled revenue. The cost of electricity for the January revenue totaled $4,430,849. For January, VCE’s gross margin was approximately 25% and the net income totaled $1,018,692. The year-to-date change in net position was $1,018,692.
Item 5
In the Statement of Cash Flows, VCE cash flows from operations were $2,359,509 due to January cash receipts of revenues being more than the monthly cash operating expenses.
Bank Account Balances (as of 01/31/2026):
Operating Account $41,857,693
Insured Cash Sweep Account $40,047,394
Debt Service Account $1,100,000
CAISO Operational Account $7,435,307
Total Cash on Deposit $90,440,394
Note: VCE receives 6.19% 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. January 2026 earnings were $152,045.
VCE’s Outstanding Loan Balances (as of 01/31/2026):
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 January 31, 2026 was $0. VCE has issued, but undrawn, letters of credit for a total of $266,989 for regulatory.
Actual vs. Budget Variances for the year to date ending January 31, 2026 Below are the financial statement line items with variances >$50,000 and 5% • Electric Revenue – $2,673,348 and 83% – Favorable variance mainly driven by favorable PG&E PCIA rate adjustments than forecasted, resulting from final actual results for PG&E included in the December true-up process.
• Purchased Power – $727,849 and 20% – Unfavorable, mainly due to lower power costs resulting in less PPA cost recoveries and increased curtailment energy. • Programs $115,448 – 100% Favorable Variance due to timing differences from the anticipated EV phase II program being deferred to Q426.
Attachments:
1) Financial Statements (Unaudited) January 1, 2026 to January 31, 2026 (with comparative year to date information.)
2) Actual vs. Budget for the year to date ending January 31, 2026
VALLEY CLEAN ENERGY ALLIANCE
FINANCIAL STATEMENTS
(UNAUDITED)
FOR THE PERIOD OF JANUARY 1 TO JANUARY 31, 2026
PREPARED ON JUNE 3, 2026
2 ASSETS
Current assets:
Cash and cash equivalents $ 81,146,282
Accounts receivable, net of allowance 8,846,909
Accrued revenue 3,389,203
Prepaid expenses 210,733
Inventory - Renewable Energy Credits -
Other current assets and deposits 9,242,190
Total current assets 102,835,317
Restricted assets:
Debt service reserve fund 1,100,000
Total restricted assets 1,100,000
TOTAL ASSETS $ 103,935,317
LIABILITIES
Current liabilities:
Accounts payable $ 273,849
Accrued payroll 91,483
Interest payable -
Due to member agencies -
Accrued cost of electricity 3,403,961
Other accrued liabilities 1,995,765
Security deposits - energy supplies 1,800,000
User taxes and energy surcharges 60,795
TOTAL LIABILITIES $ 7,625,852
NET POSITION
Net position:
Designated Funds $ 18,849,585
Local Programs Reserve 2,709,585
Rate Stabilization 12,284,000
Customer Difidends 3,856,000
Restricted 1,100,000
Unrestricted 76,359,879
TOTAL NET POSITION $ 96,309,464
VALLEY CLEAN ENERGY ALLIANCE
STATEMENT OF NET POSITION
JANUARY 31, 2026
(UNAUDITED)
3 FOR THE
PERIOD ENDING
JANUARY 31, 2026 YEAR TO DATE
OPERATING REVENUE
Electricity sales, net $ 5,746,928 $ 5,746,928
Other revenue 6,375 $ 6,375
TOTAL OPERATING REVENUES 5,753,303 5,753,303
OPERATING EXPENSES
Cost of electricity 4,430,849 4,430,849
Contract services 237,730 237,730
Staff compensation 139,624 139,624
General, administration, and other 78,453 78,453
TOTAL OPERATING EXPENSES 4,886,656 4,886,656
TOTAL OPERATING INCOME (LOSS) 866,647 866,647
NONOPERATING REVENUES (EXPENSES)
Interest income 152,045 152,045
Interest and related expenses - -
Other Non Operating Revenues - -
TOTAL NONOPERATING REVENUES (EXPENSES) 152,045 152,045
CHANGE IN NET POSITION 1,018,692 1,018,692
Net position at beginning of period 95,290,772 95,290,772 Net position at end of period $ 96,309,464 $ 96,309,464 (WITH COMPARATIVE YEAR TO DATE INFORMATION)
(UNAUDITED)
VALLEY CLEAN ENERGY ALLIANCE
STATEMENT OF REVENUES, EXPENDITURES AND
JANUARY 31, 2026
4 FOR THE
PERIOD ENDING
JANUARY 31, 2026 YEAR TO DATE
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from electricity sales $ 7,454,490 $ 7,454,490 Public purpose program receipts - -
Payments received from other revenue sources 6,375 6,375 Receipts for security deposits with energy suppliers - - Payments to purchase electricity (4,603,274) (4,603,274) Payments for contract services, general, and adminstration (329,096) (329,096) Payments for member agency services - -
Payments for staff compensation (168,985) (168,985)
Tax and surcharge payments to other governments - -
Other cash payments - -
Net cash provided (used) by operating activities 2,359,509 2,359,509
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 152,045 152,045
Net cash provided (used) by investing activities 152,045 152,045 NET CHANGE IN CASH AND CASH EQUIVALENTS 2,511,554 2,511,554 Cash and cash equivalents at beginning of period 79,734,728 79,734,728 Cash and cash equivalents at end of period 82,246,282 82,246,282 Cash and cash equivalents included in:
Cash and cash equivalents 81,146,282 81,146,282
Restricted assets 1,100,000 1,100,000
Cash and cash equivalents at end of period $ 82,246,282 $ 82,246,282 (UNAUDITED)
VALLEY CLEAN ENERGY ALLIANCE
STATEMENTS OF CASH FLOWS
JANUARY 31, 2026
(WITH YEAR TO DATE INFORMATION)
5 FOR THE
PERIOD ENDING
JANUARY 31, 2026 YEAR TO DATE
Operating Income (Loss) $ 866,647 $ 866,647
Depreciation expense
