HomeMy WebLinkAboutAgenda Bill 3.B-Attch3 08/16/2004i:1NANCIAL- INFbRMATION
•
ABAG POWER settled ° ` its DA credit claim with ,PG &E' in late 2002 for $17.0 million plus
interest at an annual rate of 4 :19 % to accrue beginning December- 1, 2000. Accordingly,
,staff reflected this settlement in the financial reports for fiscal year ending June 30, 2003,
with all other necessary :adjustments incorporated therein to prepare for winding up the
Electricity Pool and distributing cash on hand to member =s by June 30,, 2004. The Executive
Committee approved ; all these book adjustments' prior' to the year -end close, and our
independent auditors ;have` completed:= their audit of the June. 30, 2003 financial reports.
They expressed an unqualified opinion on-these reports with no audit Since
ABAG POWER has. received payment in full plus accrued' interest from PG &E for settlement
of the DA credit claim in, April 2004; , the payment dates as listed on the next page are
realistic.
Based on the' audited financial reports of ABAG POWER for the year ending June 30, 2003
that were duly approved; by the Executive. Committee at its meeting held on February 18,
2004, the Electricity Pool has $23.8 million in total assets available for distribution to its
members (see Exhibit -A). Total assets will continue to; (a',) Increase 'by accrued interest
from' the PG &E settlement and from -the pool's investment 'in the Local Agency Investment
Fund, and (b) Decrease by operating ,expenses necessary to wi'nd up the pool.
On October 27, 2003, the ABAG POWER.Board of Directors approved the methodology for
winding up the electric program and distributing funds. In. accordance with - this process,
funds in the. Electricity Pool will'b'e distributed m:;three categories:
Payableto.Members
Description
Basis of Distribution
DA Credit settlement Tess
Total °.CTC reversal
PG &E Distribution
approximately $740,000 ('see table
collected
on' next page) _
fro:m ,each member
Total,:working capital
Other
Working capita'I
collected from each
'member
Members' Balancing.'
Accumulated operating
Account
Surplus /,deficit
Total KWH usage
i
r
The following table, shows balances of total audited assets and proposed disbursements as
of June 30, 20p3° and current balances as of April 15, 2004 and target dates of distribution.
* On 'February 18; ;2004, 'the Executive .Committee, approved: (a) retaining $100,,000 from
the DA Credit .settlement ito, ,pay for wind up' expenses after Jurie 3, 2004. the residual
balance in the, hold back fund 'will :be distributed before July .1; ,20;10), and (b) applying
approximately $640,000 from"the DA Credit settlement to pay "0, her" (Working Capital)
1
2
I
Wind Up A «recrswnt- At:tmf C- 4:-2$ -04 dlii
•
Audited
Interim
Balances
. Balances
Target
0/30/2003-
4/15p2004;
Distribution
'MM
mm '
Status
' Date
Will increase by accrued
Total Assets
interest net of operating
Asi stated
23.84
24.36
expenses,
below
P-avable to Members
PG &E Distribution;*
18,27
18.83
Will not change
6%15/2004
Other
'Members'
5;41
5,41
Will not change
6/15/2004
Balancing
0.1:6
0.12
Will decreaseby operating
0373`1/05,
Account
expenses
after the FY 04
Total "D.i'sbursernents
audit
23:84
24:36
* On 'February 18; ;2004, 'the Executive .Committee, approved: (a) retaining $100,,000 from
the DA Credit .settlement ito, ,pay for wind up' expenses after Jurie 3, 2004. the residual
balance in the, hold back fund 'will :be distributed before July .1; ,20;10), and (b) applying
approximately $640,000 from"the DA Credit settlement to pay "0, her" (Working Capital)
1
2
I
Wind Up A «recrswnt- At:tmf C- 4:-2$ -04 dlii
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Exhibit E t o Attachment C
BAG POWER Electric Program Allocation & Distribution
'
; .
(As of pril 1'5, 2004)'
Grand Total
Original
Net
Total
Usage (kWh)
CTC.
