HomeMy WebLinkAbout2020-12-17; Clean Energy Alliance JPA; ; Approve Fiscal Year 20/21 Budget Amendment for CCA OperationsEnergy Sales Revenue $ $ 5,000,000
4,006,500 1,643,500
9,643,500
Funds provided by Financing
TOTAL REVENUE
Clean Energy Alliance
JOINT POWERS AUTHORITY
Staff Report
DATE: December 17, 2020
TO: Clean Energy Alliance Board of Directors
FROM: Barbara Boswell, Interim Chief Executive Officer
ITEM 4: Approve Fiscal Year 20/21 Budget Amendment for CCA Operations
RECOMMENDATION
Approve Fiscal Year 20/21 Budget Amendment for CCA Operations, increasing revenue by $9,643,500
and expenditures by $9,459,000.
BACKGROUND AND DISCUSSION
At its June 18, 2020 regular meeting, the Clean Energy Alliance Board adopted its fiscal year 20/21
budget for start-up related costs. CCA operations related costs were anticipated to be brought before
the Board for consideration at a point in time when those costs could be better estimated.
Based on current market conditions, resource adequacy contracts executed, and current rate information,
staff recommends the Board amend the budget as follows:
Or Energy Aftaince
Proposed Budget Amendment
Fiscal Year 20/21
Proposed
AdocrTed FY 20/21
FY 20/21 Amendment NOTES
Revenue
Expenateres
Power Supply $ - $ 8,000,000
Resource adequacy commitments beginning January 2021; Power Supply
May &June 2021
Data Management
130,200
SDGE Service Fees & Deposit
83,800
Staffing/Consultants -
Legal Services 320,000
Professional Services 430,000
CCA Bond 194,000
CAISO Fee 500,000
CalCCA Membership & Dues 15,000
Print/Mail Services 132,000
Advertising 10,000
Graphic Design Services 10,000
Website Maintenance 2,500
Audit Services 40,000
Cash Collateral Payments
585,030 •
Debt Service Repayment
660,000
Cash Flow & Lockbox Reserves 2,500,000
TOTAL EXPENDITURES 4,L53,500 9,45%000
December 17, 2020
FY 20/21 Budget Amendment
Page 2 of 2
Revenues are proposed to be increased by $9,643,500, which reflects increasing funds provided by
financing by $1,643,500, for a total financing of $5,650,000 and expenditures increase by $9,459,000.
The majority of the increase is related to power supply costs, including resource adequacy which begin
being incurred in January 2021. The difference between the revenue increase and expenditure will
provide funds for cash flow needs. Based on the typical electric billing cycle, cash related to energy sales
would not start to be received until late June/early July.
FISCAL IMPACT
The increase in expenditures is to be funded through financing and energy sales revenue.
ATTACHMENTS
None