Increase (decrease) for uncollectible accounts 58,300 58,300 (Increase) decrease in net accounts receivable 1,260,181 1,260,181 (Increase) decrease in accrued revenue 374,475 374,475
(Increase) decrease in prepaid expenses (16,700) (16,700) (Increase) decrease in inventory - renewable energy credits - - (Increase) decrease in other assets and deposits - -
Increase (decrease) in accounts payable (18,688) (18,688) Increase (decrease) in accrued payroll (29,361) (29,361) Increase (decrease) in due to member agencies - -
Increase (decrease) in accrued cost of electricity (149,950) (149,950) Increase (decrease) in other accrued liabilities - -
Increase (decrease) security deposits with energy suppliers - - Increase (decrease) in user taxes and energy surcharges 14,606 14,606 Increase (decrease) in security deposits from energy suppliers - - Increase (decrease) in user taxes due to other governments - - Increase (decrease) in advances from public purpose programs - - Net cash provided (used) by operating activities $ 2,359,509 $ 2,359,509
RECONCILIATION OF OPERATING INCOME TO NET CASH
PROVIDED (USED) BY OPERATING ACTIVITIES
Adjustments to reconcile operating income to net cash provided
VALLEY CLEAN ENERGY ALLIANCE
STATEMENTS OF CASH FLOWS
(WITH YEAR TO DATE INFORMATION)
(UNAUDITED)
JANUARY 31, 2026
VALLEY CLEAN ENERGY
2026 YTD ACTUAL VS. BUDGET
FOR THE YEAR TO DATE ENDING 01/31/26
Description YTD
Actuals
YTD
Budget
YTD
Variance
% over
/-under
Total Revenues $ 5,905,348 $ 3,232,000 $ 2,673,348 83%
Electric Revenue $ 5,746,928 $ 3,120,000 $ 2,626,928 84% Interest Revenues $ 152,045 $ 110,000 $ 42,045 38%
Reimbursable Revenues $ 6,375 $ 2,000 $ 4,375 219%
Purchased Power $ 4,430,849 $ 3,703,000 $ 727,849 20%
Purchased Power Base $ 4,430,849 $ 3,520,000 $ 910,849 26% Purchased Power Contingency 5% $ - $ 183,000 $ (183,000) -100% Labor & Benefits $ 142,742 $ 179,000 $ (36,258) -20%
Salaries & Wages/Benefits $ 106,520 $ 145,000 $ (38,480) -27% Contract Labor $ 21,040 $ 18,000 $ 3,040 17%
Human Resources & Payroll $ 15,182 $ 16,000 $ (818) -5% Office Supplies & Other Expenses $ 23,800 $ 39,500 $ (15,700) -40% Technology Costs $ 5,584 $ 3,000 $ 2,584 86%
Office Supplies $ 716 $ 1,000 $ (284) -28%
Travel $ - $ 500 $ (500) -100%
CalCCA Dues $ 17,500 $ 16,000 $ 1,500 9%
CC Power $ - $ 18,000 $ (18,000) -100%
Memberships $ - $ 1,000 $ (1,000) -100%
Contractual Services $ 207,000 $ 223,150 $ (16,150) -7% Other Contract Services (e.g. IRP) $ - $ 12,500 $ (12,500) -100% Don Dame $ 306 $ 3,000 $ (2,694) -90%
Wholesale Energy Services (TEA) $ 74,912 $ 72,000 $ 2,912 4% 2030 100% Renewable & Storage $ - $ 2,500 $ (2,500) -100% Customer Support Call Center $ 84,697 $ 80,500 $ 4,197 5% Operating Services $ 26 $ 10,000 $ (9,974) -100%
Commercial Legal Support $ 16,269 $ 2,000 $ 14,269 713% Legal General Counsel $ 10,797 $ 7,000 $ 3,797 54%
Regulatory Counsel $ 14,494 $ 17,000 $ (2,506) -15%
Joint CCA Regulatory counsel $ - $ 1,600 $ (1,600) -100% Legislative - (Lobbyist) $ 5,500 $ 5,750 $ (250) -4%
Accounting Services $ - $ 300 $ (300) -100%
Financial Consultant $ - $ 1,500 $ (1,500) -100%
Audit Fees $ - $ - $ - 100%
Marketing $ 29,865 $ 32,500 $ (2,635) -8%
Marketing Collateral $ 29,865 $ 26,000 $ 3,865 15%
Community Engagement Activities & Sponsorships $ - $ 6,500 $ (6,500) -100% Programs $ (1,448) $ 114,000 $ (115,448) -101%
Program Costs (Rebates, Incentives, etc.) $ (1,448) $ 80,000 $ (81,448) -102% Member Agency Advisory Services $ - $ 2,000 $ (2,000) -100% HFP Pilot $ - $ 22,000 $ (22,000) -100%
PIPP Program $ - $ 10,000 $ (10,000) -100%
Rents & Leases $ 2,100 $ 4,350 $ (2,250) -52%
Hunt Boyer Mansion $ 2,100 $ 2,350 $ (250) -11%
Lease Improvement $ - $ 2,000 $ (2,000) -100%
Other A&G $ 51,688 $ 50,600 $ 1,088 2%
Development - New Members $ - $ 1,000 $ (1,000) -100%
Strategic Plan Implementation $ 1,796 $ 6,400 $ (4,604) -72% Strategic Plan Update & Community Focus Group $ - $ 10,000 $ (10,000) -100% PG&E Data Fees $ 44,117 $ 25,000 $ 19,117 76%
Insurance $ 5,775 $ 8,000 $ (2,225) -28%
Banking Fees $ - $ 200 $ (200) -100%
Miscellaneous Operating Expenses $ 61 $ 1,000 $ (939) -94% Contingency $ - $ 20,000 $ (20,000) -100%
0 0
TOTAL OPERATING EXPENSES $ 4,886,656 $ 4,367,100 $ 519,556 12% Interest on RCB Term loan $ - $ - $ - 100%
NET INCOME $ (1,135,100) 1,018,692 $
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) – February 28, 2026 DATE: June 11, 2026
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 February 30, 2026.
BACKGROUND & DISCUSSION:
The attached financial statements are prepared in a form to satisfy the debt covenants with River City Bank pursuant to the Line of Credit and are required to be prepared monthly.
The Financial Statements include the following reports:
• Statement of Net Position
• Statement of Revenues, Expenditures and Changes in Net Position • Statement of Cash Flows
In addition, Staff is reporting the Actual vs. Budget variances year to date ending February 28, 2026.
Financial Statements for the period February 1, 2026 – February 28, 2026 In the Statement of Net Position, VCE, as of February 30, 2026, has a total of $82,736,841 in its checking, money market and lockbox accounts, $1,100,000 restricted assets for the Debt Service Reserve account, and $1,800,000 restricted assets related to supplier deposits. On February 30, 2026, VCE’s net position was $95,600,670.
