HomeMy WebLinkAbout2022-06-30; Clean Energy Alliance JPA; ; Clean Energy Alliance Treasurer's Report~
CLEAN ENERGY ALLIANCE
Staff Report
DATE: June 30, 2022
TO: Clean Energy Alliance Board of Directors
FROM: Marie Marron Berkuti, Interim Treasurer
ITEM 2: Clean Energy Alliance Treasurer's Report
RECOMMENDATION
Receive and File Clean Energy Alliance (CEA) Interim Treasurer's Report for April 2022.
BACKGROUND AND DISCUSSION
This report provides the Board with the following financial information through April 30, 2022:
• Statement of Financia l Position (Unaudited} -Reports asset s, liabilities, and financial
position of the CEA as of April 30, 2022.
• Statement of Revenues, Expenses and Changes in Net Position (Unaudited) for the ten
months ended April 30, 2022.
• Budget to Actuals Comparison Schedule (Unaudited) -Reports actual revenues and
expenditures compared to the annual amended budget as of April 30, 2022.
• Budget Reconciliation to Statement of Revenues, Expenses and Changes in Net
Position
• List of Payments Iss ued -Reports payments issued for April 2022.
As of April 30, 2022, liabilities represent invoices and estimated accruals for energy and services
received but not yet paid. The noncurrent liabilities relate to debt with JPMorgan as well as
amounts due to the member cities of Carlsbad, Del Mar and Solana Beach. CEA is currently
making interest only payments on the debt from JPMorgan. The amounts due to the member
agency were 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.
June 30, 2022
CEA Treasurer's Report
Page 2 of7
CLEAN ENERGY ALLIANCE
STATEMENT OF NET POSITION
As of April 30, 2022
Current assets
Cash and cash equivalents
Accounts receivable, net
Accrued revenue
Other receivables
Prepaid expenses
Deposits
Total current assets
NoncwTent assets
Restricted cash
Deposits
Total noncurrent assets
Total assets
CwTent liabilities
Accrued cost of energy
Accounts payable
Other accrued liabilities
Interest payable
Total current liabilities
Noncurrent liabilities
Due to member agencies
Bank note payable
Total noncurrent liabilities
Total liabilities
Unrestricted (deficit)
Total net position
ASSETS
LIABILITIES
NET POSITION
$ 1,244,420
7,929,626
1,644,794
46,024
261,479
500,000
11,626,343
227,000
877,000
1,104,000
12,730,343
6,722,641
292,500
196,11 4
16,978
7,228,233
504,017
12,420,000
12,924,017
20,152,250
(7,421,907)
$ (7,421,907)
These :financial statements have not been subjected to an audit or review or compilation
engagement, and no assurance is provided on them
June 30, 2022
CEA Treasurer's Report
Page 3 of7
CLEAN ENERGY ALLIANCE
STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN NET POSITION
Ten Months ended April 30, 2022
OPERATING REVENUES
Electricity sales, net $
Miscellaneous income
Total operating revenues
OPERATING EXPENSES
Cost of electricity
Contract services
General and administration
Total operating expenses
Operating income (loss)
NONOPERATING REVENUES (EXPENSES)
Interest income
Interest expense
Nonoperating revenues (expenses), net
CHANGE IN NET POSITION
Net position at beginning of period
Net position at end of period $
50,486,672
10,706
50,497,378
53,040,925
1,802,353
118,168
54,961,446
(4,464,068)
14,959
(265,384)
(250,425)
(4,714,493)
(2,707,414)
c1,421,901l
These :financial statements have not been subjected to an audit or review or compilation
engagement, and no assurance is provided on them
BUDGET TO ACTUALS COMPARISON SCHEDULE
June 30, 2022
CEA Treasurer's Report
Page 4 of7
At its February 24, 2022, board meeting, the CEA Board amended the Fiscal Year (FY) 2021/22
budget approving $61,055,025 in total operating expenses and uses of funds. For the year-to-
date through April 30, 2022, $55,226,830 has been expended, leaving $5,828,195.
At its January 27, 2022, board meeting, the CEA Board approved a Credit Agreement Amendment
with JPMorgan increasing the available line of credit to $1SMM. Drawdowns through April 30,
2022, total $12,420,000, leaving $2,580,000 available.
The Budget to Actuals Comparison Schedules as of April 30, 2022, is shown on the next page.
