MSR Public Power Agency€¦ · Navigant Consulting, Inc. 35 Iron Point Circle, Suite 225 Folsom,...

MSR Public Power Agency

MEETING OF THE COMMISSION

Wednesday, November 28, 2018, 12:00 p.m. Navigant Consulting, Inc.

35 Iron Point Circle, Suite 225 Folsom, CA 95630

AGENDA Distribution:

Commissioners & Alternate Commissioners Others Modesto:

James McFall (President) Steve Gross Martin Caballero (Alt) Alan Hockenson Martin Hopper1 Scott Van Vuren Jill De Jong Ana Vigil Cindy Worley Toxie Buriss Santa Clara: Pat Kolstad2 (V.P) John Roukema Alan Kurotori (Alt) Ann Hatcher Kathleen Hughes

Deanna Santana Teresa O’Neill Redding: Dan Beans3 Ann Czerwonka3 Nick Zettel (Alt) Valerie Ibarra Tara Mikkelsen3 Carmen Bahr

1 Please post agenda 2 Please post agenda 3 Please post agenda Updated 1/2018

M-S-R Public Power Agency

MEETING OF THE COMMISSION

Wednesday, November 28, 2018, 12:00 Noon Navigant Consulting, Inc.

35 Iron Point Circle, Suite 225 Folsom, California

AGENDA Any member of the public who desires to address the Commission on any item considered by the Commission at this meeting before or during the Commission’s consideration of that item shall so advise the Chair and shall thereupon be given an opportunity to do so.

CALL TO ORDER

ROLL CALL

CONSENT ITEMS 1 – 6 (All items are approved by a single action)

There will be no separate discussion of those items unless an item is removed at the request of any Commissioner or member of the public. Those items removed will be separately considered at the end of the consent agenda.

1. Minutes of September 19, 2018

2. Report of Summary invoices paid for September – October 2018 totaling $6,948,002.72 (summary attached)

3. September and October 2018 Treasurer’s Reports (attached, Scott VanVuren)

4. November 2018 WREGIS REC Transfers Status Report (attached, Martin Hopper)

5. November 2018 Outside Services Budget Versus Actual Report (attached, Martin Hopper)

6. Discussion and Possible Action Regarding Amendment to Audit Engagement Agreement with Baker Tilly Virchow Krause, LLP (attached, Martin Hopper)

END OF CONSENT ITEMS

ACTION ITEMS 7 - 11:

7. Status Reports (attached, Alan Hockenson)

a. San Juan Project Status Report

b. Pacific Northwest Projects Status Report

8. November 2018 General Manager Report (attached, Martin Hopper)

9. Discussion and Possible Action Regarding 2019 M-S-R PPA Budget (attached, Martin Hopper)

M-S-R Public Power Agency Commission Agenda Page 2 September 19, 2018

2018 MSR PPA Commission Meeting Agenda

10. Discussion and Possible Action Regarding 2019 M-S-R PPA Meeting Dates (attached, Martin Hopper)

11. Discussion and Possible Action Regarding Resolution 2018-04 Honoring Patrick Kolstad (attached, Martin Hopper)

CONVENE CLOSED SESSION:

a. Existing Litigation: Government Code §54956.9 (d)(1) – 4 Cases (NM-PRC Case No. 17-000174-UT, BP-16-BPA, BP-18-BPA, BP-20-BPA)

b. Decision on Whether to Initiate Litigation: Government Code Section 54956.9(d)(4) – one case

c. Public Employee Performance Evaluation: Government Code §54957 – General Manager

RECONVENE OPEN SESSION

ANNOUNCEMENTS FOLLOWING CLOSED SESSION

MEMBER REPORTS

PUBLIC COMMENT

CONFIRM DATE AND TIME OF NEXT MEETING

ADJOURN

ALTERNATE FORMATS OF THIS AGENDA WILL BE MADE AVAILABLE UPON REQUEST TO QUALIFIED INDIVIDUALS WITH DISABILITIES.

of 3

M-S-R PUBLIC POWER AGENCY DRAFT MINUTES

MEETING OF THE COMMISSION SEPTEMBER 19, 2018

The Commission of the M-S-R Public Power Agency (M-S-R PPA) met on September

19, 2018 at the offices of Navigant Consulting, Inc. (NCI), 35 Iron Point Circle, Suite

225, Folsom, CA, 95630. Present from Modesto Irrigation District (MID) were Scott

Furgerson, Greg Salyer, James McFall, amd Martin Caballero; present from Santa Clara

were John Roukema and Pat Kolstadt; present from Redding were Bill Hughes and

Nathan Aronson. Also present were General Manager Martin Hopper, Consultant Alan

Hockenson, and General Counsel Steve Gross. President McFall called the meeting to

order at 12:29 P.M. A quorum was attained with the voting representatives being Mr.

McFall, Mr. Kolstad, and Mr. Hughes.

The Commission then considered approval of the Consent Calendar Items. It was moved

by Commissioner Kolstad and seconded by Alternate Commissioner Hughes to approve

the Consent Calendar consisting of Items 1, 2, 3, 4, and 5 as listed below. The motion

carried unanimously.

1. Minutes of July 18, 2018 – approved.

2. Report of Summary invoices paid for July-August 2018 totaling $8,669,669.08 –

noted and filed.

3. July and August 2018 Treasurer’s Report – accepted.

4. September 2018 WREGIS REC transfers Status Report – noted and filed.

5. September 2018 Outside Services Budget Versus Actual Report and Mid-Year

Budget Review – noted and filed.

Mr. Hopper then presented the General Manager Report and entertained questions

thereon. Mr. Hopper reviewed the Agency’s Organization Chart and reminded the

Members that any personnel changes needed to be in writing so a proper record can be

kept. California Fair Political Practices Commission Form 700 must be filed by

individuals both entering and exiting their positions. In response to a question, Mr.

Gross indicated that the Form 700 obligation applies to temporary (one-meeting)

of 3

assignments as well. Mr. Hopper also indicated by 2019, there will be an electronic

system to manage the Form 700 process which should ease the administrative burden.

Mr. Hopper briefly addressed the project status reports. Mr. Hopper noted that 2018 is

turning out to be a good year for wind energy production.

Mr. Hopper presented the draft 2019 Strategic Plan as reviewed by the Technical

Committee. Mr. Hopper indicated there had been substantial revision to reflect the

divestiture of the San Juan Project with the retention of certain legacy liabilities. Many

of the supporting functions had been simplified including legal and regulatory activities.

In addition, the number of operating procedures were simplified or eliminated. All

efforts supporting the San Juan Project are ramping downward. Mr. McFall commented

favorably on the direction of the Strategic Plan. It was moved by Commissioner Kolstad

and seconded by Commissioner Hughes to Adopt the M-S-R PPA 2019 Strategic Plan.

The motion carried unanimously.

Mr. Hopper presented Resolution No. 2018-02 Regarding Late Payment Policies. Mr.

Hopper outlined the need to update the Late Payment Policies to resolve inconsistencies

between the 1994 policy and the requirements of more recent agreements. Resolution

2018-02 would resolve those inconsistencies and grant the General Manger the authority

to waive penalties not exceeding $5,000. It was moved by Commissioner Kolstad and

seconded by Alternate Commissioner Hughes to approve Resolution 2018-02 Regarding

Late Payment Policies. The motion carried unanimously by roll call vote.

Mr. Hopper then presented Resolution 2018-03 Regarding Policies and Procedures

Manual Update as reviewed by the Technical Committee. Mr. Hopper noted the Policies

and Procedures Manual was originally created in 2014 and was scheduled to be updated

annually. In 2017, the schedule of updates was revised to a biennial basis in even

numbered years. Mr. Hopper noted there had been a substantial reordering of topics in

2018 and the List of Exhibits had been updated and reordered. Mr. Hopper asked the

Member utilities to update the distribution list for this document and identify individuals

that would prefer an electronic version rather than the voluminous hard copy. It was

moved by Alternate Commissioner Hughes and seconded by Commissioner Kolstad to

of 3

approve the Policies and Procedures Manual Update - Resolution 2018-03. The motion

carried unanimously by roll call vote.

The Commission then retired into Closed Session pursuant to Government Code Section

54956.9(d)(1) – Conference with Legal Counsel – Existing Litigation – 4 Cases (NM-

PRC Case No. 17-000174-UT, BP-16-BPA, BP-18-BPA, BP-20-BPA) at 12:50 P.M. In

addition, the Commission conducted pursuant to Government Code Section

51956.9(d)(4) – Conference with Legal Counsel – Decision on Whether to Initiate

Litigation – 1 Case. Upon the conclusion of the Closed Session at 1:20 P.M., the General

Counsel indicated there were no reportable items.

The Chair then called for Member Reports and for Public Comment. There being no

comment, the Chair announced that the next regular meeting of the Commission will be

held on Wednesday, November 28, 2018 at 12:00 Noon, at Navigant’s offices in Folsom,

CA. The meeting was then adjourned by the Chair at 1:21 P.M.

Martin R Hopper Assistant Secretary

September - October 2018

Payee DescriptionPeriod

Covered Amount

MID Accounting and Coordination Jul-18 42,546.49MISAC Annual Membership 2018-2019 Aug-18 130.00Bloomberg Finance BGOV License Aug-18 1,507.50BLX Final Arbitrage Report Series 2008L Aug-18 4,250.00BLX Final Arbitrage Report Series 2008M Aug-18 4,750.00BLX Final Arbitrage Report Series 1997D Aug-18 2,250.00BLX Final Arbitrage Report Series 2011O Aug-18 3,250.00Martin Hopper Energy General Manager Services Aug-18 22,920.86U.S. Bank Fee payment for San Juan Reclamation Trust Aug-18 2,875.00WREGIS Transfer Volume Fee Aug-18 316.02Duncan, Weinberg, Genzer Legal Services Aug-18 50,158.90Law Offices of Susie Berlin Legal Services Jul-18 3,822.00Porter Simon General Legal Services Aug-18 682.00Politico Group State Legislative Services Aug-18 2,000.00KBT, LLC Consulting Services Jul-18 22,501.66NCPA 2018 Annual Conference Sep-18 945.00MID Accounting and Coordination Aug-18 42,546.49Avangrid Renewables Big Horn 2 Contract Power Aug-18 946,634.50U.S. Bank Debt Service Series 2018R Aug-18 2,330,995.33PNM San Juan MRTFA O&M - A&G Statement Aug-18 3,271.76KBT, LLC Consulting Services Aug-18 20,366.56Martin Hopper Energy General Manager Services Sep-18 21,526.93BLX Interim Arbitrage Report Series 2014Q Sep-18 2,250.00Duncan, Weinberg, Genzer Legal Services Sep-18 50,920.37APPA Public Power Forward Summit 2018 Sep-18 655.00Porter Simon General Legal Services Sep-18 3,494.02Politico Group State Legislative Services Sep-18 2,000.00Avangrid Renewables Big Horn 2 Contract Power Sep-18 1,020,255.34PNM San Juan MRTFA O&M - A&G Statement Sep-18 7,185.66U.S. Bank Debt Service Series 2018R Sep-18 2,330,995.33

6,948,002.72$

M-S-R Public Power AgencyReport of Summary Invoices Paid

To Commission November 28, 2018

Treasurer’s Report SEPTEMBER 2018

M-S-R Public Power Agency Treasurer’s Report

Index

i

Treasurer’s Report for the Month of September 2018

Investment Portfolio Pie Chart

MSR / LAIF / US Treasury 2-Year

Average Maturity Report

Quarterly Comparison – 3rd Quarter

General Fund:

Portfolio Summary

Portfolio Details – Investments

Portfolio Details – Cash

Investment Status Report – Investments

Investment Status Report – Cash

Investment Activity by Type

Activity Report LAIF

Trust Funds:

Portfolio Summary






Received Interest

Realized Gains and Losses

MSR PUBLIC POWER AGENCY TREASURER'S REPORT

FOR THE MONTH OF SEPTEMBER 2018

lJNRESTRICTEP FUNpS General Fund, net of MCCAA Member Cash Call Reserve Acct. Debt Service Coverage Revolving Fund

BESIBICIEP EU!:liPS MSR 2008 Series L MSR 2008 Series M MSR 2008 Series N MSR 2011 Series 0 MSR 2014 Series Q MSR 2018 Series R MSR Big Horn Wind Colla! Acct. MSR Big Horn Shaping Acct. MSR SJ Coal Reclamation Trust MSR SJ Decommissioning Trust

TOTAL FUNDS

PEMA!:liP ACCQU!:liiS Union Bank - General Fund

ll'li~ESIMEtliiS (See Attacbed) Bankers Acceptances Certificates of Deposit(Coll./lns.) Commercial Paper(A 1/P1) Corporate Notes-Medium Term Federal Agencies Local Agency Investment Fund Money Market Accounts Repurchase Agreements U.S. Treasury Instruments

TOTAL INVESTMENTS

Add: Deposits in transit Less: Outstanding checks

TOTAL CASH & INVESTMENTS

8/31 /2018

Cost Value 34,230,083

197,629 275,000

34,702,712

0 0 0 0 0

4,679,282 3,666,692 1,053,283

17,606,714 2,292,625

29,298,596

64,001,308

Standard per Gov~ Code

40% No limit

25% 30%

No limit $65,000,000

No limit No limit No Limit

FUND BALANCES

Receipts 0 0

275,000 3,783,603

17 4 1 0 1

4 ,734,705 2,137,193

467,981 1,454 3,479

7,344,836

11,128,439

Disbursements 0 0 0

3,514,499

17 4 1 0 1

2,335,380 2,132,900

486,752 34,286 1129

4,970,489

8,484,968

~ASI::I & ltHlfSTMfNTS

ActuaL 0.0% 0.0% 0.0% 0.0%

18.0% 52.2% 29.8%

0.0% Q.Q% ~

• Source of Mar1<et Value Information is US Bank, Union Bank, and Bloomberg Financial Systems

We certify that this statement is a true and correct record of transactions in the Treasury since the prior report. The agency has sufficient liquid assets on deposit to meet its obligations over the next 6 months. All investments are in compliance with the agency's investment policy guidelines.

a~~ Scott Van Vuren -·Treasurer

9/30/2018


197,629 550,000

34,971,816

0 0 0 0 0

7,078,608 3,670,985 1,054,512

17,573,883 2,294975

31,672,963

661644,779

448,259

0 0 0 0

11,926,800 34,526,501 19,748,163

0 0

66,199,484

0 (2,945)

66,644,779

9/30/2018 Reserves: Mkt Value•

0 0 0 0 0 0 0 0 0 0 0

0

9/30/2018

Mkt. Value•

34,971 ,816

0 0 0 0 0

7,078,608 3,670,985 1,054,512

17,246,024 2,294,975

31,345,104

66,316,920

Unrealized Gain/Loss

0

0 0 0 0 0 0 0 0

(327,859) 0

(327,859)

(327,859)

Corp Medium Term Notes0.00%

Federal Agency Issues0.00%

Managed Pool Accounts (LAIF)

100.00%

M‐S‐R Public Power AgencyInvestment Portfolio September 2018

2.063

2.81

1.56

0

0.5

1

1.5

2

2.5

3

Earnings Rate

MSR / LAIF / US Treasury 2‐YearSeptember 2018

MSR LAIF Treas Cons Matr 2Yr MSR Avg

0

100

200

300

400

500

600

Days

General Fund PortfolioAverage Maturity Report

Weighted Average Maturity

MSR Treasurers Report Spreadsheet 2018

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

4Q 2017 1Q 2018 2Q 2018 3Q 2018

M‐S‐R Public Power AgencyInvestment Portfolio Quarterly Comparison

Third Quarter 2018

Corp Med Term Notes

LAIF

Federal Agency

Par Investments Value

Managed Pool Accounts 34,528,501.ZT

Investments 34,526,501.27

cash Passbook/Checking {not Included In yield calculations)

445,314.32

Total Cash and Investments 34,071,815.59

Total Eamlngs September 30 Month Ending

Current Year

Average Daily Balance

Effective Rate of Return

Scott Van Vuren, Treasurer

Reporting period 09/01/2018-09/30/2018 Data Updated: : 10/10/2018 08:22 Run Date: 1011012018 - 08:22

58,543.71

34,711,881.81

2.05%

MSR Public Power Agency Portfolio Management

Porifoiio Summary September 30, 2018

Market Book Value v.aue

34,528,501.27 34,526,501.27

34,528,501.27 34,526,501.27

445,314.32 445.314.32

34,971,815.59 34,971,815.58

Fiscal Year To Date

453,511 .09

%of Portfolio

100.00

100.00%

D~~y.to Term Matur1ty

1 1

1

Modesto Irrigation District 1231 -11th St.

Modesto, CA 95352 (209)526-7308

Y11l 315 Equlv.