In the Statement of Revenues, Expenditures, and Changes in Net Position, VCE recorded $2,492,832 of revenue (net of allowance for doubtful accounts), of which $2,789,619 was billed in, and $3,321,506 represents estimated unbilled revenue. The cost of electricity for the February revenue totaled $2,954,361. For February, VCE’s gross margin was approximately -12%, and the net loss totaled $708,795. The year-to-date change in net position was $309,897.
Item 5
In the Statement of Cash Flows, VCE cash flows from operations were $1,590,558 due to February cash receipts of revenues being more than the monthly cash operating expenses.
Bank Account Balances (as of 02/28/2026):
Operating Account $43,593,026
Insured Cash Sweep Account $40,170,372
Debt Service Account $1,100,000
CAISO Operational Account $7,490,332
Total Cash on Deposit $92,353,731
Note: VCE receives 6.05% 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. February 2026 earnings were $145,567.
VCE’s Outstanding Loan Balances (as of 02/28/2026):
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 October 31, 2026 was $0. VCE has issued, but undrawn, letters of credit for a total of $266,989 for regulatory.
Actual vs. Budget Variances for the year to date ending February 28, 2026 Below are the financial statement line items with variances >$50,000 and 5% • Electric Revenue – $2,566,747 and 43% – Favorable variance mainly driven by favorable PG&E PCIA rate adjustments than forecasted, resulting from final actual results for PG&E included in the December true-up process.
• Purchased Power – $87,210 and 1% – Unfavorable, mainly due to lower power costs resulting in less PPA cost recoveries and increased curtailment energy.
• Programs $186,670 – 100% Favorable Variance due to timing differences from the anticipated EV phase II program being deferred to Q426.
Attachments:
3) Financial Statements (Unaudited) February 1, 2026 to February 28, 2026 (with comparative year to date information.)
4) Actual vs. Budget for the year to date ending February 28, 2026
VALLEY CLEAN ENERGY ALLIANCE
FINANCIAL STATEMENTS
(UNAUDITED)
FOR THE PERIOD OF FEBRUARY 1 TO FEBRUARY 28, 2026
PREPARED ON JUNE 3, 2026
2 ASSETS
Current assets:
Cash and cash equivalents $ 82,736,841
Accounts receivable, net of allowance 6,420,406
Accrued revenue 3,321,506
Prepaid expenses 218,613
Inventory - Renewable Energy Credits -
Other current assets and deposits 9,297,215
Total current assets 101,994,581
Restricted assets:
Debt service reserve fund 1,100,000
Total restricted assets 1,100,000
TOTAL ASSETS $ 103,094,581
LIABILITIES
Current liabilities:
Accounts payable 271,582
Accrued payroll 110,535
Interest payable -
Due to member agencies -
Accrued cost of electricity 3,108,463
Other accrued liabilities 2,184,287
Security deposits - energy supplies 1,800,000
User taxes and energy surcharges 19,045
TOTAL LIABILITIES $ 7,493,911
NET POSITION
Net position:
Designated Funds $ 18,849,585
Local Programs Reserve 2,709,585
Rate Stabilization 12,284,000
Customer Difidends 3,856,000
Restricted 1,100,000
Unrestricted 75,651,085
TOTAL NET POSITION $ 95,600,670
VALLEY CLEAN ENERGY ALLIANCE
STATEMENT OF NET POSITION
FEBRUARY 28, 2026
(UNAUDITED)
3 FOR THE
PERIOD ENDING
FEBRUARY 28, 2026 YEAR TO DATE
OPERATING REVENUE
Electricity sales, net $ 2,492,832 $ 8,239,760
Other revenue - 6,375
TOTAL OPERATING REVENUES 2,492,832 8,246,135
OPERATING EXPENSES
Cost of electricity 2,954,361 7,385,210
Contract services 118,135 355,865
Staff compensation 163,986 303,610
General, administration, and other 110,712 189,165
TOTAL OPERATING EXPENSES 3,347,194 8,233,850
TOTAL OPERATING INCOME (LOSS) (854,362) 12,285
NONOPERATING REVENUES (EXPENSES)
Interest income 145,567 297,612
Interest and related expenses - -
Other Non Operating Revenues - -
TOTAL NONOPERATING REVENUES (EXPENSES) 145,567 297,612
CHANGE IN NET POSITION (708,795) 309,897
Net position at beginning of period 96,309,464 95,290,772 Net position at end of period $ 95,600,670 $ 95,600,670 (WITH COMPARATIVE YEAR TO DATE INFORMATION)
(UNAUDITED)
VALLEY CLEAN ENERGY ALLIANCE
STATEMENT OF REVENUES, EXPENDITURES AND
FEBRUARY 28, 2026
4 FOR THE
PERIOD ENDING
FEBRUARY 28, 2026 YEAR TO DATE
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from electricity sales $ 5,133,804 $ 12,588,293 Public purpose program receipts - -
Payments received from other revenue sources - 6,375
Receipts for security deposits with energy suppliers - - Payments to purchase electricity (3,318,539) (7,921,813) Payments for contract services, general, and adminstration (225,339) (554,435) Payments for member agency services - -
Payments for staff compensation (144,934) (313,919)
Tax and surcharge payments to other governments - -
Other cash payments - -
Net cash provided (used) by operating activities 1,444,992 3,804,501
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 145,567 297,612
Net cash provided (used) by investing activities 145,567 297,612 NET CHANGE IN CASH AND CASH EQUIVALENTS 1,590,558 4,102,113 Cash and cash equivalents at beginning of period 82,246,282 79,734,728 Cash and cash equivalents at end of period 83,836,841 83,836,841 Cash and cash equivalents included in:
Cash and cash equivalents 82,736,841 82,736,841
Restricted assets 1,100,000 1,100,000
