HomeMy WebLinkAbout2020-11-19; Clean Energy Alliance JPA; ; Clean Energy Alliance Treasurer's ReportClean Energy Alliance
JOINT POWERS AUTHORITY
Staff Report
DATE: November 19, 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 October 31,
2020:
•Budget to Actuals — Reports actual revenues and expenditures compared to the
adopted budget as of October 31, 2020.
•Statement of Financial Position — Reports assets and liabilities of CEA as of October
31, 2020
•List of Payments Issued — Reports payments issued for October 31, 2020
As of October 31, 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.
As part of its Resource Adequacy procurement, CEA was required to submit cash collateral
deposits with SDG&E to satisfy credit requirements. On October 26, 2020, contracts were
executed with SDG&E for these deposits and the initial payments of $240,000 due on November
10, 2020 have been recorded in the October Statement of Financial Position as Cash Collateral
Deposits — SDG&E and an accounts payable. The total amount of the cash collateral deposits is
$585,000 and a second payment will be made to SDG&E in February 2021 for the remaining
amount due of $345,000. The deposits will be returned once the contracts are complete.
November 19, 2020
Treasurer's Report
Page 2 of 3
OCTOBER 31, 2020 REPORTS (FY 2020/21)
BUDGET TO ACTUALS
At its August 20, 2020 board meeting, the CEA Board approved a Promissory Note with Calpine
Energy Solutions for $400,000 to provide funding for the FY 2020/21 budget through February
2021. A drawdown of $55,524.75 was made against the Promissory Note in October. 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, $218,263.62 has been expended, leaving
$3,788,236.38.
Clean Energy Alliance
Budget to Actuals
for the four month period ended October 31, 2020
Revenue
BUDGET ACTUALS VARIANCE
Credit Sol ution $ 4,006,500.00 $ 55,524.75 (3,950,975.25)
Total Revenue 4,006,500.00 55,524.75 (3,950,975.25)
Expenditures
Staffing/Consultants $ 120,000.00 $ 38,502.50 $ 81,497.50
Legal Services 320,000.00 63,890.16 256,109.84
Professional Services 310,000.00 115,792.28 194,207.72
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 78.68 2,421.32
Audit Services 40,000.00
40,000.00
CCA Bond 47,000.00
47,000.00
OPERATING EXPENSES $ 1,006,500.00 $ 218,263.62 $ 788,236.38
CAISO Deposit $ 500,000.00 _ r-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 $ 218,263.62 $ 3,788,236.38
Net Results (Revenue - Expenditures)
$ (162,738.87) $ (7,739,211.63)
November 19, 2020
Treasurer's Report
Page 3 of 3
STATEMENT OF FINANCIAL POSITION
CEA's Statement of Financial Position reports the assets and liabilities as of October 31, 2020.
Clean Energy Allia nce
Statement of Financial Position
As of October 31, 2020
Assets
River City Bank - Operating Account
Cash Collateral Deposits-SDG&E
Total Assets
Lia bilities
Accounts Payable
Current
Noncurrent
Total Liabilities
Reserve for Future Expenditures
$ 24,533.60
240,000.00
$ 264,533.60
$ 301,939.39
54,645.96
$ 356,585.35
$ (92,051.75)
LISTING OF PAYMENTS
The report below provides the detail of payments issued by CEA for October 2020. All payments
were within approved budget.
Clean Energy Alliance
List of Payments Issued October 2020
Date Via Vendor Description Amount
10/23/20 ACH Tosdal APC Sept 2020 Regulatory Counsel Svcs $ 6,318.60
10/23/20 ACH Bays hore Consulting Aug 2020 CEO Services 11,175.00
10/23/20 ACH Bays hore Consulting Sept 2020 CEO Services 7,575.00
10/26/20 ACH Hall Energy Sept 2020 Energy Procurement Counsel Svcs 2,796.50
10/26/20 ACH Keyes & Fox Sept 2020 ERRA Forecast 11,677.53
10/26/20 ACH RWG Law Aug 2020 General Counsel Svcs 6,063.50
10/26/20 ACH Tripepi Smith Sept 2020 Retainer 9,223.75
10/29/20 ACH Pacific Energy Advisors Sept 2020 Technical Consulting Svcs 23,600.00
Total October Payments $ 78,429.88
FISCAL IMPACT
There is no fiscal impact associated with this item.