2.083

2.063

0.000

2.083

Portfolio MSRG CP

PM (PRF_PM1) 7.3.0 Report Ver. 7.3.5

CUSIP Investment f#

Managed Pool Accounts

SYSLAIF LAIF Local Agency Investment Fund

Ave111ge iiii811C41

Subtotal and Ave111ge 34,521,501.27

Data Updated: : 10/1 0/2018 08:22 Run Date: 1011012018 • 08:22

Total and Ave111ge 34,711,1181.81

MSR Public Power Agency Portfolio Managem~nt

Portfolio Details -Investments September 30, 2018

Purchaae Date Par Value

34,526,501 :rr 34,521,501.27

34,5211,501.27

Maritet Value

34,526,501.27

34,526,501.27

34,521,50'i.27

St.ted Book Value Rate

34,526,501.27 2.063

34,521,501.27

34,526,501.27

Page 1

YTM Daysto Mlturlty S&P JiS li'iaiurlly ll.te

2.0113 1 ------2.083

2.083

Portfolio MSRG CP

PM (PRF _PM2) 7.3.0

Report Vet 7.3.5

CUSIP Investment fl. IPUir

Passbook/Checking Accounts

SYSGENERALFUND GENERAL FUND Union Bank or California

Average Balance

Total c .. h and lnvestrne'*

Data Updated: · 1 0/1 Of2018 08:22 Run Date: 10/1012018-08:22

Average !!e!ence

0.00

34,71 1,681.81

MSR Public Power Agency Portfolio Management Portfolio Details - Cash

September 30, 2018

Purehne Oet..& PerV&Ii.!G MQrlillt Value

01/01/1999 445,314.32 445,314.32

34,1171,815.&9 34,1171,815.59

Stat8d Book Vtlua Rate

445,314.32

34,1171,815.59

Page2

YTM DI!Yito S&P 365 lilltui'lty

0.000

2.063

Portfolio MSRG CP

PM (PRF _PM2) 7.3.0

CUSIP Investment#


SYSLAIF LAIF LAlF

Managed Pool Accounts Totlls

Investment Totlla

Data Updated: : 10/10/2018 08:22 Ruo Date: 1011012018 - 08:22


Investment Status Report - Investments September 30. 2018

Stated Maturity Purchllt 1'1r v&:ui Rem DM8 em

YTM ~GG

YTM 31115

P1yment Dltas

Accrued Interest AtFun:hue

CurTent Frlnclpai

Page1

BookVIIue

34,526,501.27 2.063

34,1126,501.27

2.035 2.063

2.035 2.063

01/15-Quarterly __________ M..;..,5_26....;.,s .. o_1._27 ___ 34..;..,5_28....;.,s_o_1._27

0.00 34,526,501.27 34,526,101.27

34,528,501.27 2.035 2.013 0.00 34,521,501.27 34,521,501.27

Portfolio MSRG CP

PM (PRF _PMS)7.3.0 Report Ver. 7.3.5

CUSIP Investment 1:


SYSGENERALFUND GENERALFUND UBC

CashTotala

Total Cash and IT~VeStmenta

Data Updated: : 1011012018 08:22 Run Date: 1011012018 -08:22


Investment Status Report - Cash September 30, 2018

Stnld MltUrtty Purchase Par Value Rate Old Date

YTM 380

YTM 365

~5.314.32 01/01/1999 0.000 0.000

445,314.32

34,911,815.51 2.035 2.013

Payment Accrued lntamt Datu At Purchase

I -Monthly

0.00

0.00

Current Principal

445,314.32

441,314.32

34,971,8111.59

Page2

Book Value

-445,314.32

441,314.32

34,971,8111.0

Portfolio MSRG CP

PM (PRF _PMS) 7.3.0

CUSIP Investment t luuer

Managed Pool Accounts (Monthly Summary)

SubtcUI

Passbook/Checking Accounts (Monthly Summary)

SYSGENERAL FUND GENERAL FUND

Data Updated:: 1011012018 08:22 Roo eat.: 1011012018 - 08:22

Union Bank of Cslifomle

Sublotal

Total


Activity By Type September 1, 2018 through September 30, 2018

Beginning ~ Tl'llrnl.cilon ~urchues Balance Rete ~ or Deposita

3<1,626,501.27

2e9,103.91

176,210.41 261,103.11

34,702,711.68 269,103.91

Redemptions ~r Wlthdi'C'.nla

0.00

0.00

0.00

Ending Bl ll nC8

34,628,501.27

<148,314.32

34,971,815.58

Page1

Portfolio MSRG CP

PM (PRF _PM3) 7.3.0

Report Ver. 7.3.5

Percent CUSJP Investment, Issuer of Portfolio

Issuer: Local Agency Investment Fund


Data Updated: : 1 0/10/2018 08:22 Run Date: 10110/2018 - 06:22

Subtotal and Belenc:e

leeuerSubtoW 98.727%

Total

MSR Public Power Agency Activity Report

issuer:LocaiAgencyinvesbnentFund September 1, 2018- September 30,2018

PerVelue

Beginning Current T,.neactlon S..nce RMa Dat.

34,521,501.27

34,521,501.27

Purchases or Deposits

0.00

0.00

PerVelue

Redemptions or WithdraWals

0.00

o.oo


Modesto, CA 95352 (209)526-7308

Ending Balance

34,521,501.'0

3 ... 626,101.27

34,5211,501.27

Portfolio MSRG CP

DA (PRF _DA) 7.2.0 Report Vflf. 7.3.5

Par Investments Value

Federal Agency Issues - Coupon 11 ,970,000.00

Investments 11 ,970,000.00

Cash

Passbook/Checking (not included in yield calculations)

19,746,163.11

Total Cash and Investments 31,716,163.11

---Total Earnings September 30 Month Ending

Current Year

Average Dally Balance

Effective Rate of Retum


Reporting period 09/01/2018-09/30/2018 Data Updated: SET_MSRT: 10/081201814:02 Run Data: 1010812018 - 14:02

40,662.00

29,893,245.54

1.65%

MSR Public Power Agency Trust Portfolio Management

Portfolio Summary September 30, 2018

Market Book Value Value

11,598,940.80 11 ,926,800.00

11,598,940.80 11,926,800.00

19,746,163.11 19,746,163.11

31,345,103.91 31,672,963.11

Fiscal Year To Date

194,798.38

%of PortfoHo

100.00

100.00%

Term Dey. to Maturity

1,629 801

1,62S 801

1,629 801


Modesto, CA 95352 (209)526-7308

VTM 365Equlv.

1.427

1.427

1.840

1.427

Portfolio MSRT CP

PM (PRF _PM1) 7.3.0

Report Ver. 7.3.5

Average CUSIP Investment# Issuer Balance

Federal Agency Issues - Coupon

3135GOF73 17244 Federal Nafl Mig. Assoc.

3136G3NG6 17283 Federal Nat'l Mtg. Assoc. 3136G36J9 17314 Federal Nafl Mtg. Assoc.

3134GAHL1 17313 Fed Home Loan Mortgage Corp

Subtotal and Average

Total and Average

Data Updated: SET_MSRT: 10/08/201814:02 Run Date: 10/0812018-14:02

11,928,800.00

29,893,245.54


Portfolio Details - Investments September 30,2018

Purchase Data Par Value Mar1tet Value

1113012015 3,000,000.00 2,915,700.00

05/2512016 1 ,270,000.00 1 ,238,554.80 09/2912016 3,700,000.00 3,546,006.00

09/07/2016 4,000,000.00 3,898,880.00

11,970,000.00 11,598,940.80

11 ,970,000.00 11 ,598,940.80

Staieci BookVafue Rate

2,956,800.00 1.500

1,270,000.00 1.200

3,700,000.00 1.450

4,000,000.00 1.200

11,926,800.00

11,92&,800.00

Page 1

YTM Daystc.o Maturity S&P 365 Maturity Date

1.802 791 11/30/2020

1.200 595 05/1812020

1.450 1,094 09/2912021

1.200 603 0512812020 ---------1.427

1.427

801

801

Portfolio MSRT CP

PM (PRF _PM2) 7.3.0

Report Ver. 7.3.5

CUSIP lnvutment# Issuer


SYS30000 MONEY 30000MONEY U.S. Bank Corporate Truat SYS30001 MONEY 30001 MONEY U.S. Bank Corporate Trust SY$30002 MONEY 30002 MONEY U.S. Bank Corporate Trust

SYS30003 MONEY 30003MONEY u.s. Bank Corporate Trust SYS31000 MONEY 31000MONEY U.S. Bank Corporate Trust SYS31003 MONEY 31003MONEY U.S. Bank Corporate Trust

SYS32000 MONEY 32000MONEY U.S. Bank Corporate Trust SYS32003 MONEY 32003 MONEY U.S. Bank Corporate Truat SYS33000MONEY 33000MONEY u.s. Bank COfl)Orate Trust

SYS7000MONEY 7000MONEY U.S. Bank Corporate Truat SYS778000 MONEY 776000 MONEY U.S. Bank Corpoo1te Trust SYS776001 MONEY 776001 MONEY u.s. Bank Corporate Trust

SYS776002 MONEY 776002MONEY U.S. Bank Corporate Trust SYS778003 MONEY 776003 MONEY U.S. Bank Corporate Trust SYS785000 MONEY 785000 MONEY U.S. Bank CorPorate Trust

SYS785001 MONEY 765001 MONEY U.S. Bank Corporate Trust SYS785002 MONEY 785002 MONEY U.S. Bank Corporate Trust SYS785003 MONEY 785003 MONEY u.s. Bank Corporate Trust

SYS798000 MONEY 798000 MONEY U.S. Bank Corporate Trust

SYS798002 MONEY 798002 MONEY U.S. Bank Corporate Trust SYSBOOOMONEY BOOOMONEY U.S. Bank Corporate Trust


SYS88000MONEY 88000MONEY U.S. Bank Corporate Trust

Average Balance

Total Cash and Investments

Data Updated: SET_MSRT: 10/08/2018 14:02 Run Date: 10/0812018- 14:02

-"verage !!a!ence

0.00

29,893,:US.54

MSR Public Power Agency Trust Portfolio Management Portfolio Details - Cash

September 30, 2018

?urchan Oat. ParV&Iue Markat Value

0.00 0.00

0.00 0.00

0.00 0.00

0.00 0.00

0.00 0.00

0.00 0.00

0.00 0.00

0.00 0.00 5,847,082.99 5,847,082.99

3,870,98!5.26 3,870,985.26

0712612018 68,892.05 88,692.05

1,230,038.18 1,230,038.18

5,767,511 .36 5,787,511 .36

12,366.57 12,366.57

0.00 0.00

0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00

0.00 0.00

1,054,512.06 1,054,512.06

0.00 0.00

0312612018 2,294,974.64 2,294,974,64

31,716,183.11 31,345,103.91

Stated Book Value Rate s&P

0.00 1.840

0.00 1.840 0.00 1.840

0.00 1.840

0.00 1.840

0.00 1.840

0.00 1.840

0.00 1.840

5,847,082.99 1.840

3,670,985.26 1.840

68,692.05 1.840

1,230,038.18 1.840

5,767,51 1.38 1.840

12,366.57 1.840

0.00 1.840

0.00 1.840

0.00 1.840

0.00 1.840

0.00 1.840

0.00 1.840

1,054,512.08 1.840

0.00 1.840

2,294,974.84 1.840

31,172,H3.11

Page 2

YTM Days to 365 Maturity

1.840

1.840 1.840

1.840

1.840

1.840

1.840

1.840

1.840

1.840

1.840

1.840

1.840

1.840

1.840

1.840

1.840 1.840

1.840

1.840

1.840

1.840

1.840

1.427

1 1

1

101

Portfolio MSRT CP

PM (PRF _PM2} 7.3.0

CUSIP lnvntmantl Issuer

Federal Agency Issues • Coupon

3135GOF73 17244 FNMA

3136G3NG6 17283 FNMA

3136G36J9 17314 FNMA 3134GAHL1 17313 FREDMC

Fede1111 Agency Issues - Coupon Totala

lnveatment Totals

Data Updated: SET_MSRT: 10/0812018 14:02 Run Date: 1010812018 -1<4:02


Investment Status Report -Investments September 30, 2018

Stated Maturity Purchase ParValue Ret. Data Date

YTM 360

YTM 3&5

Payment Oatell

3,000,000.00 1.500 11/30/2020 11/30/2015 1.778 1.802 0!5/30 - 11/30

1,270,000.00 1.200 05/18/2020 05/25/2016 1.184 1.200 11118-05/18

3,700,000.00 1.450 09/29/2021 09/29/2016 1.430 1.450 03/29 - 09/29 4,000,000.00 1.200 05/2612020 09/07/2016 1.184 1.200 11/28 - 05/26 ----11,970,000.00 U07 1.427

'i'i,ITD,OOO.OO 1.407 1 •• 27

Accrued Interest At Purcllase

Received

0.00

0.00

Current Principal

2,956,800.00

1,270,000.00

3,700,000.00 4,000,000.00

11,926,800.00

11,926,800.00

Page 1

Book Value

2,956,800.00

1,270,000.00

3,700,000.00 4,000,000.00

11,926,800.00

11,926,800.00

Portfolio MSRT

CP PM (PRF _PMS) 7.3.0

Report Ver. 7.3.5

CUSIP lnvutment tl Issuer


SYS30000 MONEY 30000 MONEY USBANK


SYS30002 MONEY 30002 MONEY USBANK SYS30003 MONEY 30003 MONEY USBANK

SY$31000 MONEY 31000 MONEY USBANK

SYS31003 MONEY 31003 MONEY USBANK SYS32000 MONEY 32000MONEY US BANK

SYS32003 MONEY 32003MONEY US BANK

SYS33000MONEY 33000MONEY USBANK

SYS7000MONEY 7000MONEY USBANK


SYS776001 MONEY 778001 MONEY US BANK SYS776002 MONEY 776002 MONEY USBANK


SY$785000 MONEY 785000 MONEY USBANK SYS785001 MONEY 785001 MONEY US BANK

SYS785002 MONEY 785002 MONEY US BANK

SY$785003 MONEY 785003 MONEY USBANK SY$798000 MONEY 796000 MONEY US BANK


SYS8000MONEY 8000MONEY US BANK


SYSBBOOOMONEY 88000MONEY USBANK

CaahTota ..

Total Cuh and lnvestrnentl

Data Updated: SET_MSRT: 10/08/2018 14:02 Run Date: 10/08/2018- 14:02

Par Value

0.00

0.00

0.00 0.00

0.00

0.00

0.00

0.00

5,847.082.99 3,670,985.26

68,892.05

1,230,036.18 5,767,511.36

12,366.57

0.00

0.00

0.00

0.00 0.00

0.00

1,054,512.08

0.00

2,294,974.84

19,746,163.11

31,718,183.11


Investment Status Report- Cash September 30, 2018

stated Maturity Pun:~e YTM YTM Payrnent Rate Date Date 360 365 Datu

1.840 1.815 1.840 05/01 -Monthly

1.840 1.815 1.840 01/01 ·Monthly

1.840 1.815 1.840 01/26- Monthly 1.840 1.815 1.840 08/01 -Monthly

1.840 1.815 1.840 05/01 - Monthly

1.840 1.815 1.840 08/01 - Monthly 1.840 1.815 1.840 05101 - Monthly

1.840 1.815 1.840 08/01 - Monthly

1.840 1.815 1.840 09/01 - Monthly 1.840 1.615 1.640 01101 -Monthly

1.840 07126/2018 1.615 1.840 08/01 • Monthly

1.640 1.815 1.840 08/01 • Monthly 1.840 1.815 1.840 08101 - Monthly

1.840 1.815 1.840 01101 - Monthly

1.840 1.815 1.840 04101 • Monthly

1.840 1.815 1.840 06/01 - Monthly

1.840 1.815 1.840 08/01-Monlhly

1.840 1.815 1.840 05101 - Monthly 1.840 1.815 1.840 05/01 - Monthly

1.840 1.815 1.840 08101 - Monthly

1.840 1.815 1.840 01101 - Monthly

1.840 1.815 1.840 05101 - Monthly

1.840 03/26/2018 1.815 1.840 04/01 • Monthly

1.407 1.427

Accrued Interest Cum~nt At Purchase Frtnclpal

0.00

0.00

0.00 0.00

0.00

0.00

0.00

0.00

5,847,082.99

3,670,985.26

68,692.05

1 ,230,036.1 8 5,787,511.38

12,366.57

0.00 0.00

0.00

0.00

0.00

0.00

1,054,512.08

0.00

2,294,974.84

0.00 19,746,183.11

0.00 31,872,563.11

Page 2

BookVakM

0.00

0.00

0.00 0.00

0.00

0.00

0.00

0.00

5,847,082.99

3,670,985.28

68,692.05

1 ,230,038.1 8 5,767,511.36

12,366.57

0.00 0.00

0.00

0.00

0.00

0.00

1 ,054,512. 08

0.00

2,294,974.84

19,746,163.11

31,672,983.11

Portfolio MSRT CP

PM (PRF _PMS) 7.3.0

CUSIP Investment fl. Issuer

Passbook/Checking Accounts (Monthly Summary)

SY$30000 MONEY 30000MONEY U.S. Bank Corporate Trust

SY$30001 MONEY 30001 MONEY U.S. Bank Corporate Trust



SYS31000 MONEY 31000MONEY U.S. Bank Corporate Trust

SYS31003 MONEY 31003MONEY U.S. Bank Corporate Trust

SYS32000 MONEY 32000MONEY u.s. Bank Corporate Trust

SYS32003 MONEY 32003MONEY u.s. Bank Corporate Trust









SYS8000MONEY 8000MONEY U.S. Bank Corporate Trust SYS8001 MONEY 8001 MONEY U.S. Bank Corporate Trust


Subtotal


Subtotal

Total

Data Updated: SET_MSRT: 10/08/2018 14:02 Run Date: 10/0812018 - 14:02


Activity By Type September 1, 2018 through September 30, 2018

Beginning Stated Transaction Purchases Balance Rate Date or Deposita

1.840 12.46

1.840 4.42

1.840 0.42

1.1140 0.13

1.1140 3.55 1.1140 0.05

1.840 0.62

1.840 0.02 1.640 1,454.41

1.840 2,137,193.46

1.840 2,399,687.38 1.840 410,447.96

1.840 1 ,924,544.55

1.640 25.37 1.840 0.29

1.840 0.75

1.840 487,981 .19

1.640 385.79

1.840 3,478.61

17,371,796.42 7,345,221.43

11,926,800.00

29,298,5H.42 7,345,221.43

Redemptions or Withdre\'llllle

12.48

4 .42

0.42

0.13

3.55

0.05

0.82

0.02 34,285.74

2,132,900.00

2,330,995.33

0.00

0.00

4,384.19

0.29

0.75

466,752.00

385.79

1,128.98

4,970,854.74

4,970,854.74

Ending Balance

19,746,163.11

11,926,800.00

31,672,963.11

Page1

Portfolio MSRT

CP PM (PRF _PM3) 7.3.0

Report Var. 7.3.5

Date Received CUSIP

Cash Accounts

September 2018 SYS30000 MONEY

SYS30001 MONEY

SYS30002 MONEY

SYS30003 MONEY

SYS31000 MONEY

SYS31003 MONEY

SYS32000 MONEY

SYS32003 MONEY SYS33000MONEY

SYS7000MONEY

SYS776001 MONEY

SY$776002 MONEY

SYS776003 MONEY

SYS785002 MONEY SY$798002 MONEY

SYS8000MONEY

SYS88000MONEY

Data Updated: SET_MSRT: 10/08/201 8 14:02 Run Dare: 1Q/ll812018 - 14:02

MSR Public Power Agency Trust Received Interest

Sorted by Date Received Received September 1, 2018- September 30,2018

Securtty Par Current Investment• Type Value Rate Date Rec;elved

30000MONEY PA1 0.00 1.840 09/04/2018

30001 MONEY PA1 0.00 1.840 09/04/2018 30002 MONEY PA1 0.00 1.840 09/04/2018

30003MONEY PA1 0.00 1.840 09/0412018

31000 MONEY PA1 0.00 1.840 0910412018 31003MONEY PA1 0.00 1.840 09/04/2018

32000MONEY PA1 0.00 1.840 09/0412018

32003 MONEY PA1 0.00 1.840 09/04/2018 33000MONEY PA1 5,647,082.99 1.840 09/04/2018

7000MONEY PA1 3,670,985.28 1.840 09/0412018

776001 MONEY PA1 1,230,038.18 1.840 09/04/2018 776002 MONEY PA1 5,787,511 .36 1.840 09/0412018

776003 MONEY PA1 12,366.57 1.840 09/04/2018

785002 MONEY PA1 0.00 1.840 09104/2018 798002 MONEY PA1 0.00 1.840 09104/2018

BOOOMONEY PA1 1,054,512.06 1.840 09/0412018

88000MONEY PA1 2,294,974.84 1.840 09/04/2018

Subtotal

Total

Interest

Modesto Irrigation District 1231 • 11th St.