Cash and cash equivalents at end of period $ 83,836,841 $ 83,836,841
VALLEY CLEAN ENERGY ALLIANCE
STATEMENTS OF CASH FLOWS
FEBRUARY 28, 2026
(WITH YEAR TO DATE INFORMATION)
(UNAUDITED)
5 FOR THE
PERIOD ENDING
FEBRUARY 28, 2026 YEAR TO DATE
Operating Income (Loss) $ (854,362) $ 12,285
Depreciation expense
Increase (decrease) for uncollectible accounts 27,800 86,100 (Increase) decrease in net accounts receivable 2,587,224 3,847,405 (Increase) decrease in accrued revenue 67,697 442,172
(Increase) decrease in prepaid expenses (7,880) (24,580) (Increase) decrease in inventory - renewable energy credits - - (Increase) decrease in other assets and deposits - -
Increase (decrease) in accounts payable (2,267) (20,955) Increase (decrease) in accrued payroll 19,052 (10,310)
Increase (decrease) in due to member agencies - -
Increase (decrease) in accrued cost of electricity (350,523) (500,473) Increase (decrease) in other accrued liabilities - -
Increase (decrease) security deposits with energy suppliers - - Increase (decrease) in user taxes and energy surcharges (41,750) (27,144) Increase (decrease) in security deposits from energy suppliers - - Increase (decrease) in user taxes due to other governments - - Increase (decrease) in advances from public purpose programs - - Net cash provided (used) by operating activities $ 1,444,992 $ 3,804,501 (UNAUDITED)
FEBRUARY 28, 2026
RECONCILIATION OF OPERATING INCOME TO NET CASH
PROVIDED (USED) BY OPERATING ACTIVITIES
Adjustments to reconcile operating income to net cash provided
VALLEY CLEAN ENERGY ALLIANCE
STATEMENTS OF CASH FLOWS
(WITH YEAR TO DATE INFORMATION)
VALLEY CLEAN ENERGY
2026 YTD ACTUAL VS. BUDGET
FOR THE YEAR TO DATE ENDING 02/28/26
Description YTD
Actuals
YTD
Budget
YTD
Variance
% over
/-under
Total Revenues $ 8,543,747 $ 5,977,000 $ 2,566,747 43%
Electric Revenue $ 8,239,760 $ 5,753,000 $ 2,486,760 43% Interest Revenues $ 297,612 $ 220,000 $ 77,612 35%
Reimbursable Revenues $ 6,375 $ 4,000 $ 2,375 59%
Purchased Power $ 7,385,210 $ 7,298,000 $ 87,210 1%
Purchased Power Base $ 7,385,210 $ 6,937,000 $ 448,210 6% Purchased Power Contingency 5% $ - $ 361,000 $ (361,000) -100% Labor & Benefits $ 309,142 $ 358,000 $ (48,858) -14%
Salaries & Wages/Benefits $ 245,554 $ 290,000 $ (44,446) -15% Contract Labor $ 35,698 $ 36,000 $ (302) -1%
Human Resources & Payroll $ 27,890 $ 32,000 $ (4,110) -13% Office Supplies & Other Expenses $ 55,235 $ 79,000 $ (23,765) -30% Technology Costs $ 14,847 $ 6,000 $ 8,847 147%
Office Supplies $ 4,053 $ 2,000 $ 2,053 103%
Travel $ - $ 1,000 $ (1,000) -100%
CalCCA Dues $ 35,000 $ 32,000 $ 3,000 9%
CC Power $ - $ 36,000 $ (36,000) -100%
Memberships $ 1,335 $ 2,000 $ (665) -33%
Contractual Services $ 320,532 $ 446,300 $ (125,768) -28% Other Contract Services (e.g. IRP) $ - $ 25,000 $ (25,000) -100% Don Dame $ 632 $ 6,000 $ (5,368) -89%
Wholesale Energy Services (TEA) $ 78,755 $ 144,000 $ (65,245) -45% 2030 100% Renewable & Storage $ - $ 5,000 $ (5,000) -100% Customer Support Call Center $ 162,046 $ 161,000 $ 1,046 1% Operating Services $ 460 $ 20,000 $ (19,540) -98%
Commercial Legal Support $ 13,570 $ 4,000 $ 9,570 239%
Legal General Counsel $ 33,951 $ 14,000 $ 19,951 143%
Regulatory Counsel $ 23,618 $ 34,000 $ (10,382) -31%
Joint CCA Regulatory counsel $ - $ 3,200 $ (3,200) -100% Legislative - (Lobbyist) $ 5,500 $ 11,500 $ (6,000) -52% Accounting Services $ - $ 600 $ (600) -100%
Financial Consultant $ - $ 3,000 $ (3,000) -100%
Audit Fees $ 2,000 $ - $ 2,000 100%
Marketing $ 36,415 $ 65,000 $ (28,585) -44%
Marketing Collateral $ 36,415 $ 52,000 $ (15,585) -30%
Community Engagement Activities & Sponsorships $ - $ 13,000 $ (13,000) -100% Programs $ 41,330 $ 228,000 $ (186,670) -82%
Program Costs (Rebates, Incentives, etc.) $ 41,330 $ 160,000 $ (118,670) -74% Member Agency Advisory Services $ - $ 4,000 $ (4,000) -100% HFP Pilot $ - $ 44,000 $ (44,000) -100%
PIPP Program $ - $ 20,000 $ (20,000) -100%
Rents & Leases $ 4,200 $ 8,700 $ (4,500) -52%
Hunt Boyer Mansion $ 4,200 $ 4,700 $ (500) -11%
Lease Improvement $ - $ 4,000 $ (4,000) -100%
Other A&G $ 81,724 $ 101,200 $ (19,476) -19%
Development - New Members $ - $ 2,000 $ (2,000) -100%
Strategic Plan Implementation $ 4,016 $ 12,800 $ (8,785) -69% Strategic Plan Update & Community Focus Group $ - $ 20,000 $ (20,000) -100% PG&E Data Fees $ 66,159 $ 50,000 $ 16,159 32%
Insurance $ 11,550 $ 16,000 $ (4,450) -28%
Banking Fees $ - $ 400 $ (400) -100%
Miscellaneous Operating Expenses $ 61 $ 2,000 $ (1,939) -97% Contingency $ - $ 40,000 $ (40,000) -100%
0 0
TOTAL OPERATING EXPENSES $ 8,233,850 $ 8,626,200 $ (392,350) -5% Interest on RCB Term loan $ - $ - $ - 100%
NET INCOME $ (2,649,200) 309,897 $
Item 5
VALLEY CLEAN ENERGY ALLIANCE
Staff Report – Item 5 (c)
______________________________________________________________________________ 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, 2026 DATE: June 11, 2026
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, 2026.
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, 2026.
Financial Statements for the period March 1, 2026 – March 31, 2026 In the Statement of Net Position, VCE, as of March 31, 2026, has a total of $82,728,341 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, 2026, VCE’s net position was $94,014,289.
