HomeMy WebLinkAbout2020-08-20; Clean Energy Alliance JPA; ; Clean Energy Alliance Treasurer's ReportClean Energy Alliance
JOINT POWERS AUTHORITY
Staff Report
DATE: August 20, 2020
TO: Clean Energy Alliance Board of Directors
FROM: Marie Marron Berkuti, Interim Treasurer
ITEM 1: Clean Energy Alliance Treasurer's Report
RECOMMENDATION:
Receive and File Clean Energy Alliance Interim Treasurer's Report.
BACKGROUND AND DISCUSSION:
This report provides the Board with the following financial information through June 30, 2020
(draft):
• Budget to Actuals — Reports actual revenues and expenditures compared to adopted
budget as of June 30, 2020 (draft)
• Statement of Financial Position — Reports assets and liabilities of CEA as of June 30,
2020 (draft)
The Treasurer's Report as of June 30, 2020 is a draft document because the CEA is awaiting an
invoice from the City of Solana Beach for services provided to the CEA for November 2019
through June 2020.
At its June 18, 2020 board meeting, the CEA Board adopted the Fiscal Year 2020/21 budget. This
report also provides the Board with the following financial information through July 31, 2020:
• Budget to Actuals — Reports actual revenues and expenditures compared to adopted
budget as of July 31, 2020.
• Statement of Financial Position — Reports assets and liabilities of CEA as of July 31,
2020
• List of Payments Issued — Reports payments issued for July 2020
Aug. 20, 2020 Page 1 of 6
August 20, 2020
Treasurer's Report
Page 2 of 6
JUNE 30, 2020 (DRAFT) REPORTS (FY 2019/20)
BUDGET TO ACTUALS
Through June 30, CEA has earned 100% of its revenue as a result of invoicing the advances to the
Member Agencies.
Of its approved $450,000 budgeted expenditures, $363,131.68 has been expended, leaving
$86,868.32.
Clean Energy Alliance
Budget to Actuals
for period ended June 30, 2020 (Draft)
Revenue
BUDGET ACTUALS VARIANCE
Advances from Member Agencies $ 450,000.00 $ 450,000.00
Total Revenue 450,000.00 450,000.00
Expenses
Staffing/Consultants $ 50,000.00 $ 41,856.74 $ 8,143.26
Legal Services 130,000.00 77,795.79 52,204.21
Professional Services 115,000.00 141,979.15 (26,979.15)
Memberships & Due 1,500.00 1,500.00
Graphic Design Services 6,500.00 6,500.00
CCA Bond 147,000.00 100,000.00 47,000.00
Total Expenses $ 450,000.00 $ 363,131.68 86,868.32
Net Results (Revenue - Expenses) $ 86,868.32 86,868.32
Aug. 20, 2020 Item #1 Page 2 of 6
August 20, 2020
Treasurer's Report
Page 3 of 6
STATEMENT OF FINANCIAL POSITION
CEA's Statement of Financial Position reports the assets and liabilities as of June 30, 2020
(Draft).
Clean Energy Alliance
Statement of Financial Position
As of June 30, 2020 (Draft)
Assets
River City Bank - Operating Account
$ 199,483.98
Total Assets $ 199,483.98
Liabilities
Accounts Payable
Current $ 74,150.90
Noncurrent 38,464.76
Total Liabilities
Reserve for Future Expenses
$ 112,615.66
$ 86,868.32
As of June 30, liabilities represent invoices received for services, but not yet paid. The noncurrent
accounts payable are amounts due to the cities of Carlsbad and Del Mar for services provided to
the CEA for the period November 2019 to June 2020. These invoices are scheduled to be paid
once the CEA is operational.
JULY 31, 2020 REPORTS (FY 2020/21)
BUDGET TO ACTUALS
Through July 31, CEA is still working towards obtaining the expected $4,006,500 in available
funding from the proposed credit solution.
Of its approved $4,006,500.00 budgeted expenditures, $26,465.50 has been expended, leaving
$3,980,034.50
Aug. 20, 2020 Item #1 Page 3 of 6
August 20, 2020
Treasurer's Report
Page 4 of 6
Clean Energy Alliance
Budget to Actuals
for the one month period ended July 31, 2020
Revenue
BUDGET ACTUALS VARIANCE
Credit Solution $ 4,006,500.00 $ (4,006,500.00)
Total Revenue 4,006,500.00 (4,006,500.00)
Expenditures
Staffing/Consultants $ 120,000.00 $ 11,437.50 $ 108,562.50
Legal Services 320,000.00 1,428.00 318,572.00
Professional Services 310,000.00 13,600.00 296,400.00
Memberships & Due 15,000.00 15,000.00
Print/Mail Services 132,000.00 132,000.00
Advertising 10,000.00 10,000.00
Graphic Design Services 10,000.00 10,000.00
Website Maintenance 2,500.00 2,500.00
Audit Services 40,000.00 40,000.00
CCA Bond 47,000.00 47,000.00
OPERATING EXPENSES $ 1,006,500.00 26,465.50 $ 980,034.50
CAISO Deposit $ 500,000.00 $ 500,000.00
Cash-Flow & Lockbox Reserves 2,500,000.00 2,500,000.00
NON-OPERATING EXPENSES $ 3,000,000.00 $ 3,000,000.00
TOTAL $ 4,006,500.00 $ 26,465.50 3,980,034.50
Net Results (Revenue - Expenditures) $ (26,465.50) $ (7,986,534.50)
Aug. 20, 2020 Item #1 Page 4 of 6
August 20, 2020
Treasurer's Report
Page 5 of 6
STATEMENT OF FINANCIAL POSITION
CEA's Statement of Financial Position reports the assets and liabilities as of July 31, 2020.
Clean Energy Alliance
Statement of Financial Position
As of July 31, 2020
Assets
River City Bank - Operating Account
Total Assets
$ 137,564.28
$ 137,564.28
Liabilities
Accounts Payable
Current
Noncurrent
Total Liabilities
Reserve for Future Expenditures
$ 38,696.70
38,464.76
$ 77,161.46
$ 60,402.82
LISTING OF PAYMENTS
The report below provides the detail of payments issued by CEA for July 2020. All payments were
within approved budget.
Clean Energy Alliance
List of Payments Issued July 2020
Date Vendor Description Amount
07/07/17 ACH WSPP Membership - FY2020 25,000.00
07/09/20 ACH RWG Law May 2020 General Counsel Svcs 5,944.20
07/22/20 ACH Bays hore Consulting June 2020 CEO Services 9,937.50
07/22/20 ACH Hall Energy June 2020 Energy Procurement Counsel Svcs 2,439.50
07/22/20 ACH Pacific Energy Advisors June 2020 Technical Consulting Svcs 18,598.50
Total July Payments $ 61,919.70
Aug. 20, 2020 Item #1 Page 5 of 6
August 20, 2020
Treasurer's Report
Page 6 of 6
FISCAL IMPACT
There is no fiscal impact associated with this item.
Aug. 20, 2020 Item #1 Page 6 of 6