Modesto, CA 95352 (209)526-7308

Amount ReeeiYed

9.27

4.42

0.42

0.13

3.55

0.05

0.62

0.02 1,454.41

4,292.86

702.63 3,294.55

25.37

0.29

0.75

1,229.19

3,478.81

14,496.94

14,496.94

Portfolio MSRT

CP Rl (PRF_RI) 7.1.1 Report Ver. 7.3.5

Investment fl.

Issuer

No Sales or Maturities

lnv. Type

Purchase Date

Data Updated: SET_MSRT: 10/08/2018 14:02 Rill Date: 1010812018 -14:02

MSR Public Power Agency Trust Realized Gains and Losses Sorted By Maturity/Sale/Call Date

Sales/Calls/Maturities: September 1, 2018- September 30, 2018

Par Value Sale Date

Curnnt Rate Maturity Dlte

0.00

Days Held

Term

0

Book Value

0.00

Mllturlty/Sale Proceeds

0.00

Realized Gain/Loss

0.00

Total Earnings

0.00

Modesto Irrigation District 1231 - 11th St.

Modesto, CA 95352 (209)526-7308

Total Total Net Earnings Yield 365

0.00

Portfolio MSRT

CP CG (PRF _CGR1 ) 7.1.1

Report Vw. 7.3.5

Treasurer’s Report OCTOBER 2018

M-S-R Public Power Agency Treasurer’s Report

Index

i

Treasurer’s Report for the Month of October 2018

Investment Portfolio Pie Chart

MSR / LAIF / US Treasury 2-Year

Average Maturity Report

General Fund:

Portfolio Summary






Received Interest

Activity Report LAIF

Trust Funds:

Portfolio Summary






Received Interest

Realized Gains and Losses

IISR PUBUC POWER AGENCY TREASURER'S REPORT

FOR THE MONTH OF OCTOBER 2018

UNBESTAICIEQ FUNDS Ganeral Fuoo, i1e1 o1 MCCflA Member Cash Call Reserve kd. Debt Service Coverage Revolving Fund

BESIBICIEP ELJIIIDS MSR 2014 Series Q MSR 2018 Series R MSR Big Horn Wind Collat Acct. MSR Big Horn Shaping Aoct MSR SJ Coal Reclamation Trust MSR SJ Decommissioning Trust

TOTAL FUNDS

DEMAND ACCOUNTS Union Bank- General Fund

INVFSIMfNTS (See Attat;hed,) Bankers Acceptances CertHicates of Deposit(Coll.llns.) Commercial Paper(A1/P1) Corporate Notes-Medium Term Federal Agencies local AQency Investment Fund Money Market Accounts Repurchase Agreements U.S. TreasUTY Instruments

TOTAL INVESTMENTS

Add: Deposits In transit Less: Outstanding cnecks

TOTAL CASH & INVESTMENTS

913012018


197,629 550 000

34,971,816

0 7,078,608 3,670,985 1,054,512

17,573,883 21294,975

31,672,963

66,644,n9

Standard per Gov'tCode

40% NoUmlt

25% 30%

NoUmit $65,000,000

NoUmit NoUmit NoUmlt

FUND BALANCES

Receipts 0 0

275 000 3 ,951,740

0 4,669,880 1,972,253

508,561 28,223

31472 7,182,389

11,134.129

0 0 0

3,504,571

0 2,330,995 1,967,884

507,312 22,284

166 4,828,642

8,333,213

CA&I:IIINVBmiEtml

kWaL 0.0% 0.0% 0.0% 0.0%

17.2% 50.9% 31 .9% 0.0% QJl2R

~

• Source of Market Value lnlonna!lon Is US Balk, Union Banlt, and Bloomberg Flll8f1Cial Systerne

We certify that thls statement Is a true and correct record of transactions In the Treasury since the prior report. The agency has sufficient liquid assets on deposit to meet its obligations over the next 6 months. All investments are in compliance with the agency's investment policy guidelines.

Scott Van Vuren -Treasurer

1ut~1/2018


197,629 825000

35,418,985

0 9,417,492 3,675,354 1,055,781

17,579,822 212981280

34,026,710

69,445,694

103,104

0 0 0 0

11,926,800 35,317,881 22,099,910

0 0

69,344,591

0 (2,000)

69,445,694

10/3112018 Reserves: MktValue•

0 0 0 0 0 0 0

0

i0l31/20i3

Mkt. Value*

35,418,985

0 9,417,492 3,675,354 1,055,761

17,249,326 212981280

33,696,214

69,115,199

Unrealized GalrVloss

0

0 0 0 0

(330,496) 0

(330,496)

(330,496)

Corp Medium Term Notes0.00%

Federal Agency Issues0.00%

Managed Pool Accounts (LAIF)

100.00%

M‐S‐R Public Power AgencyInvestment Portfolio October 2018

2.144

2.87

1.64

0

0.5

1

1.5

2

2.5

3

Earnings Rate

MSR / LAIF / US Treasury 2‐YearOctober 2018

MSR LAIF Treas Cons Matr 2Yr MSR Avg

0

100

200

300

400

500

600

Days

General Fund PortfolioAverage Maturity Report

Weighted Average Maturity

Investments


Investments

Cash

Passbook/Checking (not included in yield calculations)


Total Earnings October31 Current Year

Average Dally Balance



Reporting period 10/01/2018-10/31/2018 Data Updated:: 11/09/201811 :12 Run Date: 1110912018 • 11:12

p.,. Value

35,317,881.33

36,317,881.33

101,103.!53

35,418,984.81

Mon1h Ending 63,272.96

35,181,791.40

2.12%


Portfolio Summary October 31, 2018

Martcet Book Value Value

3!5,317,881.33 3!5,317 ,881.33

35,317,881.33 35,317,881.33

101,103.53 101,103.53

35,418,984.88 36,418,984.88

Fiscal YNr To Date 530,762.67

%of Portfolio

100.00

100.00%

o.ysto Term Maturity

1 1

1 1


Modesto, CA 95352 (209)526-7308

YTM 315Equlv.

2.144

2.144

0.000

2.144

Portfolio MSRG CP

PM (PRF _PM1) 7.3.0 Report Vet. 7.3.5

CUSIP Investment I#


SYSLAIF LAIF

l .. uer Averege Balance

Local Agency lnvea;;.tm;;,;ent~F..:u;;.:.nd=-----


Data Updated: • 11/09/2018 11:12 Run Date: 11/09/2018 - 11:12

Total and Averege 31,181,711.40


Portfolio Details - Investments October 31, 2018

Purchase Date Par Value

35,317,881 .33

35,317,881.33

35,317,881.33

Maltlet Value

35,317,881.33

35,317,881.33

35,317,881.33

stat.d Book Value Rate

35,317,881.33 2.144

311,317,881.33

35,317,881.33

Page1

YTM Daysto Maturtty S&P 365 Maturfty Data

2.144 1 -------2.144

2.144 '

Portfolio MSRG CP

PM (PRF _PM2) 7.3.0

Rl!pon Ver. 7 3.5

CUSIP Investment# :aau6r


SYSGENERALFUND GENERAL FUND Union Bank of California

Average Balance

Total Cash and lnwsbnent.

Data Updated: : 11/0912018 11:12 Run Date: 11/09/2018-11:12

Awrage Balance

o.oo 311,181,791..&0

MSR Public Power Agency Portfolio Management Portfolio Details - Ca8h

October 31, 2018

Purcha1e Date Par Value Market Value

0110111999 101,103.53 101,103.53

35,418,984.86 35,418,184.88

S&P

101,103.53

35,418,984.88

Page2

YTM Dayato 365 liliaturlty

0.000

2.144

Portfolio MSRG CP

PM (PRF _PM2) 7.3.0

CUSIP lnvaatment #


SYSLAIF LAIF

raauer

LAIF

Managed Pool Accounts Total•

lnveatment Total•

Data Updated: : 11/09/2018 11 : 12 Run Date: 11/0912018-11:12


Investment Status Report - Investments October 31, 2018

Stated lllllurHy Purch•• Par 'Value Rat. Oat. Dnt

YTM 360

YTII 386

Accrued Interest AtPurchaN

3~,317,881.33 2.144 2.11~ 2.144 01/1~- Quarterly ------35,317,11111.33 2.115 2.144 o.oo

35,317,11111.33 2.115 2.144 0.00

Current P:rtnclpai

Page1

Book Value

35,317,881.33 35,317,881 .33 ------35,317,881.33 35,317,881.33

35,317,881.33 35,317,1181.33

Portfolio MSRG CP

PM (PRF _PMS) 7.3.0 Report Ver. 7.3.5

CUSIP Investment# lssu&r


SYSGENERALFUND GENERALFUND UBC

Cash Totals


Data Updated:: 11/09/201811:12 Run Date: 1110912018-11:12


Investment Status Report - Cash October 31, 2018

Stated Maturity Purchaae Par Value R&~ D&t. Oat&

YTM l!GO

101,103.53 01/01/1999 0.000 0.000

101,103.53

35,4~8,984.86 2.116 2.144

Payment Datu

I -Monthly

Accruad Interest At Purchase

0.00

0.00

Current Principal

101,103.53

101,103.53

36,418,984.86

Page 2

Book Value

101,103.53

101,103.53

35,418,984.86

Portfolio MSRG CP

PM (PRF _PMS) 7.3.0


Activity By Type October 1, 2018 through October 31, 2018

CUSIP lnuer

Managed Pool Accounts (Monthly Summary)

SYSLAIF lAIF local Agency lnvestm;.;;.;.;.;;ent~F..;;;;un""'d'---

Subtotlll 34,528,$01.27

Passbook/Checking Accounts {Monthly Summary)

SYSGENERAL FUND GENERAL FUND Union Bank ofCalifomia

Data Updated: : 11/09/201811:12 Run Dal8: 1110912018 - 11:12

Subtotal

Total

------.WS,314.32

34,171,115.59

i»urci1an 0!' 09poe!ta

2.144 791,380.08

791,380.01

0.00

0.00

791,380.06

Raaampiions 0!' wtt!ld~

0.00

0.00

34<4,210.79

3U,210.79

344,210.7t

35,317,8111.33

101,103.53

Page 1

Portfolio MSRG CP

PM (PRF _PM3) 7.3.0 Report v .... 7 .3.5

Date Received

Cash Accounts

October 2018

Data Updated: ' 11/09/201811:12 Run Date: 11/09/2018 - 11:12

CUSIP

SYSLAIF

MSR Public Power Agency Received Interest

Sorted by uate Received Received October 1, 2018 - October 31, 2018

Investment I

LAIF

Sacurtty Type

LA1

Par Current Value Rate

35,317,881.33 2.144

Date Received

10/1512018

Subtotal

Total

Interest


Modesto, CA 95352 (209)526-7308

Amount Received

191,380.08

191,380.06

191,380.08

Portfolio MSRG CP

Rl (PRF_RI) 7.1.1 Repcrt Ver. 7.3.5

Percent CUSIP Investment I Issuer of Portfolio

Issuer: Local Agency Investment Fund

MSR Public Power Agency Activity Report

Issuer: Local Agency Investment Fund October 1, 2018 - October 31, 2018

Par Value

Beginning Current Transaction Balance Rate o.t.


SYSLAIF LAIF Local Agency Investment Fund 2.144

Data Updated:: 11/091201811:12 Run Date: 1110912018-11 :12

Subtotal and Balance

leeuer Subtotal 99.716%

Total

------3.,526,501.27

U,526,501.27

U,$26,501.27

Purchases or Deposits

791,380.06

791,380.011

791,310.01

791,380.06

Par Value

Redemptions or Wrlhdrawals

0.00

0.00

0.00

0.00


Modesto, CA 95352 (209}526-7308

Ending Balance

35,317,811.33

35,317,881.33

35,317,811.33

Portfolio MSRG CP

DA (PRF _DA) 7.2.0

Report Ver. 7.3.5

Investments


Investments

Cash

Passbook/Checking (not Included in yield calculations)


Total Earnings October31

Current Year

Average Daily Balance



Reporting period 10/01/2018-10/31/2018 Data Updated: SET_MSRT: 11/0512018 14:13 Run Date: 11105/201 B - 14:13

PM Value

11 ,970,000.00

11 ,970,000.00

22,009,909.58

34,069,909.56

Month Ending

48,917.67

32,474,698.20

1.77%


Portfolio Summary October 31, 2018

Mtlrket Book Value Value

11 ,598,304.40 11,928,800.00

11 ,596,304.40 11,926,800.00

22,009,909.58 22,099,909.58

33,696,213.96 34,026,7011.56

Fiscal Year To Date

234,921.92

%of Portfolio

100.00

100.00'%

Days to Tann Maturity

1,829 770

1,629 770

1,629 770


Modesto, CA 95352 (209}526-7308

YTM 385 EquiY.

1.427

1.427

2.030

1.427

Portfolio MSRT CP

PM (PRF _PM1) 7.3.0

Repolt Ver. 7 .3.5

AYt1r11!8 CUSIP Investment fl. Issuer Balance


3135GOF73 17244 Federal Nafl Mtg. Assoc.

3136G3NG6 17283 Federal Nat'l Mig. Assoc. 313tiG36J9 17314 Federal Narl Mtg. Assoc.

3134GAHL1 17313 Fed Home Loan Mortgage Corp


Total and Average

Data Updated: SET _MSRT: 11105/2018 14:13 Run Date: 11105/2018 • 14:13

11,926,800.00

32,474,898.20


Portfoiio Detaiis - investments October 31, 2018

Purc:lt11ae Date ParV11Iue Market Value

11130/2015 3,000,000.00 2,915,81 0.00

0512512018 1,270,000.00 1 ,238,856.40 09/29(2016 3,700,000.00 3,542,158.00

09(07(2016 4,000,000.00 3,899,880.00

11,170,000.00 11,516,30UO

11,970,000.00 11,598,304.40

Stated Book Value Rata

2,956,800.00 1.500

1 ,270,000.00 1.200 3,700,000.00 1 .450

4,000,000.00 1.200

11,928,800.00

11,926,1100.00

Page1

YTM D.ysto M.Wrlty S&P 365 M11turlty Date

1.802 760 11/3012020

1.200 584 05(1812020 1.450 1,063 09/2912021

1.200 572 0512812020 ---------1.427

U27

770

770

Portfolio MSRT CP

PM (PRF _PM2) 7.3.0

Report var. 7 .3.5

CUSIP investment i issuer


SYS30000 MONEY 30000MONEY U.S. Bank Corporate Trult

SYS30001 MONEY 30001 MONEY u.s. Bank Corporate Trust


SYS30003 MONEY 30003MONEY U.S. Bank COrporate Trust

SY$31000 MONEY 31000 MONEY U.S. Bank COrporate Trust


SYS32000 MONEY 32000MONEY U.S. Bank COrporate Trust

SYS32003 MONEY 32003MONEY U.S. Bank Corporate Trust SYS33000MONEY 33000MONEY U.S. Bank Corporate Trust



SYS776001 MONEY 776001 MONEY U.S. Bank Corporate Trult

SY$776002 MONEY 776002 MONEY u.s. Bank Corporate Trust

SYS776003 MONEY 776003 MONEY U.S. Bank Corporate Trult


SYS785001 MONEY 785001 MONEY U.S. Bank COrporate Trust




SY$798002 MONEY 798002 MONEY u.s. Bank Corporate Trust



SYS88000MON EY 88000MONEY u.s. Bank Corporate Trust

Avel'lge Balance

Total Cash and Investment.