In the Statement of Revenues, Expenditures, and Changes in Net Position, VCE recorded $2,328,430 of revenue (net of allowance for doubtful accounts), of which $7,460,485 was billed in, and $3,410,317 represents estimated unbilled revenue. The cost of electricity for the March revenue totaled $3,552,778 For March, VCE’s gross margin was approximately 78% and the net loss totaled $1,586,381. The year-to-date change in net position was ($1,276,483).
Item 5
In the Statement of Cash Flows, VCE cash flows from operations were $3,233,387 due to March cash receipts of revenues being more than the monthly cash operating expenses.
Bank Account Balances (as of 03/31/2026):
Operating Account $43,467,291
Insured Cash Sweep Account $40,304,443
Debt Service Account $1,100,000
CAISO Operational Account $7,546,310
Total Cash on Deposit $92,418,044
Note: VCE receives 6.05% 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 2026 earnings were $ 154,521.
VCE’s Outstanding Loan Balances (as of 03/31/2026):
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 October 31, 2026 was $0. VCE has issued, but undrawn, letters of credit for a total of $266,989 for regulatory.
Actual vs. Budget Variances for the year to date ending March 31, 2026 Below are the financial statement line items with variances >$50,000 and 5% • Electric Revenue – $2,445,698 and 29% – Favorable variance mainly driven by favorable PG&E PCIA rate adjustments than forecasted, resulting from final actual results for PG&E included in the December true-up process.
• Purchased Power – $21,988 and 1% – Unfavorable, mainly due to lower power costs resulting in less PPA cost recoveries and increased curtailment energy.
• Labor & Benefits $72,267 and 13% – Favorable Variance due to vacancy for additional budgeted positions. VCE is currently recruiting for a Policy Analyst for Legislative and Regulatory Support. • CC Power $54,000 and 100% Favorable due to the timing difference between amortization of budgeted expenses and actual expenses.
• Programs $320,166 – 94% Favorable Variance due to timing differences from the anticipated EV phase II program being deferred to Q426.
Attachments:
5) Financial Statements (Unaudited) March 1, 2026 to March 31, 2026 (with comparative year to date information.)
6) Actual vs. Budget for the year to date ending March 31, 2026
VALLEY CLEAN ENERGY ALLIANCE
FINANCIAL STATEMENTS
(UNAUDITED)
FOR THE PERIOD OF MARCH 1 TO MARCH 31, 2026
PREPARED ON JUNE 3, 2026
2 ASSETS
Current assets:
Cash and cash equivalents $ 82,728,341
Accounts receivable, net of allowance 5,591,051
Accrued revenue 2,978,664
Prepaid expenses 199,514
Inventory - Renewable Energy Credits -
Other current assets and deposits 9,353,193
Total current assets 100,850,763
Restricted assets:
Debt service reserve fund 1,100,000
Total restricted assets 1,100,000
TOTAL ASSETS $ 101,950,763
LIABILITIES
Current liabilities:
Accounts payable 248,525
Accrued payroll 116,500
Interest payable -
Due to member agencies -
Accrued cost of electricity 3,453,414
Other accrued liabilities 2,281,334
Security deposits - energy supplies 1,800,000
User taxes and energy surcharges 36,702
TOTAL LIABILITIES $ 7,936,474
NET POSITION
Net position:
Designated Funds $ 18,849,585
Local Programs Reserve 2,709,585
Rate Stabilization 12,284,000
Customer Difidends 3,856,000
Restricted 1,100,000
Unrestricted 74,064,704
TOTAL NET POSITION $ 94,014,289
VALLEY CLEAN ENERGY ALLIANCE
STATEMENT OF NET POSITION
MARCH 31, 2026
(UNAUDITED)
3 FOR THE
PERIOD ENDING
MARCH 31, 2026 YEAR TO DATE
OPERATING REVENUE
Electricity sales, net $ 2,328,430 $ 10,568,190
Other revenue - $ 6,375
TOTAL OPERATING REVENUES 2,328,430 10,574,565
OPERATING EXPENSES
Cost of electricity 3,552,778 10,937,988
Contract services 316,622 672,487
Staff compensation 153,154 456,764
General, administration, and other 46,778 235,943
TOTAL OPERATING EXPENSES 4,069,332 12,303,182
TOTAL OPERATING INCOME (LOSS) (1,740,902) (1,728,617)
NONOPERATING REVENUES (EXPENSES)
Interest income 154,521 452,134
Interest and related expenses - -
Other Non Operating Revenues - -
TOTAL NONOPERATING REVENUES (EXPENSES) 154,521 452,134
CHANGE IN NET POSITION (1,586,381) (1,276,483)
Net position at beginning of period 95,600,670 95,290,772 Net position at end of period $ 94,014,289 $ 94,014,289 (WITH COMPARATIVE YEAR TO DATE INFORMATION)
(UNAUDITED)
VALLEY CLEAN ENERGY ALLIANCE
STATEMENT OF REVENUES, EXPENDITURES AND
MARCH 31, 2026
4 FOR THE
PERIOD ENDING
MARCH 31, 2026 YEAR TO DATE
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from electricity sales $ 3,615,331 $ 16,203,624 Public purpose program receipts - -
Payments received from other revenue sources - 6,375
Receipts for security deposits with energy suppliers - - Payments to purchase electricity (3,250,481) (11,172,294) Payments for contract services, general, and adminstration (380,681) (935,117) Payments for member agency services - -
Payments for staff compensation (147,189) (461,109)
Tax and surcharge payments to other governments - -
Other cash payments - -
Net cash provided (used) by operating activities (163,021) 3,641,479
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 154,521 452,134
