msr public power agency - modesto irrigation district...2017/11/15 · msr public power agency...

MSR Public Power Agency

MEETING OF THE COMMISSION

Wednesday, November 15, 2017, 12:00 a.m. Navigant Consulting, Inc.

35 Iron Point Circle, Suite 225 Folsom, CA 95630

AGENDA Distribution:

Commissioners & Alternate Commissioners Others Modesto:

James McFall (V.P.) 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 John Roukema Teresa O’Neill (Alt) Alan Kurotori Rajeev Batra Ann Hatcher Kathleen Hughes Redding: Dan Beans (President) 3 Ann Czerwonka3 Nick Zettel (Alt) Valerie Ibarra Tara Mikkelsen3

1 Please post agenda 2 Please post agenda 3 Please post agenda Updated 9/2017

M-S-R Public Power Agency

MEETING OF THE COMMISSION

Wednesday, November 15, 2017, 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 – 8 (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 and October 2017

2. Report of Summary invoices paid for September - October 2017 totaling $19,179,377.16 (attached)

3. September and October 2017 Treasurer’s Report (attached, Scott VanVuren)

4. November 2017 San Juan Fuel Consumption Status Report (attached, Martin Hopper)

5. November 2017 San Juan Balancing Accounts Status Report (attached, Martin Hopper)

6. November 2017 WREGIS REC Transfers Status Report (attached, Martin Hopper)

7. November 2017 Outside Services Budget Versus Actual Report (attached, Martin Hopper)

8. Discussion and Possible Action Regarding Regulatory Counsel Fee Adjustment (attached, Martin Hopper)

END OF CONSENT ITEMS

ACTION ITEMS 9 - 13:

9. Status Reports (attached, Alan Hockenson)

a. San Juan Project Status Report

b. Pacific Northwest Projects Status Report

M-S-R Public Power Agency Commission Agenda Page 2 November 15, 2017

2017 MSR PPA Commission Meeting Agenda

10. November 2017 General Manager’s Report (attached, Martin Hopper)

11. Discussion and Possible Action Regarding 2018 M-S-R PPA Budget (attached, Martin Hopper)

12. Discussion and Possible Action Regarding 2018 meeting dates (attached, Martin Hopper)

13. Discussion and Possible Action Regarding 2018 Election of Officers (attached, Martin Hopper)

CONVENE CLOSED SESSION:

a. Existing Litigation: Government Code §54956.9 (d)(1) – 6 Cases (10th US Circuit Court of Appeals 11-9557 et al, NM-PRC Case No. 17-000174-UT, Supreme Court of New Mexico Case No. 35-697; U.S. District Court for New Mexico Case No. 1:14CV-00112-RJ, BP-16-BPA, BP-18-BPA)

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

RECONVENE OPEN SESSION

ANNOUNCEMENTS FOLLOWING CLOSED SESSION

AGENDA DISCUSSION ITEMS:

1. Discussion and Possible Action Regarding Amendment No. 7 to Amended and Restated Professional Services Agreement with Martin Hopper Energy Consulting (attached, Steve Gross)

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.

M-S-R PUBLIC POWER AGENCY DRAFT MINUTES

MEETING OF THE COMMISSION SEPTEMBER 20, 2017

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

20, 2017 at the offices of Navigant Consulting, Inc. (NCI), 35 Iron Point Circle, Suite

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

McFall and Martin Caballero; present from Santa Clara were Pat Kolstad and John

Roukema; present from Redding was Dan Beans. Also present were General Manager

Martin Hopper, Consultant Alan Hockenson and General Counsel Steve Gross.

Vice President McFall called the meeting to order at 12:32 P.M. A quorum was attained

with the voting representatives being Mr. McFall, Mr. Kolstad, and Mr. Beans.

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

by Commissioner Kolstad and seconded by Commissioner Beans to approve the Consent

Calendar consisting of Items 1, 2, 3, 4, 5, and 6 as listed below. The motion carried

unanimously.

1. Minutes of July 19, 2017 – approved.

2. Report of Summary invoices paid for July - August 2017 totaling $24,092,695.06

– noted and filed.

3. July and August Treasurer’s Reports – accepted.

4. September 2017 San Juan Fuel Consumption Status Report – noted and filed.

5. September 2017 San Juan Balancing Accounts Status Report – noted and filed.

6. September 2017 WREGIS REC transfers Status Report – noted and filed.

Mr. Hockenson then briefly addressed the Commission regarding the San Juan Project

and Pacific Northwest Project Status Reports and entertained questions thereon. He

reported that staff attrition at the San Juan Generating Station may be affecting both the

amount of work completed and employee morale. He also informed the Commission that

DRAFT Minutes M-S-R Public Power Agency Meeting of September 20, 2017 Page 2 of 4

energy delivery curtailments for the Big Horn Wind Energy Projects have decreased,

which is the expected pattern at this time of year.

Mr. Hopper then addressed the Commission regarding the General Manager Report and

entertained questions thereon. He informed the Commission that PNM has now received

the payment for July Refined Coal Credits and has informed the Participants that refined

coal operations may resume in the near future. He also reported that the Members have

requested a review of the potential to reduce San Juan generation in light of the

continuing satisfaction of minimum coal consumption obligations under the

Restructuring Agreements. He informed the Commission that in a recent FERC filing

Arizona Public Service Company had named M-S-R PPA as a participant in the Mead-

Phoenix Project – which was sold last year to SCPPA. General Manager and General

Counsel will work with SCPPA and APS to document the Agency’s release from liability

and removal from the Project Agreements.

Mr. Hopper then addressed the Commission regarding the proposed 2018 M-S-R

Strategic Plan. He informed the Commission that the draft had been reviewed by Member

Staff at a workshop held September 7, 2017 and a follow-on discussion regarding BPA

activities will occur on September 26, 2016. The proposed update addresses implications

and actions necessary for the successful divestiture of M S-R PPA’s interests in the San

Juan Generating Station and management of related legacy liabilities. Specific new

recommendations include the creation of a Regulatory and Compliance Program to

encompass certain activities including FERC-filings regarding transmission rates and

revenue requirements as may directly impact the Members, proceedings before the CEC,

CARB and CPUC regarding greenhouse gas controls, cap-and-trade programs, and

CARB Mandatory Reporting Requirements and regarding SB 350, AB 398, and SB 100

implementation as directed by the Members, not otherwise directly allocable to the

Pacific Northwest Project and that costs therein would be equitably allocated to the

Members pursuant to a determination to be subsequently made by the Commission. The

Agency will continue to coordinate with its Members, BANC, TANC, NCPA and others


to assign responsibilities, eliminate duplicative effort, and reduce costs wherever

possible. A number of corrections to the proposed 2018 Strategic were proposed. It was

moved by Commissioner Beans and seconded by Commissioner Kolstad to adopt the

corrected 2018 M-S-R PPA Strategic Plan. The motion carried unanimously.

Mr. Hopper then addressed the Commission regarding the September 2017 Outside

Services Budget versus Actual Report and Mid-Year Budget Review. He indicated that

overall, the outside services categories through June 30, 2017, or 50% of the year have

expenditures totalling $564,000 or about 45% of their annual budgets and are estimated

to complete the year at $1,192,000 or about 96% of the annual budget of $1,245,000

based on weighted projections of expected workloads. Various minor rebalancings of

certain line items described in the Staff Report will be implemented administratively in

accordance with the previously expressed consensus of the Commission. It was moved by

Commissioner Beans and seconded by Commissioner Kolstad to note and file the

September 2017 Outside Services Budget versus Actual Report and Mid-Year Budget

Review. The motion carried unanimously.

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

54956.9(d)(1) – Conference with Legal Counsel – Existing Litigation – 6 Cases (10th US

Circuit Court of Appeals 11-9557 et al, NM-PRC Case No. 13-00390-UT, Supreme

Court of New Mexico Case No. 35-697, BP-16-BPA, BP-18-BPA, U.S. District Court of

New Mexico Case No. 1:14CV-00112-RJ); pursuant to Government Code Section

54956.8 for Conference with Real Property Negotiator, Property: Real Property and/or

Improvements, 300 Big Horn Road, Bickleton, Washington. The negotiation parties are

Big Horn Wind Project, LLC, and Agency Negotiator: Martin Hopper and/or Steven C.

Gross. Under Negotiation: Purchase/Sale/Exchange/Lease of Real Property provisions,

price and terms of payment; and pursuant to Government Code Section 54956.9(d)(2) –

Exposure to Litigation – 1 Case at 1:07 P.M. Upon the conclusion of the Closed Session

at 1:46 P.M., the Chair then reported for the record, pursuant to the Government Code,

that the Commission had taken no actions which require public disclosure at this time.


The Chair then called for Member Reports and for Public Comment. Mr. Beans reported

that he has now been officially appointed as Redding’s Director of Electric Utility. There

being no further reports or comments, the Chair announced that the next regular meeting

of the Commission will be held on Wednesday, November 15, 2017 at 12:00 Noon, at

Navigant’s offices in Folsom, CA. The meeting was then adjourned by the Chair at 1:47

P.M.

Martin R. Hopper Assistant Secretary

of 1

M-S-R PUBLIC POWER AGENCY DRAFT MINUTES

SPECIAL JOINT MEETING OF THE COMMISSION AND TECHNICAL COMMITTEE

OCTOBER 5, 2017

The Commission of the M-S-R Public Power Agency (M-S-R PPA) held a special joint meeting with the M-S-R PPA Technical Committee on October 5, 2017 at the Hampton Inn & Suites, 1 Nichols Parkway, Hood River, OR, 97031. Present from Modesto Irrigation District (MID) were Greg Slayer, James McFall and Martin Caballero; present from Santa Clara were Pat Kolstad, John Roukema, Kevin Kolnowski, and Kathleen Hughes; present from Redding were Joe Bowers and Brian Schinstock. Also present were Consultant Alan Hockenson and General Manager Martin Hopper. Vice President McFall called the meeting of the Commission to order at 8:01 A.M. A quorum was attained with the voting representatives being Mr. McFall, and Mr. Kolstad, with Mr. Schinstock as a non-voting representative. Mr. McFall called the meeting of the Technical Committee to order at 8:02 A.M. A quorum was attained with the voting representatives being Mr. Caballero, and Ms. Hughes, and with Mr. Schinstock as a non-voting representative. Mr. Hopper announced that MID Board Members Nick Blom and Larry Byrd, who had arrived with the tour group, left before the Commission meeting to attend to a family emergency. The Commission and Technical Committee recessed at 8:02 A.M. to conduct a site visit and tour of the Big Horn I and Big Horn II Wind Energy Projects located near Bickleton, WA. At 3:58 P.M., Mr. McFall called the Commission and Technical Committee from recess. The Chair then called for Member Reports and for Public Comment. There being none, the Chair announced that the next regular meeting of the Commission will be held on Wednesday, November 15, 2017 at 12:00 Noon, at Navigant’s offices in Folsom, CA. The Commission meeting was then adjourned by the Chair at 3:58 P.M. The Chair also announced that the next regular meeting of the Technical Committee will be held on Thursday, November 2, 2017 at 9:00 A.M., at Navigant’s offices in Folsom, CA. The Technical Committee meeting was then adjourned by the Chair at 3:59 P.M.

Martin R. Hopper Assistant Secretary

September-October 2017

Payee DescriptionPeriod

Covered Amount

KBT Consulting Services Jul-17 28,185.76$ Duncan Weinberg Legal Services Jun-17 49,079.94$ MID Administrative & Accounting Service Jul-17 60,011.38$ Navigant Professional Services Jun-17 3,399.18$ PNM Weekly RFF Aug-17 20,000.00$ Martin Hopper Energy Consulting General Manager Services Aug-17 20,369.25$ Law Offices of Susie Berlin Legal Services Jul-17 5,164.53$ U.S. Bank Debt Service 2008 M-N Oct-17 56,124.88$ U.S. Bank Swap Payment 1998F&G Sep-17 148,989.79$ Duncan Weinberg Legal Services Jul-17 41,371.48$ APPA APPA Western Markets Initiative Aug-17 1,500.00$ PNM Weekly RFF Sep-17 139,000.00$ U.S. Bank Series 2008L Sep-17 3,100.00$ U.S. Bank Series 2008M Sep-17 3,200.00$ U.S. Bank Series 2008N Sep-17 3,200.00$ Porter Simon Legal Services Aug-17 4,048.00$ PNM Coal Bill Aug-17 2,894,772.61$ Avangrid BigHorn2 Contract Power Aug-17 665,037.54$ Big Horn Wind Project Firm Energy Aug-17 1,381,614.81$ Avangrid Big Horn Shaping Aug-17 491,660.00$ PNM Weekly RFF Sep-17 17,000.00$ PNM Demand Charge Aug-17 105,769.05$ PNM Monthly O&M Aug-17 1,284,116.36$ PNM Weekly RFF Sep-17 282,000.00$ U.S. Bank Debt Service L&Q Sep-17 2,278,578.68$ Hampton Big Horn Site Inspection Room List Sep-17 3,363.74$ Politico Legislative Services Aug-17 2,000.00$ WREGIS Transfer Volume Fee Sep-17 571.13$ MID Administrative & Accounting Services Aug-17 60,619.66$ Law Offices of Susie Berlin Legal Services Aug-17 5,855.65$ KBT Consulting Services Aug-17 21,478.52$ PNM Weekly RFF Sep-17 20,000.00$ U.S. Bank Debt Service 2008M&N Sep-17 56,124.88$ U.S. Bank Swap Payment Series 1998F&G Sep-17 155,059.90$ Politico Legislative Services Sep-17 2,000.00$ PNM Weekly RFF Oct-17 222,000.00$ Martin Hopper Energy General Manager Services Sep-17 21,358.35$ Duncan, Weinberg Legal Services Aug-17 49,374.80$ PNM Coal Sep-17 2,600,282.50$ U.S. Bank Debt Service 2008L&Q Oct-17 2,278,578.68$ PNM Weekly RFF Oct-17 49,000.00$ Porter Simon Legal Services Sep-17 8,000.80$ PNM Weekly RFF Oct-17 178,000.00$ Big Horn Wind Project Firm Energy Sep-17 1,715,121.25$ Avangrid Shaping Fee Sep-17 481,507.00$ Avangrid Renewables BigHorn2 Sep-17 1,017,301.99$ PNM Weekly RFF Oct-17 170,000.00$ PNM Demand Charges Sep-17 74,485.07$

19,179,377.16$

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

To Commission November 15, 2017

Treasurer’s Report SEPTEMBER 2017

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

Index

i

Treasurer’s Report for the Month of September 2017

Investment Portfolio Pie Chart

MSR / LAIF / US Treasury 2-Year

Average Maturity Report

Quarterly Report

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 2017

BJNp BALANCES

813112017

Uf:IIBESTRICIED EUf:IIDS Cost Value Recel~ Disbursements General Fund, net of MCCAA 32,931,946 0 0 Member Cash Call Reserve Acd.. 2,477,629 0 0 Debt Service Coverage Revolving Fund 275 000 275000 0

35,684,574 12,746,440 11,417,382

RESTRICTED FUNDS MSR 2008 Series L 10,898,578 4,097,749 2,047,810 MSR 2008 Series M 3,261.952 33,414 33,275 MSR 2008 Series N 1,182,751 22,902 22,850 MSR 2011 Series 0 6,075 4 (0) MSR 2014 Series Q 501,339 231,009 0 MSR Big Hom Wind Colla1 Acct. 3,634,718 1,383,107 1,381 ,615 MSR Big Hom Shaping Acct. 1,044,248 492,080 491,660 MSR SJ Coal Reclamation Trust 12,815,404 26,976 0

33,345,065 6,287,240 3,977,210

TOTAL FUNDS 69,029,640 19,033,880 15,394,592

CASH IMESIJIENTS

DEI\dAf:IID accouras Union Bank- General Fund

S1andard per IM£ESTMElfiS (SH !ttachad) GOY'! Code Adl.raL. Bankers Acceptances 40% 0.0% Certificates of Deposii(CoiiJins.) NoUmit 0.0% Commerctal Paper(A1JP1) 25% 0.0% Corporate Notes-Medium Term 30% 2.8% Federal Agencies No limit 31.1% Local Agency Investment Fund $65,000,000 47.9% Money Marltet ADc<xJnts No limit 18.2% Repurchase Agreements No limit 0.0% U.S. Treasury Instruments No limit Wllla

TOTAL INVESTMENTS ~

Add: Deposits in transit Less: Outstanding checks

TOTAL CASH & INVESTMENTS

• Source of Marllel Value lnfonnalion ill US Bank, Union Bank, and Bloomberg Fln811Clial Systems

We certify that this statemert is a true and oorrect record of transac11ons in the Treasury since the prior report. The agency has sufficient liquid assets on deposit to meat its obligations over the next 6 months. Ail !nvestments are In compliance with the agency's investment policy guidelines.

~""" ~TMU"OW

913012017

Cost Value 33,986,003

2,477,629 550 000

37,013,632

12,948,517 3,282,092 1,182,802

6,080 732,348

3,636,210 1,044,668

12,842,380 35,655,096

72.668.728

393,905

0 0 0

2,014,607 22,510,198 34,608,485 13,144,898

0 0

72,278,187

0 (3,364)

7~6881728

913012017 9/3012017 RGSaiVas: Unrealized MktValue• Mkt. Value• Gall'li'Lolls

36,999,146 (14,487}

6,507,393 6,347,262 (93,862) 3,098,284 119,122 (44,685) 1,123,017 43,597 (16,188)

0 6,080 0 0 732,348 0 0 3,636,210 0 0 1,044,668 0 0 12,668,274 '174,106l

10,728,694 24,597,560 (328,841)

10,728,694 61,596,706 (343,328)

Corp Medium Term Notes5.50%

Federal Agency Issues0.00%

Managed Pool Accounts (LAIF)

94.50%

M‐S‐R Public Power AgencyInvestment Portfolio September 2017

1.124

1.47

0.94

0

0.5

1

1.5

2

2.5

3

Earnings Rate

MSR / LAIF / US Treasury 2‐YearSeptember 2017

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 2017


0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

4Q 2016 1Q 2017 2Q 2017 3Q 2017

M‐S‐R Public Power AgencyInvestment Portfolio Quarterly Comparison

Third Quarter 2017

Corp Med Term Notes

LAIF

Federal Agency

Investments P•

V81ue

Managed Pool Accounts 34,808,484.52

Corporate Medium Term Notes 2,000,000.00

Investments 36,608,484.52

Cash Passbook/Checking (not Included In yield calculations)

390,541 .00

Total Cash and Investments 38,9H,025.52

Total Earnings September 30 Month Ending Current Year

Average Dally Balance

Effective Rate of Return

Scott Van Vuren, Treasurer

Reporting period 09/01/2017-G913012017 Data Updated: SET _MSRG: 10/1 0/2017 11 :06 Run~: 1011012017-11:06

31,990.34

34,672,209.75

1.12%

MSR Public Power Agency Portfolio Management

Porifoiio Summary September 30, 2017

Market Book Vllue Value

34,808,484.52 34,1108,484.52

2,000,120.00 2,014,806.88

36,808,604.52 38,623,091 AO

3G0,541.00 390,541.00

36,199,145.52 37,013,632.40

Fiscal Year To o.te 114,267.20

%of Days to Portfolio Term IIMurtty

94.50

5.50 1,847 107

100.00% 103 7

103 7

Modesto Irrigation District 1231 - 11th St.

