Treasurer reports favorable start to FY2026; liquidity and reserves highlighted
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Summary
Chief Financial Officer Eric Washington told the FRMC San Diego Community Power began FY2026 with a net position change of roughly $22 million for the first month, reported strong liquidity including access to a $250 million credit line and noted two contracts executed under CEO signing authority.
SAN DIEGO — Dr. Eric Washington, chief financial officer and treasurer for San Diego Community Power, reported to the Finance and Risk Management Committee on Oct. 16 that the agency closed the first month of fiscal year 2026 with a stronger-than-budgeted net position and solid liquidity metrics.
Washington said the net position change for the period was "just under $22,000,000" compared with the budgeted $18,700,000. He reported that expenses for the month were about $123,000,000 versus a budgeted $133,000,000, leaving expenses approximately $10 million under budget. Washington attributed a roughly 4.7% shortfall in net revenue to lower-than-expected summer demand because of cooler weather.
On reserves and liquidity, Washington reported the agency’s cash and investments were presented as approximately $389.6 million and noted access to a $250 million line of credit, yielding a total liquidity position of about $617 million when factoring available credit. He reported days cash on hand measures of about 223 days when including both unrestricted cash and investments and said the agency was roughly 78% of the way toward its reserve-build target.
Washington also reported two contracts executed under the CEO’s signing authority during the reporting period: one for $75,500 and another for $100,000. The presentation was a receive-and-file item and the committee did not take formal action on the treasury report.
Committee members did not ask further questions; Washington said staff will continue to monitor revenues, expenses and investment performance as the fiscal year progresses.