Net cash provided (used) by investing activities 154,521 452,134 NET CHANGE IN CASH AND CASH EQUIVALENTS (8,500) 4,093,613 Cash and cash equivalents at beginning of period 83,836,841 79,734,728 Cash and cash equivalents at end of period 83,828,341 83,828,341 Cash and cash equivalents included in:
Cash and cash equivalents 82,728,341 82,728,341
Restricted assets 1,100,000 1,100,000
Cash and cash equivalents at end of period $ 83,828,341 $ 83,828,341
VALLEY CLEAN ENERGY ALLIANCE
STATEMENTS OF CASH FLOWS
MARCH 31, 2026
(WITH YEAR TO DATE INFORMATION)
(UNAUDITED)
5 FOR THE
PERIOD ENDING
MARCH 31, 2026 YEAR TO DATE
Operating Income (Loss) $ (1,740,902) $ (1,728,617)
Depreciation expense
Increase (decrease) for uncollectible accounts 28,000 114,100 (Increase) decrease in net accounts receivable 898,402 4,745,807 (Increase) decrease in accrued revenue 342,842 785,014
(Increase) decrease in prepaid expenses 19,099 (5,481)
(Increase) decrease in inventory - renewable energy credits - - (Increase) decrease in other assets and deposits - -
Increase (decrease) in accounts payable (23,057) (44,012) Increase (decrease) in accrued payroll 5,965 (4,345)
Increase (decrease) in due to member agencies - -
Increase (decrease) in accrued cost of electricity 288,973 (211,501) Increase (decrease) in other accrued liabilities - -
Increase (decrease) security deposits with energy suppliers - - Increase (decrease) in user taxes and energy surcharges 17,657 (9,487) Increase (decrease) in security deposits from energy suppliers - - Increase (decrease) in user taxes due to other governments - - Increase (decrease) in advances from public purpose programs - - Net cash provided (used) by operating activities $ (163,021) $ 3,641,479 (UNAUDITED)
MARCH 31, 2026
RECONCILIATION OF OPERATING INCOME TO NET CASH
PROVIDED (USED) BY OPERATING ACTIVITIES
Adjustments to reconcile operating income to net cash provided
VALLEY CLEAN ENERGY ALLIANCE
STATEMENTS OF CASH FLOWS
(WITH YEAR TO DATE INFORMATION)
VALLEY CLEAN ENERGY
2026 YTD ACTUAL VS. BUDGET
FOR THE YEAR TO DATE ENDING 03/31/26
Description YTD
Actuals
YTD
Budget
YTD
Variance
% over
/-under
Total Revenues $ 11,026,698 $ 8,581,000 $ 2,445,698 29% Electric Revenue $ 10,568,190 $ 8,245,000 $ 2,323,190 28% Interest Revenues $ 452,134 $ 330,000 $ 122,134 37%
Reimbursable Revenues $ 6,375 $ 6,000 $ 375 6%
Purchased Power $ 10,937,988 $ 10,916,000 $ 21,988 0%
Purchased Power Base $ 10,937,988 $ 10,376,000 $ 561,988 5% Purchased Power Contingency 5% $ - $ 540,000 $ (540,000) -100% Labor & Benefits $ 464,733 $ 537,000 $ (72,267) -13%
Salaries & Wages/Benefits $ 368,585 $ 435,000 $ (66,415) -15% Contract Labor $ 56,115 $ 54,000 $ 2,115 4%
Human Resources & Payroll $ 40,034 $ 48,000 $ (7,966) -17% Office Supplies & Other Expenses $ 87,788 $ 118,500 $ (30,712) -26% Technology Costs $ 28,201 $ 9,000 $ 19,201 213%
Office Supplies $ 4,982 $ 3,000 $ 1,982 66%
Travel $ 736 $ 1,500 $ (764) -51%
CalCCA Dues $ 52,500 $ 48,000 $ 4,500 9%
CC Power $ - $ 54,000 $ (54,000) -100%
Memberships $ 1,370 $ 3,000 $ (1,630) -54%
Contractual Services $ 631,582 $ 724,450 $ (92,868) -13% Other Contract Services (e.g. IRP) $ - $ 37,500 $ (37,500) -100% Don Dame $ 1,299 $ 9,000 $ (7,701) -86%
Wholesale Energy Services (TEA) $ 163,877 $ 216,000 $ (52,123) -24% 2030 100% Renewable & Storage $ - $ 7,500 $ (7,500) -100% Customer Support Call Center $ 329,334 $ 241,500 $ 87,834 36% Operating Services $ 460 $ 30,000 $ (29,540) -98%
Commercial Legal Support $ 25,888 $ 6,000 $ 19,888 331% Legal General Counsel $ 34,852 $ 21,000 $ 13,852 66%
Regulatory Counsel $ 36,872 $ 51,000 $ (14,128) -28%
Joint CCA Regulatory counsel $ - $ 4,800 $ (4,800) -100% Legislative - (Lobbyist) $ 16,500 $ 17,250 $ (750) -4%
Accounting Services $ - $ 900 $ (900) -100%
Financial Consultant $ - $ 4,500 $ (4,500) -100%
Audit Fees $ 22,500 $ 55,000 $ (32,500) -59%
Marketing $ 64,687 $ 98,500 $ (33,813) -34%
Marketing Collateral $ 64,687 $ 79,000 $ (14,313) -18%
Community Engagement Activities & Sponsorships $ - $ 19,500 $ (19,500) -100% Programs $ 21,834 $ 342,000 $ (320,166) -94%
Program Costs (Rebates, Incentives, etc.) $ 21,834 $ 240,000 $ (218,166) -91% Member Agency Advisory Services $ - $ 6,000 $ (6,000) -100% HFP Pilot $ - $ 66,000 $ (66,000) -100%
PIPP Program $ - $ 30,000 $ (30,000) -100%
Rents & Leases $ 6,300 $ 13,050 $ (6,750) -52%
Hunt Boyer Mansion $ 6,300 $ 7,050 $ (750) -11%
Lease Improvement $ - $ 6,000 $ (6,000) -100%
Other A&G $ 88,208 $ 201,600 $ (113,392) -56%
Development - New Members $ - $ 3,000 $ (3,000) -100%
Strategic Plan Implementation $ 4,684 $ 19,200 $ (14,516) -76% Strategic Plan Update & Community Focus Group $ - $ 30,000 $ (30,000) -100% PG&E Data Fees $ 66,200 $ 75,000 $ (8,800) -12%
Insurance $ 17,325 $ 24,000 $ (6,675) -28%
Banking Fees $ - $ 50,400 $ (50,400) -100%
Miscellaneous Operating Expenses $ 61 $ 3,000 $ (2,939) -98% Contingency $ - $ 60,000 $ (60,000) -100%
0 0
TOTAL OPERATING EXPENSES $ 12,303,182 $ 13,014,100 $ (710,918) -5% Interest on RCB Term loan $ - $ - $ - 100%
NET INCOME $ (4,433,100) (1,276,483) $
Item 5
VALLEY CLEAN ENERGY ALLIANCE
Staff Report – Item 5 (d)
______________________________________________________________________________ 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, 2026 DATE: June 11, 2026
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 31, 2026.
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, 2026.
