HomeMy WebLinkAbout2020-10-15; Clean Energy Alliance JPA; ; Clean Energy Alliance Treasurer's ReportClean Energy Alliance
JOINT POWERS AUTHORITY
Staff Report
DATE: October 15, 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 June 18, 2020 board meeting, the CEA Board adopted the Fiscal Year (FY) 2020/21 budget.
This report provides the Board with the following financial information through September 30,
2020:
•Budget to Actuals — Reports actual revenues and expenditures compared to the
adopted budget as of September 30, 2020.
•Statement of Financial Position — Reports assets and liabilities of CEA as of
September 30, 2020
•List of Payments Issued — Reports payments issued for September 30, 2020
As of September 30, 2020, 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.
SEPTEMBER 30, 2020 REPORTS (FY 2020/21)
BUDGET TO ACTUALS
At its August 20, 2020 board meeting, the CEA Board approved a Promissory Note with Ca!pine
Energy Solutions for $400,000 to provide funding for the FY 2020/21 budget through February
2021. CEA is still working towards obtaining the remaining CEA start-up funding from the
proposed credit solution.
Of its approved $4,006,500.00 budgeted expenditures, $150,005.63 has been expended, leaving
$3,856,494.37
October 15, 2020
Treasurer's Report
Page 2 of 3
Clean Energy Alliance
Budget to Actuals
for the three month period ended September 30, 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 $ 30,187.50 $ 89,812.50
Legal Services 320,000.00 40,911.10 279,088.90
Professional Services 310,000.00 78,907.03 231,092.97
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 $ 150,005.63 $ 856,494.37
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 $ 150,005.63 $ 3,856,494.37
Net Results (Revenue - Expenditures)
$ (150,005.63) $ (7,862,994.37)
STATEMENT OF FINANCIAL POSITION
CEA's Statement of Financial Position reports the assets and liabilities as of September 30,
2020.
October 15, 2020
Treasurer's Report
Page 3 of 3
Clean Energy Alliance
Statement of Financial Position
As of September 30, 2020
Assets
River City Bank - Operating Account $ 47,438.73
Total Assets $ 47,438.73
Liabilities
Accounts Payable
Current
Noncurrent
Total Liabilities
Reserve for Future Expenditures
$ 72,111.28
54,645.96
$ 126,757.24
$ (79,318.51)
LISTING OF PAYMENTS
The report below provides the detail of payments issued by CEA for September 2020. All
payments were within approved budget.
09/04/20 ACH RWG Law July 2020 General Counsel Svcs $ 13,467.00
09/04/20 AC Hall Energy Aug 2020 Energy Procurement Counsel Svcs 833.00
09/04/20 ACH Pacific Energy Advisors Aug 2020 Technical Consulting Svcs 16,302.25
09/17/20 ACH Tosdal APC July 2020 Regulatory Counsel Svcs 8,786.00
09/17/20 ACH Tosda I APC Aug 2020 Regulatory Counsel Svcs 7,537.10
09/17/20 ACH Keyes & Fox Aug 2020 ERRA Forecast 4,503.50
Total September Payments $ 51,428.85
FISCAL IMPACT
There is no fiscal impact associated with this item.