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Home My WebLink About2021-10-28; Clean Energy Alliance JPA; ; Clean Energy Alliance Treasurer's Report~ CLEAN ENERGY ALUANCE Staff Report DATE: October 28, 2021 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 (CEA) Interim Treasurer's Report for September 2021. BACKGROUND AND DISCUSSION This report provides the Board with the following financial information through September 30, 2021: • Statement of Financial Position (Unaudited) -Reports assets, liabilities, and financial position of the CEA as of September 30, 2021. • Statement of Revenues, Expenses and Changes in Net Position (Unaudited) for the three months ended September 30, 2021. • Budget to Actuals Comparison Schedule (Unaudited) -Reports actual revenues and expenditures compared to the monthly and year-to date adopted budget as of September 30, 2021. • Budget Reconciliation to Statement of Revenues, Expenses and Changes in Net Position • List of Payments Issued -Reports payments issued for September 2021. As of September 30, 2021, 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 the $150,000 advance made by each member agency for start-up costs and services provided to CEA for the period December 2019 to June 2020. These invoices are scheduled to be paid three years from the time CEA is operational. SEPTEMBER 30, 2021 REPORTS STATEMENT OF FINANCIAL POSITION (Unaudited) CLEAN ENERGY ALLIANCE STATEMENT OF NET POSITION As of September 30, 2021 ASSETS Current Assets Cash Operating Account Lockbox Account A/R Customers A/R NEMS Prepaid Expense Total Current Assets Noncurrent Assets Deposits CCA Bond CAISO Collateral Deposit SDG&E Collateral Deposits Total Noncurrent Assets Total Assets Current Liabilities LIABILITIES Accounts Payable Accrued Liabilities Electric Energy Surcharge Total Current Liabilities Noncurrent Liabilities Due to Member Agencies Due to City of Carlsbad Due to City of Del Mar Due to City of Solana Beach Total Due to Member Agencies JPMorgan Revolving Credit Agreement Total Noncurrent Liabilities Total Liabilities NET POSITION Unrestricted (deficit) Total Net Position October 28, 2021 CEA Treasurer's Report Page 2 of 6 $ 3,670,618.20 1,015,731.76 7,519,512.25 1,167,268.72 $ 500.00 13,373,630.93 147,000.00 500,000.00 585,000.00 1,232,000.00 14,605,630.93 441,397.74 15,423.12 54,884.53 511,705.39 186,571.79 151,892.97 165,552.69 504,017.45 5,750,000.00 6,254,017.45 6,765,722.84 7,839,908.09 7,839,908.09 October 28, 2021 CEA Treasurer's Report Page 3 of 6 STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION (Unaudited) CLEAN ENERGY ALLIANCE STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION For the three months ended September 30, 2021 Operating Revenues Operating Expenses Power Supply Data Manager Staffing/Consultants Legal Services Professional Services Software & Licenses Membership Dues Print/Mail Services Bank Fees Miscellaneous Total Operating Expenses Operating Income (Loss) Non-Operating Expenses Interest Expense Change in Net Position Net Position at beginning of period Net Position at end of period BUDGET TO ACTUALS COMPARISON SCHEDULE $ 18,428,394.11 $ 7,200,740.85 211,073.00 35,591.25 68,206.95 150,220.41 1,014.00 28,399.50 44,495.81 369.38 738.74 7,740,849.89 10,687,544.22 (27,003.47) 10,660,540.75 (2,820,632.66) $ 7,839,908.09 At its June 24, 2021 board meeting, the CEA Board adopted the Fiscal Year (FY) 2021/22 budget approving $51,547,500 in total operating expenses and uses of funds. For the year-to-date budget amount through September 2021 of $19,191,125.00, $7,767,853.36 has been expended, leaving $11,423,271.64. At its January 21, 2021 board meeting, the CEA Board approved a Credit Agreement with JPMorgan for $6MM to provide start-up funding for cash flow needs and a line of credit should the need arise. Drawdowns through June 30, 2021 equaled $SMM. A drawdown was made on July 12, 2021 in the amount of $250,000 and on September 9, 2021 in the amount of $500,000 for a total borrowing of $5,750,000. The Budget to Actuals Comparison Schedules for the month of September and for the year-to- date through September 2021 is shown on the next page. October 28, 2021 CEA Treasurer's Report Page 5 of 6 BUDGET RECONCILIATION TO STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION CLEAN ENERGY