Modesto, CA 95352 (209)526-7308

YTM 361Equ1Y.

1.111

1.350

1.124

0.000

1.124

Portfolio MSRG CP

PM (PRF _PM1) 7.3.0

Report Ver. 7.3.5

CUSIP lnvestmsnt I Aver'lge

Issuer Bellrlee

Managed Pool Accounts

SYSLAIF LAIF Local Agency Investment Fund

SubtOtal and Average

Corporate Medium Term Notes

94974BFGO 16709 Wels Fargo & Company

Subtotal and Average

Total and Average

Data Updated: SET_MSRG: 10/101201711:06 R'-'1 OM&: 1011012017 - 11:06

32,215,111.11

2,01<1,801.88

3<1,872,209.75


Portfolio Dem!!e - Investments September 30, 2017

Purehue Olta Par Value Market Value

34,608,.484.52 34,80M84.52

34,108,41U2 34,808,414.52

1212612012 2,000,000.00 2,000,120.00

2,000,000.00 2,000,120.00

31,108,414.52 38,808,104.52

Stated Book Value Rate

34,608.~.52 1.111

34,608,484.12

2,014,608.88 1.500

2,014,808.88

36,823,091 AO

Page1

YTM o.y.to Maturtty S&P 381Maturtty Data

1.111 1 -----1.111

1.350 107 01/18/2018 ---1.35()

1.12<1

107

7

Portfolio MSRG

CP PM (PRF _PM2) 7.3.0

Report Var. 7.3.5

CUSIP Investment I IUuar

Passbook/Checking Accounts

SYSGENERALFUND GENERAL FUND Union Bank ot California

Ave111ge &.Janca

Total Caah and ln.,..tmtnta

Data Updated: SET _MSRG: 1 011 0/2017 11 :06 Run Dale: 10110/2017-11:06

Average Balance

0.00

3•,872,209.75

MSR Public Power Agency Portfolio Management Pcrtfolio Details- Cash

September 30, 2017

Purchaae Date Par Value Market Value

01/01/1999 390,541.00 390,541.00

31,199,025.82 36,119,145.52


390,541.00

37,013,632.40

Page2

YTM D.ylto S&P 365 Maturtty

0.000

7

Portfolio MSRG CP

PM (PRF _PM2) 7.3.0

CUSIP lnYMtmentt


SYSLAIF LAIF LA IF

Managed Pool Account. Totals


94974BFGO 16709 ~LLS

Corporate Medium Tenn Nobill Totals

IITYMtment Totals

Data Updated: SET_MSRG: 10/1012017 11:06 RU'I Oale: 10(1012017 - 11:06


Investment Status Report - Investments September 30, 2017

Stated Maturity Purchase Par Value R* Data Date

YTM 310

YTM 315

Payment o.tea

Accrued Interest AtPurchaae

34,608,484.52 1.111

34,808,484.52

1.0Ge 1.111 01/15 - Quartefly -- ------1.0H 1.111 0.00

Currant Prlncl.,.l

34,608,484.52

34,1108,4114.52

2,000,000.00 2,014,606.88 1.500 01/1612018 1.212612012 1.332 1.350 07/16 - 01/16 -- _____ ..;...,. ______________ _ 2,000,000.00 1.332 uso 0.00 2,014,8011.88

38,808,484.12 1.109 1.124 0.00 31,823,091AO

Page 1

BookValul

34,608,484.52

34,808,484.52

2,014,608.88

2,014,608.88

3e,l23,0t1.40

Portfolio MSRG

CP PM (PRF _PMS) 7.3.0

Report Ver. 7.3.5

CUSIP Investment t Issuer


SYSGENERALFUND GENERALFUNO UBC

CuhTot.ls

Total Cash and Investments

Data Updated: SET_MSRG: 10/101201711:06 Run o.te: 10f1CW2017 -11:06


Investment Status Report- Cash September 30,2017

Stated Maturity Purcha .. ParValw Rllt8 Dm Date

YTM 380

VTM 365

390,541.00 01/01/11199 0.000 0.000

310,&41.00

38,999,025.52 1.101 1.1:U

Payment DatM

I - Monthly

Accrued lnterut AtPurchne

o.oo 0.00

Current Prtnctpal

3110,541.00

310,541.00

37 ,013,632..0

Page2

BookValu.

390,541.00

390,541.00

37,013,832 • .0

Portfolio MSRG CP

PM (PRF _PMS) 7.3.0


Activity By Type September 1, 2017 through September 30, 2017

CUSIP l .. uer

Managed Pool Accounts (Monthly Summary)

BegiMing Balance

SYSLAIF LAIF LOQII NJency Investment Fund

Subtotal 33,308,auz

Passbook/Checking Accounts (Monthly Summary)

SYSGENERAL FUND GENERAL FUND Union Bank of Galifomla

Subtotal

Corpo~te Medium Tenn Notes

Subtotal

Data Updated: SET_MSRG: 10110/2017 11:06 Run Data: 1011012017-11:08

Total

------3411,483.09

2,014,606.88

35,184,574.-Q

stated Trensac:tlon Purc:hues Rate Date orDepoells

1.111 4,600,000.00

4,600,000.00

29,057.111

29,057.91

4,829,087.11

Redemptions orWithd..-ala

3,300,000.00

3,300,000.00

0.00

0.00

3,300,000.00

Ending Balance

M,608 ... U2

390,541.00

2,014,106.88

37,013,632.40

Page1

Portfolio MSRG


Report Ver. 7.3.5

Percent CUSIP lnvutment t llsuer of Portfolio

Issuer: Local Agency Investment Fund

MSR Public Power Agency Activity Report

issuer:locaiAgencylnvesbnentFund September 1, 2017- September 30, 2017

P~yaiiJ!. Beginning Current Tranaac:tlon

Balance Rat. Date


SYSlAIF I.AIF Local Agency Investment Fund 1.111

Subtotal and Balance

laauer Subtotal 83.831%

Data Updated: SET _MSRG: 1 0/1 0/2017 11 :06 Run Date: 1011012017 - 11:06

Total

------33,301,4M.52

33,308,4114.52

33,301,4114.52

Purchases or Deposita

4,600,000.00

4,600,000.00

4,1100,000.00

,,100,000.00

PM' Value

Redemptions or Withdrawals

3,300,000.00

3,300,000.00

3,300,000.00

3,300,000.00

Modesto Irrigation District 1231 ·11th St.

Modesto, CA 95352 (209)526-7308

Ending Balance

3 ... 808,411"-52

34,&08,48-4.12

3,,808,4114.82

Portfolio MSRG CP

DA (PRF _DA) 7.2.0 Repol1 Vw. 7.3.5

Investments Par

Value

Federal Agency Issues - Coupon 22,341,000.00

Investments 22,341 ,000.00

Cash

Passbook/Checking (not Included In yield calculations)

13,144,897.50

Total Cash and lnvesbnents 35,485,817.50

Total Earnings September 30 Month Ending Current Year


Effective Rate of Return


Reporting period 09/01/2017-09130/2017 Data Updated: SET_MSRT: 10/041201713:47 Run De: 1010412017 ·13:48

38,092.30

34,119,408.44

1.36%

MSR Public Power Agency Trust Portfolio Management

Portfolio Summary September 30, 2017

Market Book Value Value

22,181 ,358.g8 22,510,198.08

22,181 ,358.98 22,510,198.08

13,144,897.50 13,144,897.50

35,328,254.48 35,855,095.58

Fiscal Year To Data 347,011.15

% of Dayt~ to Portfolio T•rm M.wrfty

100.00 1,588 856

100.00% 1,588 856

1,588 858

Modesto Irrigation District 1231 • 11th St.

Modesto, CA 95352 (209)526-7308

YTM 381 Equtv.

1.395

1.315

0.880

1.395

Portfolio MSRT CP

PM (PRF _PM1) 7.3.0 Report Ver. 7.3.5

CUSIP Investment fl l .. uer

Federal Agency Issues - Coupon

3135GOZA4 17159 Federal Nat'l Mtg. Asaoc. 3135GOZA4 17160 Federal Nafl Mtg. Assoc. 3135GOZA4 17181 Federal Narr Mtg. Assoc.

3135GOF73 17244 Federal Nafl Mtg. Assoc.

3136G3NG6 17283 FedenJI Nat'l Mig . .Assoc. 3136G36J9 17314 Federal Nat'l Mig . .Assoc.


Portfolio Details -Investments September 30,2017

Avenge Purchalt Balance Dcte Par Value MarbtValue

01112/2015 2,995,000.00 3,011 ,852.20

01/1212015 1,085,000.00 1,091 ,032.80 01/1212015 8,291,000.00 8,32s,sn.B8

11130/2015 3,000,000.00 2,979,900.00

0512512018 1 ,270,000.00 1 ,242,283.20 09/29/2016 3,700,000.00 3,586,891.00

3134GAHL1 17313 Fed Home Loan Mortgage Corp 09107/2018 4,000,000.00 3,!143,640.00


Total and Average

Data Updated: SET_MSRT: 10/041201713:47 Run Date: 1010412017 - 13:48

22,510,1118.08 22,341,000.00 22,181,3H.96

34,119,4011 .... 22,341,000.00 22,111,356.96

Stntd Book Value Rate

3,058,337.80 1.875

1 '107,220.80 1.875 6,419,839.88 1.875

2,956,800.00 1.500

1,270,000.00 1.200 3,700,000.00 1.450

4,000,000.00 1.200

22,510,198.08

22,510,198.08

Page1

YTM Daysto Maturity S&P 3S!i Maturity Dllte

AA+ 1.380 508 02/19/2019 M+ 1.360 soe 02/19/2019 AA+ 1.380 508 02119/2019

1.802 1,158 11130/2020

1.200 980 0511812020 1.450 1,459 09/29/2021

-~~ 05126/2020

1.395

1.395

8111

8H

Portfolio MSRT CP

PM (PRF _PM2)7.3.0

Report VIII'. 7.lU:I

CUSIP Investment #I Issuer

PassbookfChecklng Accounts

SYS30000 MONEY 30000MONEY u .s . Bank Corporate Trust SYS30001 MONEY 30001 MONEY U.S. Bank Corporate Trust SYS30002 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 32003MONEY U.S. Bank Corporate Trust SYS33000MONEY 33000MONEY U.S. Bank Corporate Trust

SYS7000MONEY 7000MONEY U.S. Bank Corporate Trust SYS785000 MONEY 785000 MONEY U.S. Bank Corporate Trust SYS785001 MONEY 785001 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 8000MONEY U.S. Bank Corporate Trust SYS8001 MONEY 8001 MONEY U.S. Bank Corporate Trust

Average Balance

Total cash and lnveatmenbl

Data Updated: SET_MSRT: 10104/201713:47 Run Date: 10/0412017 -13:48

Avttr'llge BaiMJCe

0.00

34,119,408.44

MSR Public Power Agency Trust Portfolio Management Portfolio Details r Cash

September 30, 2017

Purchase Date Par Value Mcrket Value

183,541.08 183,541.08

1,102,330.77 1,102,330.77

5,081,3110.02 5,081,390.02

181,415.15 181,415.15

119,122.42 119,122.42 88,631.98 88,831 .98

43,598.90 43,598.90

31,984.34 31,984.34 915,579.81 915,579.81

3,838,210.39 3,638,21 0.39

0.00 0.00

155.80 155.80

5,924.11 5,924.11

0.00 0.00 0.00 0.00

723,917.58 723,917.58

1,044,667.82 1,044,887.82

8,429.95 8,429.95

35,485,897.50 35,326,254.48

Stmct Book Value ltat8

183,541.08 0.880

1,102,330.77 0.880

5,061,390.02 0.880

181 ,415.15 0.880

119,122.42 0.880 86,831.98 0.880

43,598.90 0.880

31,984.34 0.880 915,579.61 0.880

3,638,21 0.39 0.880

0.00 0.880

155.80 0.880

5,924.11 0.880

0.00 0.880 0.00 0.880

723,917.58 0.880

1,044,887.62 0.880 8,429,95 0.880

35,1155,0115.58

S&P

Page2

YTM Dayato HS Maturtty

0.880

0.880

0.860

0.880

0.880 0.880

0.880

0.880

0.880

0.880

0.880

0.880

0.880

0.880

0.880

0.880

0.880

0.880

1.395

1

856

Portfolio MSRT


CUSIP Investment t r .. uer


3135GOZA4 17159 FNMA

3135GOZA4 17160 FNMA 3135GOZA4 17181 FNMA 3135GOF73 17244 FNMA

3138G3NG8 17283 FNMA

3138G38J9 17314 FNMA 3134GAHL1 17313 FREDMC

Fedenll Agency luues - Coupon Totals

lnveatment Totals

Data Updated: SET_MSRT: 1010412017 13:47 Run Dille: 1010412017 • 13:-48

Par Value

2,995,000.00

1,085,000.00

8,291,000.00 3,000,000.00

1,270,000.00

3,700,000.00 4,000,000.00

22,341,000.00

22,341,000.00


Investment Status Report - Investments September 30, 2017

Stated MMurlty Pure haM YTM YTM Payment Rate Dat. Date 360 365 Dltel

1.875 02/1912019 01/1212015 1.341 1.360 02119 - 08119

1.875 02119/2019 01/1212015 1.341 1.380 02/19 - 08119

1.875 0211912019 01/1212015 1.341 1.360 02119 - 08/19 1.500 1113012020 1113012015 1.778 1.802 0!!130 - 11130

1.200 0511812020 0512512018 1.184 1.200 11/18-06118

1.450 0912912021 0912912018 1.430 1.450 03129 - 09129 1.200 0512612020 0910712016 1.184 1.200 11126 - 05128 ----1.376 1.385

1.378 1.395

Accrued Interest Current At~ Prtnc:lpll

Received 3,056,337.60

Received 1,107,220.80

Received 8,419,839.88 2,956,800.00

1,270,000.00

3, 700,000.00 Recelved 4,000,000.00

0.00 22,510,198.08

0.00 22,510,198.08

Pag•1

Book Value

3,056,337.80

1,107,220.80

8,419,839.88 2,956,800.00

1,270,000.00

3,700,000.00 4,000,000.00

22,510,198.08

22,510,198.08

Portfolio MSRT CP

PM (PRF _PMS) 7.3.0 Report Ver. 7.3.5

CUSIP lmrfttment, Iauer


SYS30000 MONEY 30000MONEY US BANK

SYS30001 MONEY 30001 MONEY USBANK

SYS30002 MONEY 30002 MONEY US BANK SYS30003 MONEY 30003MONEY USBANK

SYS31000 MONEY 31000 MONEY US BANK

SYS31003 MONEY 31003MONEY USBANK



SYS33000MONEY 33000MONEY USBANK

SYS7000MONEY 7000MONEY USBANK







SYS8000MONEY 8000MONEY US BANK


CuhTotala

Total Cuh and lnveatments

Data Updated: SET_MSRT: 10/04/2017 13:47 Run Date: 1010412017 · 13:<48

Par ValUe

183,541.06

1,102,330.n

5,081,390.02

181,415.15

119,122.42

88,631.98

43,596.90

31,984.34

915,579.61

3,836,21 0.39

0.00

155.80

5,924.11

0.00

0.00

723,917.58

1,044,867.82

8,429.95

13,144,897.80

35,485,897.50


Investment Status Report - Cash September 30, 2017

Stated ~ PurchiH YTII YTM Payment Rate Dele Date 360 36& Dltea

0.880 0.8!18 0.880 0Ml1 - Monthly

0.880 0.888 0.880 01/01 • Monthly

0.880 0.888 0.880 01/26- Monthly

0.880 0.888 0.880 08/01 - Monthly

0.880 0.888 0.880 05/01-Monthly

0.880 0.888 0.880 08/01 -Monthly 0.880 0.868 0.880 05/01 - Monthly

0.880 0.888 0.880 08101 - Monthly 0.880 0.888 0.880 09/01 - Monthly 0.880 0.8118 0.880 01101 - Monthly

0.880 0.8118 0.880 04/01 -Monthly

0.880 0.888 0.880 06/01 - Monttlly

0.880 0.868 0.880 08/01 - Monthly

0.880 0.888 0.880 05/01 - Monthly

0.880 0.888 0.880 05/01-Monthly

0.880 0.888 0.880 08101 -Monthly

0.880 0.868 0.880 o 1/01 - Monthly

0.880 0.888 0.880 05/01 - Monthly

1.378 1.3115

Accrued lntefat Cumnt AtPun:hue Principal

183,541.06

1,102,330.77

5,061,390.02

181,415.15

119,122.42

86,631.98 43,596.90

31,984.34

915,579.81 3,836,21 0.39

0.00

155.60

5,924.11

0.00

0.00

723,917.58

1,044,687.62

8,4~.95

0.00 13,14ot,817.50

0.00 35,155,098.58

Page2

BoolcValue

183,541.06

1,1 02,330.77

5,081,390.02

181,415.15

119,122.42

86,631 .98

43,596.90

31,984.34

915,579.81 3,838,210.39

0.00

155.80

5,924.11

0.00

0.00

723,917.58

1 ,044,887.82

8,429.95

13, 14ot,897 .so 35,855,095.58

Portfolio MSRT

CP PM (PRf _PMS) 7.3.0

CUSIP Investment## Issuer


SYS30000 MONEY 30000M0NEY U.S. Bank Corporate Trust 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 31DOOMONEY U.S. Bank Corporate Trust SYS31003 MONEY 31003 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

SYS7000MONEY 7000MONEY U.S. Bank Corporate Trust SYS785001 MONEY 785001 MONEY U.S. Bank COipOr&te Trust SY$785002 MONEY 785002 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 8000MONEY U.S. Bank Corporate Trust