Streetlight
CTC
CTC
DA Credit,
Working Cap:
Total
Members
(1)
Usage %a
Reversals
_Correction
Reversals
Reversal %
Distribution 2
Deposits. 3
Distribution 4
City of Albany:
3,269
0:35%
$ 7 4,274
$ (37 $
32,710
0.2
$ 37,4
$ 13,725
$ 51;165`
Town o f Los Altos Hills
City of Antioch
314,682
49,175,835
0.03%
4,274
0.03%
4 $ 40
92 _
6,099
10,991
521%
696;703
(122;580)
574J22
3:51%
657,142
167,352
82'4;494` "
City of'Arcata
3 562 992
0.38%
79,173,
(25,043)
54
033%
61
29
91;,754
Town of Atherton
City of Bernc�a
T 898;831
12'064;815
0
1:28%
27,998
251,386
27,998
0 1 o%
32;047
18 1'23
50,170' "
City of Berkeley i
2
0.295
193;082
(74,333) •
177
193,082
1.08 %0
1.18 %°
202;655
88,075
290,730
Couniy'of
19,049'605,
:2.02 %;
376
376,505
2:30 %0
221;003
4,30;948
61",
119,314
2,431.
28 -1
City of Cloverdale'
°of
5 113
0:54%
103,456
103,456'
0.63 %°
118
35;056
153;473
- County Monterey
52383;320
5.55 %°
531
(1,915)
529
3.24%
606,512
225
832,3 06
County of ,Contra Costa.
138 139;814
1.4.65 %0
2
(23,395
2;725
16.66%
3,119,351
545,
3 664,549
City ti =
of Cota
2;629;895
0.28,%
:37;545
(130)
37,41'5
0.23 %0
42,825
25;935
68;760
City of Cupertino
13,694;587
1:45%
234;959
(63,383)
1.71',575
1.05%
196;386
92 ; 44,4
288,830
City of Daly.City
41,194;260
4.37%
1,417,366
(165,064)
1,252;303
7.65 %°
1,433,390
130:117
1
City of Davis
2,207730
0.23 %
34,764
(21'
13,013
0.08 %
14,894
20;009
34;903
City of El Cerrito
3,404,997
0_.36 %0
57,838
57 „838
0.35%
66;202
32,320
96,522
City of Foster City
13 829
1.39 %
301,085
(109,981)
191,104
1.17%
218
68;016
286,7,54
Gold Gate Bridge District
'Gonzales -
13;208, °235.
1.40.%
355,647
355,64-7
2.17%
407,074.
45,318
452,392
City of
_
3;741,591
0:40%
.54,963
(2,040)
52,92.3
0.32%
60576
,
36`,264
96 840 -
City, of Fialf,Moon Bay
1,888,466
0.20 %°
25,108
25
0.15%
28
14,071
42,810'
H.A.R.D.
8,386,287
0:89
135,566
135;566
0.83 %6
155
•84,911
240;080
City of Hercules
5,239,548•
0.56%
89,938
(12,002)
77;935
0.48%
89205
,
56,859
146;064;
n
Tow of Hillsborough.
7 7 9 b
0:81 %
107,637
107;63 7
.0.66%
123;201
76,024
199;226
Housing Auth Co. of Alameda
1,248,447
. 0.13%
23,420
23;420
0.14%
26,806
18,003
44,810
City of Los °Alt6s
5,152,008
0.55%
73,385
73;385
0.45%
83,996
41;289
125285
Los Trancos Co. Water Distr
67,0,686
0.07%
4,646
4,646
0.03 %0
5,318
_
6,698
12,016
City. of Menlo Park- =
11,546,594
1:22 .
267,524
(71,150)
1963373
1.20%
224,769
82,908
.307,678
_ City of Millbrae
5,241'
0.56 %
103,562
(58,891)
44,670
0.27
51
3T
' • 89
_ City,of'Mill Valley
10,532,429
1.12%
204,374
(26,042)
178,332
1.09%
204,11.9
94,946
299,065'
CityofMilpitas_.
11,013,448
1.17%
276,838.
