HomeMy WebLinkAbout2021-08-26; Clean Energy Alliance JPA; ; Clean Energy Alliance Treasurer's Report--,,-2!.!I.
CLEAN ENERGY ALLIANCE
Staff Report
DATE: August 26, 2021
TO: Clean Energy Alliance Board of Directors
FROM: Marie Marron Berkuti, Interim Treasurer
ITEMl: Clean Energy Alliance Treasurer's Report
RECOMMENDATION
Receive and File Clean Energy Alliance (CEA) Interim Treasurer's Report for July 2021.
BACKGROUND AND DISCUSSION
This report provides the Board with the following financial information through July 31, 2021:
• Statement of Financial Position (Unaudited) -Reports assets, liabilities, and financial
position of the CEA as of July 31, 2021.
• Statement of Revenues, Expenses and Changes in Net Position (Unaudited) for the
one month ended July 31, 2021.
• Budget to Actuals Comparison Schedule (Unaudited) -Reports actual revenues and
expenditures compared to the amended budget as of July 31, 2021.
• Budget Reconciliation to Statement of Revenues, Expenses and Changes in Net
Position
• List of Payments Issued -Reports payments issued for July 2021.
As of July 31, 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.
JULY 31, 2021 REPORTS
STATEMENT OF FINANCIAL POSITION (Unaudited)
CLEAN ENERGY ALLIANCE
STATEMENT OF NET POSITION
As of July 31, 2021
ASSETS
Current Assets
Cash Operating Account
Lockbox Account
A/R Customers
A/R NEMS
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
August 26, 2021
Admin & Regulatory Update
Page 2 of 6
$ 603,379.49
$
1,268,380.32
6,293,892.30
187,065.37
8,352,717.48
147,000.00
500,000.00
585,000.00
1,232,000.00
9,584,717.48
704,444.93
15,170.97
31,111.86
750,727.76
186,571.79
151,892.97
165,552.69
504,017.45
5,250,000.00
5,754,017.45
6,504,745.21
3,079,972.27
3,079,972.27
August 26, 2021
Admin & Regulatory Update
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 one month ended July 31, 2021
Operating Revenues
Operating Expenses
Power Supply
Data Manager
Staffing/Consultants
Legal Services
Professional Services
Software & Licenses
Membership Dues
Print/Mail Services
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
$
$
$
3,414,223.18
189,631.83
70,610.00
10,500.00
22,106.25
43,191.58
298.00
28,399.50
17,615.09
283.29
382,635.54
3,031,587.64
(2,620.83)
3,028,966.81
51,005.46
3,079,972.27
CEA received its first customer revenue in June 2021 and revenue has been increasing as CEA
ramps ups it service to customers.
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 $5MM. A drawdown was made on
July 1, 2021 in the amount of $250,000 for a total borrowing of $5,250,000.
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. Through July 2021,
$385,256.37 has been expended, leaving $51,162,243.63.
The Budget to Actuals Comparison Schedule is shown on the next page.
August 26, 2021
Admin & Regulatory Update
Page 4 of 6
CLEAN ENERGY ALLIANCE
BUDGET TO ACTUALS COMPARISON SCHEDULE
For the one month ended July 31, 2021
ADOPTED
BUDGET ACTUALS VARIANCE
Operating Revenues
Energy Sales $ 53,573,000.00 $ 3,414,223.18 $ 50,158,776.82
Total Operating Revenue 53,573,000.00 3,414,223.18 50,158,776.82
Operating Expenses
Power Supply 48,700,000.00 189,631.83 48,510,368.17
Data Manager 811,000.00 70,610.00 740,390.00
Staffing/Consu It ants 235,700.00 10,500.00 225,200.00
Legal Services 510,000.00 22,106.25 487,893.75
Professional Services
Technical 283,200.00 23,600.00 259,600.00
Schedule Coordinator 155,400.00 11,700.00 143,700.00
Marketing 115,000.00 7,891.58 107,108.42
SDG E Service Fees 270,000.00 270,000.00
Other Professional Services 25,000.00 25,000.00
848,600.00 43,191.58 805,408.42
Audit Services 25,000.00 25,000.00
Software & Licenses 9,100.00 298.00 8,802.00
Membership Dues 116,000.00 28,399.50 87,600.50
Print/Mail Services 43,100.00 17,615.09 25,484.91
Advertising 15,000.00 15,000.00
Insurance 7,000.00 7,000.00
Bank Fees 2,000.00 2,000.00
Miscellaneous 283.29 (283.29)
Total Operating Expenses 51,322,500.00 382,635.54 50,939,864.46
Operating Income (Loss) 2,250,500.00 3,031,587.64 (781,087.64)
Non-Operating Expenses
Interest Expense 225,000.00 2,620.83 222,379.17
Other Sources and Uses
Sources
JPMorgan Revolving Credit Agreement 250,000.00 (250,000.00)
Tota I Sources 250,000.00 (250,000.00}
Net Increase (Decrease} in Available Fund Balance $ 2,025,500.00 $ 3,278,966.81 $ (1,253,466.81}
Total Operating and Non-Operating Expenses and Uses
offunds $ 51,547,500.00 $ 385,256.37 $ 51,162,243.63
August 26, 2021
Admin & Regulatory Update
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 one month ended July 31, 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
$ 3,278,966.81
Subtract Advances-JPMorgan Revolving Credit Agreement
Change in Net Position
LIST OF PAYMENTS ISSUED
(250,000.00)
$ 3,028,966.81
The report on the following page provides the detail of payments issued by CEA for July 2021. All
payments were within approved budget.