SYSB001 MONEY 6001 MONEY U.S. Bank Cofpofate Trust

Subtotal


Subtotal

Total

Data Updated: SET_MSRT: 1010412017 13:47 Run Date: 10104/2017- 13:48


Activity By Type September 1, 2017 through September 30,2017

Beginning Siaieci Tn~nsactlon Purchases Balance R.t8 Date or Deposits

0.880 2,047,947.06

0.880 388,397.18

0.880 1,883,297.72

0.880 106.72

0.880 33,383.25

0.880 51 .01

0.880 22,882.71

0.880 18.92 0.880 26,975.94

0.880 1,383,107.06

0.880 0.12 0.880 4.41

0.880 230,788.20

0.880 228,263.93 0.880 492,079.80

0.880 2,744.70

10,1134,887.14 8,518,008.73

22,610,198.08

33,345,081.22 11,518,008.73

Redemptions or Wlthdt'aw*

2,047,810.48

0.00

0.00

0.00

33,274.61 0.00

22,850.27

0.00

0.00

1,381,814.81

0.00

0.00

230,788.20

0.00

491,860.00

0.00

4,207,978.37

4,207,978.37

Ending Balance

13,144,897 .so

22,110,198.08

38,855,098.58

Page 1

Portfolio MSRT CP

PM (PRF _PM3) 7.3.0

Report Ver. 7 .3.5

Date Received CUSF

September 2017 3136G38J9

Data Updated: SET_MSRT: 10/0412017 13:47 Run Date: 10104/2017 - 13:48

MSR Public Power Agency Trust Received Interest

Sorted by Date Received Received September 1, 2017- September 30,2017

Par Cunent Interest


Modesto, CA 95352 (209)5'6-7308

lnv..unent• Security Type Value Rata Data Due Date Received Amount Due Amount Received Variance

17314 FAC 3,700,000.00 1.450 09/29/2017 09/29/2017 26,825.00 ------SUbtOtal 26,825.00

Total

Total Ca~h Overpayment

Yotel Cash ShortfaA

211,825.00

0.00

0.00

28,825.00

21,125.00

25,825.00

Portfolio MSRT CP

Rl {PRF _RI) 7. 1.1 Report VfK. 7.3.5

Date Received CUSIP

Cash Accounts

September 2017 SYS30000 MONEY SYS30001 MONEY SYS30002 MONEY

SYS30003 MONEY

SYS31 000 MONEY SYS31003 MONEY

SYS32000 MONEY SYS32003 MONEY SYS33000MONEY

SYS7000MONEY SYS785001 MONEY SYS785002 MONEY

SYS796002 MONEY SYSSOOOMONEY SYS8001 MONEY

Data Updated: SET_MSRT: 10/04/2017 13:47 Run Dele: 1010412017 · 13:48

Investment tl

30000MONEY 30001 MONEY 30002 MONEY

30003MONEY 31000MONEY 31003 MONEY

32000MONEY 32003MONEY 33000MONEY

7000MONEY 785001 MONEY 785002 MONEY

798002 MONEY BOOOMONEY 8001 MONEY


Received September 1, 2017 ·September 30,2017

security i"ar Current . · -·- ·- - -···· . .. Type Value Rate Date Received

PA1 183,5.41.06 0.880 09/0112017 PA1 1,102,330.77 0.880 09/0112017 PA1 5,061 ,390.02 0.880 0910112017

PA1 181,415.15 0.860 09/0112017

PA1 119,122.42 0.880 09/0112017 PA1 86,831.98 0.880 09/0112017

PA1 43,598.90 0.860 09/0112017 PA1 31,984.34 0.880 09/0112017 PA1 915,579.61 0.880 09/0112017

PA1 3,636,210.39 0.860 09/0112017 PA1 155.60 0.880 0910112017 PA1 5,924.11 0.880 09/0112017

PA1 723,917.58 0.880 0910112017 PA1 1,044,887.62 0.880 09/0112017 PA1 8,429.95 0.880 09/0112017

Subtotal

Total

I merest

Amount Received

136.58 337.24

1,5.47.18

106.72

88.64 51.01

32.44

18.92 150.94

1,492.25 0.12 4.41

237.78 419.80

2.65

4,1126.68

4,1126.88

Page2

Portfolio MSRT CP

Rl (PRF_RI) 7.1.1 Report Var. 7 .3.5

lnvesbnent #

luuer

No Sales or Maturities

lnv. Type

Purchase Date

Data Updated: SET_MSRT: 10/0412017 13:47 Run Date: 10104/2017-13:48

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

Sales/Calls/Maturities: September 1, 2017- September 30,2017

Par Value Sale Date

Current Rate Maturity Date

0.00

Day1 Held

Term

0

Book Value

0.00

Maturity/Sale Proceeds

0.00

ReaiiUd Gain/LoU

0.00

Total Earnings

0.00


Modesto, CA 95352 (209)526-7308

Total Total Net Eamlnp Yield 365

0.00

Portfolio MSRT CP

CG(PRF _CGR1)7.1.1 Report Ver. 7.3.5

Treasurer’s Report OCTOBER 2017

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

Index

i

Treasurer’s Report for the Month of October 2017

Investment Portfolio Pie Chart

MSR / LAIF / US Treasury 2-Year

Average Maturity Report

General Fund:

Portfolio Summary






Activity Report LAIF

Received Interest

Trust Funds:

Portfolio Summary






Received Interest

Realized Gains and Losses

Purchases Report

Corp Medium Term Notes5.75%

Federal Agency Issues0.00%

Managed Pool Accounts (LAIF)

94.25%

M‐S‐R Public Power AgencyInvestment Portfolio October 2017

1.155

1.6

0.94

0

0.5

1

1.5

2

2.5

3

Earnings Rate

MSR / LAIF / US Treasury 2‐YearOctober 2017

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

Cah

Passbook/Checking (not Included In yteld calculations)


Total Earnings October31 Current Year


Effective ~te of Return


Reporting pertod 10/01/2017-10/31/2017 Data Updated: SET_MSRG: 11/07/2017 14:10 Run Date: 11107/2017 -14:11

Par Value

32,998,97 4.27

2,000,000.00

34,998,974.27

499,278.48

35,498,250.73

Month Ending

35,082.78

35,972,801.48

1.15%


Portfolio Summary October 31, 2017

MarMt Book Value Value

32,998,974.27 32,998,974.27

2,000,100.00 2,014,606.88

34,999,074.27 35,013,581.15

499,278.48 499,278.46

35,498,350.73 35,512,857.61

Fiscal Year To Date

148,795.17

%of Portfolio

94.25

5.75

100.00%

Days to Tenn Maturtty

1

1,847 76

107 5

107 5

Modesto Irrigation District 1231 -11th St.

Modesto, CA 95352 (209)526-7308

YTM 365Equlv.

1.143

1.350

1.155

0.000

1.155

Portfolio MSRG CP

PM (PRF _PM1) 7.3.0 R-s>ort Ver. 7.3.5

Average CUSIP Investment tl !ee!ler Saianee


SYSLAIF LAIF Local Agency Investment Fund

Subtotal and Aver.ge

Corporate Medium Tenn Notes

94974BFGO 16709 Wells Fargo & Company


Total and Avetage

Data Updated: SET_MSRG: 11/0712017 14:10 Run OMfl: 1110712017 -14:11

33,583,945.98

2,014,608.88

35,972,801.411


Portfolio Details - Investments October 31, 2017

Purchase Dete Par Value M"ket Value

32,998,9R27 32,998,974.27

32,998,974.27 32,998,974.27

1212612012 2,000,000.00 2,000,1 00.00

2,000,000.00 2,000,100.00

34,998,974.27 34,999,074.27

suted Book Value Rate

32,998,974.27 1.143

32,998,974.27

2,014,606.88 1.500

2,014,1106.88

35,013,581.15

Page 1

YTM O.,.to lhturtty S&P 365 Maturity Date

---~43 ___ 1

1.143

1.350 76 01/1812018 ---1.350

1.155

76

5

Portfolio MSRG CP

PM (PRF _PM2) 7.3.0

Report Ver. 7.3.5

CUSIP lnYHtment# IUUilr


SYSGENERALFUND GENERAL FUND Union Bank of California

Average Balance

Total Cuh and Investments

Data Updated: SET_MSRG: 11/07/201714:10 Run Data: 11/0712017-14:11

Average Balance

o.oo 35,972,601A8

MSR Public Power Agency Portfolio Management Portfolio Details- Cash

October 31, 2017

Purchase D8te Par Value Martcet Value

01101/1999 499,276.48 499,278.46

35,498,250.73 35,ol98,350.73


499,276.48

35,512,857.61

S&P

Page2

YTM Days to 365 Maturtty

0.000

1.155 5

Portfolio MSRG CP

PM (PRF _PM2) 7.3.0

CUSIP


SYSLAIF LAIF LA IF

Managed Pool Account. Totals


94974BFGO 18709 WELLS

Corporate Medium Term Notes Totals

Investment Totals

Data Updated: SET_MSRG: 11/071201714:10 Run Dale: 1110712017 - 14:11


Investment Status Report - ! nvestments October 31, 2017

Staacl Maturity Purchase P• Velue Rate Oate Dete

YTM 360

YTM 365

P~ent Dates

32,998,974.27 1.143 1.127 1.143 01115 • Quarterly ----32,998,974.27 1.127 1.143

2,000,000.00 1.50001/1612018 12/2e/2012 1.332 1.350 07116.01/18 ----2,000,000.00 1.332 1.350

3.,918,17U7 1.139 1.155

Accrued Interest AtPurdlaH

0.00

0.00

0.00

Current Principal

32,998,97·U7

32,998,974.27

2, 014,606.88

2,014,106.81

35,013,581.15

Page 1

Book Value

32,998,974.27

32,998,974.27

2,014,601!.88

2,014,601.81

35,013,581.15

Portfolio MSRG CP

PM (PRF _PMS) 7.3.0 R11p0rt Ver. 7.3.5

CUSIP Investment II lsauer


SYSGENERALFUND GENERALFUNO UBC

Cash Totals

Total C.ah and lnvestmtnta

Data Updated: SET_MSRG: 11/07/2017 14:10 Run Dale: 1110712017-14:11


Investment Status Report ~ Cash October 31, 2017

Stated Maturtty Purchase Par Value Rate Date Date

YTM 360

YTM 365

499,278.48 01101/1999 0.000 0.000

499,278.46

35,4911,250.73 1.139 f .165

Payment Accrued lntertet Dates AtPun:haN

I -Monthly

0.00

0.00

cunent Principal

499,278.46

499,278.48

35,512,857.61

Page2

Book Value

499,278.48

499,278.48

35,!512,857 .61

Portfolio MSRG CP

PM (PRF _PMS) 7.3.0


Activity By Type October 1, 2017 through October 31, 2017

CUSIP ... .,., Managed Pool Accounts (Monthly Summary)

Beginning Blllanc:~

SYSLAIF LAIF local A!Jertollnvestme--._nt_F .... und ____ _

Subtotal 34,808,48U2


SYSGENERAL FUND GENERAL FUND Union Bank fA Ca~fomla

Subtotal


Subtotal

Data Updated: SET_MSRG: 11107/201714:10 Run Dllte: 11.10712017- 14:11

Total

390,541.00

2,014,808.88

37,013,13UO

Purch .... orDepoalta

1.143 1,090,489.75

1,090,489.75

108,735.46

108,735.46

1,199,225.21

Re<Mmptlo~ or Wlthdra-ls

2,700,000.00

2,700,000.00

0.00

0.00

2,700,000.00

Ending Balance

32,998,974.27

499,276.48

2,014,606.88

35,512,857.81

Page 1

Portfolio MSRG


Report Ver. 7.3.5

Percent CUSIP Investment I Issuer of Portfolio

Issuer: Local Agency Investment Fund

MSR Public Power Agency Activity Report

lssuer:LocaiAgencylnvesbnentFund October 1, 2017 ~October 31, 2017

Par Value

Beginning Current Transaction Balance R.t. Date


SYSlAIF lAIF Local Agency Investment Fund 1.143

Subtotal and BalanCe

lnuer Subtotal 92.959%

Data Updated: SET_MSRG: 11/0712017 14:10 Run Date: 11/0712017 - 14:11

Tote I

------34,608,484.52

3".608,484.52

34,8011,484.52

Purchases or Deposits

1,090,489.75

1,090,489.75

1,090,489.75

1,090,489.75

Par Value


2,700,000.00

2,700,000.00

2,700,000.00

2,700,000.00

Modesto Irrigation District 1231 -1 1th St.

Modesto, CA 95352 (209)526-7308

Ending Balance

32,918,974.27

32,998,974.27

32,998,97 ... 27

Portfolio MSRG CP

OA (PRF _DA) 7.2..0 Repoo1 Vw. 7.3.5

Date Received CUSIP

Cash Accounts

October 2017 SYSLAIF

Data Updated: SET_MSRG: 11/07/2017 14:10 Run Ollie: 11/0712017 · 1•:11

MSR Public Power Agency Received Interest

Sorted by Date Received Received October 1, 2017 ~October 31, 2017

Investment I

LAIF

Security Type

LA1

P1tr c~.~rrent Value Rate

31,998,1174.27 1.143

Date Received

1011312017

Subtotal

Total

Interest


Modesto, CA 95352 (209)526-7~01\

Amount Received

110,489.75

10,489.75

90,489,75

Portfolio MSRG

CP Rl (PRF _RI) 7.1.1 Report Ver. 7.3.5

Investments

Federal Agency Issues- Coupon

Federal Agency Issues- Discount

Investments

Cash Pasabook/Checklng (not included in yield calculationa)

Total Cnh and I1"1Y811tments

Total Earnings October31

Current Year

Avel'llge Daily Balance

Effec:tive Rate of Retum


Reporting period 10/01/2017-10/31/2017 Data Updated: SET_MSRT: 11/081201713:08 Run DIM: 1110812017 - 13:09

P• Vlllue

22,341 ,000.00

9,193,000.00

31,534,000.00

6,253,609.54

37 '787 ,609.54

Month Ending

40,282.14

36,175,516.17

1.31%


Portfolio Summary October 31, 2017

... rket Book v .. ue Ylllue

22,147,445.94 22,510,198.08

a,1n,sss.1e 9,178,089.56

31,325,001.70 31 ,886,267.64

6,253,609.54 6,253,609.54

37,578,611.24 37,939,877.18

Ascal Year To Date 385,099.42

%of Portfolio Tenn

71.04 1,568

28.98 65

100.00% 1,133

1,133

Days to Maturtty

825

58

603

603


Modesto, CA 95352 (209)526-7308

YTM 365Equlv.

1.3g5

1.038

1.291

0.890

1.291

Portfolio MSRT CP

PM (PRF _PM1) 7.3.0

Report Ver. 7 .3.5

Average CUSIP lnve.tment. loauer Balllnc;e


3135GOZA4 17159 Federal Nafl Mig. AMOC. 3135GOZA4 17160 Federal Net'l Mig. Assoc. 3135G02A4 17181 Federal Nat'l Mtg. Assoc.

3135GOF73 17244 Federal Nafl Mtg. Assoc.

3136G3NG8 17283 Federal Nan Mig. Assoc. 3138G36J9 17314 Federal Nat'l Mig. Assoc.

3134GAHL1 17313 Fed Home Loan Mortgage Corp

Subtotaii.IICI Avetege

Federal Agency Issues - Discount

313589RC9 17369 FNMA Discount Note 313589RC9 17370 FNMA Discount Note 313589RC9 17371 FNMA Dilccunt Note 313589RC9 17372 FNMA Discount Note

Subtotal end Average

Total end Average

Data Updated: SET_MSRT: 11/08/2017 13:08 Run o.te: 11.()SI2017 - 13:09

22,510,191.01

2.072,015.71

31,175,111.17


Portfolio DetiiUa - Investments October 31, 2017

Pur'cMM oa Per Value Market Value

01/1212015 2,995,000.00 3,007,998.30 01/1212015 1,085,000.00 1,089, 708.90 0111212015 1!,291,000.00 8,318,302.94

11/3012015 3,000,000.00 2,975,040.00

0512512016 1,270,000.00 1,240,586.80 09129/2016 3,700,000.00 3,578,529.00

09/07/2018 4,000,000.00 3,937,280.00

22,341,000.00 22,1.t7,....a.M

1012512017 1,471,000.00 1,468,528.72

1012512017 6,757,000.00 8,745,848.24 10/2512017 11,000.00 10,981.52 10/2512017 954,000.00 952,3117.28

1 ,193,000.00 9,177,555.76

31,53-1,000.00 31,325,001.70

StAitad Book Value Rete

3,056,337.80 1.875 1,107,220.80 1.875 6,419,839.68 1.875

2,95e,800.00 1.500

1,270,000.00 1.200 3,700,000.00 1.450

4,000,000.00 1.200

22,510,111.01

1,488,290.91 1.020

6,744,555.86 1.020 10,1179.74 1.020

952,243.05 1.020

9,171,069.56

31,681,287.64

Page 1

Y11l O.,Sto M*lrity S&P 365 M.turfty Date

M+ 1.380 475 02/1912019 M+ 1.31!0 475 02/19/2019 M+ 1.31!0 475 02/19/2019

1.802 1 ,125 1113012020

1.200 929 05/1812020 1.450 1,428 09/29/2021

1.200 937 05/2612020 ----1.315 125

1.038 58 1212912017

1.038 58 12129/2017

1.036 58 12129/2017 1.036 58 12129/2017 ---------1.031

1.291

58

603

Portfolio MSRT


Report Ver. 7.3.5

CUSIP lnvwtmentf# lpuer


SYS30000 MONEY 30000MONEY U.S. Bank Corporate Trust SYS30001 MONEY 30001 MONEY U.S. Bank Corporate Trust SYS30002 MONEY 30002 MONEY U.S. Bank Corporate Trust

SYS30003 MONEY 30003MONEY u.s. Bank Corporate Trust

SYS31000 MONEY 31000MONEY U.S. Bank Corporate Trust SYS31 003 MONEY 31003MONEY 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 Corporal8 Trust

SYS7000MONEY 7000MONEY U.S. Bank Corporate Trust SYS785000 MONEY 785000 MONEY U.S. Bank Corporate Trust SYS785001 MONEY 785001 MONEY U.S. Bank Corporate Trust

SYS785002 MONEY 785002 MONEY U.S. Bank Corporate Trust SYS786003 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 SYS8001 MONEY 8001 MONEY u.s. Bank Corporate Trust