Data Updated: SET_MSRT: 11/05/2018 14:13 Run Date: 11/0512018 - 14:13

Avel'lge Balance

o.oo 32,474,818.20

MSR Public Power Agency Trust Portfolio Management Portfolio Details - Cash

October 31, 2018

Purch .. e Oate Par Value Market Value

0.00 0.00

0.00 0.00

0.00 0.00

0.00 0.00

0.00 0.00

0.00 0.00

0.00 0.00

0.00 0.00 5,653,021.58 5,653,021.58

3,675,354.04 3,675,354.04

0712612018 68,751.93 68,751 .93

1,641 ,155.51 1,641,155.51

7,695,194.50 7,895,194.50

12,390.50 12,390.50

0.00 0.00

0.00 0.00

0.00 0.00

0.00 0.00

0.00 0.00

0.00 0.00

1,055, 761.27 1,055,761 .27

0.00 0.00

03/2612018 2,298,280.23 2,298,280.23

34,069,909.16 33,191,213.91

Stated BookVelue Rete

0.00 2.030

0.00 2.030

0.00 2.030

0.00 2.030

0.00 2.030

0.00 2.030

0.00 2.030

0.00 2.030 5,653,021 .58 2.030

3,675,354.04 2.030

68,751 .93 2.030

1,641,155.51 2.030

7,895,194.50 2.030

12,390.50 2.030 0.00 2.030

0.00 2.030

0.00 2.030

0.00 2.030

0.00 2.030

0.00 2.030 1,055, 761.27 2.030

0.00 2.030

2,298,280.23 2.030

34,021,709.61

S&P

Page2

Y111 Daysto 385 MlltUrtty

2.030

2.030

2.030

2.030

2.030

2.030

2.030

2.030

2.030

2.030

2.030

2.030

2.030

2.030

2.030

2.030

2.030

2.030

2.030

2.030 2.030

2.030

2.030

1.427 770

Portfolio MSRT CP

PM (PRF _PM2) 7 .3.0

CUSIP Investment tl Issuer


3135GOF73 17244 FNMA

3136G3NG6 17283 FNMA 3136G36J9 17314 FNMA 3134GAHL1 17313 FREDMC

Federal Agency Issues - Coupon Totala

lnveatment Totala

Data Updated: SET _MSRT: 11/0512018 14:13 Run Date: 1110512018-14:13


Investment Status Report -Investments October 31, 2018

Stated Maturity Purchase Par Value Rate Oat. Date

YTM 360

YTM 365

Pl)lment Datea

3,000,000.00 1.500 11/30/2020 11/30/2015 1.778 1.802 05130. 11/30

1 ,270,000.00 1.200 0511812020 05/25/2016 1.184 1.200 11118- 05/18 3,700,000.00 1.450 09/2912021 0912912016 1.430 1.450 03/29 - 09/29 4,000,000.00 1.200 05/2612020 0910712016 1.184 1.200 11126 - 05126 ------

11,970,000.00 U07 1.427

11,970,000.00 1.407 1.427

Accrued Interest At Purchase

Received

0.00

0.00

Current Principal

2,958,800.00

1 ,270,000. 00 3,700,000.00 4,000,000.00

11,926,800.00

11,926,800.00

Page 1

Book Value

2,958,800.00

1,270,000.00 3,700,000.00 4,000,000.00

11,926,800.00

11,926,800.00

Portfolio MSRT

CP PM (PRF _PMS) 7,3.0

Report Ver. 7.3.5

CUSIP Investment# Issuer






SYS31003 MONEY 31003 MONEY USBANK SYS32000 MONEY 32000MONEY USBANK


SYS33000MONEY 33000MONEY USBANK SYS7000MONEY 7000MONEY USBANK

SVS776000 MONEY 776000 MONEY USBANK


SYS776002 MONEY 776002MONEY USBANK

SYS776003 MONEY 776003MONEY USBANK



SYS785003 MONEY 785003 MONEY USBANK SYS798000 MONEY 798000 MONEY US BANK

SVS798002 MONEY 798002 MONEY US BANK

SYS8000MONEY BOOOMONEY US BANK SYS8001 MONEY 8001 MONEY US BANK

SYS88000MONEY 88000 MONEY US BANK

Cash Totals


Data Updated: SET_MSRT: 11/05/201814:13 Run Date: 1110512018-14:13

Par Value

0.00

0.00

0.00

0.00

0.00

0.00 0.00

0.00

5,653,021.58 3,675,354.04

68,751.93

1,641,155.51

7,695,194.50

12,390.50

0.00

0.00

0.00

0.00 0.00

0.00

1,055,761.27 0.00

2,298,280.23

22,099,909.56

34,089,909.58


Investment Status Report - Cash October 31, 2018

stated Maturity Purchase YTM YTM ·Payment Rata Date Date 380 365 Dates

2.030 2.002 2.030 05101 - Monthly

2.030 2.002 2.030 01101 -Monthly

2.030 2.002 2.030 01/26- Monthly 2.030 2.002 2.030 08/01 - Monthly

2.030 2.002 2.030 05/01 - Monthly

2.030 2.002 2.030 08/01 - Monthly 2.030 2.002 2.030 05/01 - Monthly

2.030 2.002 2.030 08101 - Monthly

2.030 2.002 2.030 09/01 -Monthly

2.030 2.002 2.030 01/01 -Monthly

2.030 07126/2018 2.002 2.030 08/01 -Monthly

2.030 2.002 2.030 08101 - Monthly 2.030 2.002 2.030 08/01 • Monthly

2.030 2.002 2.030 07/01 - Monlhly

2.030 2.002 2.030 04/01 - Monthly

2.030 2.002 2.030 06/01 - Monthly

2.030 2.002 2.030 08/01 - Monthly

2.030 2.002 2.030 05101 - Monthly 2.030 2.002 2.030 05/01 - Monthly

2.030 2.002 2.030 08/01 - Monthly

2.030 2.002 2.030 01/01 -Monthly 2.030 2.002 2.030 05/01 - Monthly

2.030 03126/2018 2.002 2.030 04/01 - Monthly

1.407 U27

Accrued Interest Current At Purchase Principal

0.00

0.00

0.00 0.00

0.00

0.00 0.00

0.00

5,653, 021.58

3,875,354.04

68,751.93

1,641 '155.51 7 ,695,194.50

12,390.50

0.00

0.00

0.00

0.00 0.00

0.00

1,055,761.27 0.00

2,298,280.23

0.00 22,099,909.56

0.00 34,028,709.58

Page2

Book Value

0.00

0.00

0.00 0.00

0.00

0.00 0.00

0.00

5,653,021.58

3,675,354.04

68,751.93

1,641,155.51

7 ,695,194.50

12,390.50

0.00

0.00

0.00

0.00 0.00

0.00

1,055,761.27

0.00

2,298,280.23

22,099,909.66

34,028,709.58

Portfolio MSRT CP

PM (PRF _PMS) 7.3.0

CUSIP Investment #I luuer

Passbook/Checking Accounts (Monthly Summlry)

SYS33000MONEY 33000MONEY U.S. Bank Corporale Trust SYS7000MONEY 7000MONEY U.S. Bank Corporate Trust SYS776000 MONEY 776000 MONEY U.S. Bank Corporate Trust

SYS776001 MONEY 776001 MONEY U.S. Bank COrporate Trust SYS776002 MONEY 776002 MONEY U.S. Bank COrporate Trust SYS776003 MONEY 776003 MONEY U.S. Bank COrporate Trust

SY$798002 MONEY 798002 MONEY U.S. Bank COrporate Trust SYS6000MONEY 6000MONEY U.S. Bank Corporate Trust SYSBBOOOMONEY 88000 MONEY U.S. Bank Corporate Trust

Subtotal


Subtotal

Total

Data Updated: SET_MSRT: 11/05/2018 14:13 Run Date: 1110512018-14:13


Activity By Type October 1, 2018 through October 31, 2018

Beginning Sta'led Transaction Purchases BaJanc:e Rate tlal$ oroepo.lta

2.030 28,223.02 2.030 1 '972,252.84 2.030 2,331,055.21

2.030 411,117.33 2.030 1,927,683.14 2.030 23.93

2.030 64,555.14 2.030 508,581.21 2.030 3,472.07

19,74e,113.11 7,246,943.119

11,926,800.00

31,672,963.11 7 ,24e,t43.89

Rldemptlons or Withdrawals

22,284.43 1,967,884.08 2,330,995.33

0.00 0.00 0.00

64,555.14 507,312.00

166.48

4,813,197.44

4,893,197.44

Ending Ball nee

22,099,908.56

11,926,800.00

34,026,709.118

Page1

Portfolio MSRT

CP PM (PRF _PM3) 7.3.0

Report Ver. 7.3.5

Date Received CUSIP

October 2018 3136G38J9

Data Updated: SET_MSRT: 11/05/2018 14:13 Run Date: 11/0512.018- 14;13


Sorted by Date Received Received October 1, 2018- October 31, 2018

~"" Curnnt Interest


Modesto, CA 95352 (209)526-7308

Investment t Security Type Value Rate Dlte Due Date Received Amount Due Amount Received Variance

17314 FAC 3,700,000.00 1.450 09/211/2018 10101/2018 26,825.00 ------Subtotal 28,825.00

Total

Total Cash Overpayment

Total Cash Shortfall

26,825.00

0.00

0.00

26,825.00

28,825.00

26,825.00

Portfolio MSRT

CP Rl (PRF _RI) 7.1.1 Report Ver. 7.3.5

Date Received CUSlP

Cash Accounts

October 2018 SYS33000MONEY SYS7000MONEY SYS778000 MONEY

SYS778001 MONEY

SYS776002 MONEY SYS776003 MONEY

SYSBOOOMONEY SYS88000MONEY

Data Updated: SET_MSRT: 11105/2018 14:13 Run Data: 11/0512018-14:13

Investment#

33000MONEY

7000MONEY 776000 MONEY

778001 MONEY

778002 MONEY 776003 MONEY

6000MONEY 88000MONEY


Received October 1, 2018- October 31, 2018

Security Par Cunwnt Type Value RMe

PA1 5,653,021.58 2.030 PA1 3,875,354.04 2.030 PA1 68,751.93 2.030

PA1 1,841,155.51 2.030

PA1 7,895, 19.4.50 2.030 PA1 12,390.50 2.030

PA1 1,055,761.27 2.030 PA1 2,298,280.23 2.030

Dlt. Received

10/0112018

10/0112018 10/0112018

10/0112018 10101/2018 10101/2018

10/0112018 10/0112018

Subtobll

Total

lntore;t

Amount Received

1,398.02 4,368.78

59.88

1,372.00 6,433.14

23.93

1,249.21 3,472.07

111,377.03

111,377.03

Page2

Portfolio MSRT CP

Rl (PRF _RI) 7.1 .1 Report Ver. 7.3.5

Investment t#

Issuer

No Sales or Maturities

lnv. Type

Data Updated: SET_MSRT: 11/05/2018 14:13 RLn Date: 1110512018-14:13

Par Value

MSR Public Power Agency Trust Realized Gains and Losses Sorted By Maturity/Sale/Call Date

Sales/Calls/Maturities: October 1, 2018- October 31, 2018

Sale Date

Current Rate Mlltur!ty Date

Days Held

Term Book Value Mllturlty/Sale

Proceeds

0.00 0 0.00 0.00

Realized Galn/Lo ..

0.00

Tot.l Earnings

0.00


Modesto, CA 95352 (209)526-7308

Tot.l Total N.t Earnings Yield 365

0.00

Portfolio MSRT

CP CG (PRF_CGR1)7.1.1

Report Ver. 7 .3.5

of 1

M-S-R Public Power Agency Staff Report

Date: November 19, 2018 From: Martin R. Hopper, General Manager To: M-S-R PPA Technical Committee Subject: November 2018 WREGIS REC Transfers Status Report In 2013, the General Manager met with Iberdrola Renewables, Inc (now Avangrid Renewables, Inc.) regarding the status of its transfers of Western Renewable Energy Generation Information System (WREGIS) Renewable Energy Credits (RECs) for the Big Horn I and Big Horn II Wind Energy Projects to M-S-R PPA. Ideally, the WREGIS timelines would allow transfers of RECs to M-S-R PPA about 90-days after the close of a reporting month. At the time of that meeting, some transfers were as many as 215-days outstanding. Avangrid has subsequently reviewed its internal procedures and has generally completed Big Horn I and Big Horn II transfers in a timely manner. The attached chart illustrates current and historic status of REC transfers. As requested by the Commission, this report will be updated and presented at each regular meeting. I recommend the Commission note and file the November 2018 WREGIS REC Transfers Status Report.

WREGIS Transfer Durations.xlsx 11/19/18

0

90

180

270

360

450

540

630

Jan-08 May-09 Oct-10 Feb-12 Jul-13 Nov-14 Apr-16 Aug-17

Elap

sedTime(Days)

Month

BigHornI&IIRECTransfers

BHIDuration

BHIIDuration

OpenTransfers


Date: November 19, 2018 From: Martin R. Hopper, General Manager To: M-S-R PPA Commission Subject: November 2018 Outside Services Budget versus Actual Report FISCAL YEAR 2018: Major Legal Providers Reporting Are: Duncan, Weinberg, Genzer, and Pembroke: Through: September 30, 2018 Law Offices of Susie Berlin: Through: September 30, 2018 Porter Simon: Through: October 31, 2018 Major Consulting Providers Reporting Are: Navigant Consulting: Through: September 30, 2018 KBT LLC: Through: September 30, 2018 Legacy Liability Providers Reporting Are: PNM – Reclamation Management: Through: October 31, 2018 Reclamation: Through: October 31, 2018 Decommissioning: Through: October 31, 2018 Detailed charts of monthly budget versus actual cost comparisons for each provider are attached in their usual format. Recommendation: I recommend the Commission note and file this report.

M-S-R PPAAll Legal Summary

11/19/18 2018 Legal Expenses.xlsx

Month of: Oct-2018

By FunctionBudget Current Month

Actual Current Month

Positive Variance

Actual v. Budget % By Function Budget Year

to DateActual Year to

DatePositive Variance

Actual v. Budget %

Generation 2,500 0 2,500 0% Generation 25,000 7,119 17,881 28%Gen - Other 417 0 417 0% Gen - Other 4,167 271 3,896 7%Renewables 3,083 0 3,083 0% Renewables 30,833 20,274 10,559 66%Rens - Other 25,000 0 25,000 0% Rens - Other 250,000 187,111 62,889 75%Reg & Comp 23,083 0 23,083 0% Reg & Comp 230,833 188,224 42,610 82%Administrative 3,750 106 3,644 3% Administrative 37,500 18,994 18,506 51%Total 57,833 106 57,727 0% Total 578,333 421,993 156,340 73%

By ProviderBudget Current Month


Positive Variance

Actual v. Budget % By Provider Budget Year



Actual v. Budget %

Duncan 44,583 0 44,583 0% Duncan 445,833 346,362 99,472 78%Berlin 8,333 0 8,333 0% Berlin 83,333 51,935 31,398 62%Porter Simon 4,500 106 4,394 2% Porter Simon 45,000 23,425 21,575 52%Others 417 0 417 0% Others 4,167 271 3,896 7%Total 57,833 106 57,727 0% Total 578,333 421,993 156,340 73%

CURRENT MONTH YEAR TO DATE

-

250,000

500,000

750,000

1,000,000

Jan-2018 Feb-2018 Mar-2018 Apr-2018 May-2018 Jun-2018 Jul-2018 Aug-2018 Sep-2018 Oct-2018 Nov-2018 Dec-2018

AllLegal-Total

CUMMULATIVEBUDGET

CUMMULATIVEACTUAL

M-S-R PPADuncan Summary


Month of: Oct-2018

Budget Current Month


Positive Variance

Actual v. Budget %

Generation 833 0 833 0%Gen - Other 0 0 0 0%Renewables 2,083 0 2,083 0%Rens - Other 25,000 0 25,000 0%Reg & Comp 16,667 0 16,667 0%Administrative 0 0 0 0%Total 44,583 0 44,583 0%

Budget Year to Date

Actual Year to Date

Positive Variance

Actual v. Budget %

Generation 8,333 508 7,825 6%Gen - Other 0 0 0 0%Renewables 20,833 17,445 3,388 84%Rens - Other 250,000 187,111 62,889 75%Reg & Comp 166,667 141,297 25,370 85%Administrative 0 0 0 0%Total 445,833 346,362 99,472 78%

CURRENT MONTH

YEAR TO DATE

-

100,000

200,000

300,000

400,000

500,000

600,000

Jan-2018

Feb-2018

Mar-2018

Apr-2018

May-2018

Jun-2018

Jul-2

018

Aug-2018

Sep-2018

Oct-201

8

Nov-2018

Dec-201

8

Duncan-Total

CUMMULATIVEBUDGET

CUMMULATIVEACTUAL

M-S-R PPABerlin Summary


Month of: Oct-2018



Positive Variance

Actual v. Budget %

Generation 0 0 0 0%Gen - Other 0 0 0 0%Renewables 833 0 833 0%Rens - Other 0 0 0 0%Reg & Comp 6,250 0 6,250 0%Administrative 1,250 0 1,250 0%Total 8,333 0 8,333 0%

Budget Year to Date

Actual Year to Date

Positive Variance

Actual v. Budget %

Generation 0 0 0 0%Gen - Other 0 0 0 0%Renewables 8,333 1,608 6,725 19%Rens - Other 0 0 0 0%Reg & Comp 62,500 46,597 15,904 75%Administrative 12,500 3,731 8,769 30%Total 83,333 51,935 31,398 62%

CURRENT MONTH

YEAR TO DATE

-

20,000

40,000

60,000

80,000

100,000

120,000

Jan-2018

Feb-2018

Mar-2018

Apr-2018

May-2018

Jun-2018

Jul-2

018

Aug-2018

Sep-2018

Oct-201

8

Nov-2018

Dec-201

8

Berlin-Total

CUMMULATIVEBUDGET

CUMMULATIVEACTUAL

M-S-R PPAPorter Simon Summary


Month of: Oct-2018



Positive Variance

Actual v. Budget %

Generation 1,667 0 1,667 0%Gen - Other 0 0 0 0%Renewables 167 0 167 0%Rens - Other 0 0 0 0%Reg & Comp 167 0 167 0%Administrative 2,500 106 2,394 4%Total 4,500 106 4,394 2%

