San Diego Community Power reports stronger-than-expected fiscal 2024–25 results, staff say

San Diego Community Power staff told the Finance & Audit Committee that audited fiscal year 2024–25 results exceeded budgeted expectations, powered largely by higher-than-forecast revenues, investment returns and expense reductions.

"I could not be more excited to present this item," said Kirk Washington, Chief Financial Officer and Treasurer, as he opened the committee presentation. Washington said net revenue came in roughly 2% above budget and highlighted contributions from the agency’s investment portfolio and lower-than-budgeted operating and personnel costs. Washington described the results as demonstrating "co‑stewardship" of agency funds and stressed that risks remain that justify reserve planning.

Washington said the agency’s investment advisor, Chandler Asset Management, outperformed its benchmark and that investment returns contributed meaningfully to the year’s positive variance. He also told members that certain budgeted positions remained vacant at fiscal year end, producing personnel-cost savings while staff continued to operate at near‑full capacity.

Committee members pressed staff for detail on items used in the presentation. Washington said total operating revenue in the presentation was shown as $1,243,000,000 (actual) versus $1,221,000,000 (budget), producing a positive delta of about $21,700,000 in the slides shown to the committee. He offered to provide more granular data on those numbers and on an observed June demand anomaly that staff said increased loads in that month and contributed to higher revenue.

After questions, the committee received the performance review as a filed item and took no further action on the presentation during the meeting.

What’s next: Staff told the committee they will return with more granular demand and collections data on request and will continue to brief the committee on how investment performance and operating decisions affect the agency’s fiscal position.