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Treasurer reports strong investment returns and FY2024-25 surplus; staff warns of ongoing operational and regulatory risks
Summary
San Diego Community Powers CFO reported a net position boost year-to-date and a fiscal-year surplus above budget driven by higher customer demand, investment returns and non-energy cost savings; staff nevertheless flagged PCIA volatility and other risks that inform the proposed reserves change.
San Diego Community Powers chief financial officer, Dr. Eric Washington, told the Finance, Risk & Audit Committee that the agency finished the reported quarter and fiscal year in stronger-than-budgeted financial shape but still faces ongoing operational and regulatory risks.
In his quarter presentation Dr. Washington said the agency ended the period with a net position "just under $87,000,000" year to date and noted net operating revenue figures and energy-cost savings. He reported unrestricted cash and investments at just under $450,000,000, about 90% of…
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