Average Balance


Data Updated: SET_MSRT: 11/08/201713:08 Run Date: 1110812017-13:09

Avenge Balance

0.00

36,175,616.17

MSR Public Power Agency Trust Portfolio Management Portfolio Details - Cash

October 31, 2017

Purc:hue Data Par Value Market Value

183,674.25 183,874.25 887.40 687.40

1,282.11 1,282.11

181,546.80 181,546.80 119,208.88 119,208.88 88,694.85 86,894.85

43,828.54 43,828.54 32,007.55 32,007.55

915,728.00 915,728.00

3,637,882.06 3,837,882.08

0.00 0.00 155.71 155.71

5,928.41 5,928.41 0.00 0.00 0.00 0.00

93.74 93.74 1,045,098.47 1,045,098.47

198.79 196.79

37,787,609.54 37,5711,611.U

Stabld Book Value R.ta

183,874.25 0.890 887.40 0.890

1,282.11 0.890

181,546.80 0.890 119,208.86 0.890 88,894.85 0.890

43,628.54 0.890 32,007.55 0.890

915,728.00 0.890

3,837,682.06 0.890

0.00 0.890 155.71 0.890

5,928.41 0.890

0.00 0.890 0.00 0.890

93.74 0.890 1,046,096.47 0.890

198.79 O.BQO

37,939,877.18

S&P

Page2

YT1I 0¥to 3611Maturity

0.890 0.890 0.890

0.890 0.81H) 0.890

0.890 0.890 0.890

0.890 0.8QO 0.890

0.890 0.890 0.890

0.890 0.890 0.81H)

1.291

1

603

Portfolio MSRT CP

PM (PRF _PM2) 7.3.0

CUSIP IIIWstment. .._ Federal Agency Issues ·Coupon

3135GOZM 17159 FNMA

3135GOZA4 17160 FNMA 3135GOZA4 17161 FNMA 3135GOF13 17244 FNMA

3136G3NG6 17283 FNMA 3138G36J9 17314 FNMA 3134GAHL1 17313 FREDMC

Federal Agency Issues • Coupon Totals

Federal Agency lsaues • Discount

313589RC9 17389 FNMDN 313589RC9 17370 FNMDN

313589RC9 17371 FNMDN 313589RC9 17372 FNMDN

Federal Agency lsSUH • Discount Totals

Investment Totals

Data Updated: SET_MSRT: 11/081201713:08 Run 0.: 1110812017-13:09

hrV.aue

2,995,000.00

1,085,000.00

6,291,000.00 3,000,000.00

1,270,000.00

3, 700,000.00 4,000,000.00

22,341,000.00

1,471,000.00 8,757,000.00

11,000.00

954,000.00

11,193,000.00

31,534,000.00


Investment Status Report -Investments October 31, 2017

SUted Maturity Purchue YTM YTM Payment R-. Date one 310 315 Dates

1 .87502/1~19 01/1212015 1.341 1.360 02/19- 08/19

1.875 02/1912019 01/1212015 1.341 1.380 02/19- 08/19

1.875 02/19/2019 01/1212015 1.341 1.360 02/19- 08/19 1.500 1113012020 1113012015 1.n6 1.602 05130 - 11/30

1.200 05/1812020 05/2512016 1.184 1.200 11/18-05/18

1.450 09/29/2021 09129/2018 1.430 1.'150 03/29 - 09/29 1.200 0512612020 0910712018 1.184 1.200 11/26 - 05126 ----

1.37& 1.395

1.020 1212912017 10/25/2017 1.022 1 .038 12/29 ·At Maturity 1.020 1212912017 10125/2017 1.022 1.038 12129 - At Maturity

1.020 1212912017 10/2512017 1.022 1.038 12129 - At Matulity 1.020 121211/2017 10/2512017 1.022 1.038 12129-AtMaturity --1.022 1.036

1.274 1.291

Aec:n.ted lnwre•t Current AtPun:hUe Pnnelpl.l

Received 3,056,337.60

Received 1,107,220.80

Received 6,419,839.68 2,956,800.00

1 ,270,000.00

3,700,000.00 Received 4,000,000.00

0.00 22,510,1118.08

1,468,290. 91 6,744,555.86

10,979.74

952,243.05

o.oo •• 178,0811.56

o.oo 31,686,287.84

Page1

Book Value

3,058,337.60

1,107,220.80 6,419,839.68 2,958,800.00

1,270,000.00

3,700,000.00 4,000,000.00

22,110,198.08

1,468,290. 91 6,744,555.86

10,979.74

952,243.05

9,178,089.56

31,688,267.64

Portfolio MSRT

CP PM (PRF _PMS) 7.3.0

ReportVer. 7.3.5

CUSIP Investment II Issuer

Paubook/Checklng Accounts


SYS30001 MONEY 30001 MONEY USBANK SYS30002 MONEY 30002 MONEY US BANK SYS30003 MONEY 30003MONEY USBAHK


SYS31003 MONEY 31003 MONEY USBANK SYS32000 MONEY 32000MONEY US BANK

SYS32003 MONEY 32003MONEY USBANK SYS33000MONEY 33000MONEY US BANK SYS7000MONEY 7000MONEY US BANK

SYS785000 MONEY 785000 MONEY USBANK SYS785001 MONEY 785001 MONEY USBANK SYS785002 MONEY 785002 MONEY USBANK


SYS798000 MONEY 798000 MONEY USBANK SYS798002 MONEY 798002 MONEY USBANK

SYS8000MONEY 8000MONEY US BANK SYS8001 MONEY 8001 MONEY US BANK

CnhTotals

Total Cnh and Investments

Data Updated: SET _MSRT: 11/08/2017 13:08 Run Date: 1 110B12017- 13:09

Par Value

183,674.25

687.40 1,282.11

181,548.80

119,208.86

86,694.85 43,628.54

32,007.55 915,726.00

3,637,882.06

0.00 155.71

5,928.41

0.00

0.00 93.74

1,045,098.47 198.79

1,253,801.54

37,787,809.54


Investment Status Report ~ Cash October 31, 2017

Stat8d Maturity Pure: hue YTM YTM Payment Rata D.te Data 360 3«15 o.tel

0.890 0.878 0.890 05101 • Monthly

0.690 0.878 0.890 01/01 • Monthly 0.890 0.878 0.890 01/26 • Monthly 0.890 0.878 0.890 08/01 • Monthly

0.890 0.878 0.890 05101 • Monthly 0.890 0.878 0.890 08/01-Monthly 0.890 0.878 0.890 05101 - Monthly

0.890 0.878 0.890 08/01 • Monthly 0.890 0.878 0.890 09/01 - Monthly 0.8110 0.878 0.890 01101 - Monthly

0.890 0.878 0.890 04/01 - Monthly 0.890 0.878 0.890 06/01 - Monthly 0.890 0.878 0.890 08/01 - Monthly

0.890 0.878 0.890 05/01 - Monthly 0.890 0.878 0.890 05101 -Monthly 0.890 0.878 0.890 08/01-Monthly

0.890 0.878 0.890 01/01 - Monthly 0.890 0.878 0.890 05101 - Monthly

1.274 1.291

Accrued Interest Cu~nt At.Purchaae Prinelpal

183,674.25

687.40 1,282.11

181,548.80

119,208.86 86,694.85 43,628.54

32,007.55 1115,726.00

3,637,882.08

0.00 155.71

5,928.41

0.00

0.00 93.74

1,045,098.47

196.79

o.oo 8,253,809.54

0.00 37,939,877.18

Page2

Book Value

183,674.25

687.40 1,282.11

181,546.80

119,208.86

86,694.85 43,628.54

32,007.55 915,726.00

3,637,882.06

0.00

155.71 5,928.41

0.00

0.00 93.74

1,045,098.47 196.79

8,253,601.54

37,1131,877.18

Portfolio MSRT CP

PM (PRF _PMS) 7.3.0

CUSJP Jnvaatm121nt# luu&r


SYS30000 MONEY 30000MONEY U.S. Bank Corporate Trust

SYS30001 MONEY 30001 MONEY U.S. Bank Corporate Trust SYS30002 MONEY 30002 MONEY U.S. Bank Corporate Trust

SYS30003 MONEY 30003 MONEY U.S. Bank Corporatll Trust SYS31000 MONEY 31000MONEY U.S. Bank Corpora1e 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 Trust SYS33000MONEY 33000MONEY U.S. Bank Corporate Trust

SYS7000MONEY 7000MONEY U.S. Bank Corporate Trust

SYS785001 MONEY 785001 MONEY u.s. Bank Corporate Trust SYS785002 MONEY 785002 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 8000MONEY u.s. Bank Corporatll Trust

SYS8001 MONEY 8001 MONEY U.S. Bank Corporate Trust

Subtotal

Federal Agency Issues ·Coupon

Subtotal

Federal Agency Issues - Discount

313589RC9 17389 FNMA Oiscount Note

313589RC9 17370 FNMA Discount Note 313589RCg 17371 FNMA Discount Note

313589RC9 17372 FNMA Discount Note

Sublotlll

Total

Data Updated: SET_MSRT: 11/081201713:08 Run Dale: 1110812017 -13:09


Actavity By Typo October 1, 2017 through October 31, 2017

Beginning St.ted T111nuctlon Purchlaes Balance Ra~ Date orDepoalls

0.890 2,047,943.87

0.890 31!6,847.54 0.890 1,684,447.95

0.890 131.85 0.890 33,381.05 0.890 82.87

0.890 22,881.91

0.890 23.21 0.890 146.39

0.890 1,716,592.92

0.890 0.11 0.890 4.30

0.890 230,768.20

0.890 228,419.21 0.890 481 ,935.85

0.890 2,746.58

13,1...,897.150 6,8111,113 •• 1

22,510,198.08

1.020 1012512017 1,468,290.91

1.020 1012512017 8,744,555.88 1.020 1012512017 10,979.74

1.020 10/2512017 952,243.05

0.00 9,176,061.511

35,155,095.&8 15,992,182.17


2,047,810.48

1,488,290.91 8,744,555.88

0.00

33,274.81 0.00

22,850.27

0.00 0.00

1,715,121.25

0.00 0.00

230,768.20

952,243.05 481,507.00

10,979.74

13,707,<101.37

0.00

0.00 0.00

0.00

0.00

13,707,401.37

Ending Balance

11,253,609.5<1

22,510,198.08

9,176,0119.56

37,939,877.18

Page1

Portfolio MSRT


Report Ver. 7.3.5

Date Received CUSIP

Cash Accounts

October 2017 SY$30000 MONEY SYS30001 MONEY SYS30002 MONEY

SY$30003 MONEY SY$31000 MONEY SYS31003 MONEY

SYS32000 MONEY SY$32003 MONEY SYS33000MONEY

SYS7000MONEY SY$785001 MONEY SY$785002 MONEY

SY$798002 MONEY SYSBOOOMONEY SYS8001 MONEY

Data Updated: SET_MSRT: 11/081201713:08 RL11 Date: 1110812017- 13:09


Sorted by Date Received Received October 1, 2017 • October 31, 2017

Security P•r Cumnt lnVIstment tl Type V•lue R81e Dllte Received

30000MONEY PA1 183,674.25 0.8110 10/0212017 30001 MONEY PA1 687.40 0.890 10/0212017 30002 MONEY PA1 1,282.11 0.890 1010212017

30003MONEY PA1 181,548.80 0.890 10/0212017 31000 MONEY PA1 119,208.86 0.890 10102/2017 31003MONEY PA1 86,694.85 0.890 10/0212017

32000MONEY PA1 43,628.54 0.890 10/0212017 32003MONEY PA1 32,007.55 0.890 10102/2017 33000MONEY PA1 915,728.00 0.890 1010212017

7000MONEY PA1 3,637,682.06 0.890 1010212017 785001 MONEY PA1 155.71 0.890 10102/2017 785002 MONEY PA1 5,928.41 0.890 10102/2017

798002 MONEY PA1 93.74 0.890 10/0212017 BOOOMONEY PA1 1,045,098.47 0.890 10/0212017 8001 MONEY PA1 1116.79 0.890 10/0212017

Subtotal

Total

Interest


Modesto, CA 95352 (209)526-7308

Amount Received

133.19

587.60 2,697.41

131.65 86.44 62.87

31.84 23.21

146.39

1,471.67

0.11 4.30

393.06 428.85

4.53

6,202.12

6,202.92

Portfolio MSRT CP

RI(PRF_RI)7.1.1 Report Ver. 7.3.5

Investment 11

Iauer

No Sales or Maturities

lnv. Type

Pur.:hue Date

Data Updated: SET_MSRT: 11/08/2017 13:08 Run D.te: 11108/2017 -13:09

Par Value

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

Sales/Calls/Maturities: October 1, 2017- October 31, 2017

Sale oat&

Current Rate Maturity Date

Days Held

Term Book Value Maturity/Sale

Proceeds

0.00 0 0.00 0.00

Realized Gain/Loss

0.00

Total l!amlngs

0.00


Modesto, CA 95352 (209}526-7308

Total Total Net Earnings Yield 365

0.00

Portfolio MSRT CP

CG (PRF _CGR1) 7.1.1

Report Ver. 7.3.5

CUSIP lnvntment t Fund

313589RC9 17369 30001

313589RC9 17370 30002

313569RC9 17371 8001 313589RCII 17372 798002

Data Updated: SET_MSRT: 11/08/201713:08 R.n DaiM: 1110e12017 -13:09

aec. Type Issuer

FAD FNMDN

FAD FNMDN FAD FNMON FAD FNMDN

Total Pun:haes

MSR Public Power Agency Trust Purchases Report

Sorted by Purchase Date - Investment Number October 1. 2017 - October 31, 2017

Orig;nal Purchase Principal Par Value Date payment Periods Purchned

1,471 ,000.00 10125/201712129 - At Malllity 1 ,<168,290.91

6,757,000.00 101251201712129 - At Matulity 6,744,555.86

11,000.00 1 0125120171212G - At Maturity 10,979.74 954,000.00 101251201712129-AtMaturily 952,243.05

9,193,000.00 9,1711,069.56

Ac:erued interest Rate It llliaturlty It Purchne Purc:hHe Oat.

1.020 1212912017

1.020 1212912017

1.020 12129/2017 1.020 12129/2017

O.DO

Modesto Irrigation Distrid 1231 -11th St.

Modesto, CA 95352 (209)526-7308

YTM 365

1.036

1.036

1.036 1.036

Ending Book Value

1,<168,290.91

6,744,555.86

10,979.74 952,243.05

9,176,069.56

Portfolio MSRT CP

PU (PRF _PU) 7.1.1 Report Vw. 7.3.5

M-S-R Public Power Agency Staff Report

Date: November 8, 2017 From: Martin R. Hopper, General Manager To: M-S-R PPA Commission Subject: November 2017 San Juan Fuel Consumption Status Report Pursuant to Section 5.6, “Exiting Participant Dispatch Requirements; Invoicing” of the San Juan Project Restructuring Agreement, M-S-R PPA is required to dispatch its share of San Juan Unit No. 4 at an annual capacity factor of not less than 85% of the Unit’s Equivalent Availability Factor (EAF) through the Exit Date. With generation reported through September 30, 2017 M-S-R PPA has met this requirement and accrued a positive compliance margin as shown below: Through September 30, 2017 Required Achieved Margin

YTD Capacity Factor 74.18% 82.91% 8.73% Cumulative Generation (kWh) 709,700,000 793,200,000 83,500,000

The attached chart also illustrates the Agency’s status in meeting these requirements through the end of 2017. I recommend the Commission note and file the November 2017 San Juan Fuel Consumption Status Report.

11/8/17 Coal Consumption Review 10-15-17.xlsx

-

200,000,000

400,000,000

600,000,000

800,000,000

1,000,000,000

1,200,000,000

1,400,000,000

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

kWhGen

era*

on

SanJuanUnit4DispatchRequirementsCummula*veThroughSeptember30,2017

CumlBudgetkWh

CumlReq'dkWh

CumlAchievedkWh


Date: November 8, 2017 From: Martin R. Hopper, General Manager To: M-S-R PPA Technical Committee Subject: November 2017 San Juan Balancing Account Status Report M-S-R PPA has two major balancing accounts associated with the operations of the San Juan Project: a Deviation Account with Public Service Company of New Mexico (PNM) under the M-S-R/PNM Interconnection Agreement which reconciles scheduled and actual unit generation; and a Balancing Account with Tucson Electric Power Company (TEP) for the Reserve Sharing under Service Schedule E to the M-S-R/TEP Interconnection Agreement. The balance in the Deviation Account is small and regularly trued-up. Historic balances and projections for the Deviation Account are shown on the attached chart. Pursuant to the Letter Agreement Terminating Operating Procedure No. 1 between PNM and M-S-R any balance remaining in the Deviation Account as of the Exit Date will be cashed out at a Palo Verde index price. M-S-R PPA is currently returning energy to TEP at a rate of about 27 MWh/hr in off-peak hours and TEP is returning energy to M-S-R PPA at a rate of about 7 MWh/hr in peak hours consistent with the requirement in Service Schedule E that energy be returned in like hours. The M-S-R Coordinator has reviewed the Member’s progress in returning energy and has concluded that the Agency’s obligations with respect to TEP will be satisfied and each Member’s balances zeroed out by the fourth week of November. Historic balances and projections for the Reserve Share Balancing Account are shown on the attached charts. I recommend the Commission note and file the November 2017 San Juan Balancing Account Status Report.

11/8/17 PNM Balancing Account Status.xlsx

(1,000)

(500)

-

500

1,000

1,500

2,000

2,500

3,000

3,500

MWh

Devia*onAccoun*ngM-S-ROwesPNM(MWh)

M-S-ROwesPNM(MWh)

11/8/17 TEP Balancing Account Status.xlsx

(40,000)

(20,000)

-

20,000

40,000

60,000

80,000

100,000

MWh

ReserveShareAccoun1ngM-S-ROwesTEP(MWh)

On-PeakM-S-RowesTEP(MWh)

Off-PeakM-S-ROwesTEP((MWh)

TotalM-S-ROwesTEP(MWh)

of 1


Date: November 8, 2017 From: Martin R. Hopper, General Manager To: M-S-R PPA Technical Committee Subject: November 2017 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 every other month. I recommend the Commission note and file the November 2017 WREGIS REC Transfers Status Report.