Financial Statements for the period April 1, 2026 – April 30, 2026 In the Statement of Net Position, VCE, as of April 30, 2026, has a total of $81,949,978 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, 2026, VCE’s net position was $94,105,481.
In the Statement of Revenues, Expenditures, and Changes in Net Position, VCE recorded $3,186,579 of revenue (net of allowance for doubtful accounts), of which $2,873,819 was billed in, and $3,341,625 represents estimated unbilled revenue. The cost of electricity for the April revenue totaled $2,872,577 For April, VCE’s gross margin was approximately 14% and the net income totaled $91,192. The year-to-date change in net position was ($1,185,291).
Item 5
In the Statement of Cash Flows, VCE cash flows from operations were ($934,669) due to April cash receipts of revenues being more than the monthly cash operating expenses.
Bank Account Balances (as of 04/30/2026):
Operating Account $42,282,795
Insured Cash Sweep Account $37,417,161
Debt Service Account $1,100,000
CAISO Operational Account $7,346,171
Total Cash on Deposit $88,146,127
Note: VCE receives 6.05% 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 2026 earnings were $156,306.
VCE’s Outstanding Loan Balances (as of 04/30/2026):
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 October 31, 2026 was $0. VCE has issued, but undrawn, letters of credit for a total of $266,989 for regulatory.
Actual vs. Budget Variances for the year to date ending April 31, 2026 Below are the financial statement line items with variances >$50,000 and 5% • Electric Revenue – $3,196,584 and 29% – Favorable variance mainly driven by favorable PG&E PCIA rate adjustments than forecasted, resulting from final actual results for PG&E included in the December true-up process and lower load than forecasted by residential and agriculture customers due to mild winter and summer temperatures.
• Purchased Power – $520,435 and 1% – Favorable, mainly due to lower power costs resulting in less PPA cost recoveries, increased curtailment energy, and lower load than forecasted by residential and agriculture customers due to mild winter and summer temperatures. • Programs $440,035 – 95% Favorable Variance due to timing differences from the anticipated EV phase II program being deferred to Q426.
Attachments:
7) Financial Statements (Unaudited) April 1, 2026 to April 30, 2026 (with comparative year to date information.)
8) Actual vs. Budget for the year to date ending April 30, 2026
VALLEY CLEAN ENERGY ALLIANCE
FINANCIAL STATEMENTS
(UNAUDITED)
FOR THE PERIOD OF APRIL 1 TO APRIL 30, 2026
PREPARED ON JUNE 3, 2026
2 ASSETS
Current assets:
Cash and cash equivalents $ 81,949,978
Accounts receivable, net of allowance 5,568,344
Accrued revenue 3,341,625
Prepaid expenses 216,214
Inventory - Renewable Energy Credits -
Other current assets and deposits 9,456,826
Total current assets 100,532,986
Restricted assets:
Debt service reserve fund 1,100,000
Total restricted assets 1,100,000
TOTAL ASSETS $ 101,632,986
LIABILITIES
Current liabilities:
Accounts payable 250,993
Accrued payroll 123,944
Interest payable -
Due to member agencies -
Accrued cost of electricity 3,007,995
Other accrued liabilities 2,287,903
Security deposits - energy supplies 1,800,000
User taxes and energy surcharges 56,668
TOTAL LIABILITIES $ 7,527,505
NET POSITION
Net position:
Designated Funds $ 18,849,585
Local Programs Reserve 2,709,585
Rate Stabilization 12,284,000
Customer Difidends 3,856,000
Restricted 1,100,000
Unrestricted 74,155,896
TOTAL NET POSITION $ 94,105,481
VALLEY CLEAN ENERGY ALLIANCE
STATEMENT OF NET POSITION
APRIL 30, 2026
(UNAUDITED)
3 FOR THE
PERIOD ENDING
APRIL 30, 2026 YEAR TO DATE
OPERATING REVENUE
Electricity sales, net $ 3,186,579 $ 13,754,769
Other revenue - 6,375
TOTAL OPERATING REVENUES 3,186,579 13,761,144
OPERATING EXPENSES
Cost of electricity 2,872,577 13,810,565
Contract services 111,808 784,295
Staff compensation 152,539 609,303
General, administration, and other 114,769 350,712
TOTAL OPERATING EXPENSES 3,251,693 15,554,875
TOTAL OPERATING INCOME (LOSS) (65,114) (1,793,731)
NONOPERATING REVENUES (EXPENSES)
Interest income 156,306 608,439
Interest and related expenses - -
Other Non Operating Revenues - -
TOTAL NONOPERATING REVENUES (EXPENSES) 156,306 608,439
CHANGE IN NET POSITION 91,192 (1,185,291)
Net position at beginning of period 94,014,289 95,290,772 Net position at end of period $ 94,105,481 $ 94,105,481 (WITH COMPARATIVE YEAR TO DATE INFORMATION)
(UNAUDITED)
VALLEY CLEAN ENERGY ALLIANCE
STATEMENT OF REVENUES, EXPENDITURES AND
APRIL 30, 2026
4 FOR THE
PERIOD ENDING
APRIL 30, 2026 YEAR TO DATE
Operating Income (Loss) $ (65,114) $ (1,793,731)
Depreciation expense
Increase (decrease) for uncollectible accounts 28,600 142,700 (Increase) decrease in net accounts receivable 677 4,746,484 (Increase) decrease in accrued revenue (362,961) 422,053 (Increase) decrease in prepaid expenses (16,700) (22,181) (Increase) decrease in inventory - renewable energy credits - - (Increase) decrease in other assets and deposits - -
Increase (decrease) in accounts payable 2,468 (41,543)
Increase (decrease) in accrued payroll 7,445 3,100
Increase (decrease) in due to member agencies - -
Increase (decrease) in accrued cost of electricity (549,051) (760,551) Increase (decrease) in other accrued liabilities - -
