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Finance committee receives treasurer’s report; investment manager calls current bond market a “generational opportunity”
Summary
San Diego Community Power’s finance committee reviewed a treasurer’s report showing $664 million in cash and investments and heard Chandler Asset Management describe the current bond environment as a chance to lock in higher yields for multi-year holdings. Directors asked about local inflation, a market-value dip tied to liquidity withdrawals, and equity concerns from a public commenter.
Janice Berlingame, chief financial officer and treasurer for San Diego Community Power, told the Finance and Risk Management Committee on June 18 that the agency is tracking close to its conservative budget and maintains a strong liquidity position. "As of March 31st, 2026, we have $664 million in total cash investments," Berlingame said, noting reserve composition of about 70% unrestricted cash, 17% current and 13% non-current investments.
Dan Delaney of Chandler Asset Management briefed directors on the economy and the portfolio, saying higher yields in the bond market present a rare chance to secure stronger long-term returns. "We think that this is a generational opportunity in the bond market," Delaney said, recommending that funds not needed for near-term liquidity be placed into longer-term, high-quality bonds where appropriate.
Why it matters: higher purchase yields can boost investment income available to ratepayers and help San Diego Community Power meet reserve and rate-stability goals. Berlingame and Delaney said the portfolio produced $13.25 million in accumulated investment income through March 2026 and that the agency expects ongoing yield benefits as it continues to diversify liquid holdings among local banks and state/local pools.
Directors pressed for local context and detail. One asked for the county-level inflation rate; Delaney said he did not have an exact San Diego figure on hand but believes regional inflation has trended higher than national averages. Another director queried a decline in market value shown between fiscal 2025 and 2026; Berlingame and Delaney explained that withdrawals from liquidity accounts (held in institutions including River City Bank) — not core portfolio losses — produced the reported dip, and the committee requested a follow-up explanation from a staff member named Jack.
Public commenter Robert raised procedural concerns and criticized investments in data-center contracts, saying the agency favored wealthier customers. "You represent the billionaires," Robert said, urging the agency to prioritize residents and more accessible public engagement. Committee members did not directly rebut the accusation during the meeting; staff noted the portfolio is managed under the agency’s investment policy and California Government Code constraints.
Next steps: The committee received and filed the treasurer’s report and requested follow-up on the liquidity withdrawals and clarification about who within San Diego Community Power has acquisition and disposition authority over certain accounts.