WREGIS Transfer Durations.xlsx 11/8/17

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

BHIDuraEon

BHIIDuraEon

OpenTransfers


Date: November 7, 2017 From: Martin R. Hopper, General Manager To: M-S-R PPA Commission Subject: November 2017 Outside Services Budget versus Actual Report Major Legal Providers Reporting Are: Duncan, Weinberg, Genzer, and Pembroke: Through: September 30, 2017 Law Offices of Susie Berlin: Through: September 30, 2017 Porter Simon: Through: October 31, 2017 Major Consulting Providers Reporting Are: Navigant Consulting: Through: September 30, 2017 KBT LLC: Through: September 30, 2017 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

11/8/17 2017 Legal Expenses.xlsx

Month of: Oct-2017

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 10,000 3,300 6,700 33% Generation 100,000 78,710 21,290 79%Gen - Other 417 0 417 0% Gen - Other 4,167 406 3,760 10%Transmission 24,333 88 24,245 0% Transmission 243,333 228,461 14,872 94%Trans - Other 0 0 0 0% Trans - Other 0 7,307 (7,307) #DIV/0!Renewables 5,000 176 4,824 4% Renewables 50,000 51,058 (1,058) 102%Rens - Other 25,000 0 25,000 0% Rens - Other 250,000 249,236 764 100%Administrative 3,333 432 2,901 13% Administrative 33,333 33,651 (318) 101%Total 68,083 3,996 64,087 6% Total 680,833 648,829 32,004 95%

By ProviderBudget Current Month


Positive Variance

Actual v. Budget % By Provider Budget Year



Actual v. Budget %

Duncan 53,750 0 53,750 0% Duncan 537,500 537,598 (98) 100%Berlin 8,750 0 8,750 0% Berlin 87,500 64,519 22,981 74%Porter Simon 5,167 3,996 1,170 77% Porter Simon 51,667 46,306 5,360 90%Others 417 0 417 0% Others 4,167 406 3,760 10%Total 68,083 3,996 64,087 6% Total 680,833 648,829 32,004 95%

CURRENT MONTH YEAR TO DATE

-

250,000

500,000

750,000

1,000,000

Jan-2017 Feb-2017 Mar-2017 Apr-2017 May-2017 Jun-2017 Jul-2017 Aug-2017 Sep-2017 Oct-2017 Nov-2017 Dec-2017

AllLegal-Total

CUMMULATIVEBUDGET

CUMMULATIVEACTUAL

M-S-R PPADuncan Summary


Month of: Oct-2017

Budget Current Month


Positive Variance

Actual v. Budget %

Generation 1,250 0 1,250 0%Gen - Other 0 0 0 0%Transmission 24,167 0 24,167 0%Trans - Other 0 0 0 0%Renewables 3,333 0 3,333 0%Rens - Other 25,000 0 25,000 0%Administrative 0 0 0 0%Total 53,750 0 53,750 0%

Budget Year to Date

Actual Year to Date

Positive Variance

Actual v. Budget %

Generation 12,500 6,569 5,931 53%Gen - Other 0 0 0 0%Transmission 241,667 226,756 14,910 94%Trans - Other 0 7,307 (7,307) #DIV/0!Renewables 33,333 47,730 (14,396) 143%Rens - Other 250,000 249,236 764 100%Administrative 0 0 0 0%Total 537,500 537,598 (98) 100%

CURRENT MONTH

YEAR TO DATE

-

100,000

200,000

300,000

400,000

500,000

600,000

700,000

Jan-2017

Feb-2017

Mar-2017

Apr-2017

May-2017

Jun-2017

Jul-2

017

Aug-2017

Sep-2017

Oct-201

7

Nov-2017

Dec-201

7

Duncan-Total

CUMMULATIVEBUDGET

CUMMULATIVEACTUAL

M-S-R PPABerlin Summary


Month of: Oct-2017



Positive Variance

Actual v. Budget %

Generation 6,250 0 6,250 0%Gen - Other 0 0 0 0%Transmission 0 0 0 0%Trans - Other 0 0 0 0%Renewables 833 0 833 0%Rens - Other 0 0 0 0%Administrative 1,667 0 1,667 0%Total 8,750 0 8,750 0%

Budget Year to Date

Actual Year to Date

Positive Variance

Actual v. Budget %

Generation 62,500 44,630 17,870 71%Gen - Other 0 0 0 0%Transmission 0 0 0 0%Trans - Other 0 0 0 0%Renewables 8,333 2,119 6,215 25%Rens - Other 0 0 0 0%Administrative 16,667 17,771 (1,104) 107%Total 87,500 64,519 22,981 74%

CURRENT MONTH

YEAR TO DATE

-

20,000

40,000

60,000

80,000

100,000

120,000

Jan-2017

Feb-2017

Mar-2017

Apr-2017

May-2017

Jun-2017

Jul-2

017

Aug-2017

Sep-2017

Oct-201

7

Nov-2017

Dec-201

7

Berlin-Total

CUMMULATIVEBUDGET

CUMMULATIVEACTUAL

M-S-R PPAPorter Simon Summary


Month of: Oct-2017



Positive Variance

Actual v. Budget %

Generation 2,500 3,300 (800) 132%Gen - Other 0 0 0 0%Transmission 167 88 79 53%Trans - Other 0 0 0 0%Renewables 833 176 657 21%Rens - Other 0 0 0 0%Administrative 1,667 432 1,234 26%Total 5,167 3,996 1,170 77%

Budget Year to Date

Actual Year to Date

Positive Variance

Actual v. Budget %

Generation 25,000 27,511 (2,511) 110%Gen - Other 0 0 0 0%Transmission 1,667 1,705 (38) 102%Trans - Other 0 0 0 0%Renewables 8,333 1,210 7,123 15%Rens - Other 0 0 0 0%Administrative 16,667 15,880 786 95%Total 51,667 46,306 5,360 90%

CURRENT MONTH

YEAR TO DATE

-

10,000

20,000

30,000

40,000

50,000

60,000

70,000

Jan-2017

Feb-2017

Mar-2017

Apr-2017

May-2017

Jun-2017

Jul-2

017

Aug-2017

Sep-2017

Oct-201

7

Nov-2017

Dec-201

7

PorterSimon-Total

CUMMULATIVEBUDGET

CUMMULATIVEACTUAL

11/8/17 2017 Input 2017 Legal Expenses.xlsx

Legal Costs - 2016 2017 Budget Reallocated Budget Jan-2017 Feb-2017 Mar-2017 Apr-2017 May-2017 Jun-2017 Jul-2017 Aug-2017 Sep-2017 Oct-2017 Nov-2017 Dec-2017 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 20,000 15,000 - 274 - - - 3,128 2,620 234.60 312.80 - - - 6,569 547 6,569 Transmission

FERC Gen'l 300,000 290,000 27,459 26,316 19,113 22,802 22,353 29,317 26,944 27,053.50 25,397.49 - 23,000 23,000 272,756 22,730 272,756 Trans - Other

Other Trans - TRR - - - - - - - - - 4,535.60 2,771.80 - - - 7,307 609 7,307 CASIO Rate Case/SWTPRenewables

BPA/PNW Gen'l 25,000 40,000 6,530 9,931 3,910 2,581 3,754 626 3,374 2,673.10 14,352.14 - 1,000 1,000 49,730 4,144 49,730 Rens - Other

OMP/BPA Rate Case 300,000 300,000 36,982 36,816 63,045 41,700 27,701 16,009 8,434 14,878.00 3,670.94 - 12,500 12,500 274,236 22,853 274,236 645,000 645,000 70,971 73,337 86,068 67,082 53,808 49,080 41,371 49,374.80 46,505.17 - 36,500.00 36,500 610,598 50,883 610,598

11.00% 22.37% 35.72% 46.12% 54.46% 62.07% 68.48% 76.14% 83.35% 83.35% 89.01% 94.67% 95%

Law Offices of Susie BerlinGeneration

AB32/Cap & Trade/SB136825,000 75,000 11,034 6,062 4,272 9,003 5,343 3,773 2,268.90 2,405.15 469.00 - 6,000 6,000 56,630 4,719 56,630 Renewables

RES/RPS 50,000 10,000 972 34 - 101 276 436 100.50 167.50 33.50 - 1,000 1,000 4,119 343 4,119 A&G 10,000 20,000 684 736 1,809 434 3,564 2,111 2,795.13 3,283.00 2,355.40 - 2,000 2,000 21,771 1,814 21,771

85,000 105,000 12,689 6,831 6,081 9,538 9,183 6,319 5,164.53 5,855.65 2,857.90 - 9,000.00 9,000 82,519 6,877 82,519 12.08% 18.59% 24.38% 33.47% 42.21% 48.23% 53.15% 58.72% 61.45% 61.45% 70.02% 78.59% 79%

Others Italics = EstimatesGeneratiion - Other

Montgomery Andrews 5,000 5,000 35 - - - - - - - 370.97 - - - 406 34 406 5,000 5,000 35 - - - - - - - 371 - - - 406 34 406

0.70% 0.70% 0.70% 0.70% 0.70% 0.70% 0.70% 0.70% 8.12% 8.12% 8.12% 8.12% 8%- -

Sub Total 735,000 755,000 83,695 80,168 92,149 76,620 62,991 55,399 46,536 55,230 49,734 - 45,500 45,500 693,523 57,794 693,523 11.09% 21.70% 33.91% 44.06% 52.40% 59.74% 65.90% 73.22% 79.80% 79.80% 85.83% 91.86% 92%

Porter SimonM-S-R PPA

Generation 40,000 30,000 1,254 2,860 2,200 3,476 1,694.00 2,266 2,816.00 3,542.00 4,103 3,300.00 2,500 2,500 32,511 2,709 32,511 Transmission 2,000 2,000 - 462 - - - - - 506.00 649 88.00 - - 1,705 142 1,705

Renewables 10,000 10,000 110 154 418 44 154.00 - - - 154 176.00 1,000 - 2,210 184 2,210 A&G 30,000 20,000 1,968 220 3,099 100 3,295.80 - 3,671.00 - 3,095 432.33 3,000 500 19,380 1,615 19,380

82,000 62,000 3,332 3,696 5,717 3,620 5,143.80 2,266 6,487.00 4,048.00 8,001 3,996.33 6,500 3,000.00 55,806 4,651 55,806 5.37% 11.33% 20.56% 26.39% 34.69% 38.35% 48.81% 55.34% 68.24% 74.69% 85.17% 90.01% 90%

GRAND TOTAL 817,000 817,000 87,026 83,864 97,866 80,240 68,135 57,665 53,023 59,278 57,735 3,996 52,000 48,500 749,329 62,444 749,329 10.65% 20.92% 32.90% 42.72% 51.06% 58.11% 64.60% 71.86% 78.93% 79.42% 85.78% 91.72% 92%

Legal Original 2017

Budget

Legal Revised

2017 BudgetG 85,000 120,000 95,710 95,710 G - Other 5,000 5,000 406 406 T 302,000 292,000 274,461 274,461 T - Other - - 7,307 7,307 R 85,000 60,000 56,058 56,058 R - Other 300,000 300,000 274,236 274,236 A 40,000 40,000 41,151 41,151

817,000 817,000 749,329 749,329

50/35/15 432,000 457,000 419,035 419,035 Renew 385,000 360,000 330,294 330,294

M-S-R PPATotal Outside Consult Summary

11/8/17 2017 Consulting and Outside Service Expenses.xlsx

Month of: Oct-2017

By FunctionBudget Current Month


Positive Variance

Actual v. Budget % By Function Budget Year



Actual v. Budget %

Generation 13,667 0 13,667 0% Generation 136,667 123,471 13,196 90%Gen - Other 0 0 0 0% Gen - Other 0 0 0 0%Transmission 1,250 0 1,250 0% Transmission 12,500 6,674 5,826 53%Trans - Other 0 0 0 0% Trans - Other 0 0 0 0%Renewables 12,000 0 12,000 0% Renewables 120,000 104,456 15,544 87%Rens - Other 5,000 0 5,000 0% Rens - Other 50,000 41,840 8,160 84%Administrative 3,750 0 3,750 0% Administrative 37,500 31,234 6,266 83%Total 35,667 0 35,667 0% Total 356,667 307,675 48,992 86%

By ProviderBudget Current Month


Positive Variance

Actual v. Budget % By Provider Budget Year



Actual v. Budget %

Navigant 4,583 0 4,583 0% Navigant 45,833 32,731 13,103 71%KBT 27,917 0 27,917 0% KBT 279,167 254,196 24,971 91%Others 3,167 0 3,167 0% Others 31,667 20,748 10,919 66%Total 35,667 0 35,667 0% Total 356,667 307,675 48,992 86%

CURRENT MONTH YEAR TO DATE

-

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

Jan-2017 Feb-2017 Mar-2017 Apr-2017 May-2017 Jun-2017 Jul-2017 Aug-2017 Sep-2017 Oct-2017 Nov-2017 Dec-2017

OutsideServicesConsultants-Total

CUMMULATIVEBUDGET

CUMMULATIVEACTUAL

M-S-R PPANavigant Summary


Month of: Oct-2017



Positive Variance

Actual v. Budget %

Generation 417 0 417 0%Gen - Other 0 0 0 0%Transmission 1,250 0 1,250 0%Trans - Other 0 0 0 0%Renewables 2,083 0 2,083 0%Rens - Other 0 0 0 0%Administrative 833 0 833 0%Total 4,583 0 4,583 0%

Budget Year to Date

Actual Year to Date

Positive Variance

Actual v. Budget %

Generation 4,167 2,958 1,209 71%Gen - Other 0 0 0 0%Transmission 12,500 6,674 5,826 53%Trans - Other 0 0 0 0%Renewables 20,833 19,002 1,831 91%Rens - Other 0 0 0 0%Administrative 8,333 4,096 4,237 49%Total 45,833 32,731 13,103 71%

YEAR TO DATE

CURRENT MONTH

-

10,000

20,000

30,000

40,000

50,000

60,000

Jan-2017

Feb-2017

Mar-2017

Apr-2017

May-2017

Jun-2017

Jul-2

017

Aug-2017

Sep-2017

Oct-201

7

Nov-2017

Dec-201

7

Navigant-Total

CUMMULATIVEBUDGET

CUMMULATIVEACTUAL

M-S-R PPAKBT Summary


Month of: Oct-2017



Positive Variance

Actual v. Budget %

Generation 11,667 0 11,667 0%Gen - Other 0 0 0 0%Transmission 0 0 0 0%Trans - Other 0 0 0 0%Renewables 8,333 0 8,333 0%Rens - Other 5,000 0 5,000 0%Administrative 2,917 0 2,917 0%Total 27,917 0 27,917 0%

Budget Year to Date

Actual Year to Date

Positive Variance

Actual v. Budget %

Generation 116,667 110,139 6,528 94%Gen - Other 0 0 0 0%Transmission 0 0 0 0%Trans - Other 0 0 0 0%Renewables 83,333 75,080 8,254 90%Rens - Other 50,000 41,840 8,160 84%Administrative 29,167 27,137 2,029 93%Total 279,167 254,196 24,971 91%

YEAR TO DATE

CURRENT MONTH

-50,000

100,000150,000200,000250,000300,000350,000400,000

Jan-2017

Feb-2017

Mar-2017

Apr-2017

May-2017

Jun-2017

Jul-2

017

Aug-2017

Sep-2017

Oct-201

7

Nov-2017

Dec-201

7

KBT-Total

CUMMULATIVEBUDGET

CUMMULATIVEACTUAL

M-S-R PPAMisc Outside Services Summary


Month of: Oct-2017



Positive Variance

Actual v. Budget %

Generation 1,583 0 1,583 0%Gen - Other 0 0 0 0%Transmission 0 0 0 0%Trans - Other 0 0 0 0%Renewables 1,583 0 1,583 0%Rens - Other 0 0 0 0%Administrative 0 0 0 0%Total 3,167 0 3,167 0%

Budget Year to Date

Actual Year to Date

Positive Variance

Actual v. Budget %

Generation 15,833 10,374 5,459 66%Gen - Other 0 0 0 0%Transmission 0 0 0 0%Trans - Other 0 0 0 0%Renewables 15,833 10,374 5,459 66%Rens - Other 0 0 0 0%Administrative 0 0 0 0%Total 31,667 20,748 10,919 66%

YEAR TO DATE

CURRENT MONTH

-

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

Jan-2017

Feb-2017

Mar-2017

Apr-2017

May-2017

Jun-2017

Jul-2

017

Aug-2017

Sep-2017

Oct-201

7

Nov-2017

Dec-201

7

OutsideServices-Total

CUMMULATIVEBUDGET

CUMMULATIVEACTUAL

11/8/17 2017 Input 2017 Consulting and Outside Service Expenses.xlsx

Consultant Costs - 2016 2017 Budget Revised

Budget Task Orders Jan-2017 Feb-2017 Mar-2017 Apr-2017 May-2017 Jun-2017 Jul-2017 Aug-2017 Sep-2017 Oct-2017 Nov-2017 Dec-2017 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 5,000 5,000 - - - - 2,958 - - - - 2,958 329 3,944 Transmission

SCE TO-11 et al 30,000 15,000 - - - - 618 - 2,627 - 3,429.90 - 2,500 2,500 11,674 973 11,674 Other Trans

- - - - - - Renewables ARI - NCI 2017-01 25,000 25,000 21,135 - - - - - - - 19,002.00 - - - - 19,002 1,584 19,002 BH1 Cost/Competitiveness

Administrative 10,000 10,000 1,565 - - - 1,656 - 773 - 102.00 - 1,000 - 5,096 425 5,096 70,000 55,000 1,565 - - - 5,232 - 3,399 19,002.00 3,531.90 - 3,500.00 2,500 38,731 3,310 39,717

2.85% 2.85% 2.85% 2.85% 12.36% 12.36% 18.54% 53.09% 59.51% 59.51% 65.87% 70.42% 72%

KBTGeneration

General 140,000 140,000 16,819 10,830 11,020 12,421 10,260 10,640 11,210.00 15,158.52 11,780.00 - 10,000 10,000 130,139 10,845 130,139 Gen - Other

SJGS Disposition 25,000 - KBT 2017-XX - - - - - SJGS Restructuring Closing

- - - - Remaining 25,000

TransmissionGeneral - - - - - -

Trans - OtherManagement - - - - - - -

RenewablesGeneral 50,000 100,000 5,320 10,028 10,439 11,817 10,953 9,500 9,124.16 2,660.00 5,238.00 - 6,000 6,000 87,080 7,257 87,080

Rens - OtherBP-16 Rate Case 60,000 60,000 - BP-18 Rate Case

KBT 2017-01 16,240 6,640 9,600 16,240 8,120 16,240 Jan - FebKBT 2017-02 19,200 6,240 5,120 11,360 5,680 11,360 Mar - AprKBT 2017-03 19,200 3,520 4,160 7,680 3,840 7,680 May - JunKBT 2017-04 12,800 3,840.00 1,760.00 5,600 2,800 5,600 Jul - AugKBT 2017-05 6,400 960.00 - 960 480 960 Sep - OctKBT 2017-05 6,400 3,200 3,200 6,400 3,200 6,400 Nov - Dec

Sum 80,240 48,240 48,240

Administrative 45,000 35,000 1,911 3,262 3,252 1,900 1,911 3,683 4,011.60 1,900.00 5,307.67 - 3,000 3,000 33,137 2,761 33,137 320,000 335,000 30,690 33,720 30,951 31,259 26,644 27,983 28,185.76 21,478.52 23,285.67 - 22,200.00 22,200.00 298,596 44,983 298,596

9.16% 19.23% 28.47% 37.80% 45.75% 54.10% 62.52% 68.93% 75.88% 75.88% 82.51% 89.13% 89%

SUBTOTAL 390,000 390,000 32,255 33,720 30,951 31,259 31,876 27,983 31,585 40,481 26,818 - 25,700 24,700 337,327 48,293 338,313 8.27% 16.92% 24.85% 32.87% 41.04% 48.22% 56.32% 66.69% 73.57% 73.57% 80.16% 86.49% 87%

Outside Services Italics = EstimatesGeneration

Ferguson Group 5,000 5,000 - - - - Politico Group 14,000 14,000 1,075 1,247 1,821 1,000 1,000 1,230 1,000 1,000 1,000 - 1,200 1,000 12,574 1,048 12,574

TransmissionRenewables

Ferguson Group 5,000 5,000 - - - - Politico Group 14,000 14,000 1,075 1,247 1,821 1,000 1,000 1,230 1,000 1,000 1,000 - 1,200 1,000 12,574 1,048 12,574

Rens - OtherAdministrative - - - -

38,000 38,000 2,150 2,495 3,643 2,000 2,000 2,461 2,000 2,000 2,000 - 2,400 2,000 25,148 2,096 25,148 5.66% 12.22% 21.81% 27.07% 32.33% 38.81% 44.07% 49.34% 54.60% 54.60% 60.92% 66.18% 66%

GRAND TOTAL 428,000 428,000 34,405 36,215 34,593 33,259 33,876 30,443 33,585 42,481 28,818 - 28,100 26,700 362,475 50,388 363,461 8.04% 16.50% 24.58% 32.35% 40.27% 47.38% 55.23% 65.15% 71.89% 71.89% 78.45% 84.69% 85%

Original 2017 Budget

Revised 2017 Budget

G 164,000 164,000 146,657 G - Other 25,000 - - T 30,000 15,000 11,674 T - Other - - - R 94,000 144,000 118,656 R - Other 60,000 60,000 48,240 A 55,000 45,000 38,234

428,000 428,000 363,461

50/35/15 274,000 224,000 196,565 Renew 154,000 204,000 166,896


Date: November 7, 2017 From: Martin R. Hopper, General Manager To: M-S-R Commission Subject: Regulatory Counsel Fee Adjustment

The Law Offices of Susie Berlin has provided specialized Regulatory Counsel representation to M-S-R PPA since 2013 and for the prior decade through the firm of McCarthy and Berlin, LLP, related to the implementation of California’s global warming and renewable portfolio requirements, among other matters. Services are contracted on a time and materials reimbursement basis. The proposed hourly fee increase to $390 for the senior attorney category is equal to those charged by the Agency’s FERC Counsel senior attorneys. The proposed fee adjustments would become effective December 1, 2017. The 2018 M-S-R PPA Budget will accommodate the proposed Regulatory Counsel fee adjustments. I recommend the Commission consent to the fee adjustment proposed by the Law Offices of Susie Berlin.

