Mario De Bernardo

The committee meeting included an opportunity for public address and a recommendation to the Board of Directors regarding the approval of the Tieton Hydropower Project Proposed Operating Budget for the 2026/2027 fiscal year. A resolution was adopted to approve the annual budget for the Tieton Hydro Project for the period between July 1, 2026, and June 30, 2027.

The committee reviewed and recommended various items for board consideration, including the 2025 Palo Verde Decommissioning Annual Funding Status Report, quarterly financial statements, and the FY 2025-26 project budget variance report. Key operational and financing updates were provided regarding the Clean Energy II Project, geothermal and renewable energy prepayments, and the Southern Transmission System Renewal Project revenue bonds. Furthermore, the committee evaluated the results of the auditing services request for proposals and recommended a three-year professional services agreement with Baker Tilly. The committee also received a market update on variable rate demand obligations and information on unsolicited proposals received from investment bankers.

The Board of Directors meeting addressed several key business matters, including the Executive Director's report on Authority activities and the review of the Consent Calendar. Significant financial actions involved the issuance of revenue bonds for the Southern Transmission System Renewal Project, authorization of professional auditing services, and adjustments to the classification, salary schedule, and employment benefits policies. Project development items included the approval of agreements for the Notch Peak Project and energy efficiency platforms. Furthermore, the Board received reports on state and federal legislative and regulatory activities, including updates on climate change, wildfire mitigation, and renewable energy resource planning.

The Board of Directors meeting addressed multiple operational and financial items. Key actions included the appointment of a new Board Secretary and the authorization of revenue bonds for the Southern Transmission System Renewal Project. The Board approved the award of a contract for independent auditing services to Baker Tilly US LLP. Additionally, a new policy for part-time, benefits-eligible employee classifications was established, along with updates to the employee benefits program. The Board also moved forward with the Notch Peak Solar project through the approval of relevant project agreements and awarded contracts for an online rebate processing and energy efficiency platform. Informational reports were provided regarding project budget variances, state regulatory updates from CARB, and positions on various state legislative bills.

The meeting included reports from the Executive Director, General Counsel, Chief Financial and Administrative Officer, Project Development, and Government Affairs. Key business included the approval of several resolutions related to the Clean Energy II Project, including the establishment of the project, authorization of bond issuances, and execution of various financial agreements. The board also reviewed legislative and regulatory updates and discussed project procurements. Finance Committee items included updates on bond refundings, liquidity facilities, investment reports, and the approval of a professional services agreement for municipal advisory services.