Budget Year to Date

Actual Year to Date

Positive Variance

Actual v. Budget %

Generation 16,667 6,611 10,056 40%Gen - Other 0 0 0 0%Renewables 1,667 1,221 446 73%Rens - Other 0 0 0 0%Reg & Comp 1,667 330 1,337 20%Administrative 25,000 15,263 9,737 61%Total 45,000 23,425 21,575 52%

CURRENT MONTH

YEAR TO DATE

-

10,000

20,000

30,000

40,000

50,000

60,000

Jan-2018

Feb-2018

Mar-2018

Apr-2018

May-2018

Jun-2018

Jul-2

018

Aug-2018

Sep-2018

Oct-201

8

Nov-2018

Dec-201

8

PorterSimon-Total

CUMMULATIVEBUDGET

CUMMULATIVEACTUAL

11/19/18 2018 Input 2018 Legal Expenses.xlsx

Legal Costs - 2018 2018 Budget Reallocated Budget Jan-2018 Feb-2018 Mar-2018 Apr-2018 May-2018 Jun-2018 Jul-2018 Aug-2018 Sep-2018 Oct-2018 Nov-2018 Dec-2018 Total Average Year-End Notes

8.33% 16.67% 25.00% 33.33% 41.67% 50.00% 58.33% 66.67% 75.00% 83.33% 91.67% 100.00% Projection

DWG&PGeneration

SJGS Agreements 10,000 10,000 508 - - - - - - - - 508 56 678 Renewables

BPA/PNW Gen'l 25,000 25,000 3,715 1,823 3,038 7,807 - 416 284 - 364.50 17,445 1,938 23,260 Rens - Other

BPA Rate Cases 300,000 300,000 - 11,910 16,079 19,711 17,051 21,010 31,434 30,420 39,497.57 187,111 20,790 249,482 Regulatory & Comp

FERC Gen'l 200,000 200,000 15,744 10,554 14,765 17,837 14,079 10,557 18,441 20,500 18,820.40 141,297 15,700 188,396 535,000 535,000 19,967 24,287 33,881 45,354 31,129 31,982 50,159 50,920 58,682.47 - - - 346,362 38,485 461,816

3.73% 8.27% 14.60% 23.08% 28.90% 34.88% 44.25% 53.77% 64.74% 64.74% 64.74% 64.74% 86%

Law Offices of Susie BerlinGeneration - - - - - - -

RenewablesRES/RPS 10,000 10,000 273 663 - 39 156 165 117 195.00 - 1,608 179 2,144

Regulatory & CompAB32/Cap & Trade/SB136875,000 75,000 4,120 8,043 7,774 7,973 2,819 5,007 2,223 4,226.43 4,411.62 46,597 5,177 62,129

A&G 15,000 15,000 - - - - - - 1,482 1,170.00 1,078.95 3,731 415 4,975 100,000 100,000 4,393 8,706 7,774 8,012 2,975 5,172 3,822 5,591.43 5,490.57 - - - 51,935 5,771 69,247

4.39% 13.10% 20.87% 28.88% 31.86% 37.03% 40.85% 46.44% 51.94% 51.94% 51.94% 51.94% 69%

Others Italics = EstimatesGeneratiion - Other

Montgomery Andrews 5,000 5,000 - - 236 - 35.24 - 271 45 542 5,000 5,000 - - 236 - 35 - - - - - - - 271 45 542

0.00% 0.00% 4.72% 4.72% 5.42% 5.42% 5.42% 5.42% 5.42% 5.42% 5.42% 5.42% 11%- -

Sub Total 640,000 640,000 24,359 32,993 41,891 53,366 34,140 37,154 53,981 56,512 64,173 - - - 398,568 44,300 531,605 3.81% 8.96% 15.51% 23.85% 29.18% 34.98% 43.42% 52.25% 62.28% 62.28% 62.28% 62.28% 83%

Porter SimonM-S-R PPA

Generation 20,000 20,000 858 484 1,606 935 462 1,012 594 550 110 - 6,611 661 7,933 Renewables 2,000 2,000 330 - 242 539 - - 66 - 44 - 1,221 122 1,465

Regulatory & Comp 2,000 2,000 220 - 22 - - - 88 - - - 330 33 396 A&G 30,000 30,000 3,189 1,166 2,459 121 3,134 22 1,595 132 3,340 106.26 15,263 1,526 18,316

54,000 54,000 4,597 1,650 4,329 1,595 3,596 1,034 2,343 682 3,494 106.26 - - 23,425 2,343 28,110 8.51% 11.57% 19.59% 22.54% 29.20% 31.11% 35.45% 36.71% 43.18% 43.38% 43.38% 43.38% 52%

GRAND TOTAL 694,000 694,000 28,956 34,643 46,220 54,961 37,735 38,188 56,323 57,194 67,667 106 - - 421,993 46,643 559,715 4.17% 9.16% 15.82% 23.74% 29.18% 34.68% 42.80% 51.04% 60.79% 60.81% 60.81% 60.81% 81%

Legal Original 2018

Budget

Legal Revised

2018 BudgetG 30,000 30,000 7,119 8,611 G - Other 5,000 5,000 271 542 R 37,000 37,000 20,274 26,869 R - Other 300,000 300,000 187,111 249,482 R&C 277,000 277,000 188,224 250,921 A 45,000 45,000 18,994 23,290

694,000 694,000 421,993 559,715

50/35/15 80,000 80,000 26,384 32,443 Renew 337,000 337,000 207,385 276,351

M-S-R PPATotal Outside Consult Summary

11/19/18 2018 Consulting and Outside Service Expenses.xlsx

Month of: Oct-2018



Positive Variance




Actual v. Budget %

Generation 5,833 0 5,833 0% Generation 58,333 63,424 (5,090) 109%Gen - Other 0 0 0 0% Gen - Other 0 0 0 0%Renewables 12,000 1,000 11,000 8% Renewables 120,000 65,893 54,107 55%Rens - Other 5,000 0 5,000 0% Rens - Other 50,000 42,640 7,360 85%Reg & Comp 3,667 1,000 2,667 27% Reg & Comp 36,667 11,340 25,327 31%Administrative 4,167 0 4,167 0% Administrative 41,667 38,795 2,872 93%Total 30,667 2,000 28,667 7% Total 306,667 222,092 84,575 72%

By ProviderBudget Current Month


Positive Variance

Actual v. Budget % By Provider Budget Year



Actual v. Budget %

Navigant 5,000 0 5,000 0% Navigant 50,000 2,158 47,842 4%KBT 22,500 0 22,500 0% KBT 225,000 197,255 27,745 88%Others 3,167 2,000 1,167 63% Others 31,667 22,679 8,987 72%Total 30,667 2,000 28,667 7% Total 306,667 222,092 84,575 72%


-

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000


OutsideServicesConsultants-Total

CUMMULATIVEBUDGET

CUMMULATIVEACTUAL

M-S-R PPANavigant Summary


Month of: Oct-2018



Positive Variance

Actual v. Budget %

Generation 0 0 0 0%Gen - Other 0 0 0 0%Renewables 2,083 0 2,083 0%Rens - Other 0 0 0 0%Reg & Comp 2,083 0 2,083 0%Administrative 833 0 833 0%Total 5,000 0 5,000 0%

Budget Year to Date

Actual Year to Date

Positive Variance

Actual v. Budget %

Generation 0 0 0 0%Gen - Other 0 0 0 0%Renewables 20,833 0 20,833 0%Rens - Other 0 0 0 0%Reg & Comp 20,833 0 20,833 0%Administrative 8,333 2,158 6,176 26%Total 50,000 2,158 47,842 4%

YEAR TO DATE

CURRENT MONTH

-

10,000

20,000

30,000

40,000

50,000

60,000

70,000

Jan-2018

Feb-2018

Mar-2018

Apr-2018

May-2018

Jun-2018

Jul-2

018

Aug-2018

Sep-2018

Oct-201

8

Nov-2018

Dec-201

8

Navigant-Total

CUMMULATIVEBUDGET

CUMMULATIVEACTUAL

M-S-R PPAKBT Summary


Month of: Oct-2018



Positive Variance

Actual v. Budget %

Generation 5,833 0 5,833 0%Gen - Other 0 0 0 0%Renewables 8,333 0 8,333 0%Rens - Other 5,000 0 5,000 0%Reg & Comp 0 0 0 0%Administrative 3,333 0 3,333 0%Total 22,500 0 22,500 0%

Budget Year to Date

Actual Year to Date

Positive Variance

Actual v. Budget %

Generation 58,333 63,424 (5,090) 109%Gen - Other 0 0 0 0%Renewables 83,333 54,554 28,780 65%Rens - Other 50,000 42,640 7,360 85%Reg & Comp 0 0 0 0%Administrative 33,333 36,637 (3,304) 110%Total 225,000 197,255 27,745 88%

YEAR TO DATE

CURRENT MONTH

-

50,000

100,000

150,000

200,000

250,000

300,000

Jan-2018

Feb-2018

Mar-2018

Apr-2018

May-2018

Jun-2018

Jul-2

018

Aug-2018

Sep-2018

Oct-201

8

Nov-2018

Dec-201

8

KBT-Total

CUMMULATIVEBUDGET

CUMMULATIVEACTUAL

M-S-R PPAMisc Outside Services Summary


Month of: Oct-2018



Positive Variance

Actual v. Budget %

Generation 0 0 0 0%Gen - Other 0 0 0 0%Renewables 1,583 1,000 583 63%Rens - Other 0 0 0 0%Reg & Comp 1,583 1,000 583 63%Administrative 0 0 0 0%Total 3,167 2,000 1,167 63%

Budget Year to Date

Actual Year to Date

Positive Variance

Actual v. Budget %

Generation 0 0 0 0%Gen - Other 0 0 0 0%Renewables 15,833 11,340 4,494 72%Rens - Other 0 0 0 0%Reg & Comp 15,833 11,340 4,494 72%Administrative 0 0 0 0%Total 31,667 22,679 8,987 72%

YEAR TO DATE

CURRENT MONTH

-

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

Jan-2018

Feb-2018

Mar-2018

Apr-2018

May-2018

Jun-2018

Jul-2

018

Aug-2018

Sep-2018

Oct-201

8

Nov-2018

Dec-201

8

MiscOutsideServices-Total

CUMMULATIVEBUDGET

CUMMULATIVEACTUAL

11/19/18 2018 Input 2018 Consulting and Outside Service Expenses.xlsx

Consultant Costs - 2018 2018 Budget Revised

Budget Task Orders Jan-2018 Feb-2018 Mar-2018 Apr-2018 May-2018 Jun-2018 Jul-2018 Aug-2018 Sep-2018 Oct-2018 Nov-2018 Dec-2018 Total Average Year-End Notes

8.33% 16.67% 25.00% 33.33% 41.67% 50.00% 58.33% 66.67% 75.00% 83.33% 91.67% 100.00% Projection

NavigantGeneration

General - - - - -

Renewables 25,000 25,000 - - - - - -

Regulatory & Comp 25,000 25,000 - - - - - -

Administrative 10,000 10,000 - - 975.55 - - - 1,182 - 2,158 270 3,237 60,000 60,000 - - 975.55 - - - 1,182 - - - - - 2,158 270 3,237

0.00% 0.00% 1.63% 1.63% 1.63% 1.63% 3.60% 3.60% 3.60% 3.60% 3.60% 3.60% 5%

KBTGeneration

General 70,000 70,000 7,790 8,550 6,270 8,514 5,510 7,600 7,790 6,840 4,560.00 63,424 7,047 84,565 Gen - Other

SJGS Disposition - - - - Renewables

General 100,000 100,000 5,130 6,740 7,174 6,031 6,606 3,599 4,870 6,917 7,487.97 54,554 6,062 72,738 Rens - Other

BP-16 Rate Case 60,000 60,000 - BP-18 Rate CaseKBT 2018-01 12,800 720 2,720 3,440 1,720 3,440 Jan - FebKBT 2018-02 12,800 4,240 4,000 8,240 4,120 8,240 Mar - AprKBT 2018-03 19,200 4,800 7,840 12,640 6,320 12,640 May - JunKBT 2018-04 19,200 6,400 5,280 11,680 5,840 11,680 Jul - AugKBT 2018-05 19,200 6,640.00 - 6,640 3,320 6,640 Sep - OctKBT 2018-06 19,200 - - - - - Nov - Dec

Sum 102,400 42,640 42,640

Regulatory & Comp - - - -

Administrative 40,000 40,000 5,417 1,520 4,202 2,660 7,408 5,130 3,442 1,330 5,529.30 36,637 4,071 48,850 270,000 270,000 102,400 19,057 19,530 21,885 21,204 24,324 24,169 22,502 20,367 24,217.27 - - - 197,255 38,499 248,793

7.06% 14.29% 22.40% 30.25% 39.26% 48.21% 56.54% 64.09% 73.06% 73.06% 73.06% 73.06% 92%197,255

SUBTOTAL 330,000 330,000 19,057 19,530 22,861 21,204 24,324 24,169 23,684 20,367 24,217 - - - 199,412 38,769 252,029 5.77% 11.69% 18.62% 25.05% 32.42% 39.74% 46.92% 53.09% 60.43% 60.43% 60.43% 60.43% 76%

Outside Services Italics = EstimatesGeneration - - - -

RenewablesFerguson Group 5,000 5,000 - - - - Politico Group 14,000 14,000 1,088 1,000 2,022 1,000 1,000 1,230 1,000 1,000 1,000 1,000.00 11,340 1,134 13,608

Rens - OtherRegulatory & Comp

Ferguson Group 5,000 5,000 - - - - Politico Group 14,000 14,000 1,088 1,000 2,022 1,000 1,000 1,230 1,000 1,000 1,000 1,000.00 11,340 1,134 13,608

Administrative - - - - 38,000 38,000 2,175 2,000 4,044 2,000 2,000 2,460 2,000 2,000 2,000 2,000.00 - - 22,679 2,268 27,215

5.72% 10.99% 21.63% 26.89% 32.16% 38.63% 43.89% 49.16% 54.42% 59.68% 59.68% 59.68% 72%

GRAND TOTAL 368,000 368,000 21,232 21,530 26,905 23,204 26,324 26,629 25,684 22,367 26,217 2,000 - - 222,092 41,037 279,245 5.77% 11.62% 18.93% 25.24% 32.39% 39.63% 46.61% 52.68% 59.81% 60.35% 60.35% 60.35% 76%

Original 2018 Budget

Revised 2018 Budget

G 70,000 70,000 84,565 G - Other - - - R 144,000 144,000 86,346 R - Other 60,000 60,000 42,640 R&C 44,000 44,000 13,608 A 50,000 50,000 52,086

368,000 368,000 279,245

50/35/15 120,000 120,000 136,651 Renew 204,000 204,000 128,986

Legacy Liability - Total

11/19/18 2018 Legacy Liability Expenses.xlsx

Month of: Oct-2018



Positive Variance




Actual v. Budget %

PNM - Reclamation 5,833 849 4,984 15% PNM - Reclamation 58,333 38,103 20,230 65%SJCC - Reclamation 59,461 53,474 5,987 90% SJCC - Reclamation 422,420 510,055 (87,635) 121%PNM - Decommission 0 58,701 (58,701) #DIV/0! PNM - Decommission 104,400 60,482 43,918 58%Total 65,294 113,024 (47,730) 173% Total 585,153 608,641 (23,487) 104%


-

250,000

500,000

750,000

1,000,000


LegacyLiabilities-Total

CummulativeBudget

CummulativeActual

PNM - Reclamation


Month of: Oct-2018



Positive Variance

Actual v. Budget %

Generation 5,833 849 4,984 15%Total 5,833 849 4,984 15%

Budget Year to Date

Actual Year to Date

Positive Variance

Actual v. Budget %

Generation 58,333 38,103 20,230 65%Total 58,333 38,103 20,230 65%

CURRENT MONTH

YEAR TO DATE

-10,00020,00030,00040,00050,00060,00070,00080,000

Jan-2018

Feb-2018

Mar-2018

Apr-2018

May-2018

Jun-2018

Jul-2

018

Aug-2018

Sep-2018

Oct-201

8

Nov-2018

Dec-201

8

PNM-Reclamation

CummulativeBudget

CummulativeActual

SJCC - Reclamation


Month of: Oct-2018



Positive Variance

Actual v. Budget %


Budget Year to Date

Actual Year to Date

Positive Variance

Actual v. Budget %

Generation 422,420 510,055 (87,635) 121%Total 422,420 510,055 (87,635) 121%

CURRENT MONTH

YEAR TO DATE

-

100,000

200,000

300,000

400,000

500,000

600,000

Jan-2018

Feb-2018

Mar-2018

Apr-2018

May-2018

Jun-2018

Jul-2

018

Aug-2018

Sep-2018

Oct-201

8

Nov-2018

Dec-201

8

SJCC-Reclamation

CummulativeBudget

CummulativeActual

PNM - Decommissioning


Month of: Oct-2018



Positive Variance

Actual v. Budget %

Generation 0 58,701 (58,701) #DIV/0!Total 0 58,701 (58,701) #DIV/0!