11/8/17

M-S-R PUBLIC POWER AGENCY SAN JUAN PROJECT

STATUS REPORT NOVEMBER 2017

SAN JUAN UNIT 4 OPERATIONS August 2017 Unit Net Generation (MWh) 353,584 Net Capacity Factor (%) 93.7 September 2017 Unit Net Generation (MWh) 308,026 Net Capacity Factor (%) 84.4 San Juan Generating Station (San Juan) Unit 4 was not forced from service during August but was forced from service twice in mid-September. On the 14th, there was a lighting strike; on the 16th, maintenance was required on a boiler feed pump. Combined, the outages lasted 40 hours. OCTOBER 26, 2017 SAN JUAN ENGINEERING AND OPERATING E&O COMMITTEE MEETING The Public Service Company of New Mexico (PNM) announced there were no Occupational Health and Safety Administration (OHSA) reportable incidents in the third quarter of 2017 at San Juan. There were, however, three near misses. The September lightning strike occurred one year and two days after the previous lightning strike that brought all operating San Juan Units off line. The latest strike in the San Juan Switchyard cut off both the primary and backup power supplies to the Unit 4 auxiliary cooling tower forcing Unit 4 off line. Power was reestablished but additional switchyard equipment needs to be replaced for both power supply lines to be operational. The Slurry Wall has been completed but the recovery system is still under construction. This project should be completed by spring 2018. Had M-S-R Public Power Agency been responsible for capital costs associated with San Juan Unit 4 in 2018, the capital projects approved would have totaled $1.24 million. The outstanding complaint against the fan manufacturer resulting from severe vibration with the new balance draft configuration appears to be nearing a close. A prudent settlement appears warranted due to the relatively high potential costs of litigation. Of the seven issues identified in the recently completed Baseline Environmental Study (BES) audit, PNM announced six of the issues had been resolved and is well into the process for resolving the remaining outstanding issue. SAN JUAN DECOMMISSIONING ISSUES The first meeting of the San Juan Decommissioning Committee is scheduled as a conference call on January 4, 2018. PNM plans to issue Retirement Orders (RO) to complete work necessary in 2018 available for review prior to the meeting. The estimated cost for decommissioning work for the Agency in 2018 is $300,000.

11/8/17

M-S-R PUBLIC POWER AGENCY PACIFIC NORTHWEST PROJECT

STATUS REPORT NOVEMBER 2017

BIG HORN I OPERATION MWH % of 5-Year Average August 2017 23,075 66.0 September 2017 39,306 86.0 2017 Total 345,201 91.6 Project Life (since October 2006) 5,597,011 93.0 BIG HORN II OPERATION MWH % of 5-Year Average August 2017 4,120 59.5 September 2017 7,340 94.1 2017 Total 83,710 97.7 Project Life (since November 2010) 814,749 93.7 Between August and September there were only 5 MWh of curtailments. BIG HORN TOUR On October 5, 2017, a tour of the Big Horn facilities was conducted by the M-S-R Public Power Agency Commission and Technical Committee. In addition, the Klondike III wind site was visited as there is a full size generating unit (absent tower and blades) available for observation and inspection. This unit is primarily used for safety training and practice for emergency situations. A scheduled stop at the Starpoint Wind Generating Site was cancelled as lengthy travel delays were encountered due to seasonal roadwork. Senior ARI maintenance personnel indicated that overall costs at Big Horn are significant less than the neighboring White Creek Wind Project (White Creek). The main reason is because Big Horn staff provide a “one-stop” service in maintaining the generating units and White Creek uses a number of independent contractors to perform the different aspects of maintenance. The Agency was a project participant in White Creek until the commitment to sign turbine delivery contracts was required, absent any solidified funding mechanism. VARIABLE ENERGY SUPPLY BALANCING SERVICES (VERBS) RATES New VERBS rates went into effect October 1, 2017 and represent a significant drop from the previous rate cycle to $1.22/kW if nameplate capacity. The previous rate was $1.48/kW. The change in rates directly affects the costs of Big Horn II energy. There is no change for Big Horn 1 energy as the Agency doesn’t have cost responsibility for any charges above $1.20/kW unless the rate exceeds $2.40/kW.

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Date: November 8, 2017 From: Martin R. Hopper, General Manager To: M-S-R PPA Commission Subject: November 2017 General Manager’s Report Suspension/Resumption of Operations of the San Juan Refined Coal Project

The Public Service Company of New Mexico (PNM), the Operating Agent for the San Juan Generating Station (SJGS), has informed the San Juan Participants that operations at the refined coal facility at SJGS were suspended Thursday, August 17, 2017 as a result of the ongoing financial difficulties of Noble Americas and its parent, Noble Group. Fuel supply to the SJGS was not interrupted and the primary impact to the San Juan Participants is loss of the $2.00 per ton refined coal payment received on deliveries to the unit hoppers. Royalties were paid through the date of cessation of operations. PNM has subsequently informed the SJGS Participants that refined coal operations recommenced on November 1, 2017. M-S-R Coordinator Contract Renewal

The M-S-R Coordinator contract currently expires March 31, 2018. With the cessation of delivery of San Juan Project generation at the end of 2017, the ongoing duties of the M-S-R Coordinator will be reduced. MID has prepared a new proposal for, and enumeration of, the duties of the M-S-R Coordinator. The scope of those services and recommended allocation of the costs were reviewed by the Technical Committee on October 10, 2017. The revised contract will be presented to the Commission at its January 2018 meeting and will go into effect on March 1, 2018 at the end of San Juan transitional activities. The proposed 2018 M-S-R Budget has been prepared on the assumption of the approval of this new contract. MacintoshHD:Users:martinhopper:MyLaptopDocuments:M-S-RPublicPowerAgency:Administrative:Director:Nov2017MSRPPAGeneralManager'sReport.doc


Date: November 8, 2017 From: Martin R. Hopper, General Manager To: M-S-R PPA Commission Subject: Approval of 2017 M-S-R Public Power Agency Budget The proposed 2017 M-S-R PPA Budget has been prepared in conformance with our Bond Indentures and the policies and priorities established in the 2018 M-S-R PPA Strategic Plan adopted by this Commission on September 20, 2017. Allocations of M-S-R Coordinator costs and of the Regulatory and Compliance Programs is made pursuant to concepts reviewed by the Technical Committee in a special meeting held October 10, 2017. It was first agreed that M-S-R Coordinator costs should continue to be allocated on the basis of contract count where costs under the old contract continue to be allocated Modesto 3/8, Santa Clara 3/8, and Redding 2/8 and under the new contract Modesto 2/5, Santa Clara 2/5, and Redding 1/5. To simplify administration of the 2018 Budget and due to the de minimus impact on Member billings, M-S-R Coordinator costs will be allocated on the new basis for all months in 2018. With regard to administrative and general costs, those costs directly allocable to projects continue to be allocated on Participation Shares. Costs currently generally allocated, or formerly allocated to the SWTP, were allocated directly to San Juan legacy activities or to the Pacific Northwest Project where possible. Certain remaining costs are allocated to the proposed Regulatory and Compliance program and are allocated in proportion to the five remaining contracts associated with wind energy – MID 2 (40%), Santa Clara 2 (40%), and Redding 1 (20%) on the basis that these costs and activities would likely terminate if M-S-R entirely exits the energy delivery business. Total expenditures under the budget will be $82.6 million, or a decrease of 36.2% from the 2017 M-S-R PPA Budget as summarized below. Also please note that the proposed 2018 M-S-R PPA Budget is $1.2 million lower than the 2018 Budget Estimate in the 2017 M-S-R PPA Budget.

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Category Original

2017 Budget

Proposed 2018

Budget

Percentage Change Comment

Agency and Debt Admin 0.6 0.5 -4.0% Includes Bond Counsel costs re SJGS dispositions and Debt restructuring.

Generation (San Juan) 76.6 31.0 -59.5% Note transition to management of Legacy Liabilities.

Transmission (Southwest Transmission Project)

0.4 N/A

N/A Mead-Phoenix/Mead-Adelanto divested and debt defeased.

Renewables (Big Horn I & II)

52.1 50.7 -2.7% Generation based on historic performance and costs of ancillary services.

Regulatory & Compliance

N/A 0.4 N/A Certain activities formerly allocated to Generation, Transmission or Renewables activities.

Totals 129.6 82.6 -36.2% Please note that the budget as proposed generates sufficient revenues to meet debt service coverage requirements in fiscal year 2018 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. The proposed 2018 M-S-R PPA Budget was reviewed by Member Staff in a workshop held November 2, 2017. As the proposed 2018 M-S-R PPA Budget modifies certain cost allocations, the adoption of the budget will be made by resolution. I recommend the Commission adopt the proposed M-S-R Public Power Agency Resolution 2017-04 adopting 2018 M-S-R PPA Budget.

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RESOLUTION NO. 2017–04

RESOLUTION OF THE COMMISSION OF THE M-S-R PUBLIC POWER AGENCY

ADOPTING 2018 M-S-R PPA BUDGET

WHEREAS, the proposed 2017 M-S-R PPA Budget has been prepared in conformance with the Agency’s Bond Indentures and the policies and priorities established in the 2018 M S-R PPA Strategic Plan adopted by this Commission on September 20, 2017; and

WHEREAS, costs of M-S-R PPA Programs are allocated pursuant to the requirements of the Joint Powers Agreement and the various Project Agreements and such methods may include Participation or Agency Share, contract count, or equal shares; and

WHEREAS, the Technical Committee has recommended that administrative and general costs directly allocable to projects continue to be allocated on Participation Shares and that costs currently generally allocated, or formerly allocated to the Southwest Transmission Project, be allocated directly to San Juan legacy activities or to the Pacific Northwest Project where possible; and

WHEREAS, the Technical Committee has recommended that M-S-R Coordinator services be allocated 2/5th to Modesto, 2/5th to Santa Clara, and 1/5th to Redding to reflect the number of parties to the remaining wind energy power purchase contracts and equal burdening of the costs of coordination activities; and

WHEREAS, the Technical Committee has recommended that costs pertaining to the Regulatory and Compliance program be allocated 2/5th to Modesto, 2/5th to Santa Clara, and 1/5th to Redding to reflect the number of parties to the remaining wind energy power purchase contracts on the basis that these costs and activities would likely terminate if M-S-R PPA entirely exits the energy delivery business.

///

NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE M-S-R PUBLIC POWER AGENCY

THAT:

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1) The Commission hereby adopts the proposed 2018 M-S-R PPA Budget and the cost

allocations contained therein.

///

PASSED AND ADOPTED this 15th day of November 2017 upon the following vote of the Members:

Modesto Irrigation District City of Santa Clara City of Redding ATTEST: _________________________ _________________________ PRESIDENT SECRETARY

2018 Proposed Budget

Public Power Agency

MSR PUBLIC POWER AGENCYSUMMARY

2018 BUDGET

2017 2017 2018 2019Budget Year To Date Budget Budget

Estimated Estimate

FUNDS PROVIDED:

Operating Revenue 129,604,562 124,136,010 82,645,629 83,712,979 Other Revenue 3,670,000 3,750,000 3,700,000 3,700,000

Fund Provided 133,274,562 127,886,010 86,345,629 87,412,979

FUNDS APPLIED:

Agency Administration & General 493,500 492,074 401,500 493,400 Agency Debt Administrative 79,000 81,350 110,250 92,500 Generation Administrative & General 381,500 355,900 206,000 136,000 Generation Plant Costs 1,900,000 1,902,329 20,000 - Renewable Administrative 638,000 619,500 651,000 601,000 Coordinating Services 680,000 664,100 479,000 450,000 Regulatory & Compliance - - 405,000 345,000 Transmission Expenditures 352,000 325,600 - - Purchase Power-Big Horn 1 35,372,213 34,535,000 34,747,162 34,747,162 Purchase Power-Big Horn 2 15,666,600 15,440,000 14,864,400 14,903,500 Generation Fuel 33,976,892 29,623,300 - - Generation Operation & Maintenance 8,944,000 8,976,000 - - Generation Capital - - - - Transmission Capital - - - - Interest Expense-Generation 7,165,857 7,165,857 6,368,817 5,201,917 Principal Payments-Generation 23,955,000 23,955,000 24,392,500 26,742,500

Funds Applied 129,604,562 124,136,010 82,645,629 83,712,979

Debt Service Fund Distribution 3,300,000 3,300,000 3,300,000 3,300,000

SURPLUS (DEFICIT) REVENUE 370,000 450,000 400,000 400,000

Page 1

MSR PUBLIC POWER AGENCY2018 Budget Summary

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

REVENUE FROM MEMBERSModesto Irrigation District 2,422,710 2,527,095 2,830,782 2,773,592 2,522,658 2,536,263 2,309,251 2,306,882 2,347,330 2,484,727 2,604,327 2,645,497 30,311,114City of Santa Clara 2,684,508 2,774,015 3,409,936 3,426,544 3,053,674 3,135,351 2,712,879 2,707,558 2,591,319 2,791,756 2,907,797 2,914,908 35,110,245City of Redding 1,287,623 1,313,146 1,675,202 1,711,532 1,529,314 1,586,298 1,366,895 1,363,795 1,258,014 1,354,930 1,394,557 1,382,964 17,224,270

TOTAL 6,394,841 6,614,256 7,915,920 7,911,668 7,105,646 7,257,912 6,389,025 6,378,235 6,196,663 6,631,413 6,906,681 6,943,369 82,645,629

BUDGET AMOUNTS / TRUE UP YEAR ENDAgency Administration & General 46,258 46,258 46,258 46,258 46,258 46,258 20,658 20,658 20,658 20,658 20,658 20,658 401,500Agency Debt Administrative 9,188 9,188 9,188 9,188 9,188 9,188 9,188 9,188 9,188 9,188 9,188 9,188 110,250Generation Administrative & General 17,167 17,167 17,167 17,167 17,167 17,167 17,167 17,167 17,167 17,167 17,167 17,167 206,000Generation Plant Costs 3,333 3,333 3,333 3,333 3,333 3,333 0 0 0 0 0 0 20,000Transmission Expenditures 0 0 0 0 0 0 0 0 0 0 0 0 0Interest Expense-Generation 574,051 574,051 574,051 574,051 574,051 574,051 487,418 487,418 487,418 487,418 487,418 487,418 6,368,817Principal Payments-Generation 1,914,167 1,914,167 1,914,167 1,914,167 1,914,167 1,914,167 2,151,250 2,151,250 2,151,250 2,151,250 2,151,250 2,151,250 24,392,500

ALLOCATED 50/35/15 2,564,164 2,564,164 2,564,164 2,564,164 2,564,164 2,564,164 2,685,681 2,685,681 2,685,681 2,685,681 2,685,681 2,685,681 31,499,067

BUDGET AMOUNTS / TRUE UP YEAR ENDRenewable Administrative 54,250 54,250 54,250 54,250 54,250 54,250 54,250 54,250 54,250 54,250 54,250 54,250 651,000ALLOCATED 23/49/28MID 12,478 12,478 12,478 12,478 12,478 12,478 12,478 12,478 12,478 12,478 12,478 12,478SC 26,583 26,583 26,583 26,583 26,583 26,583 26,583 26,583 26,583 26,583 26,583 26,583REU 15,190 15,190 15,190 15,190 15,190 15,190 15,190 15,190 15,190 15,190 15,190 15,190

Coordinating Services 39,917 39,917 39,917 39,917 39,917 39,917 39,917 39,917 39,917 39,917 39,917 39,917 479,000Regulatory & Compliance 33,750 33,750 33,750 33,750 33,750 33,750 33,750 33,750 33,750 33,750 33,750 33,750 405,000ALLOCATED 40/40/20 73,667 73,667 73,667 73,667 73,667 73,667 73,667 73,667 73,667 73,667 73,667 73,667 884,000

MID 29,467 29,467 29,467 29,467 29,467 29,467 29,467 29,467 29,467 29,467 29,467 29,467SC 29,467 29,467 29,467 29,467 29,467 29,467 29,467 29,467 29,467 29,467 29,467 29,467REU 14,733 14,733 14,733 14,733 14,733 14,733 14,733 14,733 14,733 14,733 14,733 14,733