Increase (decrease) security deposits with energy suppliers - - Increase (decrease) in user taxes and energy surcharges 19,966 10,479 Increase (decrease) in security deposits from energy suppliers - - Increase (decrease) in user taxes due to other governments - - Increase (decrease) in advances from public purpose programs - - Net cash provided (used) by operating activities $ (934,669) $ 2,706,811 (UNAUDITED)
APRIL 30, 2026
RECONCILIATION OF OPERATING INCOME TO NET CASH
PROVIDED (USED) BY OPERATING ACTIVITIES
Adjustments to reconcile operating income to net cash provided
VALLEY CLEAN ENERGY ALLIANCE
STATEMENTS OF CASH FLOWS
(WITH YEAR TO DATE INFORMATION)
5 FOR THE
PERIOD ENDING
APRIL 30, 2026 YEAR TO DATE
Operating Income (Loss) $ (65,114) $ (1,793,731)
Depreciation expense
Increase (decrease) for uncollectible accounts 28,600 142,700 (Increase) decrease in net accounts receivable 677 4,746,484 (Increase) decrease in accrued revenue (362,961) 422,053 (Increase) decrease in prepaid expenses (16,700) (22,181) (Increase) decrease in inventory - renewable energy credits - - (Increase) decrease in other assets and deposits - -
Increase (decrease) in accounts payable 2,468 (41,543)
Increase (decrease) in accrued payroll 7,445 3,100
Increase (decrease) in due to member agencies - -
Increase (decrease) in accrued cost of electricity (549,051) (760,551) Increase (decrease) in other accrued liabilities - -
Increase (decrease) security deposits with energy suppliers - - Increase (decrease) in user taxes and energy surcharges 19,966 10,479 Increase (decrease) in security deposits from energy suppliers - - Increase (decrease) in user taxes due to other governments - - Increase (decrease) in advances from public purpose programs - - Net cash provided (used) by operating activities $ (934,669) $ 2,706,811 (UNAUDITED)
APRIL 30, 2026
RECONCILIATION OF OPERATING INCOME TO NET CASH
PROVIDED (USED) BY OPERATING ACTIVITIES
Adjustments to reconcile operating income to net cash provided
VALLEY CLEAN ENERGY ALLIANCE
STATEMENTS OF CASH FLOWS
(WITH YEAR TO DATE INFORMATION)
VALLEY CLEAN ENERGY
2026 YTD ACTUAL VS. BUDGET
FOR THE YEAR TO DATE ENDING 04/30/2026
Description YTD
Actuals
YTD
Budget
YTD
Variance
% over
/-under
Total Revenues $ 14,369,584 $ 11,173,000 $ 3,196,584 29% Electric Revenue $ 13,754,769 $ 10,725,000 $ 3,029,769 28% Interest Revenues $ 608,439 $ 440,000 $ 168,439 38%
Reimbursable Revenues $ 6,375 $ 8,000 $ (1,625) -20%
Purchased Power $ 13,810,565 $ 14,331,000 $ (520,435) -4% Purchased Power Base $ 13,810,565 $ 13,622,000 $ 188,565 1% Purchased Power Contingency 5% $ - $ 709,000 $ (709,000) -100% Labor & Benefits $ 620,819 $ 716,000 $ (95,181) -13%
Salaries & Wages/Benefits $ 496,384 $ 580,000 $ (83,616) -14% Contract Labor $ 70,972 $ 72,000 $ (1,028) -1%
Human Resources & Payroll $ 53,463 $ 64,000 $ (10,537) -16% Office Supplies & Other Expenses $ 123,682 $ 177,500 $ (53,818) -30% Technology Costs $ 35,069 $ 12,000 $ 23,069 192%
Office Supplies $ 5,890 $ 4,000 $ 1,890 47%
Travel $ 11,144 $ 21,500 $ (10,356) -48%
CalCCA Dues $ 70,000 $ 64,000 $ 6,000 9%
CC Power $ - $ 72,000 $ (72,000) -100%
Memberships $ 1,580 $ 4,000 $ (2,420) -60%
Contractual Services $ 761,687 $ 947,600 $ (185,913) -20% Other Contract Services (e.g. IRP) $ - $ 50,000 $ (50,000) -100% Don Dame $ 1,640 $ 12,000 $ (10,360) -86%
Wholesale Energy Services (TEA) $ 235,462 $ 288,000 $ (52,538) -18% 2030 100% Renewable & Storage $ - $ 10,000 $ (10,000) -100% Customer Support Call Center $ 329,334 $ 322,000 $ 7,334 2% Operating Services $ 460 $ 40,000 $ (39,540) -99%
Commercial Legal Support $ 34,671 $ 8,000 $ 26,671 333% Legal General Counsel $ 32,744 $ 28,000 $ 4,744 17%
Regulatory Counsel $ 74,777 $ 68,000 $ 6,777 10%
Joint CCA Regulatory counsel $ - $ 6,400 $ (6,400) -100% Legislative - (Lobbyist) $ 22,000 $ 23,000 $ (1,000) -4% Accounting Services $ - $ 1,200 $ (1,200) -100%
Financial Consultant $ - $ 6,000 $ (6,000) -100%
Audit Fees $ 30,600 $ 55,000 $ (24,400) -44%
Marketing $ 72,036 $ 132,000 $ (59,964) -45%
Marketing Collateral $ 72,036 $ 106,000 $ (33,964) -32% Community Engagement Activities & Sponsorships $ - $ 26,000 $ (26,000) -100% Programs $ 20,965 $ 461,000 $ (440,035) -95%
Program Costs (Rebates, Incentives, etc.) $ 20,965 $ 320,000 $ (299,035) -93% Member Agency Advisory Services $ - $ 8,000 $ (8,000) -100% HFP Pilot $ - $ 88,000 $ (88,000) -100%
PIPP Program $ - $ 45,000 $ (45,000) -100%
Rents & Leases $ 8,400 $ 17,400 $ (9,000) -52%
Hunt Boyer Mansion $ 8,400 $ 9,400 $ (1,000) -11%
Lease Improvement $ - $ 8,000 $ (8,000) -100%
Other A&G $ 136,659 $ 257,700 $ (121,041) -47%
Development - New Members $ - $ 4,500 $ (4,500) -100%
Strategic Plan Implementation $ 10,508 $ 25,600 $ (15,092) -59% Strategic Plan Update & Community Focus Group $ - $ 45,000 $ (45,000) -100% PG&E Data Fees $ 66,200 $ 100,000 $ (33,800) -34%
Insurance $ 23,100 $ 32,000 $ (8,900) -28%
Banking Fees $ 36,852 $ 50,600 $ (13,748) -27%
Miscellaneous Operating Expenses $ 61 $ 4,000 $ (3,939) -98% Contingency $ - $ 80,000 $ (80,000) -100%
0 0
TOTAL OPERATING EXPENSES $ 15,554,875 $ 17,124,200 $ (1,569,325) -9% Interest on RCB Term loan $ - $ - $ - 100%
NET INCOME $ (5,951,200) (1,185,291) $