Budget Year to Date

Actual Year to Date

Positive Variance

Actual v. Budget %


CURRENT MONTH

YEAR TO DATE

-

20,000

40,000

60,000

80,000

100,000

120,000

Jan-2018

Feb-2018

Mar-2018

Apr-2018

May-2018

Jun-2018

Jul-2

018

Aug-2018

Sep-2018

Oct-201

8

Nov-2018

Dec-201

8

PNM-Decommissioning

CummulativeBudget

CummulativeActual

11/19/18 2018 Input 2018 Legacy Liability Expenses.xlsx

Lagacy Liability Costs - 2018 M-S-R 2018 Budget

Revised or A.O.P Jan-2018 Feb-2018 Mar-2018 Apr-2018 May-2018 Jun-2018 Jul-2018 Aug-2018 Sep-2018 Oct-2018 Nov-2018 Dec-2018 Total Average Year-End

8.33% 16.67% 25.00% 33.33% 41.67% 50.00% 58.33% 66.67% 75.00% 83.33% 91.67% 100.00% Projection

PNM - Reclamation - Budget 70,000 70,000 5,833 5,833 5,833 5,833 5,833 5,833 5,833 5,833 5,833 5,833 5,833 5,833 70,000 Cummulative Budget 5,833 11,667 17,500 23,333 29,167 35,000 40,833 46,667 52,500 58,333 64,167 70,000

Reclamation Trust Funds Operating Agent 9,345 (47) 696 8,736 4,496 1,129 2,442 3,272 7,186 849.30 38,103 3,810 45,724

70,000 70,000 9,345 (47) 696 8,736 4,496 1,129 2,441.54 3,272 7,186 849 - - 38,103 3,810 45,724 Cummulative Actual 9,345 9,298 9,994 18,730 23,226 24,355 26,796 30,068 37,254 38,103 38,103 38,103

13.35% 13.28% 14.28% 26.76% 33.18% 34.79% 38.28% 42.95% 53.22% 54.43% 54.43% 54.43% 65%

SJCC - Reclamation - Budget 55,992 46,714 25,754 9,198 74,810 39,571 15,728 51,384 43,808 59,461 62,335 35,956 520,710 Cummulative Budget 55,992 102,706 128,459 137,657 212,468 252,039 267,767 319,151 362,959 422,420 484,755 520,710

43,393 86,785 130,178 173,570 216,963 260,355 303,748 347,140 390,533 433,925 477,318 520,710

LaPlata 46,059 4,303 4,407 4,571 4,321 4,269 4,375 4,549 4,335 4,647 4,228.76 44,006 4,401 52,807 San Juan - Surface 474,651 54,485 34,096 23,421 63,139 110,695 44,068 39,312 29,951 17,638 49,244.96 466,049 46,605 559,259

San Juan - Underground - - - - - - 521,000 520,711 58,788 38,503 27,992 67,461 114,964 48,443 43,861 34,286 22,284 53,473.72 - - 510,055 51,006 612,066

Cummulative Actual 58,788 97,291 125,283 192,744 307,708 356,151 400,011 434,297 456,581 510,055 510,055 510,055 11.29% 18.68% 24.06% 37.02% 59.09% 68.40% 76.82% 83.40% 87.68% 97.95% 97.95% 97.95% 118%

PNM - Decommissioning - - - 34,800 34,800 34,800 - - - - - - - 104,400 Cummulative Budget - - 34,800 69,600 104,400 104,400 104,400 104,400 104,400 104,400 104,400 104,400

Initial Decommissioning 104,400 - - - - - - 486 1,129 166.48 58,701 60,482 6,048 72,579 100,000 104,400 - - - - - - 486 1,129 166 58,701 - - 60,482 6,048 72,579

Cummulative Actual - - - - - - 486 1,615 1,781 60,482 60,482 60,482 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.47% 1.55% 1.71% 57.93% 57.93% 57.93% 69.52%

Total Legacy Liability 695,111 68,133 38,456 28,688 76,197 119,460 49,572 46,788 38,686 29,637 113,024 - - 608,641 60,864 730,369 68,133 106,589 135,277 211,473 330,933 380,506 427,293 465,980 495,617 608,641 608,641 608,641 9.80% 15.33% 19.46% 30.42% 47.61% 54.74% 61.47% 67.04% 71.30% 87.56% 87.56% 87.56% 105%

Cummulative Budget 61,825 114,372 180,759 230,591 346,035 391,439 413,000 470,217 519,859 585,153 653,321 695,110 Cummulative Actual 68,133 106,589 135,277 211,473 330,933 380,506 427,293 465,980 495,617 608,641 608,641 608,641

M-S-R PUBLIC POWER AGENCY Staff Report

Date: November 15, 2018 From: Martin R. Hopper, General Manager To: M-S-R PPA Commission Subject: Approval of Amendment to Engagement Letter With Baker Tilly Virchow

Krause, LLP for Independent Accountant Services The proposed Amendment to the Engagement Letter With Baker Tilly Virchow Krause, LLP for Independent Accountant Services modifies the agreement previously approved by the Commission which locked in flat rate pricing for the preparation of audits commencing with the fiscal year beginning January 1, 2015 and continuing for five years thereafter and provided for two additional option years. With the completion of the divestiture of the San Juan Project, the auditors have noted their scope of services will be simpler and are willing to correspondingly adjust their fee. The proposed amendment reduces the annual fixed fees for the 2018 and 2019 audits from $71,600 to $50,000 and would reduce the annual fixed fee for the two option years from $73,700 to $51,500. The Agency’s Controller and accounting staff have expressed their continued satisfaction with the quality and responsiveness of Baker Tilly Virchow Krause, LLP’s I recommend the M-S-R PPA Commission approve the Amendment to the Engagement Letter With Baker Tilly Virchow Krause, LLP for Independent Accountant Services that reduces the annual fees for the remaining term of the engagement.

October 15, 2018 Mr. Martin Hopper, General Manager MSR Public Power Agency P.O. Box 4060 Modesto, CA 95352 Dear Mr. Hopper: This letter constitutes an addendum to our original engagement letter dated September 25, 2015. The purpose of this letter is to outline the new proposed fee structure to the existing fee structure included in our original engagement letter. The modifications to the fee structure included in our original engagement letter for the MSR Public Power Agency are as follows:

Year Fee 2018 $ 50,0002019 50,0002020 (option) 51,5002021 (option) 51,500

All the terms of our original engagement letter will apply to this addendum. This addendum will become effective as soon as you sign and date the original and copy of this letter and return the signed copy to us. Very truly yours, BAKER TILLY VIRCHOW KRAUSE, LLP

RESPONSE: This letter correctly sets forth the understanding of MSR Public Power Agency. By: Title: Date:

Baker Tilly Virchow Krause, LLP Ten Terrace Ct, PO Box 7398 Madison, WI 53707-7398 tel 608 249 6622 fax 608 249 8532 bakertilly.com

11/12/18

M-S-R PUBLIC POWER AGENCY SAN JUAN PROJECT

STATUS REPORT NOVEMBER 2018

SAN JUAN DECOMMISSIONING ISSUES The dismantling of the Unit 2 cooling tower was completed in October 2018 at a cost of $701,000. This project was estimated to be $400,000 and resulted in a budget overrun of 75%. The Public Service Company of New Mexico (PNM) rationalizes this overrun as the cost of the ash clean-up projects for Unit 2 and Unit 3 (both budgeted at $400,000) should be completed under budget so the combined three projects will meet a total budget of $1.2 million. Contracts for the ash clean-up work have been recently executed and work should be finished by the end of November. PNM expects it will only spent $758,000 of the remaining 2018 decommissioning budget of $2.502 million on the original scope. PNM intends to spend about $800,000 of the unused budget to demolish additional out buildings. PNM plans to have all this work completed by the end of 2018. These decommissioning items are charged to the Remaining Participants only and not to the Exiting Participants (including M-S-R PPA.) PNM has not resolved whether the stacks will be capped or not. PNM is also developing information for a resolution to authorize an updated Decommissioning Study. More information will be provided at the next meeting of the Decommissioning Committee scheduled for December 13, 2018.

11/12/18

M-S-R PUBLIC POWER AGENCY PACIFIC NORTHWEST PROJECT

STATUS REPORT NOVEMBER 2018

BIG HORN I OPERATION MWH % of 5-Year Average August 38,656 117.2 September 35,322 96.1 October 27,695 73.4 2018 Total 437,221 108.5 Project Life (since October 2006) 6,158,470 94.2 BIG HORN II OPERATION MWH % of 5-Year Average August 6,897 104.8 September 8,011 94.4 October 7,154 70.4 2018 Total 98,954 104.7 Project Life (since November 2010) 948,769 95.2 Wind Energy production for both Big Horn Projects in 2018 has been very good in 2018 although production in October was relatively poor. Both projects are on pace to exceed their annual expected production. Big Horn 1 has exceeded its monthly expectation in 5 of the first 10 months of 2018. Only twice was the energy less than 95% of expected production. Big Horn II exceeded its monthly expectation in 6 of the first 10 months of 2018. There were no curtailments in either August or September. However, 559 MWh and 95 MWh of energy were curtailed during on-peak and off-peak periods in October. The COTP had various maintenance outages scheduled in October. Combined with an outage on the line from Captain Jack to Klamath Falls on October 2, and PG&E having problems between VacaDixon and Tesla, the accumulation of affects dropped the on-peak N-S capability to 800 MW. Also for a series of days during the middle of the month, N-S was capped at 2000 MW during on-peak hours due to scheduled maintenance. As most of the curtailments were during on-peak hours, it looks like maintenance coupled with a couple of line outages seems to fit the curtailment schedule from Avangrid.

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Date: November 19, 2018 From: Martin R. Hopper, General Manager To: M-S-R PPA Commission Subject: November 2018 General Manager’s Report FPPC Reporting The Agency has traditionally used manual (paper) processes to manage the submission of FPPC Assuming Office, Leaving Office and Annual Statements (Form 700). On behalf of the Authority I have executed an agreement with SouthTech Systems for the provision and maintenance of an automated (electronic) system to replace paper filings and allow reporters to make their submissions on-line. This system will be implemented in time for use with 2018 Annual Statements due April 1, 2019. Web-Site Review A recent review of the Agency’s (and the Authority’s) websites has revealed numerous broken links, and incomplete or out-dated information. Other information is mandated to be posted by State Law or for the convenience of the Members. We have also recently encountered various software incompatibility issues with the Agency’s e-mail servers. While repairs will be made to the current web-site, a new host and general revamp is indicated. This project will be initiated in the early part of 2019.MacintoshHD:Users:martinhopper:MyLaptopDocuments:M-S-RPublicPowerAgency:Administrative:Director:Nov2018MSRPPAGeneralManager'sReport.doc


Date: November 20, 2018 From: Martin R. Hopper, General Manager To: M-S-R PPA Commission Subject: Approval of 2019 M-S-R Public Power Agency Budget The proposed 2019 M-S-R PPA Budget has been prepared in conformance with our Bond Indentures and the policies and priorities established in the 2019 M-S-R PPA Strategic Plan adopted by this Commission on September 19, 2018. Total expenditures under the budget will be $79.1 million, or a decrease of 4.3% from the 2018 M-S-R PPA Budget as summarized below and is $4.5 million lower than the corresponding 2019 Budget Estimate in the 2018 M-S-R PPA Budget. Of further note, general consulting support has been reduced to about 490 hours in 2019 which represents a 65% reduction from its peak of about 1400 hours in 2013 and a 47% reduction from expected 2018 year-end estimate of about 920 hours. These reductions reflect the elimination of certain transmission, generation, and administrative support services rendered redundant due to asset divestitures. The costs summarized below exclude Debt Service Revolving Fund distributions and receipts:

Category Adopted

2018 Budget

Proposed 2019

Budget

Percentage Change Comment

Agency and Debt Admin 0.6 0.5 -14.3% Reduction in general support costs.

Generation (San Juan) 31.0 27.8 -10.4% Debt Service reduction due to issuance of new 2018R Bonds.

Renewables (Big Horn I & II)

50.7 50.4 -0.6% Generation based on historic performance and costs of ancillary services.

Regulatory & Compliance

0.4 0.3 -14.2% Certain activities formerly allocated to Generation, Transmission or Renewables activities.

Totals 82.7 79.1 -4.3%

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The proposed budget generates sufficient revenues to meet debt service coverage requirements in fiscal year 2019 computed as set forth in Resolution 2014-07 regarding the Computation of Debt Service Coverage and as provided by the application of the Debt Service Coverage Revolving Fund established in 2016 and implemented pursuant to the requirements of Resolution 2016-02. Staff will closely monitor the Agency’s fiscal performance during the course of the year to assure that Debt Service coverage requirements will be met. San Juan Legacy Liability (Plant Decommissioning, Mine Reclamation, and Environmental) expenses are funded pursuant to Resolution 2016-04 whereby those items not paid directly from either the Reclamation or Decommissioning Trusts are paid from former San Juan Working Capital and are neither invoiced to the Members nor offset by Budget revenues. These items are shown as Generation Plant Expense and include Decommissioning Agent costs, liability insurance premiums associated with decommissioning activities, and environmental insurance premiums pursuant to the Restructuring, Decommissioning and Reclamation Agreements. The proposed 2019 M-S-R PPA Budget was reviewed by Member Staff in a workshop held November 8, 2018. I recommend the Commission adopt the proposed 2019 M-S-R PPA Budget.

2019 Proposed Budget

Public Power Agency

MSR PUBLIC POWER AGENCYSUMMARY

2019 BUDGET

2018 2018 2019 2020Budget Year To Date Budget Budget

Estimated Estimate

FUNDS PROVIDED:

Operating Revenue 80,799,597 84,235,863 82,311,846 82,469,996 Other Revenue 400,000 450,000 400,000 400,000

Fund Provided 81,199,597 84,685,863 82,711,846 82,869,996

FUNDS APPLIED:

Agency Administration & General 481,500 451,423 452,040 467,540 Agency Debt Administrative 110,250 42,682 55,000 55,000 Generation Administrative & General 206,000 154,495 127,000 127,000 Generation Plant Costs 3,300,000 3,432,102 3,409,000 3,411,000 Renewable Administrative 651,000 484,715 588,000 568,000 Coordinating Services 479,000 479,355 450,000 460,000 Regulatory & Compliance 345,000 300,810 296,000 296,000 Purchase Power-Big Horn 1 34,747,162 34,535,000 34,604,806 34,604,806 Purchase Power-Big Horn 2 14,864,400 15,440,000 14,802,650 14,842,900 Interest Expense-Generation 5,902,781 5,902,781 4,008,850 3,063,750 Principal Payments-Generation 23,012,500 23,012,500 23,627,500 24,685,000

Funds Applied 84,099,593 84,235,863 82,420,846 82,580,996

Debt Service Fund Distribution (3,300,000)

SURPLUS (DEFICIT) REVENUE 400,004 450,000 291,000 289,000

Page 1

MSR PUBLIC POWER AGENCY2019 Budget Summary

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC TOTAL

REVENUE FROM MEMBERSModesto Irrigation District 2,460,824 2,606,692 2,823,704 2,798,904 2,498,972 2,561,163 2,271,728 2,263,372 2,303,608 2,500,101 2,570,437 2,560,170 30,219,679City of Santa Clara 2,702,060 2,872,662 3,389,321 3,444,354 2,997,658 3,145,776 2,671,251 2,664,270 2,550,673 2,815,304 2,876,639 2,822,505 34,952,471City of Redding 1,290,837 1,361,392 1,667,813 1,720,226 1,501,647 1,589,502 1,344,754 1,342,852 1,239,184 1,360,912 1,378,942 1,341,641 17,139,696

TOTAL 6,453,721 6,840,746 7,880,838 7,963,484 6,998,277 7,296,441 6,287,733 6,270,494 6,093,465 6,676,317 6,826,018 6,724,316 82,311,846

BUDGET AMOUNTS / TRUE UP YEAR ENDAgency Administration & General 49,837 49,837 49,837 49,837 49,837 49,837 25,503 25,503 25,503 25,503 25,503 25,503 452,040Agency Debt Administrative 4,583 4,583 4,583 4,583 4,583 4,583 4,583 4,583 4,583 4,583 4,583 4,583 55,000Generation Administrative & General 10,583 10,583 10,583 10,583 10,583 10,583 10,583 10,583 10,583 10,583 10,583 10,583 127,000Generation Plant Costs 284,083 284,083 284,083 284,083 284,083 284,083 284,083 284,083 284,083 284,083 284,083 284,083 3,409,000Interest Expense-Generation 372,496 372,496 372,496 372,496 372,496 372,496 295,646 295,646 295,646 295,646 295,646 295,646 4,008,850Principal Payments-Generation 1,921,250 1,921,250 1,921,250 1,921,250 1,921,250 1,921,250 2,016,667 2,016,667 2,016,667 2,016,667 2,016,667 2,016,667 23,627,500

ALLOCATED 50/35/15 2,642,833 2,642,833 2,642,833 2,642,833 2,642,833 2,642,833 2,637,066 2,637,066 2,637,066 2,637,066 2,637,066 2,637,066 31,679,390

BUDGET AMOUNTS / TRUE UP YEAR ENDRenewable Administrative 49,000 49,000 49,000 49,000 49,000 49,000 49,000 49,000 49,000 49,000 49,000 49,000 588,000ALLOCATED 23/49/28MID 11,270 11,270 11,270 11,270 11,270 11,270 11,270 11,270 11,270 11,270 11,270 11,270SC 24,010 24,010 24,010 24,010 24,010 24,010 24,010 24,010 24,010 24,010 24,010 24,010REU 13,720 13,720 13,720 13,720 13,720 13,720 13,720 13,720 13,720 13,720 13,720 13,720

Coordinating Services 37,500 37,500 37,500 37,500 37,500 37,500 37,500 37,500 37,500 37,500 37,500 37,500 450,000Regulatory & Compliance 24,667 24,667 24,667 24,667 24,667 24,667 24,667 24,667 24,667 24,667 24,667 24,667 296,000ALLOCATED 40/40/20 62,167 62,167 62,167 62,167 62,167 62,167 62,167 62,167 62,167 62,167 62,167 62,167 746,000

MID 24,867 24,867 24,867 24,867 24,867 24,867 24,867 24,867 24,867 24,867 24,867 24,867SC 24,867 24,867 24,867 24,867 24,867 24,867 24,867 24,867 24,867 24,867 24,867 24,867REU 12,433 12,433 12,433 12,433 12,433 12,433 12,433 12,433 12,433 12,433 12,433 12,433

Renewable & Overheads 111,167 111,167 111,167 111,167 111,167 111,167 111,167 111,167 111,167 111,167 111,167 111,167 1,334,000

