Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Treasurers Report topic
No spam. Unsubscribe anytime.
Treasurer reports stronger-than-budgeted results, liquidity above $500 million and reserve goal at 65%
Summary
San Diego Community Power's CFO reported a year-to-date net position and liquidity updates for the period ending Jan. 31, 2025: reported net position contributions to reserves, more than half a billion in total liquidity when including an unused $250 million line of credit, and reserves at about 65% of the 180-day target.
Dr. Eric Washington, chief financial officer and treasurer for San Diego Community Power, presented the treasurer's report for the period ending Jan. 31, 2025, and asked the Finance and Risk Management Committee to recommend receipt and filing of the report.
"We landed with a bottom line net position of 44,500,000," Dr. Washington said, reporting that year-to-date net operating revenue was approximately $822,500,000 against about $776,000,000 in total operating expenses. He told the committee total expenses had come in significantly lower than budgeted and credited procurement and power-services efforts.
Dr. Washington said total liquidity accessible to the agency exceeded half a billion dollars, composed of unrestricted cash reserves plus availability under a $250,000,000 line of credit that had zero outstanding balance at the time of the report. He noted portions of liquidity are reserved as collateral for counterparties and for obligations to the California Independent System Operator.
The treasurer reported the agency had reached about 65% of its reserve goal measured against a target of 180 days cash on hand; when line-of-credit availability is included, total equity equated to roughly 179 days. Senior finance staff added that customer participation in the community choice aggregation program remained above 95% across enrolled jurisdictions.
Committee members asked clarifying questions about deposit insurance arrangements and Community Reinvestment Act (CRA) ratings for banks that hold agency funds. Dr. Washington said deposits are placed in interest-bearing and ICS accounts and that staff would report back with CRA ratings for current depository banks.
The committee was asked to recommend receipt and filing of the treasurer's report; staff indicated no formal vote by the committee was required for the recommendation. The committee recorded no further action on the item at the meeting.
Ending: Staff will track follow-up requests, including providing CRA information for current banks and any further analysis of reserve build and liquidity strategies.