Renewable & Overheads 127,917 127,917 127,917 127,917 127,917 127,917 127,917 127,917 127,917 127,917 127,917 127,917 1,535,000

ACTUAL VARIABLE AMOUNTSPurchase Power-Big Horn 1 2,498,794 2,571,853 3,608,270 3,712,267 3,190,653 3,353,775 2,673,539 2,664,664 2,361,858 2,639,289 2,752,662 2,719,538 34,747,162Purchase Power-Big Horn 2 1,203,965 1,350,321 1,615,568 1,507,319 1,222,911 1,212,055 901,888 899,973 1,021,207 1,178,526 1,340,421 1,410,246 14,864,400Generation 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

3,702,759 3,922,174 5,223,838 5,219,586 4,413,564 4,565,830 3,575,427 3,564,637 3,383,065 3,817,815 4,093,083 4,129,784 49,611,562

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 6,394,840 6,614,255 7,915,919 7,911,667 7,105,645 7,257,911 6,389,024 6,378,234 6,196,662 6,631,412 6,906,680 6,943,381 82,645,629

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MSR PUBLIC POWER AGENCY2019 Budget Summary


REVENUE FROM MEMBERSModesto Irrigation District 2,494,834 2,599,522 2,903,760 2,846,346 2,594,821 2,608,404 2,330,011 2,327,637 2,368,338 2,506,061 2,625,997 2,667,330 30,873,061City of Santa Clara 2,732,404 2,822,074 3,458,292 3,474,779 3,101,591 3,183,255 2,724,921 2,719,598 2,603,494 2,804,107 2,920,329 2,927,518 35,472,362City of Redding 1,307,174 1,332,697 1,694,753 1,731,083 1,548,865 1,605,849 1,371,225 1,368,125 1,262,344 1,359,260 1,398,887 1,387,294 17,367,556

TOTAL 6,534,412 6,754,293 8,056,805 8,052,208 7,245,277 7,397,508 6,426,157 6,415,360 6,234,176 6,669,428 6,945,213 6,982,142 83,712,979

BUDGET AMOUNTS / TRUE UP YEAR ENDAgency Administration & General 54,750 54,750 54,750 54,750 54,750 54,750 27,483 27,483 27,483 27,483 27,483 27,483 493,400Agency Debt Administrative 7,708 7,708 7,708 7,708 7,708 7,708 7,708 7,708 7,708 7,708 7,708 7,708 92,500Generation Administrative & General 11,333 11,333 11,333 11,333 11,333 11,333 11,333 11,333 11,333 11,333 11,333 11,333 136,000Generation Plant Costs 0 0 0 0 0 0 0 0 0 0 0 0 0Transmission Expenditures 0 0 0 0 0 0 0 0 0 0 0 0 0Interest Expense-Generation 487,131 487,131 487,131 487,131 487,131 487,131 379,856 379,856 379,856 379,856 379,856 379,856 5,201,917Principal Payments-Generation 2,151,250 2,151,250 2,151,250 2,151,250 2,151,250 2,151,250 2,305,833 2,305,833 2,305,833 2,305,833 2,305,833 2,305,833 26,742,500

ALLOCATED 50/35/15 2,712,172 2,712,172 2,712,172 2,712,172 2,712,172 2,712,172 2,732,214 2,732,214 2,732,214 2,732,214 2,732,214 2,732,214 32,666,317

BUDGET AMOUNTS / TRUE UP YEAR ENDRenewable Administrative 50,083 50,083 50,083 50,083 50,083 50,083 50,083 50,083 50,083 50,083 50,083 50,083 601,000ALLOCATED 23/49/28MID 11,519 11,519 11,519 11,519 11,519 11,519 11,519 11,519 11,519 11,519 11,519 11,519SC 24,541 24,541 24,541 24,541 24,541 24,541 24,541 24,541 24,541 24,541 24,541 24,541REU 14,023 14,023 14,023 14,023 14,023 14,023 14,023 14,023 14,023 14,023 14,023 14,023

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 28,750 28,750 28,750 28,750 28,750 28,750 28,750 28,750 28,750 28,750 28,750 28,750 345,000ALLOCATED 40/40/20 66,250 66,250 66,250 66,250 66,250 66,250 66,250 66,250 66,250 66,250 66,250 66,250 795,000

MID 26,500 26,500 26,500 26,500 26,500 26,500 26,500 26,500 26,500 26,500 26,500 26,500SC 26,500 26,500 26,500 26,500 26,500 26,500 26,500 26,500 26,500 26,500 26,500 26,500REU 13,250 13,250 13,250 13,250 13,250 13,250 13,250 13,250 13,250 13,250 13,250 13,250

Renewable & Overheads 116,333 116,333 116,333 116,333 116,333 116,333 116,333 116,333 116,333 116,333 116,333 116,333 1,396,000

ACTUAL VARIABLE AMOUNTSPurchase Power-Big Horn 1 2,498,794 2,571,853 3,608,270 3,712,267 3,190,653 3,353,775 2,673,539 2,664,664 2,361,858 2,639,289 2,752,662 2,719,538 34,747,162Purchase Power-Big Horn 2 1,207,113 1,353,935 1,620,030 1,511,436 1,226,119 1,215,228 904,071 902,149 1,023,771 1,181,592 1,344,004 1,414,052 14,903,500Generation 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

3,705,907 3,925,788 5,228,300 5,223,703 4,416,772 4,569,003 3,577,610 3,566,813 3,385,629 3,820,881 4,096,666 4,133,590 49,650,662

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 6,534,413 6,754,294 8,056,806 8,052,209 7,245,278 7,397,509 6,426,157 6,415,360 6,234,176 6,669,428 6,945,213 6,982,137 83,712,979

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Debt Service Requirements 2018 2019

Series 2008L Bonds Interest Expense 3,895,125 2,744,875 Series 2008M Bonds Interest Expense 1,494,736 1,494,736 Series 2008N Bonds Interest Expense 962,306 962,306 Series 2014Q Bonds Interest Expense 16,650 -

Series 2008L Bonds Principal Payment 23,005,000 17,650,000 Series 2008M Bonds Principal Payment - 1,750,000 Series 2008N Bonds Principal Payment - 7,342,500 Series 2014Q Bonds Principal Expense 1,387,500 -

Total Debt Service 30,761,317 31,944,417

Operating Revenue 82,645,629 83,712,979 Other Revenue 3,700,000 3,700,000 Operating Expense (82,645,629) (83,712,979) Interest Expense included in Operating Expenses 6,368,817 5,201,917 Debt Service Principal included in Operating Expenses 24,392,500 26,742,500 Capital included in Operating Expenses - - San Juan Reclamation Trust included in Operating Expense - - Subtotal - Net Revenue 34,461,317 35,644,417

Debt Service Coverage 1.120 1.116

Required Debt Service Coverage 1.100 1.100

Net Revenue Required (110% of Debt Service) 33,837,449 35,138,859

Net Revenue 34,461,317 35,644,417

Additional Revenue Required for Coverage (623,868) (505,558)

MSR PUBLIC POWER AGENCYPROJECTED DEBT SERVICE CALCULATION

Page 4

MSR PUBLIC POWER AGENCY2018 BUDGET

ACTIVITY Operating Revenue

Account Code DESCRIPTION

2017 REVISED BUDGET

YTD ESTIMATED

12/31/17

2018 JAN-JUN BUDGET

2018 JUL-DEC BUDGET

2018 TOTAL

BUDGET

2019 JAN-JUN BUDGET

2019 JUL-DEC BUDGET

2019 PROJECTED

BUDGET

Modesto Irrigation District $51,880,496 $51,266,115 $15,613,100 $14,698,014 $30,311,114 $16,047,687 $14,825,374 $30,873,061City of Santa Clara 52,874,937 49,577,959 18,484,028 16,626,217 35,110,245 18,772,395 16,699,967 35,472,362City of Redding 24,849,129 23,291,937 9,103,115 8,121,155 17,224,270 9,220,421 8,147,135 17,367,556

$129,604,562 $124,136,010 $43,200,243 $39,445,386 $82,645,629 $44,040,503 $39,672,476 $83,712,979

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ACTIVITY Other Revenue


2017 REVISED BUDGET

YTD ESTIMATED

12/31/17

2018 JAN-JUN

BUDGET

2018 JUL-DEC BUDGET

2018 TOTAL

BUDGET

2019 JAN-JUN BUDGET

2019 JUL-DEC BUDGET

2019 PROJECTED BUDGET

750130.4190000 Interest Income - General Fund $170,000 $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

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

$3,670,000 $3,750,000 $1,850,000 $1,850,000 $3,700,000 $1,850,000 $1,850,000 $3,700,000

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ACTIVITY Generation Operation & Maintenance


2017 REVISED BUDGET

YTD ESTIMATED

12/31/17

2018 JAN-JUN BUDGET

2018 JUL-DEC BUDGET

2018 TOTAL

BUDGET

2019 JAN-JUN BUDGET

2019 JUL-DEC BUDGET

2019 PROJECTED

BUDGET

301302.xxxxxxx San Juan Coal & Fuel $33,976,892 $29,623,300 $0 $0 $0 $0 $0 $0301302.xxxxxxx San Juan Operation & Maintenance 8,944,000 8,976,000 0 0 0 0 0 0

San Juan Divestiture 12/31/17

$42,920,892 $38,599,300 $0 $0 $0 $0 $0 $0

Page 7


ACTIVITY Generation Plant Cost


2017 REVISED BUDGET

YTD ESTIMATED

12/31/17

2018 JAN-JUN BUDGET

2018 JUL-DEC BUDGET

2018 TOTAL

BUDGET

2019 JAN-JUN BUDGET

2019 JUL-DEC BUDGET

2019 PROJECTED

BUDGET

302301.9230000 San Juan Audit Fees 0 0 20,000 0 20,000 0 0 0301303.4081000 San Juan Property Taxes 630,000 633,100 0 0 0 0 0 0301303.5060000 San Juan Demand Charge 1,270,000 1,269,229 0 0 0 0 0 0

$1,900,000 $1,902,329 $20,000 $0 $20,000 $0 $0 $0

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ACTIVITY Purchase Power


2017 REVISED BUDGET

YTD ESTIMATED

12/31/17

2018 JAN-JUN BUDGET

2018 JUL-DEC BUDGET

2018 TOTAL

BUDGET

2019 JAN-JUN BUDGET

2019 JUL-DEC BUDGET


504313.55500xx Purchase Power-Big Horn 1 $35,372,213 $34,535,000 $18,935,612 $15,811,550 $34,747,162 $18,935,612 $15,811,550 $34,747,162504313.5550012 Purchase Power-Big Horn 2 15,666,600 15,440,000 8,112,139 6,752,261 14,864,400 8,133,861 6,769,639 14,903,500

$51,038,813 $49,975,000 $27,047,751 $22,563,811 $49,611,562 $27,069,473 $22,581,189 $49,650,662

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ACTIVITY Agency Administration & General


2017 REVISED BUDGET

YTD ESTIMATED

12/31/17

2018 JAN-JUN BUDGET

2018 JUL-DEC BUDGET

2018 TOTAL

BUDGET

2019 JAN-JUN BUDGET

2019 JUL-DEC BUDGET


701202.9250000 General Insurance $115,000 $106,000 $110,000 $0 $110,000 $120,000 $0 $120,000701206.9210000 Postage 100 50 50 50 100 50 50 100701207.9210000 Office Supplies 200 100 100 100 200 50 50 100701209.9230000 Registration License 15,000 12,324 7,500 7,500 15,000 8,500 8,500 17,000701301.9230000 Audit Fees 71,600 71,000 57,600 14,000 71,600 57,600 14,000 71,600710310.9230000 Administration Services 92,000 90,000 40,000 40,000 80,000 40,000 40,000 80,000701315.9230000 Bank Fees 4,000 3,700 2,000 2,000 4,000 2,000 2,000 4,000

$297,900 $283,174 $217,250 $63,650 $280,900 $228,200 $64,600 $292,800

Page 10


ACTIVITY Agency Debt Administrative


2017 REVISED BUDGET

YTD ESTIMATED

12/31/17

2018 JAN-JUN BUDGET

2018 JUL-DEC BUDGET

2018 TOTAL

BUDGET

2019 JAN-JUN BUDGET

2019 JUL-DEC BUDGET


702204.9230000 Arbitrage Rebate $0 $0 $0 $0 $0 $0 $0 $0702208.9230000 Remarketing Fees 0 0 0 0 0 0 0 0702303.9230000 Bond Counsel 10,000 19,400 5,000 5,000 10,000 5,000 5,000 10,000702303.9230001 Bond Counsel-Other 0 650 0 0 0 0 0 0702308.9230000 Financial Services 43,000 37,400 37,125 37,125 74,250 28,250 28,250 56,500702314.9230000 Trustee Fees 26,000 23,900 13,000 13,000 26,000 13,000 13,000 26,000

$79,000 $81,350 $55,125 $55,125 $110,250 $46,250 $46,250 $92,500

Page 11


ACTIVITY Consulting/Engineering


2017 REVISED BUDGET

YTD ESTIMATED

12/31/17

2018 JAN-JUN BUDGET

2018 JUL-DEC BUDGET

2018 TOTAL

BUDGET

2019 JAN-JUN BUDGET

2019 JUL-DEC BUDGET

2019 PROJECTED

BUDGET

302304.9230000 Generation $170,000 $152,800 $35,000 $35,000 $70,000 $12,500 $12,500 $25,000302304.9230001 Generation-Other 0 0 0 0 0 0 0 0407304.9230000 Transmission 30,000 8,900 0 0 0 0 0 0407304.9230001 Transmission-Other 0 0 0 0 0 0 0 0503304.9230000 Renewable 50,000 100,100 50,000 50,000 100,000 25,000 25,000 50,000503304.9230001 Renewable -Other 85,000 74,800 42,500 42,500 85,000 42,500 42,500 85,000603304.9230000 Regulatory & Compliance 0 0 15,000 15,000 30,000 15,000 15,000 30,000701304.9230000 Administrative & General 55,000 41,700 22,500 22,500 45,000 22,500 22,500 45,000701304.9230001 Administrative & General-Other 0 0 0 0 0 0 0 0

$390,000 $378,300 $165,000 $165,000 $330,000 $117,500 $117,500 $235,000

Page 12


ACTIVITY Coordinating Services


2017 REVISED BUDGET

YTD ESTIMATED

12/31/17

2018 JAN-JUN BUDGET

2018 JUL-DEC BUDGET

2018 TOTAL

BUDGET

2019 JAN-JUN BUDGET

2019 JUL-DEC BUDGET

2019 PROJECTED

BUDGET

302311.5560000 Generation $255,000 $249,000 $0 $0 $0 $0 $0 $0503311.5560000 Renewable 425,000 415,100 239,500 239,500 479,000 225,000 225,000 450,000

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%

$680,000 $664,100 $239,500 $239,500 $479,000 $225,000 $225,000 $450,000

Page 13


ACTIVITY General Counsel


2017 REVISED BUDGET

YTD ESTIMATED

12/31/17

2018 JAN-JUN BUDGET

2018 JUL-DEC BUDGET

2018 TOTAL

BUDGET

2019 JAN-JUN BUDGET

2019 JUL-DEC BUDGET

2019 PROJECTED

BUDGET

302305.9230000 Generation $40,000 $32,300 $10,000 $10,000 $20,000 $10,000 $10,000 $20,000407305.9230000 Transmission 2,000 2,200 0 0 0 0 0 0503305.9230000 Renewable 10,000 1,400 1,000 1,000 2,000 1,000 1,000 2,000603305.9230000 Regulatory & Compliance 0 0 1,000 1,000 2,000 1,000 1,000 2,000701305.9230000 Administrative & General 30,000 20,600 15,000 15,000 30,000 15,000 15,000 30,000

$82,000 $56,500 $27,000 $27,000 $54,000 $27,000 $27,000 $54,000

Page 14


ACTIVITY General Manager


2017 REVISED BUDGET

YTD ESTIMATED

12/31/17

2018 JAN-JUN BUDGET

2018 JUL-DEC BUDGET

2018 TOTAL

BUDGET

2019 JAN-JUN BUDGET

2019 JUL-DEC BUDGET

2019 PROJECTED

BUDGET

302306.9230000 Generation $100,000 $82,900 $50,000 $50,000 $100,000 $40,000 $40,000 $80,000407306.9230000 Transmission 20,000 6,500 0 0 0 0 0 0503306.9230000 Renewable 90,000 47,200 50,000 50,000 100,000 50,000 50,000 100,000603306.9230000 Regulatory & Compliance 0 0 40,000 40,000 80,000 10,000 10,000 20,000701306.9230000 Administrative & General 90,000 120,600 10,000 10,000 20,000 50,000 50,000 100,000

$300,000 $257,200 $150,000 $150,000 $300,000 $150,000 $150,000 $300,000

Page 15


ACTIVITY Outside Legal Services


2017 REVISED BUDGET

YTD ESTIMATED

12/31/17

2018 JAN-JUN BUDGET

2018 JUL-DEC BUDGET

2018 TOTAL

BUDGET

2019 JAN-JUN BUDGET

2019 JUL-DEC BUDGET

2019 PROJECTED

BUDGET

302309.9230000 Generation $45,000 $74,600 $5,000 $5,000 $10,000 $2,500 $2,500 $5,000302309.9230001 Generation-Other $5,000 $1,400 $2,500 $2,500 $5,000 $2,500 $2,500 $5,000407309.9230000 Transmission 300,000 302,000 0 0 0 0 0 0407309.9230001 Transmission-Other 0 6,000 0 0 0 0 0 0503309.9230000 Renewable 75,000 47,300 17,500 17,500 35,000 17,500 17,500 35,000503309.9230001 Renewable -Other 300,000 327,400 150,000 150,000 300,000 150,000 150,000 300,000603309.9230000 Regulatory & Compliance 0 0 137,500 137,500 275,000 137,500 137,500 275,000701309.9230000 Administrative & General 10,000 20,600 7,500 7,500 15,000 7,500 7,500 15,000701309.9230001 Administrative & General-Other 0 0 0 0 0 0 0 0

$735,000 $779,300 $320,000 $320,000 $640,000 $317,500 $317,500 $635,000

Page 16


ACTIVITY Outside Service


2017 REVISED BUDGET

YTD ESTIMATED

12/31/17

2018 JAN-JUN BUDGET

2018 JUL-DEC BUDGET

2018 TOTAL

BUDGET

2019 JAN-JUN BUDGET

2019 JUL-DEC BUDGET

2019 PROJECTED

BUDGET

302312.9230000 Generation $20,500 $11,900 $0 $0 $0 $0 $0 $0407312.9230000 Transmission 0 0 0 0 0 0 0 0503312.9230000 Renewable 25,500 13,900 13,500 13,500 27,000 13,500 13,500 27,000603312.9230000 Regulatory & Compliance 0 0 9,000 9,000 18,000 9,000 9,000 18,000701312.9230000 Administrative & General 9,600 4,500 4,800 4,800 9,600 4,800 4,800 9,600