ACTUAL VARIABLE AMOUNTSPurchase Power-Big Horn 1 2,488,978 2,690,947 3,568,102 3,718,139 3,092,438 3,343,931 2,645,795 2,640,350 2,343,592 2,692,050 2,743,599 2,636,885 34,604,806Purchase Power-Big Horn 2 1,219,827 1,404,883 1,567,820 1,500,429 1,160,923 1,207,594 902,788 890,994 1,010,723 1,245,117 1,343,269 1,348,283 14,802,650Generation Fuel 0 0 0 0 0 0 0 0 0 0 0 0 0Transmission Losses 0 0 0 0 0 0 0 0 0 0 0 0 0

3,708,805 4,095,830 5,135,922 5,218,568 4,253,361 4,551,525 3,548,583 3,531,344 3,354,315 3,937,167 4,086,868 3,985,168 49,407,456

ACTUAL AMOUNTS (OWNERSHIP SHARE)Generation Operation & Maintenance 0 0 0 0 0 0 0 0 0 0 0 0 0Generation Capital 0 0 0 0 0 0 0 0 0 0 0 0 0Transmission Capital 0 0 0 0 0 0 0 0 0 0 0 0 0ALLOCATED 50/35/15 0 0 0 0 0 0 0 0 0 0 0 0 0

TOTAL 6,462,804 6,849,829 7,889,921 7,972,567 7,007,360 7,305,524 6,296,816 6,279,577 6,102,548 6,685,400 6,835,101 6,733,401 82,420,846

Page 2

MSR PUBLIC POWER AGENCY2020 Budget Summary


REVENUE FROM MEMBERSModesto Irrigation District 2,459,284 2,580,623 2,865,271 2,813,450 2,548,116 2,572,868 2,269,014 2,267,071 2,308,804 2,455,870 2,568,331 2,600,496 30,309,198City of Santa Clara 2,702,412 2,859,805 3,412,883 3,453,367 3,025,301 3,153,259 2,669,418 2,665,890 2,553,099 2,791,115 2,875,133 2,843,844 35,005,520City of Redding 1,293,577 1,364,132 1,670,553 1,722,966 1,504,387 1,592,242 1,344,611 1,342,709 1,239,041 1,360,769 1,378,799 1,341,498 17,155,278

TOTAL 6,455,272 6,804,559 7,948,706 7,989,782 7,077,803 7,318,368 6,283,042 6,275,669 6,100,943 6,607,753 6,822,262 6,785,837 82,469,996

BUDGET AMOUNTS / TRUE UP YEAR ENDAgency Administration & General 51,537 51,537 51,537 51,537 51,537 51,537 26,387 26,387 26,387 26,387 26,387 26,387 467,540Agency Debt Administrative 4,583 4,583 4,583 4,583 4,583 4,583 4,583 4,583 4,583 4,583 4,583 4,583 55,000Generation Administrative & General 10,583 10,583 10,583 10,583 10,583 10,583 10,583 10,583 10,583 10,583 10,583 10,583 127,000Generation Plant Costs 284,250 284,250 284,250 284,250 284,250 284,250 284,250 284,250 284,250 284,250 284,250 284,250 3,411,000Interest Expense-Generation 295,646 295,646 295,646 295,646 295,646 295,646 214,979 214,979 214,979 214,979 214,979 214,979 3,063,750Principal Payments-Generation 2,016,667 2,016,667 2,016,667 2,016,667 2,016,667 2,016,667 2,097,500 2,097,500 2,097,500 2,097,500 2,097,500 2,097,500 24,685,000

ALLOCATED 50/35/15 2,663,266 2,663,266 2,663,266 2,663,266 2,663,266 2,663,266 2,638,283 2,638,283 2,638,283 2,638,283 2,638,283 2,638,283 31,809,290

BUDGET AMOUNTS / TRUE UP YEAR ENDRenewable Administrative 47,333 47,333 47,333 47,333 47,333 47,333 47,333 47,333 47,333 47,333 47,333 47,333 568,000ALLOCATED 23/49/28MID 10,887 10,887 10,887 10,887 10,887 10,887 10,887 10,887 10,887 10,887 10,887 10,887SC 23,193 23,193 23,193 23,193 23,193 23,193 23,193 23,193 23,193 23,193 23,193 23,193REU 13,253 13,253 13,253 13,253 13,253 13,253 13,253 13,253 13,253 13,253 13,253 13,253

Coordinating Services 38,333 38,333 38,333 38,333 38,333 38,333 38,333 38,333 38,333 38,333 38,333 38,333 460,000Regulatory & Compliance 24,667 24,667 24,667 24,667 24,667 24,667 24,667 24,667 24,667 24,667 24,667 24,667 296,000ALLOCATED 40/40/20 63,000 63,000 63,000 63,000 63,000 63,000 63,000 63,000 63,000 63,000 63,000 63,000 756,000

MID 25,200 25,200 25,200 25,200 25,200 25,200 25,200 25,200 25,200 25,200 25,200 25,200SC 25,200 25,200 25,200 25,200 25,200 25,200 25,200 25,200 25,200 25,200 25,200 25,200REU 12,600 12,600 12,600 12,600 12,600 12,600 12,600 12,600 12,600 12,600 12,600 12,600

Renewable & Overheads 110,333 110,333 110,333 110,333 110,333 110,333 110,333 110,333 110,333 110,333 110,333 110,333 1,324,000

ACTUAL VARIABLE AMOUNTSPurchase Power-Big Horn 1 2,488,979 2,690,947 3,568,102 3,718,139 3,092,438 3,343,931 2,645,795 2,640,350 2,343,592 2,692,050 2,743,599 2,636,884 34,604,806Purchase Power-Big Horn 2 1,201,944 1,349,263 1,616,255 1,507,294 1,221,016 1,210,088 897,882 895,954 1,017,986 1,176,338 1,339,298 1,409,582 14,842,900Generation Fuel 0 0 0 0 0 0 0 0 0 0 0 0 0Transmission Losses 0 0 0 0 0 0 0 0 0 0 0 0 0

3,690,923 4,040,210 5,184,357 5,225,433 4,313,454 4,554,019 3,543,677 3,536,304 3,361,578 3,868,388 4,082,897 4,046,466 49,447,706

ACTUAL AMOUNTS (OWNERSHIP SHARE)Generation Operation & Maintenance 0 0 0 0 0 0 0 0 0 0 0 0 0Generation Capital 0 0 0 0 0 0 0 0 0 0 0 0 0Transmission Capital 0 0 0 0 0 0 0 0 0 0 0 0 0ALLOCATED 50/35/15 0 0 0 0 0 0 0 0 0 0 0 0 0

TOTAL 6,464,522 6,813,809 7,957,956 7,999,032 7,087,053 7,327,618 6,292,293 6,284,920 6,110,194 6,617,004 6,831,513 6,795,082 82,580,996

Page 3

Debt Service Requirements 2019 2020

Series 2018R Bonds Interest Expense 4,008,850 3,063,750

Series 2018R Bonds Principal Expense 23,627,500 24,685,000

Total Debt Service 27,636,350 27,748,750

Operating Revenue 82,311,846 82,469,996 Other Revenue 400,000 400,000 Operating Expense (82,420,846) (82,580,996) Interest Expense included in Operating Expenses 4,008,850 3,063,750 Debt Service Principal included in Operating Expenses 23,627,500 24,685,000 Capital included in Operating Expenses - - San Juan Reclamation Trust included in Operating Expense 3,300,000 3,300,000 Subtotal - Net Revenue 31,227,350 31,337,750

Debt Service Coverage 1.130 1.129

Required Debt Service Coverage 1.100 1.100

Net Revenue Required (110% of Debt Service) 30,399,985 30,523,625

Net Revenue 31,227,350 31,337,750

Additional Revenue Required for Coverage (827,365) (814,125)

MSR PUBLIC POWER AGENCYPROJECTED DEBT SERVICE CALCULATION

Page 4

MSR PUBLIC POWER AGENCY2019 BUDGET

ACTIVITY Operating Revenue

Account Code DESCRIPTION

2018 REVISED BUDGET

YTD ESTIMATED

12/31/18

2019 JAN-JUN BUDGET

2019 JUL-DEC BUDGET

2019 TOTAL

BUDGET

2020 JAN-JUN BUDGET

2020 JUL-DEC BUDGET

2020 PROJECTED

BUDGET

Modesto Irrigation District $29,388,098 $31,352,434 $15,750,261 $14,469,418 $30,219,679 $15,839,612 $14,469,586 $30,309,198City of Santa Clara 34,464,135 35,594,037 18,551,830 16,400,641 34,952,471 18,607,024 16,398,496 35,005,520City of Redding 16,947,364 17,289,392 9,131,414 8,008,282 17,139,696 9,147,854 8,007,424 17,155,278

$80,799,597 $84,235,863 $43,433,505 $38,878,341 $82,311,846 $43,594,490 $38,875,506 $82,469,996

Page 5


ACTIVITY Other Revenue


2018 REVISED BUDGET

YTD ESTIMATED

12/31/18

2019 JAN-JUN

BUDGET

2019 JUL-DEC BUDGET

2019 TOTAL

BUDGET

2020 JAN-JUN BUDGET

2020 JUL-DEC BUDGET

2020 PROJECTED BUDGET

750130.4190000 Interest Income - General Fund $200,000 $200,000 $100,000 $100,000 $200,000 $100,000 $100,000 $200,000750131.4190000 Interest Income - Reserve Funds 200,000 250,000 100,000 100,000 200,000 100,000 100,000 200,000

$400,000 $450,000 $200,000 $200,000 $400,000 $200,000 $200,000 $400,000

Page 6


ACTIVITY Generation Plant Cost


2018 REVISED BUDGET

YTD ESTIMATED

12/31/18

2019 JAN-JUN BUDGET

2019 JUL-DEC BUDGET

2019 TOTAL

BUDGET

2020 JAN-JUN BUDGET

2020 JUL-DEC BUDGET


302301.9230000 San Juan Audit Fees-Moved to A&G 0 0 0 0 0 0 0 0301303.4081000 * Reclamation Agent 0 45,102 24,500 24,500 49,000 25,500 25,500 51,000301303.5060000 * San Juan Decommissioning/Enviromental Insurance 0 87,000 30,000 30,000 60,000 30,000 30,000 60,000

** Debt Service Coverage Fund 3,300,000 3,300,000 1,650,000 1,650,000 3,300,000 1,650,000 1,650,000 3,300,000

* These cost are not included in revenue and will paid from former San Juan Working Capital Resolution 2016-04

** Debt Service Coverage Fund Moved from Other Revenue to Generation Plant Cost in order to be included in funds applied

$3,300,000 $3,432,102 $1,704,500 $1,704,500 $3,409,000 $1,705,500 $1,705,500 $3,411,000

Page 7


ACTIVITY Purchase Power


2018 REVISED BUDGET

YTD ESTIMATED

12/31/18

2019 JAN-JUN BUDGET

2019 JUL-DEC BUDGET

2019 TOTAL

BUDGET

2020 JAN-JUN BUDGET

2020 JUL-DEC BUDGET


504313.55500xx Purchase Power-Big Horn 1 $34,747,162 $34,535,000 $18,902,535 $15,702,271 $34,604,806 $18,902,536 $15,702,270 $34,604,806504313.5550012 Purchase Power-Big Horn 2 14,864,400 15,440,000 8,061,476 6,741,174 14,802,650 8,105,860 6,737,040 14,842,900

$49,611,562 $49,975,000 $26,964,011 $22,443,445 $49,407,456 $27,008,396 $22,439,310 $49,447,706

Page 8


ACTIVITY Agency Administration & General


2018 REVISED BUDGET

YTD ESTIMATED

12/31/18

2019 JAN-JUN BUDGET

2019 JUL-DEC BUDGET

2019 TOTAL

BUDGET

2020 JAN-JUN BUDGET

2020 JUL-DEC BUDGET


701202.9250000 General Insurance $110,000 $110,000 $116,000 $0 $116,000 $120,000 $0 $120,000701206.9210000 Postage 100 0 50 50 100 50 50 100701207.9210000 Office Supplies 200 0 50 50 100 50 50 100701209.9230000 Registration License 15,000 13,463 9,500 9,500 19,000 9,500 9,500 19,000701301.9230000 Audit Fees 91,600 80,500 40,000 10,000 50,000 46,200 15,300 61,500710310.9230000 Administration Services 80,000 75,000 35,000 35,000 70,000 35,000 35,000 70,000701315.9230000 Bank Fees 4,000 8,000 3,000 3,000 6,000 3,000 3,000 6,000

Audit Fees includes the budget and estimtated cost for the San Juan Audit

$300,900 $286,963 $203,600 $57,600 $261,200 $213,800 $62,900 $276,700

Page 9


ACTIVITY Agency Debt Administrative


2018 REVISED BUDGET

YTD ESTIMATED

12/31/18

2019 JAN-JUN BUDGET

2019 JUL-DEC BUDGET

2019 TOTAL

BUDGET

2020 JAN-JUN BUDGET

2020 JUL-DEC BUDGET


702204.9230000 Arbitrage Rebate $0 $0 $0 $0 $0 $0 $0 $0702303.9230000 Bond Counsel 10,000 0 5,000 5,000 10,000 5,000 5,000 10,000702303.9230001 Bond Counsel-Other 0 0 0 0 0 0 0 0702308.9230000 Financial Services 74,250 24,125 15,000 15,000 30,000 15,000 15,000 30,000702314.9230000 Trustee Fees 26,000 18,557 7,500 7,500 15,000 7,500 7,500 15,000

$110,250 $42,682 $27,500 $27,500 $55,000 $27,500 $27,500 $55,000

Page 10


ACTIVITY Consulting/Engineering


2018 REVISED BUDGET

YTD ESTIMATED

12/31/18

2019 JAN-JUN BUDGET

2019 JUL-DEC BUDGET

2019 TOTAL

BUDGET

2020 JAN-JUN BUDGET

2020 JUL-DEC BUDGET

2020 PROJECTED

BUDGET

302304.9230000 Generation $70,000 $88,295 $10,000 $10,000 $20,000 $10,000 $10,000 $20,000302304.9230001 Generation-Other 0 0 0 0 0 0 0 0503304.9230000 Renewable 100,000 70,600 35,000 35,000 70,000 25,000 25,000 50,000503304.9230001 Renewable -Other 85,000 54,000 47,500 47,500 95,000 47,500 47,500 95,000601304.9230000 Regulatory & Compliance 30,000 15,000 5,000 5,000 10,000 5,000 5,000 10,000701304.9230000 Administrative & General 45,000 50,980 12,500 12,500 25,000 12,500 12,500 25,000701304.9230001 Administrative & General-Other 0 0 0 0 0 0 0 0

$330,000 $278,875 $110,000 $110,000 $220,000 $100,000 $100,000 $200,000

Page 11


ACTIVITY Coordinating Services


2018 REVISED BUDGET

YTD ESTIMATED

12/31/18

2019 JAN-JUN BUDGET

2019 JUL-DEC BUDGET

2019 TOTAL

BUDGET

2020 JAN-JUN BUDGET

2020 JUL-DEC BUDGET

2020 PROJECTED

BUDGET

302311.5560000 Generation $0 $41,760 $0 $0 $0 $0 $0 $0503311.5560000 Renewable 479,000 437,595 225,000 225,000 450,000 230,000 230,000 460,000

2018 Forward, Coordinator costs are allocated to members based on contract count.Big Horn 1 (3 contracts), Big Horn (2 contracts).Modesto 40%, Santa Clara 40%, Redding 20%

$479,000 $479,355 $225,000 $225,000 $450,000 $230,000 $230,000 $460,000

Page 12


ACTIVITY General Counsel


2018 REVISED BUDGET

YTD ESTIMATED

12/31/18

2019 JAN-JUN BUDGET

2019 JUL-DEC BUDGET

2019 TOTAL

BUDGET

2020 JAN-JUN BUDGET

2020 JUL-DEC BUDGET

2020 PROJECTED

BUDGET

302305.9230000 Generation $20,000 $8,815 $10,000 $10,000 $20,000 $10,000 $10,000 $20,000503305.9230000 Renewable 2,000 1,630 1,000 1,000 2,000 1,000 1,000 2,000601305.9230000 Regulatory & Compliance 2,000 440 1,000 1,000 2,000 1,000 1,000 2,000701305.9230000 Administrative & General 30,000 20,210 15,000 15,000 30,000 15,000 15,000 30,000

$54,000 $31,095 $27,000 $27,000 $54,000 $27,000 $27,000 $54,000

Page 13


ACTIVITY General Manager


2018 REVISED BUDGET

YTD ESTIMATED

12/31/18

2019 JAN-JUN BUDGET

2019 JUL-DEC BUDGET

2019 TOTAL

BUDGET

2020 JAN-JUN BUDGET

2020 JUL-DEC BUDGET

2020 PROJECTED

BUDGET

302306.9230000 Generation $100,000 $54,840 $40,000 $40,000 $80,000 $40,000 $40,000 $80,000503306.9230000 Renewable 100,000 33,090 30,000 30,000 60,000 30,000 30,000 60,000601306.9230000 Regulatory & Compliance 20,000 22,790 20,000 20,000 40,000 20,000 20,000 40,000701306.9230000 Administrative & General 80,000 84,745 60,000 60,000 120,000 60,000 60,000 120,000

$300,000 $195,465 $150,000 $150,000 $300,000 $150,000 $150,000 $300,000

Page 14


ACTIVITY Outside Legal Services


2018 REVISED BUDGET

YTD ESTIMATED

12/31/18

2019 JAN-JUN BUDGET

2019 JUL-DEC BUDGET

2019 TOTAL

BUDGET

2020 JAN-JUN BUDGET

2020 JUL-DEC BUDGET

2020 PROJECTED

BUDGET

302309.9230000 Generation $10,000 $1,000 $2,500 $2,500 $5,000 $2,500 $2,500 $5,000302309.9230001 Generation-Other $5,000 $545 $500 $500 $1,000 $500 $500 $1,000503309.9230000 Renewable 35,000 28,045 17,500 17,500 35,000 17,500 17,500 35,000503309.9230001 Renewable -Other 300,000 279,500 150,000 150,000 300,000 150,000 150,000 300,000601309.9230000 Regulatory & Compliance 275,000 248,790 112,500 112,500 225,000 112,500 112,500 225,000701309.9230000 Administrative & General 15,000 2,540 2,500 2,500 5,000 2,500 2,500 5,000701309.9230001 Administrative & General-Other 0 0 0 0 0 0 0 0

