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San Diego Community Power reports $319 million cash, positive $7.4 million net position through May
Summary
Director of Finance reported the agency held $319 million in cash at May 31, finished the period with a $7.4 million positive net position and remains debt-free with a $251 million committed line of credit available.
San Diego Community Power reported the agency had $319 million in cash on hand as of May 31, 2025, and a positive net position of roughly $7.4 million for the fiscal period, Director of Finance Timothy Mangumont told the Finance & Risk Management Committee.
Mangumont said those results were favorable compared with the budget projection, which had anticipated a $4.3 million loss at this point. He cited higher-than-expected investment income from reserves and lower-than-expected renewable energy costs as primary drivers.
The agency’s fiscal-target reserve for the year is $575 million; staff reported the cash on hand represented roughly 55% of the target for an 180-day cash-on-hand policy. Mangumont also reported San Diego Community Power maintains no debt outstanding and has a $251 million line of credit with JPMorgan; when that line is included, staff said about $532 million in liquidity is available.
Mangumont said customer participation in the agency remained stable at about 95.4%, with enrollment and unenrollments showing little change in the prior 12 months. Staff projected that cash-on-hand would grow toward the 180-day target through the summer months and expected the full target to be met by fall under current projections.
The committee received and filed the report without revision.
