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FRMC recommends board adopt wider reserve bands to protect against PCIA volatility
Summary
San Diego Community Powers Finance, Risk & Audit Committee voted to recommend the board adopt Resolution 2025-23, widening reserve bands to a 180-day floor, a 225-day target and a roughly 270-day maximum to mitigate PCIA-driven market volatility and pursue investment-grade ratings.
San Diego Community Powers Finance, Risk & Audit Committee on a unanimous recommendation asked the full board to adopt a fourth revision to the agencys financial reserves policy, aiming to reduce rate volatility tied to the Power Charge Indifference Adjustment (PCIA).
The committees recommendation — presented by Timothy Manglumont, director of finance — proposes a reserve band with a 180-day minimum, a 225-day target (staff estimated roughly $624,000,000), and a maximum near 270 days (staff cited a maximum-use figure of about $771,000,000). Manglumont told directors the proposed targets are informed by a bottom-up risk analysis that identified the PCIA and…
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