$640,000 $560,420 $285,500 $285,500 $571,000 $285,500 $285,500 $571,000

Page 15


ACTIVITY Outside Service


2018 REVISED BUDGET

YTD ESTIMATED

12/31/18

2019 JAN-JUN BUDGET

2019 JUL-DEC BUDGET

2019 TOTAL

BUDGET

2020 JAN-JUN BUDGET

2020 JUL-DEC BUDGET

2020 PROJECTED

BUDGET

302312.9230000 Generation $0 $0 $0 $0 $0 $0 $0 $0503312.9230000 Renewable 27,000 17,850 12,000 12,000 24,000 12,000 12,000 24,000601312.9230000 Regulatory & Compliance 18,000 13,790 9,500 9,500 19,000 9,500 9,500 19,000701312.9230000 Administrative & General 9,600 5,985 4,920 4,920 9,840 4,920 4,920 9,840

$54,600 $37,625 $26,420 $26,420 $52,840 $26,420 $26,420 $52,840

Page 16


ACTIVITY Travel & Meetings


2018 REVISED BUDGET

YTD ESTIMATED

12/31/18

2019 JAN-JUN BUDGET

2019 JUL-DEC BUDGET

2019 TOTAL

BUDGET

2020 JAN-JUN BUDGET

2020 JUL-DEC BUDGET

2020 PROJECTED

BUDGET

302203.9210000 Generation $1,000 $1,000 $500 $500 $1,000 $500 $500 $1,000503203.9210000 Renewable 2,000 0 1,000 1,000 2,000 1,000 1,000 2,000701203.9210000 Administrative & General 1,000 0 500 500 1,000 500 500 1,000

$4,000 $1,000 $2,000 $2,000 $4,000 $2,000 $2,000 $4,000

Page 17


ACTIVITY Other Expenditures


2018 REVISED BUDGET

YTD ESTIMATED

12/31/18

2019 JAN-JUN BUDGET

2019 JUL-DEC BUDGET

2019 TOTAL

BUDGET

2020 JAN-JUN BUDGET

2020 JUL-DEC BUDGET


750160.427xxxx Interest Expense-Generation $5,902,781 $5,902,781 $2,234,975 $1,773,875 $4,008,850 $1,773,875 $1,289,875 $3,063,750100000.221xxxx Principal Payments-Generation 23,012,500 23,012,500 11,527,500 12,100,000 23,627,500 12,100,000 12,585,000 24,685,000

$28,915,281 $28,915,281 $13,762,475 $13,873,875 $27,636,350 $13,873,875 $13,874,875 $27,748,750

Page 18

2019 MSR PURCHASE POWER BUDGET


RENEWABLE, Big Horn I 2,488,979 2,690,948 3,568,102 3,718,139 3,092,438 3,343,930 2,645,795 2,640,350 2,343,593 2,692,050 2,743,599 2,636,884 34,604,806

RENEWABLE, Big Horn II 1,219,825 1,404,883 1,567,821 1,500,430 1,160,923 1,207,595 902,787 890,994 1,010,723 1,245,117 1,343,270 1,348,284 14,802,650

TOTAL MSR 3,708,804 4,095,830 5,135,923 5,218,568 4,253,360 4,551,525 3,548,582 3,531,345 3,354,316 3,937,167 4,086,869 3,985,168 49,407,456

Page 19


Renewable Power (PPM) Big Horn I12.5% of contract. MID MWh 4,575 4,979 6,733 7,033 5,782 6,285 4,889 4,878 4,284 4,981 5,084 4,871 64,37552.5% of contract. SNCL MWh 19,215 20,912 28,280 29,540 24,284 26,397 20,533 20,487 17,994 20,921 21,354 20,458 270,37535.0% of contract. REDD MWh 12,810 13,941 18,853 19,694 16,190 17,598 13,688 13,658 11,996 13,947 14,236 13,638 180,250

TOTAL MWh (1) 36,600 39,832 53,867 56,267 46,256 50,280 39,110 39,022 34,274 39,850 40,674 38,967 515,000

Dollars (Energy + F&S) MID $ 289,739 315,320 426,423 445,427 366,174 398,029 309,601 308,912 271,324 315,460 321,997 308,473 4,076,878SNCL $ 1,198,647 1,304,479 1,764,110 1,842,730 1,514,861 1,646,644 1,280,819 1,277,966 1,122,465 1,305,057 1,332,039 1,276,150 16,865,968REDD $ 799,098 869,653 1,176,074 1,228,487 1,009,907 1,097,763 853,879 851,977 748,310 870,038 888,068 850,767 11,244,020

Dollars (WIC Rate) MID $ 25,187 25,187 25,187 25,187 25,187 25,187 25,187 25,187 25,187 25,187 25,187 25,187 302,243SNCL $ 105,785 105,785 105,785 105,785 105,785 105,785 105,785 105,785 105,785 105,785 105,785 105,785 1,269,419REDD $ 70,523 70,523 70,523 70,523 70,523 70,523 70,523 70,523 70,523 70,523 70,523 70,523 846,279

TOTAL $ 2,488,979 2,690,948 3,568,102 3,718,139 3,092,438 3,343,930 2,645,795 2,640,350 2,343,593 2,692,050 2,743,599 2,636,884 34,604,806

Renewable Power (PPM) Big Horn II65.0% of contract. MID MWh 6,146 7,272 8,264 7,854 5,787 6,071 4,216 4,144 4,873 6,300 6,897 6,927 74,75035.0% of contract. SNCL MWh 3,309 3,916 4,450 4,229 3,116 3,269 2,270 2,231 2,624 3,392 3,714 3,730 40,2500.0% of contract. REDD MWh 0 0 0 0 0 0 0 0 0 0 0 0 0

TOTAL MWh (2) 9,455 11,188 12,713 12,082 8,903 9,340 6,486 6,376 7,497 9,692 10,611 10,658 115,000

Dollars (Energy + See Note 4 MID $ 656,289 776,576 882,486 838,682 618,002 648,339 450,214 442,549 520,372 672,729 736,528 739,787 7,982,553SNCL $ 353,386 418,157 475,185 451,598 332,770 349,106 242,423 238,296 280,200 362,238 396,592 398,347 4,298,298

Dollars (WIC Rate) MID $ 34,125 34,125 34,125 34,125 34,125 34,125 34,125 34,125 34,125 34,125 34,125 34,125 409,500SNCL $ 18,375 18,375 18,375 18,375 18,375 18,375 18,375 18,375 18,375 18,375 18,375 18,375 220,500

Dollars (Transmission Service MID $ 102,473 102,473 102,473 102,473 102,473 102,473 102,473 102,473 102,473 102,473 102,473 102,473 1,229,670SNCL $ 55,178 55,178 55,178 55,178 55,178 55,178 55,178 55,178 55,178 55,178 55,178 55,178 662,130

TOTAL $ 1,219,825 1,404,883 1,567,821 1,500,430 1,160,923 1,207,595 902,787 890,994 1,010,723 1,245,117 1,343,270 1,348,284 14,802,650

MSR TOTAL 3,708,804 4,095,830 5,135,923 5,218,568 4,253,360 4,551,525 3,548,582 3,531,345 3,354,316 3,937,167 4,086,869 3,985,168 49,407,456

NOTES:


(1) Renewable Power projected output forecast and pricing projections for 2018 & 2019 as per Martin Hopper email dated 10/18/2017 (spreadsheet: "Big Horn I Projections 2018.xlsx" and "Big Horn II Projections 2018.xlsx" )

(2) Big Horn II Dollars include $/MWh charges for Energy per PPA Annex H, Assumes escalation of 2% on $15/MWh effective 1-1-11; Redelivery per RA Section 2.6.1; Transmission Losses,RA Section 2.6.3 - assumes BPATS Incremental Replacement Power at $60/MWh; and Operating Reserves per RA Section 2.6.4

Page 20



RENEWABLE, Big Horn I 2,488,979 2,690,948 3,568,102 3,718,139 3,092,438 3,343,930 2,645,795 2,640,350 2,343,593 2,692,050 2,743,599 2,636,884 34,604,806

RENEWABLE, Big Horn II 1,201,945 1,349,262 1,616,255 1,507,294 1,221,016 1,210,088 897,882 895,953 1,017,986 1,176,339 1,339,298 1,409,582 14,842,900

TOTAL MSR 3,690,924 4,040,210 5,184,358 5,225,433 4,313,454 4,554,018 3,543,677 3,536,303 3,361,578 3,868,389 4,082,897 4,046,466 49,447,706

Page 21


Renewable Power (PPM) Big Horn I12.5% of contract. MID MWh 4,575 4,979 6,733 7,033 5,782 6,285 4,889 4,878 4,284 4,981 5,084 4,871 64,375

52.5% of contract. SNCL MWh 19,215 20,912 28,280 29,540 24,284 26,397 20,533 20,487 17,994 20,921 21,354 20,458 270,37535.0% of contract. REDD MWh 12,810 13,941 18,853 19,694 16,190 17,598 13,688 13,658 11,996 13,947 14,236 13,638 180,250

TOTAL MWh (1) 36,600 37,992 53,965 55,855 48,984 50,669 39,315 40,786 34,729 38,715 41,106 39,739 515,000

Dollars (Energy + F&S) MID $ 289,739 315,320 426,423 445,427 366,174 398,029 309,601 308,912 271,324 315,460 321,997 308,473 4,076,878SNCL $ 1,198,647 1,304,479 1,764,110 1,842,730 1,514,861 1,646,644 1,280,819 1,277,966 1,122,465 1,305,057 1,332,039 1,276,150 16,865,968REDD $ 799,098 869,653 1,176,074 1,228,487 1,009,907 1,097,763 853,879 851,977 748,310 870,038 888,068 850,767 11,244,020

Dollars (WIC Rate) MID $ 25,187 25,187 25,187 25,187 25,187 25,187 25,187 25,187 25,187 25,187 25,187 25,187 302,243SNCL $ 105,785 105,785 105,785 105,785 105,785 105,785 105,785 105,785 105,785 105,785 105,785 105,785 1,269,419REDD $ 70,523 70,523 70,523 70,523 70,523 70,523 70,523 70,523 70,523 70,523 70,523 70,523 846,279

TOTAL $ 2,488,979 2,690,948 3,568,102 3,718,139 3,092,438 3,343,930 2,645,795 2,640,350 2,343,593 2,692,050 2,743,599 2,636,884 34,604,806

Renewable Power (PPM) Big Horn II65.0% of contract. MID MWh 6,017 6,911 8,531 7,870 6,133 6,066 4,172 4,161 4,901 5,862 6,850 7,277 74,75035.0% of contract. SNCL MWh 3,240 3,721 4,593 4,237 3,302 3,267 2,247 2,240 2,639 3,156 3,689 3,918 40,2500.0% of contract. REDD MWh 0 0 0 0 0 0 0 0 0 0 0 0 0

TOTAL MWh (2) 9,257 10,632 13,124 12,107 9,435 9,333 6,419 6,401 7,540 9,018 10,539 11,195 115,000

Dollars (Energy + See Note 4 MID $ 644,667 740,423 913,968 843,144 657,063 649,959 447,026 445,772 525,093 628,023 733,946 779,631 8,008,715SNCL $ 347,128 398,689 492,137 454,000 353,803 349,978 240,706 240,031 282,742 338,166 395,202 419,801 4,312,385

Dollars (WIC Rate) MID $ 34,125 34,125 34,125 34,125 34,125 34,125 34,125 34,125 34,125 34,125 34,125 34,125 409,500SNCL $ 18,375 18,375 18,375 18,375 18,375 18,375 18,375 18,375 18,375 18,375 18,375 18,375 220,500

Dollars (Transmission Service MID $ 102,473 102,473 102,473 102,473 102,473 102,473 102,473 102,473 102,473 102,473 102,473 102,473 1,229,670SNCL $ 55,178 55,178 55,178 55,178 55,178 55,178 55,178 55,178 55,178 55,178 55,178 55,178 662,130

TOTAL $ 1,201,945 1,349,262 1,616,255 1,507,294 1,221,016 1,210,088 897,882 895,953 1,017,986 1,176,339 1,339,298 1,409,582 14,842,900

MSR TOTAL 3,690,924 4,040,210 5,184,358 5,225,433 4,313,454 4,554,018 3,543,677 3,536,303 3,361,578 3,868,389 4,082,897 4,046,466 49,447,706

NOTES:


(1) Renewable Power projected output forecast and pricing projections for 2018 & 2019 as per Martin Hopper email dated 10/18/2017 (spreadsheet: "Big Horn I Projections 2018.xlsx" and "Big Horn II Projections 2018.xlsx" )

(2) Big Horn II Dollars include $/MWh charges for Energy per PPA Annex H, Assumes escalation of 2% on $15/MWh effective 1-1-11; Redelivery per RA Section 2.6.1; Transmission Losses,RA Section 2.6.3 - assumes BPATS Incremental Replacement Power at $60/MWh; and Operating Reserves per RA Section 2.6.4

Page 22


Date: November 19, 2018 From: Martin R. Hopper, General Manager To: M-S-R PPA Commission Subject: Approval of 2019 Regular Meeting Dates The following meeting dates are based on the customary schedule for M-S-R PPA as adjusted for known conflicts. Given the lower administrative burdens on the Agency due to the divestiture of the active San Juan Project, only four regular Commission Meetings and six Technical Committee meetings are proposed to be scheduled. If required by emergent business, Special Meetings of the Commission would be called for the same day as TANC Commission meetings. For the Commissioner’s information a copy of the Draft 2019 California JPA Meeting Calendar is attached.

Month Technical Committee Date/Time

Technical Committee Location

Commission Date/Time

Commission Location

February 2019 7 10:00 AM Folsom 20 12:00 Noon Folsom May 2019 9 10:00 AM Modesto 22 12:00 Noon Folsom July 2019 11 10:00 AM Folsom No meeting

September 2019 5 9:00 AM 24 10:00 AM

Truckee Truckee

18 12:00 Noon Folsom

November 2019 7 9:00 AM Folsom 20 12:00 Noon Folsom Financial Management Committee: 1:00 PM, Thursday, May 9, 2019, in Folsom, CA I recommend the M-S-R PPA Commission adopt the above schedule for the Agency’s 2019 Regular meetings.

2019 California JPA Meeting Calendar

APPA Joint Action Workshop – Jan 6 – 8, 2019, Key West, FL NCPA Strategic Issues Conference – Jan 16 - 17, 2019, Sacramento, CA CMUA Capitol Day and CMUA Board Meetings – Feb 4 & 5, 2019, Sacramento, CA APPA/ACWA Legislative Rally & Conference – Feb 25 – 27, 2019, Washington, DC CMUA Annual Meeting – March 31 – Apr 2, 2019, San Diego, CA

APPA CEO Roundtable – Apr 14 – 16, 2019, Phoenix, AZ NCPA/NWPPA Federal Policy Forum – Apr 28 – May 2, 2019, Washington, DC APPA National Conference – June 7 – 12, 2019, Austin, TX NCPA Annual Conference – Sept 25 - 27, 2019, Olympic Valley, CA

Revised: 11/13/18

BANC Commission (2:00 PM 4th Weds)

CMUA Regulatory

C’tee (9:30 AM)

CMUA Legislative

C’tee (12:15 PM)

M-S-R Technical C’tees

M-S-R PPA & EA

Commissions(Noon)

NCPA Facilities/ Pooling C’tees

NCPA LEC PPC C’tee

NCPA L&R C’tee

NCPA Utility

Directors

NCPA Commission Meeting

SCPPA Board

(3rd Thurs)

TANC Commission (10:00 AM)

Jan 23 Folsom Jan 10 Jan 10 No meeting No meeting Jan 3 Jan 7 Jan 10

Jan 17 Sac’to Jan 17 Jan 23

Feb 20 Folsom

Feb 14 So Cal

Feb 14 So Cal Feb 7 Feb 20 Feb 6 Feb 11 Feb 20 Feb 14 Feb 21 Feb 21 Feb 20

Mar 27 Mar 14 Mar 14 No meeting No meeting Mar 6 Mar 11 Mar 14-15 Healdsburg Mar 28 Mar 21 Mar 20

Apr 17 Folsom Apr 1 Apr 1 No meeting No meeting Apr 3 Apr 8 Apr 11 Apr 25 Apr 18 Apr 17

May 15 May 2 May 2 May 9

Modesto May 22 May 1 May 6 May 22 Lodi May 9

May 23 Lodi May 16 May 22

Jun 26 Jun 13 Jun 13 No meeting No meeting Jun 5 Jun 10 Jun 13 Jun 27 No meeting Jun 19

Jul 24 Jul 11 Jul 11 Jul 11 No meeting Jul 3 Jul 8 Jul 11 Jul 25

Murphys Jul 18 July 17

Aug 21 Folsom

Aug 15 So Cal

Aug 15 So Cal No meeting No meeting Aug 7 Aug 12 Aug 28 Aug 15 Aug 29 Aug 15 Aug 21

Sep 18 Folsom Sep 12 Sep 12

Sep 5 & 24 Truckee Sep 18 Sep 4 Sep 9

Sep 25 Ann Conf Sep 12

Sep 27 Ann Conf Sep 19 Sep 18

Oct 23 Folsom

Oct 10 Oct 10 No meeting No meeting Oct 2 Oct 7 Oct 10 Oct 24 Oct 17 Oct 23

Nov 20 Folsom

Nov 6 So Cal

Nov 6 So Cal Nov 7 Nov 20 Nov 6 Nov 4 Nov 14 No meeting Nov 21 Nov 20

Dec 18 Folsom

No meeting No meeting Dec 4 Dec 9 Dec 4 Dec 12 Dec 5 Dec 19 Dec 18

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