August 26, 2021
Admin & Regulatory Update
Page 6 of 6
Clean Energy Alliance
List of Payments Issued July 2021
Date Via Vendor Description Amount
07/01/21 WIRE JPMorgan
07/01/21 WIRE JPMorgan
l-Jun-202130-Jun-202130 days $S00,000.00 3.700000% $ l,S41.67
7,256.2S
19,900.00
2,180.75
1,842.50
S,712.00
S,888.SO
7,214.50
9,223.7S
12,577.34
20,409.Sl
23,600.00
7S,000.00
17,279.10
2,891.99
94,760.10
07 /01/21 WIRE The Energy Authority (TEA)
07 /01/21 ACH Tripepi, Smith & Associates, Inc.
07 /01/21 ACH Richards, Watson & Gershon
07 /01/21 ACH Hall Energy Law PC
07 /01/21 ACH Keyes & Fox LLP
07/01/21 ACH Tosdal APC
07/01/21 ACH Tripepi, Smith &Associates, Inc.
07/01/21 ACH Bayshore Consulting Group, Inc
07 /01/21 ACH Neyenesch Printers
07 /01/21 ACH Pacific Energy Advisors, Inc
07/01/21 WIRE Pattern SC Holdings LLC
07 /02/21 ACH Marie Marron Berkuti
07 /02/21 ACH Marie Marron Berkuti
07 /02/21 ACH The Energy Authority (TEA)
07/06/21 WIRE JPMorgan
07/06/21 WIRE JPMorgan
07 /09/21 ACH USPS
07/12/21 WIRE The Energy Authority (TEA)
07 /12/21 ACH OneStream Networks, LLC
07 /12/21 ACH USPS
07 /19/21 WIRE The Energy Authority (TEA)
04/01/21-06/30/21 unutilized fee
Scheduling Coordinator & CRR Management Services/May2021
May 2021 Other~Video
April 2021 General Counsel Svcs
May 2021 Energy Procurement Counsel Svcs
May ERRA Forecast Counsel Services
May 2021 Regulatory Counsel Svcs
May 2021 Retainer
May CEO Services
Invoices through 06/28/21
May 2021 Technical Consulting Svcs
Refund Exclusivity Deposit
Sept -Feb & April
Mar 2021 Interim Treasurer/CFO Services
06/11/20-06/17/21
4-Jun-2021 S-Jul-202132 l,S00,000.00 3.700000%
7-Jun-20216-Jul-202130 3,000,000.00 3.700000%
07 /09/21 Mailing
06/18/21-06/23/21
June Telephone
07/12/21 Mailing
06/24/21-06/30/21
07 /19/21 WIRE California Choice Energy Authority-September 2021-RA
07 /20/21 ACH Bolt Energy Marketing, LLC June 2021 Invoice Resource Adequacy Confirmation Letters
07/20/21 WIRE Direct Energy Jun 2021 PWR-CAP
07/20/21 WIRE SDG&E June2021 RA Sales
07 /21/21 ACH USPS 07 /21//21 Mailing
07 /22/21 ACH USPS 07 /22/21 Mailing
07/26/21 ACH The Energy Authority (TEA) 07/01/21-07/08/21
07 /27 /21 RCB River City Bank Bank Analysis Fee-06/21
07 /28/21 ACH Braun Blaising Smith Wynne June 2021
07 /28/21 ACH The Energy Authority (TEA) June 2021 Scheduling Coordinator & CRR Management Services
07 /28/21 ACH Hall Energy Law PC Jun 2021 Energy Procurement Counsel Svcs
07/28/21 ACH Keyes & Fox LLP Jun ERRA Forecast Counsel Services
07 /28/21 ACH Pacific Energy Advisors, Inc Jun 2021 Technical Consulting Svcs
07/28/21 ACH Calpine May 2021 Services -50,495 meters @ $1.00
07/28/21 ACH Tripepi, Smith & Associates, Inc. Jun 2021 Other -Video
07/28/21 ACH Braun Blaising Smith Wynne May 2021
07/28/21 ACH Richards, Watson & Gershon May 2021 General Counsel Svcs
07/28/21 ACH Tosdal APC Jun 2021 Regulatory Counsel Svcs
07/28/21 ACH Tripepi, Smith & Associates, Inc. Jun 2021 Retainer
07/28/21 ACH Calpine June 2021 Services -68,698 meters@ $1.00
07/28/21 ACH Bayshore Consulting Group, Inc Jun CEO Services
07/28/21 ACH USPS 07 /26/21 Mailing
Total July Payments-Operating Account
07/19/21 WIRE Shell Oil North America May 2021 Power Sale
Total July Payments-lockbox Account
FISCAL IMPACT
There is no fiscal impact associated with these items.
4,933.33
9,2S0.00
S,473.77
203,351.36
313.09
112.64
310,867.61
106,S00.00
74,7SO.OO
157,000.00
623,733.00
660.61
lSS.61
134,496.71
31.87
2,729.6S
4,900.00
6,069.00
13,987.2S
23,600.00
50,49S.OO
247.SO
1,660.94
3,0lS.00
6,897.50
9,223.7S
68,698.00
12,041.25
808.76
$2,143,281.16
$1,474,172.48
$1,474,172.48