June 30, 2022
CEA Treasurer's Report
Page 5 of7
CLEAN ENERGY ALLIANCE
BUDGET TO ACTUALS COMPARISON SCHEDULE
Ten Months ended April 30, 2022
ANNUAL
AMENDED ACTUAL YEAR-BUDGET
Operating Revenues
Energy Sales
Total Operating Revenue
Operating Expenses
Power Supply
Data Manager
S ta:ffing!Consultants
Legal Services
Professional Services
Audit Services
Software & Licenses
Membership Dues
Print/~fail Services
Advertising
Insurance
Bank Fees
Telephone
Total Operating Expenses
Operating Income (Loss)
Non-Operating Revenues (Expenses)
Miscellaneous Income
Interest Income
Interest Expense
Total Non-Operating Expenses
Other Sources and Uses
Sources
JPMorgan C redit Agreement
Total Other Sources and uses
Net Increase (Decrease) in Available
$
BUDGET TO-DATE VARIANCE
57,282,755 $ 50,486,672 $
57,282,755
58,222,525
840,000
235,700
375,000
883,600
41,000
9,100
12 1,000
48,100
15,000
32,000
2,000
5,000
60,830,025
(3,547,270)
(225,000)
(225,000)
6,000,000
6,000,000
50,486,672
53,040,925
701,153
155,194
259,301
629,533
8,240
7,779
100,535
48,025
908
5,619
1,434
2,800
54,961,446
(4,474,774)
10,706
14,959
(265,384)
(239,719)
7,420,000
7,420,000
6,796,083
6,796,083
5,181,600
138,847
80,506
11 5,699
254,067
32,760
1,32 J
20,465
75
14,092
26,381
566
2,200
5,868,579
927,504
(10,706)
(14,959)
40,384
14,719
(1 ,420,000)
(1 ,420,000)
Fund Balance ==$=-=2='=22=7='=7=30===$==~2='=70=5=,_50=7===$======--(==47=7=,=7=7=-=7)
These financial statements have not been subjected to an audit or review or compilation engagement, and
no assurance is provided on them
June 30, 2022
CEA Treasurer's Report
Page 6 of7
CLEAN ENERGY ALLIANCE
BUDGET RECONCil,IATION TO STATEMENT OF
REVENUES, EXPENSES, AND CHANGES IN NET POSIDON
For the Ten Months ended April 30, 2022
Net Increase (Decrease) in Available Fund Balance
per Budgetary Comparison Schedule
Adjustments needed to reconcile to the change
in Net Position in the Statement of Revenues,
Expenses, and Changes in Net Position
Subtract Advances-JPMorgan Revolving C redit Agreement
Change in Net Position
$
$
2,705,507
(7,420,000)
(4,7 14,493)
These financial statements have not been subjected to an audit or review or compilation
engagement, and no assurance is provided on them
LIST OF PAYMENTS ISSUED
June 30, 2022
CEA Treasurer's Report
Page 7 of7
The report on the following page provides the detail of payments issued by CEA for April 2022.
All payments were within approved budget.
Date Type Vendor Description
04/01/202 Wire 1HE ENERGY AUTHORITY June 2022 -Capacity .Purchases
04/04/202 Wire THE ENERGY AUTHORITY March 2022 -CAISO Weekly Statement of Activity
04/04/202 Wire JPMorgan Interest Payments
04/04/202 Wire JPMorgan Interest Payments
04/08/202 Wire JPMorgan Interest Payments
04/11/202 Wire Pacific Gas & Electric Renewable Energy Certificates
04/11/202 Wire THE ENERGY AUTHORilY March 2022 -CAISO Weekly Statement of Activity
04/12/202 Wire USPS April 2022 -Postage Payment
04/13/202 Wire USPS April 2022 -Postage Payment
04/15/202 ACH Califurnia Choice Energy Authority December 2021 & January 2022
04/15/202 ACH Braun Blaising Smith Wynne October -December 2021 -Professional Services
04/15/202 ACH Carlsbad Chamber of Commerce Membership Renewal (03/l/22-02/28/22)
04/15/202 ACH The Coast News Group April 2022 -Advertising-Spring Home & Garden
04/18/202 Wire Direct Energy March 2022 -Capacity SW AP
04/18/202 Wire EDF TRADING NORTH March 2022 -Capacity Purchase
04/18/202 Wire SDG&E (Procurement) March 2022 -RA Purchases
04/J 8/202 Wire SEMPRA March 2022 -Capacity Purchase
04/18/202 Wire THE ENERGY AUTHORllY March 2022 -CAISO Weekly Statement of Activity
04/18/202 Wire JPMorgan Interest Payments
04/25/202 Wire Powerex May 2022 -Energy Prepayment
04/25/202 Wire JPMorgan Interest Payments
04/25/202 Wire THE ENERGY AUTHORITY April 2022 -CAISO Weekly Statement of Activity
04/26/202 ACH N eyenesch Printers March 2022 -CEA New Move Letter and Postcards
04/26/202 ACH Bayshore Consulting Group, Inc March 2022 -CEO and Clerk Services
04/27/202 ACH Pacific Energy Advisors, Inc March 2022 -Technical Consulting and Expansion
04/27/202 ACH Richards, Watson & Gershon Jan 2022 -General Counsel Svcs
04/28/202 Wire USPS April 2022 -Postage Payment
04/28/202 ACH Hall Energy Law PC March 2022 -Energy Procurement Counsel Svcs
04/28/202 ACH Neyenesch Printers March 2022 -CEA New Move Letter and Postcards
04/28/202 ACH Tosdal A.PC March 2022 -Regulatory Services
04/29/202 ACH California Dept Tax & Fee Admin 2022-Q 1 Electric Energy Surcharge
Total for Ope rating Account
04/25/202 Wire Shell Energy North America February 2022 -Energy purchase
04/25/202 Wire Exelon Generation Company,LLC February 2 022 -Power Purchase
04/25/202 Wire Morgan Stanley Capital Group, Inc. 202 1 (PCC I) Renewable Energy Certificates
Total forLockbox Account
FISCAL IMPACT
There is no fiscal impact associated with these items.
Amount
48,000.00
161 ,212.02
32,465.00
1,729.09
20,915.07
980,000.00
44,994.37
59.68
84.71
1,725.50
1,185.77
319.00
907.50
17 1,500.00
208,500.00
76,0J 2.00
274,400.00
36,655.13
8,966.55
144,479.17
22,827.05
103,217.95
505.35
13,011.50
28,118.75
8,964.44
64.26
1,524.00
554.36
8,655.50
49,848.00
2,451,401.72
434,626.40
1,408,714.36
1,750,501.74
3,593,842.50