$55,600 $30,300 $27,300 $27,300 $54,600 $27,300 $27,300 $54,600

Page 17


ACTIVITY Travel & Meetings


2017 REVISED BUDGET

YTD ESTIMATED

12/31/17

2018 JAN-JUN BUDGET

2018 JUL-DEC BUDGET

2018 TOTAL

BUDGET

2019 JAN-JUN BUDGET

2019 JUL-DEC BUDGET

2019 PROJECTED

BUDGET

302203.9210000 Generation $1,000 $0 $500 $500 $1,000 $500 $500 $1,000503203.9210000 Renewable 2,500 7,400 1,000 1,000 2,000 1,000 1,000 2,000701203.9210000 Administrative & General 1,000 900 500 500 1,000 500 500 1,000

$4,500 $8,300 $2,000 $2,000 $4,000 $2,000 $2,000 $4,000

Page 18


ACTIVITY Other Expenditures


2017 REVISED BUDGET

YTD ESTIMATED

12/31/17

2018 JAN-JUN BUDGET

2018 JUL-DEC BUDGET

2018 TOTAL

BUDGET

2019 JAN-JUN BUDGET

2019 JUL-DEC BUDGET


750160.427xxxx Interest Expense-Generation $7,165,857 $7,165,857 $3,444,309 $2,924,508 $6,368,817 $2,922,784 $2,279,133 $5,201,917100000.221xxxx Principal Payments-Generation 23,955,000 23,955,000 11,485,000 12,907,500 24,392,500 12,907,500 13,835,000 26,742,500

$31,120,857 $31,120,857 $14,929,309 $15,832,008 $30,761,317 $15,830,284 $16,114,133 $31,944,417

Page 19

2018 MSR PURCHASE POWER BUDGET


RENEWABLE, Big Horn I 2,498,794 2,571,853 3,608,270 3,712,267 3,190,653 3,353,775 2,673,539 2,664,664 2,361,858 2,639,289 2,752,662 2,719,538 34,747,162

RENEWABLE, Big Horn II 1,203,965 1,350,321 1,615,568 1,507,319 1,222,911 1,212,055 901,888 899,973 1,021,207 1,178,526 1,340,421 1,410,246 14,864,400

TOTAL MSR 3,702,759 3,922,174 5,223,838 5,219,586 4,413,564 4,565,830 3,575,427 3,564,637 3,383,065 3,817,815 4,093,083 4,129,784 49,611,562

Page 20


Renewable Power (PPM) Big Horn I12.5% of contract. MID MWh 4,518 4,665 6,738 6,946 5,903 6,229 4,868 4,851 4,245 4,800 5,027 4,960 63,75052.5% of contract. SNCL MWh 18,980 19,593 28,299 29,173 24,791 26,161 20,447 20,373 17,829 20,159 21,111 20,834 267,75035.0% of contract. REDD MWh 12,653 13,062 18,866 19,448 16,527 17,441 13,631 13,582 11,886 13,440 14,075 13,889 178,500

TOTAL MWh (1) 36,151 37,320 53,903 55,567 47,221 49,831 38,946 38,806 33,960 38,399 40,213 39,683 510,000

Dollars (Energy + F&S) MID $ 286,180 295,434 426,710 439,882 373,813 394,475 308,314 307,190 268,836 303,976 318,344 314,141 4,037,295SNCL $ 1,183,929 1,222,211 1,765,296 1,819,791 1,546,464 1,631,940 1,275,495 1,270,844 1,112,173 1,257,548 1,316,926 1,299,598 16,702,215REDD $ 789,285 814,808 1,176,864 1,213,194 1,030,976 1,087,960 850,330 847,230 741,449 838,365 877,992 866,399 11,134,852

Dollars (WIC Rate) MID $ 29,925 29,925 29,925 29,925 29,925 29,925 29,925 29,925 29,925 29,925 29,925 29,925 359,100SNCL $ 125,685 125,685 125,685 125,685 125,685 125,685 125,685 125,685 125,685 125,685 125,685 125,685 1,508,220REDD $ 83,790 83,790 83,790 83,790 83,790 83,790 83,790 83,790 83,790 83,790 83,790 83,790 1,005,480

TOTAL $ 2,498,794 2,571,853 3,608,270 3,712,267 3,190,653 3,353,775 2,673,539 2,664,664 2,361,858 2,639,289 2,752,662 2,719,538 34,747,162

Renewable Power (PPM) Big Horn II65.0% of contract. MID MWh 6,016 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 3,241 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 $ 640,455 735,586 907,997 837,635 652,770 645,713 444,105 442,860 521,662 623,919 729,151 774,537 7,956,390SNCL $ 344,860 396,085 488,921 451,034 351,491 347,692 239,133 238,463 280,895 335,957 392,620 417,059 4,284,210

Dollars (WIC Rate) MID $ 39,650 39,650 39,650 39,650 39,650 39,650 39,650 39,650 39,650 39,650 39,650 39,650 475,800SNCL $ 21,350 21,350 21,350 21,350 21,350 21,350 21,350 21,350 21,350 21,350 21,350 21,350 256,200

Dollars (Transmission Service MID $ 102,473 102,473 102,473 102,473 102,473 102,473 102,472 102,472 102,472 102,472 102,472 102,472 1,229,670SNCL $ 55,177 55,177 55,177 55,177 55,177 55,177 55,178 55,178 55,178 55,178 55,178 55,178 662,130

TOTAL $ 1,203,965 1,350,321 1,615,568 1,507,319 1,222,911 1,212,055 901,888 899,973 1,021,207 1,178,526 1,340,421 1,410,246 14,864,400

MSR TOTAL 3,702,759 3,922,174 5,223,838 5,219,586 4,413,564 4,565,830 3,575,427 3,564,637 3,383,065 3,817,815 4,093,083 4,129,784 49,611,562

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 21



RENEWABLE, Big Horn I 2,498,794 2,571,853 3,608,270 3,712,267 3,190,653 3,353,775 2,673,539 2,664,664 2,361,858 2,639,289 2,752,662 2,719,538 34,747,162

RENEWABLE, Big Horn II 1,207,113 1,353,935 1,620,030 1,511,436 1,226,119 1,215,228 904,071 902,149 1,023,771 1,181,592 1,344,004 1,414,052 14,903,500

TOTAL MSR 3,705,907 3,925,788 5,228,300 5,223,703 4,416,772 4,569,003 3,577,610 3,566,813 3,385,629 3,820,881 4,096,666 4,133,590 49,650,662

Page 22


Renewable Power (PPM) Big Horn I12.5% of contract. MID MWh 4,518 4,665 6,738 6,946 5,903 6,229 4,868 4,851 4,245 4,800 5,027 4,960 63,750

52.5% of contract. SNCL MWh 18,980 19,593 28,299 29,173 24,791 26,161 20,447 20,373 17,829 20,159 21,111 20,834 267,75035.0% of contract. REDD MWh 12,653 13,062 18,866 19,448 16,527 17,441 13,631 13,582 11,886 13,440 14,075 13,889 178,500

TOTAL MWh (1) 36,151 37,992 53,965 55,855 48,984 50,669 39,315 40,786 34,729 38,715 41,106 39,739 510,000

Dollars (Energy + F&S) MID $ 286,180 295,434 426,710 439,882 373,813 394,475 308,314 307,190 268,836 303,976 318,344 314,141 4,037,295SNCL $ 1,183,929 1,222,211 1,765,296 1,819,791 1,546,464 1,631,940 1,275,495 1,270,844 1,112,173 1,257,548 1,316,926 1,299,598 16,702,215REDD $ 789,285 814,808 1,176,864 1,213,194 1,030,976 1,087,960 850,330 847,230 741,449 838,365 877,992 866,399 11,134,852

Dollars (WIC Rate) MID $ 29,925 29,925 29,925 29,925 29,925 29,925 29,925 29,925 29,925 29,925 29,925 29,925 359,100SNCL $ 125,685 125,685 125,685 125,685 125,685 125,685 125,685 125,685 125,685 125,685 125,685 125,685 1,508,220REDD $ 83,790 83,790 83,790 83,790 83,790 83,790 83,790 83,790 83,790 83,790 83,790 83,790 1,005,480

TOTAL $ 2,498,794 2,571,853 3,608,270 3,712,267 3,190,653 3,353,775 2,673,539 2,664,664 2,361,858 2,639,289 2,752,662 2,719,538 34,747,162

Renewable Power (PPM) Big Horn II65.0% of contract. MID MWh 6,016 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 3,241 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 $ 642,501 737,935 910,897 840,311 654,855 647,776 445,524 444,274 523,329 625,912 731,480 777,011 7,981,805SNCL $ 345,962 397,350 490,483 452,475 352,614 348,802 239,897 239,225 281,792 337,030 393,874 418,391 4,297,895

Dollars (WIC Rate) MID $ 39,650 39,650 39,650 39,650 39,650 39,650 39,650 39,650 39,650 39,650 39,650 39,650 475,800SNCL $ 21,350 21,350 21,350 21,350 21,350 21,350 21,350 21,350 21,350 21,350 21,350 21,350 256,200

Dollars (Transmission Service MID $ 102,473 102,473 102,473 102,473 102,473 102,473 102,472 102,472 102,472 102,472 102,472 102,472 1,229,670SNCL $ 55,177 55,177 55,177 55,177 55,177 55,177 55,178 55,178 55,178 55,178 55,178 55,178 662,130

TOTAL $ 1,207,113 1,353,935 1,620,030 1,511,436 1,226,119 1,215,228 904,071 902,149 1,023,771 1,181,592 1,344,004 1,414,052 14,903,500

MSR TOTAL 3,705,907 3,925,788 5,228,300 5,223,703 4,416,772 4,569,003 3,577,610 3,566,813 3,385,629 3,820,881 4,096,666 4,133,590 49,650,662

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 23


Date: November 6, 2017 From: Martin R. Hopper, General Manager To: M-S-R PPA Commission Subject: Approval of 2018 Regular Meeting Dates The following meeting dates are based on the customary schedule for M-S-R PPA as adjusted for known conflicts. Commission Meetings are proposed to be scheduled bimonthly in odd-numbered. Dates for even-numbered months, if required by emergent business, would be called as Special Meetings on the same day as TANC meetings.

Month Technical Committee Date/Time

Technical Committee Location

Commission Date/Time

Commission Location

January 2018 4 10:00 AM Folsom 24 12:00 Noon Folsom March 2018 8 10:00 AM Folsom 21 12:00 Noon Folsom May 2018 10 10:00 AM Redding 23 12:00 Noon Folsom July 2018 11 10:00 AM Folsom 18 12:00 Noon Folsom

September 2018 6 9:00 AM 25 10:00 AM

Truckee Santa Clara

19 12:00 Noon Folsom

November 2018 8 9:00 AM Folsom 28 12:00 Noon Folsom Financial Management Committee: 1:00 PM, Wednesday, May 9, 2018, in Folsom, CA I recommend the M-S-R PPA Commission adopt the above schedule for the Agency’s 2018 Regular meetings.

2018 California JPA Meeting Calendar

APPA Joint Action Workshop – Jan 7 – 9, 2018, La Jolla, CA NCPA Strategic Issues Conference – Jan 17 - 18, 2018, Sacramento, CA CMUA Capitol Day and CMUA Board Meetings – Jan 29 - 30, 2018, Sacramento, CA APPA CEO Roundtable – Feb 11 – 13, 2018, Phoenix, AZ APPA/ACWA Legislative Rally & Conference – Feb 26 – 28, 2018, Washington, DC

CMUA Annual Meeting – March 25 – 28, 2018, San Francisco, CA NCPA/NWPPA Federal Policy Forum – Apr 16 - 19, 2018, Washington, DC APPA National Conference – June 15 – 20, 2018, New Orleans, LA NCPA Annual Conference – Sept 26 - 28, 2018, Monterey, CA

Revised: 11/6/17

BANC Commission (2:00 PM 4th Weds)

CMUA Legis/Reg

C’tee Water (9:30 AM)

CMUA Legis/Reg

C’tee Energy (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 24 Folsom Jan 11 Jan 11 Jan 4 Jan 24 Jan 3 Jan 8 Jan 11

Jan 18 Sac’to Jan 18 Jan 24

Feb 21 Folsom

Feb 8 So Cal

Feb 8 So Cal No meeting No meeting Jan 31 Feb 5 Feb 21 Feb 8 Feb 22 Feb 15 Feb 21

Mar 21 Folsom

Mar 8 Mar 26

Mar 8 Mar 26

Mar 8 Mar 21 Feb 28 Mar 12 Mar 7 - 9 Healdsburg Mar 22 Mar 15 Mar 21

Apr 25 Apr 12 Apr 12 No meeting No meeting Apr 4 Apr 9 Apr 12 Apr 26 Apr 19 Apr 18

May 23 Folsom

May 3 May 3 May 10 Redding May 23 May 2 May 14 May 23 May 10 May 24 May 17 May 23

Jun 27 Folsom

Jun 14 So Cal

Jun 14 So Cal No meeting No meeting Jun 6 Jun 11 Jun 14

Jun 28 Alameda No meeting Jun 27

Jul 25 Jul 12 Jul 12 Jul 11 Jul 18 Jul 5 Jul 9 Jul 12 Jul 26

Murphys Jul 19 July 18

Aug 22 Folsom

Aug 9 Aug 23

Aug 9 Aug 23

No meeting No meeting Aug 1 Aug 13 Aug 22 Aug 9 Aug 23 Aug 16 Aug 22

Sep 19 Folsom

Sep 13 Sep 13 Sep 6 Truckee Sep 19 Sep 5 Sep 10

Sep 26 Ann Conf Sep 13

Sep 28 Ann Conf Sep 20 Sep 19

Oct 24 Oct 11 Oct 11 No meeting No meeting Oct 3 Oct 8 Oct 11 Oct 25 Oct 18 Oct 17 Nov 14 Nov 7 Nov 7 Nov 8 Nov 28 Nov 7 Nov 12 Nov 28 Nov 15 Nov 29 Nov 15 Nov 28 Dec 19 Folsom

No meeting No meeting Dec 5 Dec 10 Dec 13 No meeting Dec 20 Dec 19


Date: November 6, 2017 From: Martin R. Hopper, General Manager To: M-S-R PPA Commission Subject: Annual Election of Officers Resolution 2013 – 01 Regarding The Election And Duties Of Officers specifies:

“An election of officers by the Commission shall be held on the date of the first regular or adjourned regular meeting in January of each calendar year. Each officer shall hold office at the pleasure of the Agency. All officers for the Agency, except the Treasurer, the Controller, the General Manager, and the General Counsel, shall be elected at the January meeting.”

Recent elected officers of the Agency have been: 2014 2015 2016 2017 President Barry Tippin –

Redding Greg Salyer – Modesto

Pat Kolstad – Santa Clara

Barry Tippin – Redding

Vice President Greg Salyer – Modesto

Pat Kolstad – Santa Clara

Barry Tippin – Redding

James McFall – Modesto

The appointed officers of the Agency are: Secretary: Steve Gross Reappointed by Commission January 30, 2013 Assistant Secretary: Martin Hopper Reappointed by Commission January 30, 2013 Treasurer: Scott van Vuren Appointed by Modesto as MID Treasurer Controller: Jill De Jong Appointed by Modesto as MID Controller

Subsequent to Mr. Tippin being named Redding City Manager, he stepped down as M-S-R PPA Commissioner and as President of the Agency on September 1, 2017. Since that time the office of President has been vacant. At the March 20, 2013 meeting when Resolution 2013 – 01 was adopted, it was suggested that the Commission rotate the officers through the membership of the Commission on an ongoing basis. A rotation of the officers would suggest that Modesto’s Commissioner become the President and Santa Clara’s Commissioner become the Vice President. I recommend the Commission that due to the officer vacancy the Commission conduct its annual election of officers for the offices of President and Vice President at this meeting and make the appointments effective immediately.

{00252361.DOC 1 } 1

AMENDMENT NUMBER 7 TO

AMENDED AND RESTATED MANAGEMENT SERVICES AGREEMENT BETWEEN

MARTIN HOPPER ENERGY CONSULTING AND

M-S-R PUBLIC POWER AGENCY

This Amendment Number 7 to the Amended and Restated Management Services

Agreement Between Martin Hopper Energy Consulting and M-S-R Public Power Agency

with an effective date of January 1, 2010 (“Agreement”) made by and between Martin R.

Hopper, dba, Martin Hopper Energy Consulting (“Contract Executive,” “party” or “parties”)

and M-S-R Public Power Agency (“M-S-R PPA,” “party” or “parties”) is made November 15,

2017 (“Effective Date”) as follows:

RECITALS

A. WHEREAS, the term of the Agreement between the Contract Executive and

M-S-R PPA expires December 31, 2017; and

B. WHEREAS, the parties desire to extend the term of the Agreement for a period

of two years beginning on January 1, 2018 and continuing through December 31, 2020, in

accordance with Section 2 of the Agreement, and keep all other provisions of the Agreement

the same; and

C. WHEREAS the Contract Executive and M-S-R PPA desire to amend the

Agreement to extend its term as desired by the parties.

AGREEMENT

NOW, THEREFORE, the Contract Executive and M-S-R PPA agree as follows:

1. Section 2 of the Agreement is hereby amended to read in its entirety as follows:

“The Agency does hereby appoint the Contract Executive its General

Manager to serve for the term of this Agreement. The Contract Executive hereby

{00252361.DOC 1 } 2

accepts such appointment. This Agreement shall have a term which commences on its effective date of January 1, 2018, and terminates on December 31, 2020, unless terminated earlier, as provided in this Agreement. It is the intent of the parties that this Agreement shall be extended for additional periods of one or two years each. However, such extensions shall be made only at the discretion of the Commission and upon a satisfactory performance review of the Contract Executive by the Commission. Upon termination, the Contract Executive shall make available any office equipment, supplies, and documents in his possession or control which may have been purchased by or for the Agency, except for any equipment or furniture purchased pursuant to Section 4. c, of the Management Services Agreement between M-S-R Public Power Agency and Martin Hopper Energy Consulting effective June 1, 2008.”

2. Except as specifically amended by this Amendment Number 7, all terms and

conditions of the Agreement, including Section 4 regarding Fees and Costs, shall remain

unchanged and in full force and effect.

MARTIN HOPPER ENERGY

CONSULTING

By: _________________________________

Name: Martin R. Hopper

M-S-R PUBLIC POWER AGENCY

By: _________________________________

Name: James McFall

Title: President