276
'1.69%
316,870
83,865
400,734
Town of Moraga
1,768
0.1.9%
12,800
12,800
0.08%
14,650
12
27,153
County of Napa
14,477,518
1.53%
383,200
(1,297)
381,903
2.33%
437,128
73,627
510,755
City of'Newark
8;7.28,855
0.93%
174,076
(85,209)'
88,868
0.54%
101,718
81,536
183,254
- City of Orinda
1,602,274
0.17 %
19,135
(1,122)
18,013
0.11%
20,618
18;433
39,051
City of
8;145
0.86
165;604
(67,092)
98,512
0.60%
112,757
49496
162
City of Patterson
6,354;738
0.67%
222
(3,126)
218,904
1.34%
250,558
35,892
286,450
City of Petaluma
36,118;882
3.83%
457,781
(120,246)
337,535
2.06%
386,344
196,030
582,373
040415 revised Claim Breakdown for Windup Agr _ 1 _
Exhibit B to Attachment C
ABAG POWER Electric Program Allocation & Distribution
(As of April 15, 2004):
-
GL WriteOn
Total (4) 943,239;722 100%
Original
Grand Total
Net
Usage, (kWh)
Total
Members
(1).
Usage %
City of. Pinole,
9
1;00%
City of Pleasanton
28;757 „666
3 :05%
R.A.F.C.
11,;869;270
1..26%
City of'Salinas
26;619'
2.82 %0
City of San Carlos
6 89ti;150
0:73%
City of San Leandro
32,799;800
3.48%
City of San Mateo
29 OZ
3,1;5 %d
County'oPSan Mateo
98,391,072
10.48% '
City +bf�San Pablo
6,222,193
0.66%
City of Santa ,Rosa
54
5.83%
City of Saratoga
2,899
0;31
Countyof'Sonoma
4,805,048
o ?61 -%
South:Co:,Fife Authority
601,994
0.06%
City of Union City
1,911,061
0:20 %d
City of Vacaville
5,162,752
0:55,% '
City of-Vallejo
60;985;603
.6,47 %a
West County Wastewater Dist._
13,699;'914
1.45
Towwof Windso
16,479,736
1.75 %)
City of Winters
4,366;833
0:46%0
GL WriteOn
Total (4) 943,239;722 100%
Original
Net
Total
,CTC
Streetlight
CTC:
CTC
DA Credit
Work ng;Cap.
Total
Reversals
Correction
Reversals
Reversal %
Distribution (2)
Deposits (3)
Distribution (4)
252;199
252 199
1.54%
288 668,
22875
311
511,098
(133
377;633
2.311%
432;240
182101
614 ;341
225
225935
1.38 %
258,606,
155,745
414;351
466;324
(262,362)'
203;961,
1.25 %0,
233,455
133,488
366;943
160,947
(65;873)
95;074
0.58
108,822
42 ;589'
151,;412;
686,521
(199;508)
487;013
2:98 %.
557,436
715
688,758
(276;868)
- 411
2.52%
471,450
- 189,375
660,825
2;1,09,359
(71,151)
2,038;208;
12.46%
2,332,939
604;514
2;937;453
82,505
82,505
0;50%
"94
.47;404;
141
854
(194,168)
660,156
4:04•%
755,616
296;993
1,052;609
38„110
(2,929)
351,81
0.22 %
40;269
24,666
64;934
, 53;841
53,84
0.33%
61,627
39,725
101
13;289
13,289
0.08
15211
5,979
211`89`
59,927
5%927
0.37 %0
68;592
8,269
76;861
93;369
93;369
.0.57%
106,871
57,524
164;394
1,212
1,212';306,
7.41 %o,
1,387
353
1,74;1,413'
459,806
(9)
459;797
2:81 %0
526,285
136,567
662,852
328,111
(1;362)
326;749,
2.00%
373,998-
90;454
- 464 ; 451
40,360
40,360'
0.25%
46,196
39,032
85
(
(2)
(2),
(2)
18,661;435
(2,301,293)
16,360,141
100 %
18,725,870
5,414,272
24,140;142
Notes
(1) Total, usage for entire program period. Data from billing agent'(APS) for billing periods 4/98 - 7/01.
(2) Total.of N CTC Reversals, plus interest on bankruptcy ciaim,,minus'$100,000,hold back amount. This is equivalent to the bankruptcy claim prindpal, and interest ($1.9
less,$639,859 allocatedlfor repayment of Working) Capital, minus $100;000 hold back amount. -
(3) Total�of "'Working Capital Client.Deposits and "'PX and ISO, Clienti,Deposits.'" -
(4) Does not include Members Balancing, Account, or ISO PX escrow deposits with NCPA.
040415.revised Claim' Breakdown_for'Windup Agr