HomeMy WebLinkAbout2020-09-17; Clean Energy Alliance JPA; ; Clean Energy Alliance Treasurer's ReportClean Energy Alliance
JOINT POWERS AUTHORITY
Staff Report
DATE: September 17, 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:
At its November 5, 2019 board meeting, the Clean Energy Alliance (CEA) Board appointed Marie
Marron Berkuti, as the CEA Interim Treasurer. At that same meeting, the CEA Board adopted the
Fiscal Year 2019/20 budget and established $150,000 advances from each Member Agency to
fund the approved expenditures.
This report provides the Board with the following financial information through June 30, 2020
(Unaudited):
• Budget to Actuals — Reports actual revenues and expenditures compared to adopted
budget as of June 30, 2020 (Unaudited)
• Statement of Financial Position — Reports assets and liabilities of CEA as of June 30,
2020 (Unaudited)
The Treasurer's Report as of June 30, 2020 is an unaudited document because the CEA will be
engaging the services of an outside Certified Public Accountant to conduct an independent audit
for the fiscal year ended June 30, 2020. Once the audit is finalized, Staff will return to the Board
and present the audit report.
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 August 31, 2020:
• Budget to Actuals — Reports actual revenues and expenditures compared to adopted
budget as of August 31, 2020.
• Statement of Financial Position — Reports assets and liabilities of CEA as of August
31, 2020
• List of Payments Issued — Reports payments issued for August, 2020
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Treasurer's Report
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JUNE 30, 2020 (UNAUDITED) REPORTS (FY 2019/20)
BUDGET TO ACTUALS
Through June 30, 2020, 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, $379,312.88 has been expended, leaving
$70,687.12.
Clean Energy Alliance
Budget to Actuals
for period ended June 30, 2020 (Unaudited)
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 115,000.00 158,160.35 (43,160.35)
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 $ 379,312.88 $ 70,687.12
Net Results (Revenue - Expenses) $ 70,687.12 $ 70,687.12
STATEMENT OF FINANCIAL POSITION
CEA's Statement of Financial Position reports the assets and liabilities as of June 30, 2020
(Unaudited).
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Treasurer's Report
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Clean Energy Alliance
Statement of Financial Position
As of June 30, 2020 (Unaudited)
Assets
River City Bank - Operating Account $ 199,483.98
Total Assets $ 199,483.98
Liabilities
Accounts Payable
Current $ 74,150.90
Noncurrent 54,645.96
Total Liabilities
Reserve for Future Expenses
$ 128,796.86
$ 70,687.12
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, Del Mar and Solana Beach 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.
AUGUST 31, 2020 REPORTS (FY 2020/21)
BUDGET TO ACTUALS
Through August 31, 2020, 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, $89,069.35 has been expended, leaving
$3,917,430.65
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Treasurer's Report
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Clean Energy Alliance
Budget to Actuals
for the two month period ended August 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 $ 22,612.50 $ 97,387.50
Legal Services 320,000.00 32,051.10 287,948.90
Professional Services 310,000.00 34,405.75 275,594.25
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
Webs ite 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 $ 89,069.35 $ 917,430.65
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 $ 89,069.35 $ 3,917,430.65
Net Results (Revenue - Expenditures) $ (89,069.35) $ (7,923,930.65)
STATEMENT OF FINANCIAL POSITION
CEA's Statement of Financial Position reports the assets and liabilities as of August 31, 2020.
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Treasurer's Report
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Clean Energy Alliance
Statement of Financial Position
As of August 31, 2020
Assets
River City Bank - Operating Account $ 98,867.58
Total Assets $ 98,867.58
Liabilities
Accounts Payable
Current $ 62,603.85
Noncurrent 54,645.96
Total Liabilities $ 117,249.81
Reserve for Future Expenditures $ (18,382.23)
LISTING OF PAYMENTS
The report below provides the detail of payments issued by CEA for August 2020. All payments
were within approved budget.
Clean Energy Alliance
List of Payments Issued Aug 2020
08/12/20 RWG Law June 2020 General Counsel Svcs 3,953.00
08/12/20 Hall Energy July 2020 Energy Procurement Counsel Svcs 1,428.00
08/12/20 Pacific Energy Advisors July 2020 Technical Consulting Svcs 13,600.00
08/17/20 Tosdal APC June 2020 Regulatory Counsel Svcs 8,278.20
08/17/20 Bayshore Consulting July 2020 CEO Services 11,437.50
Total August Payments $ 38,696.70
FISCAL IMPACT
There is no fiscal impact associated with this item.
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