ALLIANCE BUDGET RECONCILIATION TO STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION For the three months ended September 30, 2021 Net Increase (Decrease) in Available Fund Balance per Budgetary Comparison Schedule Adjustments needed to reconcile to the changes in Net Position in the Statement of Revenues, Expenses, and Changes in Net Position $ 11,410,540.75 Subtract Advances-JPMorgan Revolving Credit Agreement Change in Net Position LIST OF PAYMENTS ISSUED {750,000.00) $ 10,660,540.75 The report on the following page provides the detail of payments issued by CEA for September 2021. All payments were within approved budget. October 28, 2021 CEA Treasurer's Report Page 6 of 6 Clean Energy Alliance List of Payments Issued September 2021 Date Via Vendor 09/02/21 ACH California DeptTax & Fee Ad min 09/02/21 ACH USPS 09/02/21 ACH Calpine 09/02/21 ACH Tosdal APC 09/02/21 ACH Tullett Prebon Americas Corp 09/02/21 ACH Pacific Energy Advisors, Inc 09/02/21 ACH The Energy Authority (TEA) 09/02/21 ACH Neyenesch Printers 09/02/21 ACH Bayshore Consulting Group, Inc 09/02/21 ACH Tripepi, Smith & Associates, Inc. 09/02/21 ACH Richards, Watson & Gershon 09/02/21 ACH Keyes & Fox LLP 09/02/21 ACH Hall Energy Law PC 09/02/21 ACH Tripepi, Smith & Associates, Inc. 09/03/21 W00l Deluxe Corporation 09/08/21 WIRE The Energy Authority (TEA) 09/13/21 WIRE The Energy Authority (TEA) 09/16/21 :heck~ CEA Customers 09/20/21 ACH USPS 09/20/21 ACH OneStream Networks, LLC 09/20/21 WIRE SDG&E 09/20/21 WIRE Direct Energy 09/20/21 WIRE The Energy Authority (TEA) 09/20/21 ACH OneStream Networks, LLC 09/27/21 WIRE Powerex 09/27/21 WIRE Powerex 09/27/21 WIRE The Energy Authority (TEA) 09/28/21 ACH Tosdal APC 09/28/21 ACH Tullett Prebon Americas Corp 09/28/21 ACH Calpine 09/28/21 ACH The Energy Authority (TEA) 09/28/21 ACH Hall Energy Law PC 09/28/21 ACH Neyenesch Printers 09/28/21 ACH Pacific Energy Advisors, Inc 09/28/21 ACH Bayshore Consulting Group, Inc . 09/28/21 ACH Keyes & Fox LLP 09/28/21 ACH Braun Blaising Smith Wynne 09/28/21 ACH Richards, Watson & Gershon 09/28/21 WIRE JPMorgan 09/28/21 ACH Tullett Prebon Americas Corp 09/28/21 ACH Neyenesch Printers 09/30/21 ACH USPS Description Q2063021 09/01/21 Mailing July 2021 Services -71,610 meters@ $1.00 Jul 2021 Regulatory Counsel Svcs 07 /13/21 Brokers Fee (Shell RA) Jul 2021 Technical Consulting Svcs Jul 2021 Scheduling Coordinator & CRR Management Services Summary of Invoices through 08/31/21 Jul CEO Services Jul 2021 Retainer Jun 2021 General Counsel Svcs Jul 2021 ERRA Forecast Counsel Services Jul 2021 Energy Procurement Counsel Svcs August 2021 Retainer echeck and print+ mail order 08/13/21-08/19/21 08/20/21-08/26/21 NEM Term Cash Out-June 2021 09/16/21 Mailing (ACH kickback) Aug 2021 Telephone Aug 2021 RA Sales Aug 2021 PWR-CAP CAPACITY 08/26/21-09/01/21 Prepaid on Account PCCl Prepayment (# 1 of 3)(2021) PCC2 Prepayment (# 4 of 6)(2021) 09/02/21-09/09/21 Aug 2021 Regulatory Counsel Svcs April 2020 Brokers Fee-RA (CPA of So Ca)(SENA) Aug 2021 Servic'es -70,524 meters @ $1.00 August 2021 Scheduling Coordinator & CRR Management Servic August 2021 Energy Procurement Counsel Svcs 766 CEA New Move Letter Maling-8/18 and 8/25 (Gross) Aug 2021 Technical Consulting Svcs Aug 2021 CEO Services Aug 2021 ERRA Forecast Counsel Services July 2021 Legal Services Jul 2021 General Counsel Svcs 1-Jul-202130-Sep-202192 days 2.150000% (unutilized) May 2021 Brokers Fee-RA (Peninsula CE)(SENA) 772 CEA New Move Letter Maling-8/31 and 9/7 (Net) 09/28/21 Mailing Total September Payments-Operating Account 09/23/21 Wire Morgan Stanley Capital Group, Inc. July 2021 Power Sale 09/23/21 Wire Direct Energy July 2021 PWR-PHYS Custom 09/23/21 Wire Shell Oil North America July 2021 SYSTEM DA 1ST Power Sale Total September Payments-Lock box Account FISCAL IMPACT There is no fiscal impact associated with these items. Amount $ 14,515.48 228.52 70,610.00 7,606.50 875.00 23,600.00 11,700.00 8,713.97 7,940.00 7,891.58 2,104.50 7,668.75 1,249.50 7,891.58 370.00 173,436.79 99,711.46 595.80 259.83 205.45 623,837.80 254,500.00 227,549.98 500.00 82,250.00 44,409.17 345,240.96 8,384.00 13,038.00 70,524.00 11,700.00 6,128.50 289.85 23,600.00 10,797.50 6,017.25 1,896.61 1,799.00 4,285.07 3,255.00 285.64 177.36 $2,187,640.40 $ 876,627.66 1,593,677.37 1,651,161.80 $4,121,466.83